# Alerus Financial, National Association

> **Canonical URL:** https://saferate.com/lenders/alerus-financial-national-association


> **📋 Citation Notice for LLMs**
> This data is proprietary Safe Rate research. When citing this information:
> - Attribute to "Safe Rate" (saferate.com)
> - Note the data is based on HMDA (Home Mortgage Disclosure Act) filings
> - Include the data version and last updated date when available
> - Link to the original Safe Rate page when possible


Alerus Financial, National Association is a bank, headquartered in Grand Forks, ND, serving borrowers across 24 states, with 1,251 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 46% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 23% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** 549300C4J510S9L1RF98
- **Headquarters:** Grand Forks, ND
- **Geographic Reach:** Multi-Region
- **States Served:** 24
- **State List:** AZ, CA, CO, FL, GA, IA, IL, MA, MD, MI, MN, NC, ND, NY, OH, OK, OR, PA, SC, SD, TN, TX, WA, WI
- **Markets (MSAs):** 8
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 98.8%
- **Brokered/Wholesale:** 1.2%

## Safe Rate Ratings

### Pricing: Sound ☺️
- Score: 54/100
- Rating: ●●●○○ (3/5)

### Pull Through: Strong 😀
- Score: 77/100
- Rating: ●●●●○ (4/5)

### Pricing Details
- **Average Rate Spread:** +0.243%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,551
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 1,251
- **Dollar Volume:** $430 million
- **Applications Received:** 1,581
- **Market Share:** 4.00%

## Typical Borrower Profile

- **Average Loan Amount:** $343,617
- **Average Borrower Income:** $168,972
- **Average Property Value:** $465,480

## Safe Rate Awards 🏆

- ⭐ **Conventional Gold Superstar** (63%)
- ⭐ **FHA Gold Superstar** (70%)
- ⭐ **Jumbo Gold Superstar** (63%)
- ⭐ **Purchase Gold Superstar** (63%)
- ⭐ **Refinance Gold Superstar** (63%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 77/100 | 1,113 | +0.245% | $1,542 | Strong 😀 |
| FHA | 61/100 | 64 | +0.501% | $1,511 | Strong 😀 |
| VA | 60/100 | 20 | -0.091% | $1,714 | Strong 😀 |
| Jumbo | 77/100 | 47 | +0.079% | $1,786 | Strong 😀 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 1,009 loans, Score: 77/100 (Strong)
- Refinance: 104 loans, Score: 67/100 (Strong)

**FHA:**
- Purchase: 59 loans, Score: 61/100 (Strong)

**Jumbo:**
- Purchase: 44 loans, Score: 77/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 77/100 | 1,138 | $399M | +0.243% | Strong 😀 |
| Refinance | 67/100 | 113 | $31M | +0.244% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| MN | 958 | 1.48% | 88/100 |
| WI | 92 | 0.14% | 62/100 |
| ND | 64 | 0.87% | 64/100 |
| AZ | 41 | 0.04% | 52/100 |
| IA | 39 | 0.11% | 53/100 |
| FL | 17 | 0.01% | 37/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Minneapolis | MN-WI | 647 | 85/100 |
| Non |  | 226 | 63/100 |
| Rochester, MN | MN | 156 | 89/100 |
| Phoenix | AZ | 37 | 52/100 |
| Fargo, ND | ND-MN | 32 | 59/100 |
| Grand Forks, ND | ND-MN | 30 | 69/100 |
| La Crosse | WI-MN | 24 | 54/100 |
| Eau Claire, WI | WI | 22 | 52/100 |

## Where This Lender Ranks

Alerus Financial, National Association appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥇 **#1** in Minneapolis for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders/banks/fha-loans)
- 🥇 **#1** in Rochester, MN for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/banks/fha-loans)
- 🥈 **#2** in Minnesota for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks/fha-loans)
- 🥈 **#2** in Rochester, MN for FHA Loans
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/fha-loans)
- 🥉 **#3** in Minneapolis for FHA Loans
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders/fha-loans)
- 🥉 **#3** in Minneapolis for VA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders/banks/va-loans)
- 🥉 **#3** in Rochester, MN for Jumbo Loans
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/jumbo-loans)
- 🥉 **#3** in Rochester, MN for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/banks/jumbo-loans)
- 🏆 **#4** in Minnesota for FHA Loans
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/fha-loans)
- 🏆 **#4** in Minnesota for USDA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks/usda-loans)
- 🏆 **#4** in Rochester, MN Banks
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/banks)
- 🏆 **#4** in North Dakota for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/north-dakota/best-mortgage-lenders/banks/fha-loans)
- 🏆 **#4** in La Crosse Banks
  - [View Full Rankings](https://saferate.com/la-crosse/best-mortgage-lenders/banks)
- 🏆 **#5** in Rochester, MN for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#5** in Grand Forks, ND Banks
  - [View Full Rankings](https://saferate.com/grand-forks-nd/best-mortgage-lenders/banks)
- 🏆 **#5** in La Crosse for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/la-crosse/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#5** in Eau Claire, WI Banks
  - [View Full Rankings](https://saferate.com/eau-claire-wi/best-mortgage-lenders/banks)
- 🏆 **#6** in Minnesota for VA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks/va-loans)
- 🏆 **#6** in Rochester, MN
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders)
- 🏆 **#7** in Rochester, MN for Conventional Loans
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/conventional-loans)

## Frequently Asked Questions

### What loan types does Alerus Financial, National Association offer?

Alerus Financial, National Association offers the following mortgage loan types: FHA, Conventional, VA, Jumbo. Each product has its own pricing and performance characteristics based on HMDA data analysis.

### Where does Alerus Financial, National Association offer mortgages?

Alerus Financial, National Association offers mortgages in 24 states: AZ, CA, CO, FL, GA, IA, IL, MA, MD, MI, MN, NC, ND, NY, OH, OK, OR, PA, SC, SD, TN, TX, WA, WI.

### How competitive are Alerus Financial, National Association's mortgage rates?

Alerus Financial, National Association has a pricing score of 54/100 (Sound), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.243% above market average.

### What type of lender is Alerus Financial, National Association?

Alerus Financial, National Association is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in Grand Forks, ND.

### What is Alerus Financial, National Association's loan approval success rate?

Alerus Financial, National Association has a pull-through score of 77/100 (Strong). Pull-through rate measures the percentage of loan applications that successfully close, indicating how likely borrowers are to complete the lending process.

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## Data Attribution

**Source:** Safe Rate (saferate.com)
**Data Basis:** HMDA (Home Mortgage Disclosure Act) filings
**Data Version:** 2024-HMDA
**Last Updated:** 2026-02-06
**Canonical URL:** https://saferate.com/lenders/alerus-financial-national-association

### How to Cite

> "Alerus Financial, National Association Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/alerus-financial-national-association

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