Safe Rate Rankings

Best Conventional 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

Royal Credit Union is Safe Rate's top-ranked Conventional lender in Minnesota, leading on pricing, pullthrough, Conventional product expertise, and local knowledge.
There is often a pricing vs. pullthrough tradeoff in mortgage lending. In Minnesota, Associated Bank National Association and Iowa Bankers Mortgage scores highest on Conventional pricing while Rocket Mortgage and United Wholesale Mortgage leads on likelihood to close. That is why we encourage speaking with multiple lenders.
United Wholesale Mortgage (UWM) ranks #4 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 (#10) and Bell Bank (#9).

Explore Rankings by Type

Overall Rankings

All lenders in Minnesota

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By Institution Type

Banks Credit Unions Mortgage Companies

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Rank	Lender	Overall	Pricing	Product	Pull Through	Place	Avg Fees	Rate Spread	# of Loans
1	Royal Credit Union Credit UnionDirect	Exceptional	Strong	Exceptional	Exceptional	Exceptional	$3,081Fees	0.268%Above	1,205
2	U.S. Bank National Association BankDirect	Exceptional	Strong	Exceptional	Strong	Exceptional	$873Fees	0.173%Above	1,505
3	IOWA BANKERS MORTGAGE CORPORATION Independent Mortgage CompanyWholesale	Exceptional	Exceptional*	Exceptional	Exceptional	Strong	$2,324Fees	0.030%Above	159
4	UNITED WHOLESALE MORTGAGE, LLC Independent Mortgage CompanyWholesale	Strong	Acceptable*	Exceptional	Exceptional	Exceptional	$3,056Fees	0.293%Above	4,740
5	MAGNIFI FINANCIAL CREDIT UNION Credit UnionDirect	Strong	Strong	Strong	Strong	Exceptional	$832Fees	0.068%Below	439
6	Associated Bank, National Association BankDirect	Strong	Exceptional	Exceptional	Strong	Strong	$821Fees	0.198%Below	219
7	The Huntington National Bank BankDirect	Strong	Strong	Exceptional	Strong	Strong	$1,536Fees	0.269%Above	680
8	Old National Bank BankDirect	Strong	Exceptional	Exceptional	Strong	Strong	$977Fees	0.128%Below	331
9	Bell Bank BankDirect	Strong	Acceptable	Exceptional	Strong	Exceptional	$2,925Fees	0.253%Above	4,389
10	ROCKET MORTGAGE, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Acceptable*	Exceptional	Exceptional	Exceptional	$3,910Fees	0.325%Above	3,524
11	Merchants Bank, National Association BankDirect & Wholesale	Strong	Strong*	Strong	Strong	Exceptional	$2,010Fees	0.053%Below	538
12	Gate City Bank BankDirect	Strong	Strong	Exceptional	Exceptional	Strong	$2,700Fees	0.206%Below	321
13	NAVY FEDERAL CREDIT UNION Credit UnionDirect	Strong	Exceptional	Exceptional	Sound	Strong	$712Fees	0.499%Below	213
14	Wells Fargo Bank, National Association BankDirect	Strong	Strong	Exceptional	Sound	Exceptional	$2,002Fees	0.060%Above	1,187
15	Alerus Financial, National Association BankDirect	Strong	Sound	Strong	Strong	Exceptional	$1,608Fees	0.259%Above	958
16	Think Mutual Bank BankDirect	Strong	Strong	Strong	Strong	Strong	$1,935Fees	0.098%Below	333
17	TRUSTONE FINANCIAL CREDIT UNION Credit UnionDirect	Strong	Strong	Strong	Sound	Exceptional	$1,571Fees	0.014%Below	1,006
18	JPMorgan Chase Bank, National Association BankDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Strong	$2,267Fees	0.142%Above	396
19	ALTRA Federal Credit Union Credit UnionDirect	Strong	Sound	Exceptional	Exceptional	Strong	$1,721Fees	0.225%Above	246
20	Bank of America, National Association BankDirect	Strong	Strong	Exceptional	Strong	Strong	$1,524Fees	0.023%Below	210
21	Liberty Bank Minnesota BankDirect	Strong	Strong	Strong	Exceptional	Strong	$1,085Fees	0.141%Above	187
22	FAIRWAY INDEPENDENT MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Exceptional	$3,456Fees	0.465%Above	2,146
23	LOANDEPOT.COM, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Strong	$2,963Fees	0.265%Above	948
24	CROSSCOUNTRY MORTGAGE, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Exceptional	$3,865Fees	0.409%Above	2,661
25	Bremer Bank, National Association BankDirect	Strong	Sound	Strong	Strong	Exceptional	$2,946Fees	0.260%Above	716
26	Servion, Inc. Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Strong	Strong	Exceptional	$2,269Fees	0.253%Above	512
27	Prosperity Home Mortgage, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Exceptional	$2,669Fees	0.249%Above	1,495
28	GUARANTEED RATE, INC. Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,257Fees	0.224%Above	977
29	MOVEMENT MORTGAGE, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$2,714Fees	0.448%Above	507
30	Tradition Mortgage, LLC Independent Mortgage CompanyDirect	Strong	Sound	Strong	Strong	Exceptional	$2,101Fees	0.205%Above	925
31	Wings Financial Credit Union Credit UnionDirect	Strong	Strong	Strong	Sound	Exceptional	$1,424Fees	0.244%Below	677
32	Flagstar Bank, N.A. BankDirect & Wholesale	Strong	Acceptable*	Exceptional	Strong	Strong	$2,385Fees	0.259%Above	578
33	BAY EQUITY LLC Independent Mortgage CompanyDirect	Strong	Sound	Exceptional	Strong	Strong	$3,359Fees	0.312%Above	460
34	CMG MORTGAGE, INC. Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,320Fees	0.283%Above	458
35	SWBC MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,681Fees	0.453%Above	379
36	MEGASTAR FINANCIAL CORP. Independent Mortgage CompanyDirect	Strong	Exceptional	Strong	Sound	Strong	$6,798Credit	0.338%Above	189
37	PENNYMAC LOAN SERVICES, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Sound	Strong	$2,482Fees	0.106%Above	936
38	PLAZA HOME MORTGAGE, INC. Independent Mortgage CompanyWholesale	Strong	Sound*	Exceptional	Strong	Strong	$2,423Fees	0.155%Above	595
39	North Shore Bank of Commerce BankDirect	Strong	Acceptable	Strong	Exceptional	Exceptional	$3,437Fees	0.191%Above	477
40	GUILD MORTGAGE COMPANY LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$2,959Fees	0.416%Above	467
41	Frandsen Bank & Trust BankDirect	Strong	Sound	Strong	Strong	Exceptional	$2,442Fees	0.065%Above	418
42	Barrington Bank & Trust Company, National Association BankDirect	Strong	Sound	Exceptional	Strong	Strong	$2,720Fees	0.403%Above	281
43	Nations Lending Corporation Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Exceptional	Strong	$3,959Fees	0.494%Above	169
44	First Federal Bank BankDirect	Strong	Strong	Strong	Sound	Strong	$2,160Fees	0.269%Below	152
45	NEW AMERICAN FUNDING, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Sound	Exceptional	$3,706Fees	0.511%Above	1,611
46	PRIMELENDING, A PLAINSCAPITAL COMPANY Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,266Fees	0.337%Above	335
47	ARK-LA-TEX FINANCIAL SERVICES, LLC. Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Strong	$2,571Fees	0.291%Above	153
48	First Western Bank & Trust BankDirect	Strong	Sound	Strong	Strong	Strong	$3,078Fees	0.108%Below	142
49	GRANITE BANK BankDirect	Strong	Acceptable	Strong	Strong	Exceptional	$3,195Fees	0.318%Above	495
50	Plains Commerce Bank BankWholesale	Strong	Acceptable*	Exceptional	Strong	Strong	$2,432Fees	0.366%Above	424

❓ 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 40 Points)

Pricing

Rate and fee competitiveness (25%)

Pull Through

Reliability in closing loans (25%)

Product

Specialization in the loan type (25%)

Place

Local market expertise (25%)

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.