PlainLender

Minnwest Bank

Redwood Falls, MN

Minnwest Bank processed 681 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 502 loans with a 11.9% denial rate. Home Purchase was the primary loan purpose. Based in Redwood Falls, MN. The approval rate of 73.7% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. Minnwest Bank processed 681 HMDA-reported mortgage applications in 2024, originating 502 loans and denying 81 for a denial rate of 11.9% (applicants themselves withdrew 89 files before a decision). The average loan amount was $264,119 at a 7.132% average note rate, and applicants self-reported an average income of $33,000. The lender reports under LEI 549300WYC8C6REMY4E38 from Redwood Falls, MN.

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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Minnwest Bank's 73.7% origination rate tells you how often an application turned into funded money; the 11.9% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Credit history, Debt-to-income ratio, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (680 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.

681
Applications
502
Originated
11.9%
Denial Rate
$264,119
Avg Loan Amount
Avg Interest Rate: 7.132% Avg Applicant Income: $33,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 680 501 81 $264,250
USDA 1 1 0 $175,000

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for Minnwest Bank (LEI: 549300WYC8C6REMY4E38) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Credit history
54
Debt-to-income ratio
31
Collateral
9
Other
6
Unverifiable information
2
Insufficient cash
2
Employment history
2
Mortgage insurance denied
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 285 228 $459,842
Home Improvement 199 141 $77,864
Other 107 63 $81,542
Refinancing 79 61 $294,747
Cash-out Refinancing 11 9 $118,636

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 568 73.8% 11.6%
Joint 11 81.8% 0.0%
Asian 10 80.0% 0.0%
American Indian or Alaska Native 6 16.7% 66.7%
Black or African American 4 75.0% 25.0%
Native Hawaiian or Other Pacific Islander 1 0.0% 100.0%

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 574 73.9% 11.7%
Hispanic or Latino 16 50.0% 25.0%
Joint 4 75.0% 0.0%

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 Minnwest Bank vs Luminate Home Loans, Inc. →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did Minnwest Bank process?
Minnwest Bank processed 681 mortgage applications in the 2023 HMDA reporting year. Of these, 502 were originated (approved and funded), 89 were withdrawn by the applicant, and 81 were denied.
What is Minnwest Bank's mortgage approval rate?
Minnwest Bank has an approval (origination) rate of 73.7%, meaning 73.7% of all applications resulted in a funded mortgage. The denial rate is 11.9%.
What is the average loan amount at Minnwest Bank?
The average mortgage loan amount at Minnwest Bank is $264,119. The average interest rate is 7.132%. The average applicant income is $33,000.
What are the most common reasons for mortgage denial at Minnwest Bank?
The most common reasons for mortgage denial at Minnwest Bank are: Credit history, Debt-to-income ratio, Collateral. In total, 81 applications were denied out of 681 total applications.
What types of mortgage loans does Minnwest Bank offer?
Minnwest Bank processes Conventional, USDA loans. The most common type is Conventional with 680 applications and an average loan amount of $264,250.
What loan purposes does Minnwest Bank serve?
Minnwest Bank serves the following loan purposes: Home Purchase (285 applications), Home Improvement (199 applications), Other (107 applications), Refinancing (79 applications), Cash-out Refinancing (11 applications). Home Purchase is the most common purpose.
Where is Minnwest Bank located?
Minnwest Bank is headquartered in Redwood Falls, MN. The lender is identified by LEI 549300WYC8C6REMY4E38 in HMDA data.
How does Minnwest Bank compare in lending across racial demographics?
Minnwest Bank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 73.8% and denial rate of 11.6%; Joint applicants have an approval rate of 81.8% and denial rate of 0.0%; Asian applicants have an approval rate of 80.0% 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.