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Alerus Financial NA

GRAND FORKS, ND

Alerus Financial NA processed 2,632 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 2,038 loans with a 6.6% denial rate. Home Purchase was the primary loan purpose. Based in GRAND FORKS, ND. The approval rate of 77.4% reflects originated loans as a share of all applications.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% - HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Alerus Financial NA's 77.4% origination rate tells you how often an application turned into funded money; the 6.6% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (2,509 applications).

How to read this page. These figures are aggregate HMDA disclosures, they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting, it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

2,632
Applications
2,038
Originated
6.6%
Denial Rate
$304,666
Avg Loan Amount
Avg Interest Rate: 7.193% Avg Applicant Income: $35,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 2,509 1,945 161 $306,096
FHA 90 66 11 $259,222
VA 25 20 1 $348,600
USDA 8 7 0 $230,000

Top loan types - Alerus Financial NA

Top loan types - Alerus Financial NA Horizontal bar chart of the top 4 items by value (applications). Top loan types - Alerus Financial NA Top 4 1. Conventional 2,509 2. FHA 90 3. VA 25 4. USDA 8 Top 5 loan types by application volume at Alerus Financial NA (HMDA 2024). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Alerus Financial NA (LEI: 549300C4J510S9L1RF98) · 2024 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio
97
Credit history
66
Collateral
21
Other
13
Employment history
5
Insufficient cash
4
Unverifiable information
2
Credit application incomplete
2

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 1,636 1,302 $359,450
Refinancing 371 274 $294,973
Other 275 198 $132,782
Home Improvement 264 202 $174,962
Cash-out Refinancing 86 62 $252,093

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 2,015 78.3% 6.3%
Asian 78 71.8% 5.1%
Joint 57 89.5% 0.0%
Black or African American 50 68.0% 16.0%
American Indian or Alaska Native * 13 84.6% 7.7%
2 or more minority races * 1 100.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 2,120 78.1% 6.5%
Hispanic or Latino 72 69.4% 12.5%
Joint 52 76.9% 1.9%

Nearby Lenders in ND

Other HMDA-reporting lenders in ND with similar activity. Compare any two side-by-side.

Bell Bank

Fargo, ND

13,496 apps 10,872 originated 5.8% denied

Gate City Bank

Fargo, ND

4,682 apps 3,056 originated 10.3% denied

First International Bank & Trust

Minot, ND

1,791 apps 1,437 originated 6.6% denied

First Community Credit Union

JAMESTOWN, ND

1,333 apps 512 originated 18.4% denied

Town and Country Credit Union

MINOT, ND

770 apps 609 originated 3.0% denied
Compare Alerus Financial NA vs Bell Bank →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Alerus Financial NA process?
Alerus Financial NA processed 2,632 mortgage applications in the 2024 HMDA reporting year. Of these, 2,038 were originated (approved and funded), 285 were withdrawn by the applicant, and 173 were denied.
What is Alerus Financial NA's mortgage approval rate?
Alerus Financial NA has an approval (origination) rate of 77.4%, meaning 77.4% of all applications resulted in a funded mortgage. The denial rate is 6.6%.
What is the average loan amount at Alerus Financial NA?
The average mortgage loan amount at Alerus Financial NA is $304,666. The average interest rate is 7.193%. The average applicant income is $35,000.
What are the most common reasons for mortgage denial at Alerus Financial NA?
The most common reasons for mortgage denial at Alerus Financial NA are: Debt-to-income ratio, Credit history, Collateral. In total, 173 applications were denied out of 2,632 total applications.
What types of mortgage loans does Alerus Financial NA offer?
Alerus Financial NA processes Conventional, FHA, VA, USDA loans. The most common type is Conventional with 2,509 applications and an average loan amount of $306,096.
What loan purposes does Alerus Financial NA serve?
Alerus Financial NA serves the following loan purposes: Home Purchase (1,636 applications), Refinancing (371 applications), Other (275 applications), Home Improvement (264 applications), Cash-out Refinancing (86 applications). Home Purchase is the most common purpose.
Where is Alerus Financial NA located?
Alerus Financial NA is headquartered in GRAND FORKS, ND. The lender is identified by LEI 549300C4J510S9L1RF98 in HMDA data.
How does Alerus Financial NA compare in lending across racial demographics?
Alerus Financial NA reports demographic lending data under HMDA requirements. White applicants have an approval rate of 78.3% and denial rate of 6.3%; Asian applicants have an approval rate of 71.8% and denial rate of 5.1%; Joint applicants have an approval rate of 89.5% and denial rate of 0.0%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology - how this data is sourced, computed, and verified.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.