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Rankings

Best Conventional Mortgage Lenders in Sioux Falls

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 5 PsRankings are calculated from observed lender differences on closed loans across Pricing, Pull-through, Product, and Place, plus Promptness when a lender has answered real shopper quote requests.

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 Lenders35

Total Loans3,670

Median Rate Spread0.02%

Sioux Falls Market Insights

First Dakota National Bank is Safe Rate's top-ranked Conventional lender in Sioux Falls, leading on pricing, pullthrough, Conventional product expertise, and local knowledge.
There is often a pricing vs. pullthrough tradeoff in mortgage lending. In Sioux Falls, First Dakota National Bank and Iowa Bankers Mortgage scores highest on Conventional pricing while United Wholesale Mortgage and Levo Federal Credit Union leads on likelihood to close. That is why we encourage speaking with multiple lenders.
United Wholesale Mortgage (UWM) ranks #7 in Sioux Falls, 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 Sioux Falls: Rocket Mortgage (#15) and Plains Commerce Bank (#9).

Explore Rankings by Type

Overall Rankings

All lenders in Sioux Falls

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First Dakota National Bank

BankDirect

Overall

Exceptional

Avg Fees

$1,213Fees

Levo Federal Credit Union

Credit UnionDirect

Overall

Strong

Avg Fees

$1,896Fees

Iowa Bankers Mortgage Corporation

Independent Mortgage CompanyWholesale

Overall

Strong

Avg Fees

$3,051Fees

First International Bank & Trust

BankDirect

Overall

Strong

Avg Fees

$1,401Fees

U.S. Bank National Association

BankDirect

Overall

Strong

Avg Fees

$1,074Fees

Central Bank

BankDirect

Overall

Strong

Avg Fees

$2,844Fees

United Wholesale Mortgage

Independent Mortgage CompanyWholesaleResponds to quote requests promptly

Overall

Strong

Avg Fees

$3,500Fees

West Gate Bank

BankDirect & Wholesale

Overall

Strong

Avg Fees

$3,680Fees

Plains Commerce Bank

BankWholesale

Overall

Strong

Avg Fees

$3,090Fees

First National Bank of Omaha

BankDirect

Overall

Strong

Avg Fees

$2,759Fees

First Bank & Trust

BankDirect

Overall

Strong

Avg Fees

$3,023Fees

First PREMIER Bank

BankDirect

Overall

Strong

Avg Fees

$2,108Fees

Fairway Independent Mortgage Corporation

Independent Mortgage CompanyDirect

Overall

Strong

Avg Fees

$1,947Fees

Wells Fargo Bank

BankDirect

Overall

Strong

Avg Fees

$1,638Fees

Rocket Mortgage

Independent Mortgage CompanyDirect & WholesaleHasn't responded yet

Overall

Strong

Avg Fees

$4,422Fees

JPMorgan Chase Bank

BankDirect & Wholesale

Overall

Strong

Avg Fees

$2,644Fees

CrossCountry Mortgage

Independent Mortgage CompanyDirect

Overall

Strong

Avg Fees

$4,224Fees

Guaranteed Rate

Independent Mortgage CompanyDirect

Overall

Strong

Avg Fees

$3,036Fees

Cortrust Mortgage

Independent Mortgage CompanyDirect

Overall

Strong

Avg Fees

$2,818Fees

Citizens Bank

BankDirect

Overall

Strong

Avg Fees

$3,657Fees

Flagstar Bank

BankDirect & Wholesale

Overall

Strong

Avg Fees

$2,481Fees

Black Hills Federal Credit Union

Credit UnionDirect

Overall

Strong

Avg Fees

$2,578Fees

Dacotah Bank

BankDirect

Overall

Strong

Avg Fees

$2,007Fees

CMG Mortgage

Independent Mortgage CompanyDirect

Overall

Strong

Avg Fees

$2,632Fees

American Bank & Trust

BankDirect

Overall

Strong

Avg Fees

$2,340Fees

Reliabank Dakota

BankDirect

Overall

Sound

Avg Fees

$2,232Fees

Primary Residential Mortgage

Independent Mortgage CompanyDirect

Overall

Sound

Avg Fees

$4,790Fees

PennyMac Loan Services

Independent Mortgage CompanyDirect & WholesaleHasn't responded yet

Overall

Sound

Avg Fees

$2,378Fees

CU Mortgage Direct

Independent Mortgage CompanyDirect

Overall

Sound

Avg Fees

$2,608Fees

First Interstate Bank

BankDirect

Overall

Sound

Avg Fees

$1,543Fees

Rank	Lender	Safe Rate Score					Loan Economics			Action
Rank	Lender	Overall	Pricing	Product	Pull Through	Place	Avg Fees	Rate Spread	# of Loans	Action
1	First Dakota National Bank BankDirect	Exceptional	Exceptional	Strong	Strong	Exceptional	$1,213Fees	0.152%Below	219
2	Levo Federal Credit Union Credit UnionDirect	Strong	Strong	Sound	Exceptional	Exceptional	$1,896Fees	0.112%Below	181
3	Iowa Bankers Mortgage Corporation Independent Mortgage CompanyWholesale	Strong	Exceptional*	Exceptional	Exceptional	Sound	$3,051Fees	0.128%Below	26
4	First International Bank & Trust BankDirect	Strong	Sound	Strong	Exceptional	Exceptional	$1,401Fees	0.158%Below	206
5	U.S. Bank National Association BankDirect	Strong	Strong	Exceptional	Strong	Strong	$1,074Fees	0.022%Below	76
6	Central Bank BankDirect	Strong	Strong	Strong	Exceptional	Strong	$2,844Fees	0.315%Below	79
7	United Wholesale Mortgage Independent Mortgage CompanyWholesaleResponds to quote requests promptly	Strong	Acceptable*	Exceptional	Exceptional	Strong	$3,500Fees	0.046%Above	72
8	West Gate Bank BankDirect & Wholesale	Strong	Exceptional*	Exceptional	Exceptional	Sound	$3,680Fees	0.073%Above	11
9	Plains Commerce Bank BankWholesale	Strong	Acceptable*	Exceptional	Strong	Exceptional	$3,090Fees	0.099%Below	1,018
10	First National Bank of Omaha BankDirect	Strong	Strong	Exceptional	Strong	Strong	$2,759Fees	0.169%Below	95
11	First Bank & Trust BankDirect	Strong	Sound	Strong	Strong	Exceptional	$3,023Fees	0.153%Below	297
12	First PREMIER Bank BankDirect	Strong	Strong	Strong	Sound	Exceptional	$2,108Fees	0.105%Below	290
13	Fairway Independent Mortgage Corporation Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$1,947Fees	0.127%Above	185
14	Wells Fargo Bank BankDirect	Strong	Strong	Exceptional	Sound	Strong	$1,638Fees	0.105%Below	62
15	Rocket Mortgage Independent Mortgage CompanyDirect & WholesaleHasn't responded yet	Strong	Acceptable*	Exceptional	Exceptional	Strong	$4,422Fees	0.343%Above	115
16	JPMorgan Chase Bank BankDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Sound	$2,644Fees	0.004%Above	19
17	CrossCountry Mortgage Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$4,224Fees	0.407%Above	103
18	Guaranteed Rate Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Sound	$3,036Fees	0.180%Above	51
19	Cortrust Mortgage Independent Mortgage CompanyDirect	Strong	Sound	Strong	Strong	Strong	$2,818Fees	0.078%Below	77
20	Citizens Bank BankDirect	Strong	Strong	Exceptional	Sound	Acceptable	$3,657Fees	0.143%Above	10
21	Flagstar Bank BankDirect & Wholesale	Strong	Acceptable*	Exceptional	Strong	Sound	$2,481Fees	0.380%Above	23
22	Black Hills Federal Credit Union Credit UnionDirect	Strong	Sound	Strong	Strong	Strong	$2,578Fees	0.139%Below	53
23	Dacotah Bank BankDirect	Strong	Sound	Strong	Strong	Sound	$2,007Fees	0.452%Below	26
24	CMG Mortgage Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Sound	$2,632Fees	0.243%Above	12
25	American Bank & Trust BankDirect	Strong	Strong	Sound	Sound	Strong	$2,340Fees	0.305%Below	73
26	Reliabank Dakota BankDirect	Sound	Sound	Sound	Sound	Strong	$2,232Fees	0.211%Below	71
27	Primary Residential Mortgage Independent Mortgage CompanyDirect	Sound	Acceptable	Exceptional	Strong	Sound	$4,790Fees	0.430%Above	18
28	PennyMac Loan Services Independent Mortgage CompanyDirect & WholesaleHasn't responded yet	Sound	Sound*	Exceptional	Sound	Sound	$2,378Fees	0.245%Below	14
29	CU Mortgage Direct Independent Mortgage CompanyDirect	Sound	Sound	Sound	Sound	Strong	$2,608Fees	0.061%Above	58
30	First Interstate Bank BankDirect	Sound	Sound	Sound	Acceptable	Sound	$1,543Fees	0.248%Above	12

❓ Frequently Asked Questions

How are mortgage lenders ranked in Sioux Falls, SD?+

Safe Rate ranks lenders using the 5 Ps framework. Four are derived 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 Sioux Falls, SD), and Product (performance on specific loan types). The fifth, Promptness, is behavioral: it credits lenders who answer real shopper quote requests quickly. Each lender receives a composite Safe Rate Score from 0 to 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 Sioux Falls, SD?+

Based on 2024 HMDA data, 35 lenders originated a combined 3,670 loans in Sioux Falls, SD. Safe Rate's rankings evaluate all of them — not just a curated shortlist.

What does the rate spread tell me about a lender in Sioux Falls, SD?+

Rate spread measures how much above the Average Prime Offer Rate (APOR) a lender charges. The median rate spread in Sioux Falls, SD is 0.02%. 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 Sioux Falls, SD's rankings, all three institution types are evaluated on the same HMDA performance metrics.

How We Rank Lenders

Our rankings use an equal-weight average of scores across our core categories (Pricing, Product, Pull-Through, Place), with lender promptness blended in when a lender has responded to real shopper quote requests.

Our Point System (Max 40 Points)

10/ 40 pts

Pricing

Rate and fee competitiveness (25%)

10/ 40 pts

Pull Through

Reliability in closing loans (25%)

10/ 40 pts

Product

Specialization in the loan type (25%)

10/ 40 pts

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.