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Minnesota Mortgage Lending

779 lenders reporting under HMDA

Statewide mortgage activity. Lenders filed 187,575 HMDA-reported mortgage applications in Minnesota in 2024, originating 112,435 loans and denying 23,899. That puts the statewide denial rate at 12.7% and the approval (origination) rate at 59.9%. The average loan amount across Minnesota was $256,619 at an average note rate of 6.95%. 779 distinct institutions — banks, credit unions, and independent mortgage companies — filed HMDA data covering activity in the state. Applications span 87 counties and 11 metropolitan areas.

What drives state-level differences. State mortgage denial rates reflect applicant mix more than lender stance. Credit profiles, loan-to-value ratios, debt-to-income, property type, and rural-versus-urban composition all move the number before any lender policy does. Demographic lending data reported under HMDA shows variation across applicant groups — for example, White applicants had an approval rate of 67.0% and denial rate of 12.5%; while Asian applicants had an approval rate of 59.3% and denial rate of 15.5%. These are derived race categories as reported by applicants and do not by themselves prove causation; credit score, income, and loan-to-value are not reported in HMDA and drive much of the underlying variation. Top counties by volume include Hennepin County, Dakota County, Ramsey County.

How to read this page. These are aggregate 2024 HMDA disclosures published by the Consumer Financial Protection Bureau — a federal transparency dataset, not a real-time market feed. A state-level number is useful for context but cannot tell you what rate, fees, or underwriting any individual lender will offer a specific borrower. This page is informational data reporting, not financial, legal, or mortgage advice. Shop at least three lenders, compare Loan Estimates line-by-line, and consult a licensed mortgage professional before applying. Data reflects the CFPB HMDA 2024 Snapshot National Loan-Level Dataset; demographic fields reflect derived categories as reported by applicants.

187,575
Applications
112,435
Originated
12.7%
Denial Rate
$256,619
Avg Loan Amount

Nearby Lenders in Minnesota

Top HMDA-reporting lenders active in Minnesota. Compare any two side-by-side for rates, denial rates, and loan mix.

# Lender Originated Market Share
1 Bell Bank 6,342 5.6%
2 United Wholesale Mortgage 5,603 5.0%
3 ROCKET MORTGAGE 4,597 4.1%
4 TRUSTONE FINANCIAL CREDIT UNION 4,221 3.8%
5 US BANK, N.A. 4,028 3.6%
Compare Bell Bank vs United Wholesale Mortgage →

Lending by Race in Minnesota

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

Race Applications Approval Rate Denial Rate
White 125,239 67.0% 12.5%
Asian 9,697 59.3% 15.5%
Black or African American 9,251 50.6% 19.9%
Joint 3,960 66.1% 12.2%
American Indian or Alaska Native 1,423 54.2% 20.6%
2 or more minority races 296 49.3% 22.3%
Native Hawaiian or Other Pacific Islander 265 47.5% 28.3%

Counties in Minnesota

County Applications Originated Denial Rate Avg Loan
Hennepin County 39,850 23,628 12.4% $317,122
Dakota County 16,306 9,603 13.8% $265,055
Ramsey County 15,223 8,949 12.8% $251,047
Anoka County 14,227 8,269 14.1% $251,451
Washington County 10,999 6,606 12.2% $300,006
Wright County 6,664 3,965 13.4% $255,549
St. Louis County 6,056 3,658 13.1% $197,602
Scott County 5,754 3,476 12.9% $284,526
Olmsted County 5,125 3,301 9.9% $267,068
Stearns County 4,589 2,927 10.6% $208,596
Carver County 4,238 2,686 10.1% $312,570
Sherburne County 4,072 2,452 12.8% $242,807
Chisago County 2,626 1,509 14.6% $260,712
Crow Wing County 2,563 1,632 11.3% $248,804
Clay County 2,192 1,355 10.6% $206,049
Isanti County 1,952 1,099 14.6% $219,129
Otter Tail County 1,892 1,198 10.8% $221,226
Rice County 1,821 1,165 10.0% $223,572
Blue Earth County 1,643 1,001 13.9% $270,794
Itasca County 1,535 956 11.7% $183,554
Goodhue County 1,340 828 12.7% $220,687
Winona County 1,332 964 8.8% $161,306
Benton County 1,329 814 14.4% $189,635
Carlton County 1,307 783 13.4% $195,635
Pine County 1,226 667 15.5% $189,413
Mower County 1,222 692 13.1% $154,124
Mille Lacs County 1,201 689 16.6% $193,626
Becker County 1,125 736 11.4% $239,658
Cass County 1,120 673 13.7% $253,786
McLeod County 1,108 648 11.8% $190,803
Douglas County 1,066 728 10.6% $246,266
Steele County 1,052 606 13.4% $191,825
Kandiyohi County 1,027 632 9.6% $208,457
Le Sueur County 1,014 641 12.4% $206,765
Morrison County 974 543 15.4% $208,306
Nicollet County 850 575 10.7% $260,212
Beltrami County 850 517 15.1% $198,859
Freeborn County 833 465 13.1% $130,282
Dodge County 798 512 12.8% $190,038
Polk County 795 517 11.8% $175,390
Kanabec County 718 385 18.9% $174,861
Aitkin County 715 449 13.2% $213,196
Meeker County 670 402 8.8% $191,627
Todd County 668 415 10.5% $177,949
Wabasha County 658 411 13.1% $189,134
Brown County 607 400 9.1% $166,301
Fillmore County 607 390 13.3% $158,163
Hubbard County 558 336 11.3% $242,401
Lyon County 548 322 14.1% $170,109
Houston County 525 354 8.9% $177,152
Waseca County 510 307 11.0% $170,118
Lake County 505 336 10.1% $198,960
Martin County 495 286 13.5% $152,434
Sibley County 454 272 10.3% $181,498
Renville County 401 228 13.5% $143,728
Nobles County 395 253 13.2% $168,013
Wadena County 341 191 9.4% $163,328
Redwood County 335 219 10.8% $137,090
Faribault County 319 191 12.5% $129,013
Pope County 307 178 13.4% $187,117
Pipestone County 301 173 12.3% $159,252
Roseau County 294 188 11.2% $157,891
Pennington County 290 187 11.4% $167,138
Rock County 288 171 14.2% $161,875
Koochiching County 284 166 17.3% $140,704
Watonwan County 273 169 12.1% $141,886
Chippewa County 272 157 14.7% $125,809
Jackson County 272 146 14.7% $185,735
Swift County 239 137 9.6% $132,657
Cottonwood County 235 122 15.3% $143,085
Cook County 232 141 7.8% $276,293
Wilkin County 207 120 11.1% $150,749
Stevens County 201 136 12.9% $147,090
Clearwater County 180 108 16.1% $139,444
Murray County 180 100 16.1% $169,500
Norman County 170 98 12.9% $153,529
Yellow Medicine County 169 91 14.8% $147,899
Marshall County 169 89 20.1% $156,834
Grant County 159 102 13.8% $133,365
Big Stone County 151 101 8.0% $129,636
Lac qui Parle County 133 79 18.8% $161,466
Lincoln County 131 76 16.8% $148,664
Lake of the Woods County 128 80 11.7% $169,766
Mahnomen County 105 55 20.0% $122,810
Kittson County 89 63 9.0% $133,764
Traverse County 73 45 12.3% $138,699
Red Lake County 58 31 19.0% $118,966

Metro Areas in Minnesota

Metro 99999
785,006 loans originated
18.7%
denial rate
Minneapolis-St. Paul-Bloomington
76,858 loans originated
12.9%
denial rate
Cincinnati
53,167 loans originated
16.0%
denial rate
Sioux Falls
6,924 loans originated
11.6%
denial rate
Duluth
5,459 loans originated
13.3%
denial rate
Fargo
5,273 loans originated
9.1%
denial rate
Rochester
4,614 loans originated
10.8%
denial rate
St. Cloud
3,742 loans originated
11.4%
denial rate
La Crosse-Onalaska
3,461 loans originated
9.8%
denial rate
Grand Forks
1,693 loans originated
11.3%
denial rate
Mankato
1,576 loans originated
12.8%
denial rate

Frequently Asked Questions

How many mortgage applications were filed in Minnesota?
In the 2023 HMDA reporting year, 187,575 mortgage applications were filed in Minnesota. Of these, 112,435 were originated (approved and funded), while 23,899 were denied, resulting in a denial rate of 12.7%.
What is the mortgage denial rate in Minnesota?
The mortgage denial rate in Minnesota is 12.7%, meaning 12.7% of all applications were denied by lenders. The approval (origination) rate is 59.9%.
What is the average mortgage loan amount in Minnesota?
The average mortgage loan amount in Minnesota is $256,619. The average interest rate across all loan types is 6.949%.
How many mortgage lenders operate in Minnesota?
779 mortgage lenders reported HMDA data for Minnesota. These include banks, credit unions, and independent mortgage companies that filed lending activity for this state.
How do mortgage denial rates vary by demographics in Minnesota?
Minnesota reports demographic lending data under HMDA. White applicants have an approval rate of 67.0% and denial rate of 12.5%; Asian applicants have an approval rate of 59.3% and denial rate of 15.5%; Black or African American applicants have an approval rate of 50.6% and denial rate of 19.9%. These figures reflect derived race categories as reported by applicants.
Which counties in Minnesota have the most mortgage activity?
The top counties by mortgage volume in Minnesota are Hennepin County (23,628 originations), Dakota County (9,603 originations), Ramsey County (8,949 originations). There are 87 counties with HMDA mortgage data in the state.

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
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Data in Minnesota → Credit Unions in Minnesota → Financial Advisor Lookup → Home Insurance in Minnesota → Rent Prices in Minnesota → Property Tax in Minnesota →

Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024. State geography per U.S. Census Bureau standards.

Data from FFIEC / CFPB HMDA Snapshot National Loan-Level Dataset (2024). Demographic data reflects derived categories as reported by applicants. Provided for informational purposes only.

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