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Alerus Financial, National Association
Bank|Grand Forks, ND|Multi-Region
Loans Originated
1,251
Applications
1,581
Volume
$429 million
Offers loans directly to consumersSources loans from independent brokers
Overall Pricing
Sound
Overall Pull Through
Strong
Safe Rate Awards⭐Conventional Superstar⭐FHA Superstar⭐Jumbo Superstar⭐Purchase Superstar⭐Refinance Superstar
Pricing and Pullthrough Overview
Average Rate Spread
+0.243%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,551
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
79.1%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Strong pull through performance
- Particularly strong in Conventional and FHA and VA and Jumbo loans
Report Card
Alerus Financial, National Association performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Sound | Industry Standard | |
Pull Through Closing Strength | Strong | Highly Competitive | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Strong | Highly Competitive | |
FHA | Strong | Highly Competitive | |
VA | Strong | Highly Competitive | |
Jumbo | Strong | Highly Competitive | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Strong | Highly Competitive | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Strong | Multi-Regional · 8 metro areas · 24 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$343,617
Average Borrower Income
$168,972
Average Property Value
$465,480
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Strong | Strong | Sound | Strong | 1,113 | 89.0% | +0.245% | $1,542 |
FHA Loans | Strong | Strong | Strong | Strong | 64 | 5.1% | +0.501% | $1,511 |
VA Loans | Strong | Strong | N/A | Strong | 20 | 1.6% | -0.091% | $1,714 |
Jumbo Loans | Strong | Strong | Sound | Strong | 47 | 3.8% | +0.079% | $1,786 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Strong | Strong | Sound | Strong | 1,138 | 91.0% | +0.243% | $1,486 |
Refinance | Strong | Strong | Sound | Strong | 113 | 9.0% | +0.244% | $2,080 |
Geographic Coverage
Metro Areas
7
States Served
24
We count Washington DC as a state
Avg Place Specialization
Strong
States with Loan Originations
AZCACOFLGAIAILMAMDMIMNNCNDNYOHOKORPASCSDTNTXWAWI
Top Metro Areas by Place Specialization Score
1
Rochester, MN, MNMSA
Volume: 156Mix: 12.47%
Place Specialization
Exceptional
2
Minneapolis, MN-WIMSA
Volume: 647Mix: 51.72%
Place Specialization
Exceptional
3
Grand Forks, ND, ND-MNMSA
Volume: 30Mix: 2.40%
Place Specialization
Strong
4
Fargo, ND, ND-MNMSA
Volume: 32Mix: 2.56%
Place Specialization
Sound
5
La Crosse, WI-MNMSA
Volume: 24Mix: 1.92%
Place Specialization
Sound
6
Eau Claire, WI, WIMSA
Volume: 22Mix: 1.76%
Place Specialization
Sound
7
Phoenix, AZMSA
Volume: 37Mix: 2.96%
Place Specialization
Sound
Top States by Place Specialization Score
1
MNState
Volume: 958Mix: 76.58%
Place Specialization
Exceptional
2
NDState
Volume: 64Mix: 5.12%
Place Specialization
Strong
3
WIState
Volume: 92Mix: 7.35%
Place Specialization
Strong
4
IAState
Volume: 39Mix: 3.12%
Place Specialization
Sound
5
AZState
Volume: 41Mix: 3.28%
Place Specialization
Sound
6
FLState
Volume: 17Mix: 1.36%
Place Specialization
Acceptable
How We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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