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Minnco Credit Union

CAMBRIDGE, MN

Minnco Credit Union processed 439 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 245 loans with a 23.2% denial rate. Other was the primary loan purpose. Based in CAMBRIDGE, MN. The approval rate of 55.8% 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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Minnco Credit Union's 55.8% origination rate tells you how often an application turned into funded money; the 23.2% 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, Other, which together explain the majority of rejections. Most activity concentrated in Conventional loans (439 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.

439
Applications
245
Originated
23.2%
Denial Rate
$81,264
Avg Loan Amount
Avg Interest Rate: 7.534% Avg Applicant Income: $35,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 439 245 102 $81,264

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Minnco Credit Union (LEI: 549300X83ACLZT2UNN87) · 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 Approval rates exclude withdrawn / incomplete applications.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
56
Credit history
27
Other
23
Collateral
22
Unverifiable information
6
Employment history
5
Insufficient cash
2
Credit application incomplete
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Other 175 99 $58,314
Home Improvement 130 87 $47,231
Home Purchase 69 19 $173,696
Cash-out Refinancing 41 29 $117,683
Refinancing 24 11 $105,000

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 364 58.2% 22.3%
Joint * 4 100.0% 0.0%
American Indian or Alaska Native * 3 0.0% 33.3%
Asian * 1 0.0% 0.0%
Black or African American * 1 0.0% 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 347 58.5% 21.9%
Joint * 9 66.7% 22.2%
Hispanic or Latino * 1 100.0% 0.0%

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

Nearby Lenders in MN

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

Luminate Home Loans, Inc.

Minneapolis, MN

12,756 apps 8,817 originated 2.6% denied

Trustone Financial Credit Union

PLYMOUTH, MN

7,967 apps 4,994 originated 19.9% denied

Wings Financial Credit Union

APPLE VALLEY, MN

5,854 apps 2,938 originated 17.2% denied

Affinity Plus Federal Credit Union

Saint Paul, MN

5,230 apps 3,603 originated 14.8% denied

Blaze Credit Union

FALCON HEIGHTS, MN

4,177 apps 2,311 originated 11.6% denied
Compare Minnco Credit Union vs Luminate Home Loans, Inc. →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Minnco Credit Union process?
Minnco Credit Union processed 439 mortgage applications in the 2024 HMDA reporting year. Of these, 245 were originated (approved and funded), 47 were withdrawn by the applicant, and 102 were denied.
What is Minnco Credit Union's mortgage approval rate?
Minnco Credit Union has an approval (origination) rate of 55.8%, meaning 55.8% of all applications resulted in a funded mortgage. The denial rate is 23.2%.
What is the average loan amount at Minnco Credit Union?
The average mortgage loan amount at Minnco Credit Union is $81,264. The average interest rate is 7.534%. The average applicant income is $35,000.
What are the most common reasons for mortgage denial at Minnco Credit Union?
The most common reasons for mortgage denial at Minnco Credit Union are: Debt-to-income ratio, Credit history, Other. In total, 102 applications were denied out of 439 total applications.
What types of mortgage loans does Minnco Credit Union offer?
Minnco Credit Union processes Conventional loans. The most common type is Conventional with 439 applications and an average loan amount of $81,264.
What loan purposes does Minnco Credit Union serve?
Minnco Credit Union serves the following loan purposes: Other (175 applications), Home Improvement (130 applications), Home Purchase (69 applications), Cash-out Refinancing (41 applications), Refinancing (24 applications). Other is the most common purpose.
Where is Minnco Credit Union located?
Minnco Credit Union is headquartered in CAMBRIDGE, MN. The lender is identified by LEI 549300X83ACLZT2UNN87 in HMDA data.
How does Minnco Credit Union compare in lending across racial demographics?
Minnco Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 58.2% and denial rate of 22.3%; Joint applicants have an approval rate of 100.0% and denial rate of 0.0%; American Indian or Alaska Native applicants have an approval rate of 0.0% and denial rate of 33.3%. 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.