Safe Rate Rankings

Best Mortgage Lenders in Minnesota

Updated June 4, 2026

Rankings are a starting point, not a verdict. Safe Rate recommends speaking with 2-3 lenders to find the right fit for your home loan!

⚖️ The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.

🛡️ No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.

📊 HMDA 2024Built using publicly available originated loan data from the federal government.

🎯 Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.

Market

Total Lenders236

Total Loans63,948

Median Rate Spread0.25%

Minnesota Market Insights

Magnifi Financial Credit Union is Safe Rate's top-ranked lender in Minnesota, leading the composite scorecard across pricing, pullthrough, products, and local expertise.
Top-ranked by institution type in Minnesota: Bank: Associated Bank National Association (#3). Credit union: Magnifi Financial Credit Union (#1). Mortgage company: Iowa Bankers Mortgage (#5).
There is often a pricing vs. pullthrough tradeoff in mortgage lending. In Minnesota, Associated Bank National Association and Old National Bank scores highest on pricing while United Wholesale Mortgage and Royal Credit Union leads on likelihood to close. That is why we encourage speaking with multiple lenders.
United Wholesale Mortgage (UWM) ranks #8 in Minnesota, serving as the platform behind many independent local brokers who live and work in the community. A local broker knows the neighborhoods, the local market, and is personally invested in your outcome. Real estate agents often prefer referring local brokers for their accessibility and responsiveness, qualities that matter when a deal is moving fast. Pricing and experience can vary by broker.
Popular names in Minnesota: Rocket Mortgage (#17) and Bell Bank (#15), both outside Safe Rate's top 10. Independent lenders and specialists tend to score higher on our composite scorecard.

Explore Rankings by Type

By Loan Product

Lenders often score differently for different loan products. Get tailored rankings by selecting your product type.

FHA Loans Conventional Loans VA Loans Jumbo Loans USDA Loans

By Institution Type

Some consumers only want to work with a credit union, bank, or focused mortgage company. See our rankings here!

Banks Credit Unions Mortgage Companies

Shopping for a mortgage? Click the heart icon to save lenders to My Home and make comparison painless.

Rank	Lender	Overall	Pricing	Pull Through	Place	Avg Fees	Rate Spread	# of Loans
1	MAGNIFI FINANCIAL CREDIT UNION Credit UnionDirect	Exceptional	Strong	Exceptional	Exceptional	$832Fees	0.068%Below	439
2	Royal Credit Union Credit UnionDirect	Exceptional	Strong	Exceptional	Exceptional	$3,081Fees	0.268%Above	1,205
3	Associated Bank, National Association BankDirect	Strong	Exceptional	Strong	Strong	$821Fees	0.198%Below	219
4	U.S. Bank National Association BankDirect	Strong	Strong	Strong	Exceptional	$873Fees	0.173%Above	1,505
5	IOWA BANKERS MORTGAGE CORPORATION Independent Mortgage CompanyWholesale	Strong	Exceptional*	Exceptional	Strong	$2,324Fees	0.030%Above	159
6	Old National Bank BankDirect	Strong	Exceptional	Strong	Strong	$977Fees	0.128%Below	331
7	Gate City Bank BankDirect	Strong	Strong	Exceptional	Strong	$2,700Fees	0.206%Below	321
8	UNITED WHOLESALE MORTGAGE, LLC Independent Mortgage CompanyWholesale	Strong	Sound*	Exceptional	Exceptional	$3,056Fees	0.293%Above	4,740
9	Think Mutual Bank BankDirect	Strong	Strong	Strong	Strong	$1,935Fees	0.098%Below	333
10	Liberty Bank Minnesota BankDirect	Strong	Strong	Strong	Strong	$1,085Fees	0.141%Above	187
11	Alerus Financial, National Association BankDirect	Strong	Sound	Strong	Exceptional	$1,608Fees	0.259%Above	958
12	Wings Financial Credit Union Credit UnionDirect	Strong	Strong	Strong	Exceptional	$1,424Fees	0.244%Below	677
13	Merchants Bank, National Association BankDirect & Wholesale	Strong	Strong*	Strong	Exceptional	$2,010Fees	0.053%Below	538
14	MEGASTAR FINANCIAL CORP. Independent Mortgage CompanyDirect	Strong	Exceptional	Strong	Strong	$6,798Credit	0.338%Above	189
15	Bell Bank BankDirect	Strong	Acceptable	Exceptional	Exceptional	$2,925Fees	0.253%Above	4,389
16	NAVY FEDERAL CREDIT UNION Credit UnionDirect	Strong	Exceptional	Sound	Strong	$712Fees	0.499%Below	213
17	ROCKET MORTGAGE, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Acceptable*	Exceptional	Exceptional	$3,910Fees	0.325%Above	3,524
18	TRUSTONE FINANCIAL CREDIT UNION Credit UnionDirect	Strong	Strong	Sound	Exceptional	$1,571Fees	0.014%Below	1,006
19	The Huntington National Bank BankDirect	Strong	Strong	Strong	Strong	$1,536Fees	0.269%Above	680
20	ALTRA Federal Credit Union Credit UnionDirect	Strong	Sound	Exceptional	Strong	$1,721Fees	0.225%Above	246
21	Bank of America, National Association BankDirect	Strong	Strong	Strong	Strong	$1,524Fees	0.023%Below	210
22	Spire Credit Union Credit UnionDirect	Strong	Strong	Sound	Exceptional	$1,064Fees	0.048%Above	527
23	Wells Fargo Bank, National Association BankDirect	Strong	Strong	Sound	Exceptional	$2,002Fees	0.060%Above	1,187
24	Tradition Mortgage, LLC Independent Mortgage CompanyDirect	Strong	Sound	Strong	Exceptional	$2,101Fees	0.205%Above	925
25	Baxter Credit Union Credit UnionDirect	Strong	Exceptional	Sound	Strong	$924Fees	0.007%Below	173
26	Prosperity Home Mortgage, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Strong	Exceptional	$2,669Fees	0.249%Above	1,495
27	LOANDEPOT.COM, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Strong	Strong	$2,963Fees	0.265%Above	948
28	Servion, Inc. Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Strong	Exceptional	$2,269Fees	0.253%Above	512
29	CORTRUST MORTGAGE, INC. Independent Mortgage CompanyDirect	Strong	Sound	Strong	Strong	$3,033Fees	0.110%Below	171
30	PENNYMAC LOAN SERVICES, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Strong	Strong	$2,482Fees	0.106%Above	936
31	Frandsen Bank & Trust BankDirect	Strong	Sound	Strong	Exceptional	$2,442Fees	0.065%Above	418
32	Minnwest Bank BankDirect	Strong	Strong	Sound	Strong	$2,440Fees	0.241%Below	189
33	FAIRWAY INDEPENDENT MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Exceptional	$3,456Fees	0.465%Above	2,146
34	GRANITE BANK BankDirect	Strong	Acceptable	Strong	Exceptional	$3,195Fees	0.318%Above	495
35	TOPLINE FINANCIAL CREDIT UNION Credit UnionDirect	Strong	Strong	Sound	Strong	$3,138Fees	0.631%Below	155
36	First Federal Bank BankDirect	Strong	Exceptional	Sound	Strong	$2,160Fees	0.269%Below	152
37	FREEDOM MORTGAGE CORPORATION Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Strong	Strong	$2,696Fees	0.391%Above	433
38	SWBC MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	$3,681Fees	0.453%Above	379
39	ST. CLOUD FINANCIAL Credit UnionDirect	Strong	Acceptable	Exceptional	Strong	$2,917Fees	0.063%Above	157
40	First Western Bank & Trust BankDirect	Strong	Sound	Strong	Strong	$3,078Fees	0.108%Below	142
41	GUARANTEED RATE, INC. Independent Mortgage CompanyDirect	Strong	Sound	Strong	Strong	$3,257Fees	0.224%Above	977
42	Bremer Bank, National Association BankDirect	Strong	Sound	Strong	Exceptional	$2,946Fees	0.260%Above	716
43	M/I FINANCIAL, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Strong	Strong	$5,775Fees	0.222%Below	586
44	Flagstar Bank, N.A. BankDirect & Wholesale	Strong	Acceptable*	Strong	Strong	$2,385Fees	0.259%Above	578
45	MOVEMENT MORTGAGE, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	$2,714Fees	0.448%Above	507
46	North Shore Bank of Commerce BankDirect	Strong	Acceptable	Strong	Exceptional	$3,437Fees	0.191%Above	477
47	JPMorgan Chase Bank, National Association BankDirect & Wholesale	Strong	Sound*	Strong	Strong	$2,267Fees	0.142%Above	396
48	Deerwood Bank BankDirect	Strong	Sound	Strong	Strong	$2,656Fees	0.024%Below	247
49	Nations Lending Corporation Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	$3,959Fees	0.494%Above	169
50	ARK-LA-TEX FINANCIAL SERVICES, LLC. Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Strong	$2,571Fees	0.291%Above	153

❓ Frequently Asked Questions

How are mortgage lenders ranked in Minnesota?+

Safe Rate ranks lenders using the 4 Ps framework, derived entirely from HMDA (Home Mortgage Disclosure Act) data: Pricing (how competitively a lender prices loans vs. the market benchmark), Pullthrough (how effectively a lender closes applications), Place (the lender's depth of expertise in Minnesota), and Product (performance on specific loan types). Each lender receives a composite Safe Rate Score from 0–100. No lender pays to appear in the rankings.

What is the Safe Rate Score?+

The Safe Rate Score is a 0–100 composite index measuring a lender's performance across Pricing, Pullthrough, Place, and Product. Scores of 80 or above earn Champion status; scores of 60–79 earn Superstar status. All scores are calculated from verified HMDA data — no lender can pay to improve their position.

How many mortgage lenders are active in Minnesota?+

Based on 2024 HMDA data, 236 lenders originated a combined 63,948 loans in Minnesota. Safe Rate's rankings evaluate all of them — not just a curated shortlist.

What does the rate spread tell me about a lender in Minnesota?+

Rate spread measures how much above the Average Prime Offer Rate (APOR) a lender charges. The median rate spread in Minnesota is 0.25%. Lenders in Safe Rate's top rankings consistently price below this median, meaning borrowers typically pay less interest over the life of their loan.

What is HMDA data and why does Safe Rate use it?+

HMDA (Home Mortgage Disclosure Act) is a federal law requiring every mortgage lender to disclose every loan application annually — including rates, amounts, approvals, and denials. Safe Rate uses HMDA because it is government-verified, covers all lenders equally, and cannot be gamed. It is the most objective foundation available for lender rankings.

Does Safe Rate accept payment from lenders to appear in rankings?+

No. Safe Rate rankings are strictly data-driven. No lender can pay to appear in or improve their position in Safe Rate's rankings. The only factor that determines a lender's rank is their verified HMDA performance data.

What is the difference between a bank, credit union, and independent mortgage company?+

Banks and credit unions offer mortgages alongside checking, savings, and other products. Independent Mortgage Companies (IMCs) focus exclusively on originating loans and often offer more product variety and speed. In Minnesota's rankings, all three institution types are evaluated on the same HMDA performance metrics.

How We Rank Lenders

Our rankings use a weighted average of scores across equally-weighted categories to evaluate lenders on a linear, raw performance scale.

Our Point System (Max 30 Points)

Pricing

Rate and fee competitiveness (33%)

Pull Through

Reliability in closing loans (33%)

Place

Local market expertise (33%)

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.

⚖️ Licensing & Disclosures

Lender rankings and market statistics are created by Dylan Hall, licensed mortgage loan officer (NMLS #1658740). Safe Rate is a mortgage technology platform; mortgage lending services are provided by PartnerOwn LLC dba Safe Rate Mortgage, a licensed mortgage broker and lender (NMLS #1590949). Safe Rate Mortgage is a lending partner of some of the lenders ranked on this page, and Safe Rate Inc. has software or service customers on this list; however, all rankings are calculated using objective, public Home Mortgage Disclosure Act (HMDA) datasets, completely independent of any corporate partnerships, client relationships, or compensation.