Safe Rate Rankings

Best USDA 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

United Wholesale Mortgage is Safe Rate's top-ranked USDA lender in Minnesota, leading on pricing, pullthrough, USDA product expertise, and local knowledge.
There is often a pricing vs. pullthrough tradeoff in mortgage lending. In Minnesota, Plains Commerce Bank and Ark La Tex Financial Services scores highest on USDA pricing while Bell Bank and Alerus Financial National Association leads on likelihood to close. That is why we encourage speaking with multiple lenders.
United Wholesale Mortgage (UWM) ranks #1 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.

Explore Rankings by Type

Overall Rankings

All lenders in Minnesota

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By Institution Type

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Rank	Lender	Overall	Pricing	Product	Pull Through	Place	Avg Fees	Rate Spread	# of Loans
1	UNITED WHOLESALE MORTGAGE, LLC Independent Mortgage CompanyWholesale	Exceptional	Strong*	Exceptional	Strong	Exceptional	$3,056Fees	0.293%Above	4,740
2	NEWREZ LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Strong*	Exceptional	Strong	Strong	$2,483Fees	0.329%Above	605
3	Plains Commerce Bank BankWholesale	Strong	Strong*	Exceptional	Sound	Strong	$2,432Fees	0.366%Above	424
4	Bell Bank BankDirect	Strong	Acceptable	Strong	Exceptional	Exceptional	$2,925Fees	0.253%Above	4,389
5	ARK-LA-TEX FINANCIAL SERVICES, LLC. Independent Mortgage CompanyDirect & Wholesale	Strong	Strong*	Exceptional	Strong	Strong	$2,571Fees	0.291%Above	153
6	FAIRWAY INDEPENDENT MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Strong	Exceptional	$3,456Fees	0.465%Above	2,146
7	GUARANTEED RATE, INC. Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,257Fees	0.224%Above	977
8	PLAZA HOME MORTGAGE, INC. Independent Mortgage CompanyWholesale	Strong	Sound*	Exceptional	Strong	Strong	$2,423Fees	0.155%Above	595
9	Alerus Financial, National Association BankDirect	Strong	Sound	—	Strong	Exceptional	$1,608Fees	0.259%Above	958
10	Flagstar Bank, N.A. BankDirect & Wholesale	Strong	Sound*	Exceptional	Sound	Strong	$2,385Fees	0.259%Above	578
11	Barrington Bank & Trust Company, National Association BankDirect	Strong	Sound	Exceptional	Strong	Strong	$2,720Fees	0.403%Above	281
12	CROSSCOUNTRY MORTGAGE, LLC Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Strong	Exceptional	$3,865Fees	0.409%Above	2,661
13	Summit Mortgage Corporation Independent Mortgage CompanyDirect	Strong	Acceptable	Strong	Strong	Exceptional	$3,170Fees	0.354%Above	639
14	PRIMELENDING, A PLAINSCAPITAL COMPANY Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,266Fees	0.337%Above	335
15	Paramount Residential Mortgage Group, Inc. Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Strong	$4,935Fees	0.619%Above	150
16	Frandsen Bank & Trust BankDirect	Strong	Sound	—	Strong	Exceptional	$2,442Fees	0.065%Above	418
17	AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Strong	Strong	$4,183Fees	0.529%Above	399
18	AMERICAN PACIFIC MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Strong	Strong	$3,791Fees	0.597%Above	333
19	UNION HOME MORTGAGE CORP. Independent Mortgage CompanyDirect & Wholesale	Strong	Mediocre*	Exceptional	Strong	Strong	$3,351Fees	0.461%Above	305
20	NEW AMERICAN FUNDING, LLC Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Strong	Exceptional	$3,706Fees	0.511%Above	1,611
21	Bremer Bank, National Association BankDirect	Sound	Sound	Sound	Strong	Exceptional	$2,946Fees	0.260%Above	716
22	Luminate Home Loans, Inc. Independent Mortgage CompanyDirect	Sound	Mediocre	Exceptional	Sound	Exceptional	$4,543Fees	0.416%Above	1,296
23	Park State Bank BankDirect & Wholesale	Sound	Sound*	—	Sound	Strong	$2,499Fees	0.036%Below	142

❓ 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.