Safe Rate Rankings

Best Conventional Mortgage Bank Lenders in Minnesota

Updated February 6, 2026
⚖️ 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.
Total Lenders28
Total Loans63,948
Median Rate Spread0.25%

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RankLenderOverallPricingProductPull ThroughPlaceAvg FeesRate Spread# of LoansAction
1
Old National BankBank
Exceptional
Exceptional
Exceptional
Strong
Strong
$977Fees
0.128%Below
331
2
Associated Bank, National AssociationBank
Exceptional
Exceptional
Exceptional
Strong
Strong
$821Fees
0.198%Below
219
3
U.S. Bank National AssociationBank
Exceptional
Strong
Exceptional
Strong
Exceptional
$873Fees
0.173%Above
1,505
4
Gate City BankBank
Exceptional
Strong
Exceptional
Exceptional
Strong
$2,700Fees
0.206%Below
321
5
Wells Fargo Bank, National AssociationBank
Exceptional
Strong
Exceptional
Sound
Exceptional
$2,002Fees
0.060%Above
1,187
6
The Huntington National BankBank
Exceptional
Strong
Exceptional
Strong
Strong
$1,536Fees
0.269%Above
680
7
Merchants Bank, National AssociationBank
Exceptional
Strong
Strong
Strong
Exceptional
$2,010Fees
0.053%Below
538
8
Bank of America, National AssociationBank
Exceptional
Strong
Exceptional
Strong
Strong
$1,524Fees
0.023%Below
210
9
Liberty Bank MinnesotaBank
Exceptional
Strong
Strong
Exceptional
Strong
$1,085Fees
0.141%Above
187
10
Think Mutual BankBank
Exceptional
Strong
Strong
Strong
Strong
$1,935Fees
0.098%Below
333
11
Alerus Financial, National AssociationBank
Strong
Sound
Strong
Strong
Exceptional
$1,608Fees
0.259%Above
958
12
Bremer Bank, National AssociationBank
Strong
Sound
Strong
Strong
Exceptional
$2,946Fees
0.260%Above
716
13
Frandsen Bank & TrustBank
Strong
Sound
Strong
Strong
Exceptional
$2,442Fees
0.065%Above
418
14
JPMorgan Chase Bank, National AssociationBank
Strong
Sound
Exceptional
Strong
Strong
$2,267Fees
0.142%Above
396
15
Barrington Bank & Trust Company, National AssociationBank
Strong
Sound
Exceptional
Strong
Strong
$2,720Fees
0.403%Above
281
16
First Federal BankBank
Strong
Strong
Strong
Sound
Strong
$2,160Fees
0.269%Below
152
17
Bell BankBank
Strong
Acceptable
Exceptional
Strong
Exceptional
$2,925Fees
0.253%Above
4,389
18
North Shore Bank of CommerceBank
Strong
Acceptable
Strong
Exceptional
Exceptional
$3,437Fees
0.191%Above
477
19
NexBankBank
Strong
Sound
Strong
Strong
Strong
$1,536Fees
0.213%Above
222
20
Minnwest BankBank
Strong
Strong
Sound
Sound
Strong
$2,440Fees
0.241%Below
189
21
First Western Bank & TrustBank
Strong
Sound
Strong
Strong
Strong
$3,078Fees
0.108%Below
142
22
Flagstar Bank, N.A.Bank
Strong
Acceptable
Exceptional
Strong
Strong
$2,385Fees
0.259%Above
578
23
GRANITE BANKBank
Strong
Acceptable
Strong
Strong
Exceptional
$3,195Fees
0.318%Above
495
24
Plains Commerce BankBank
Strong
Acceptable
Exceptional
Strong
Strong
$2,432Fees
0.366%Above
424
25
Deerwood BankBank
Strong
Sound
Sound
Strong
Strong
$2,656Fees
0.024%Below
247
26
USAA Federal Savings BankBank
Strong
Sound
Strong
Acceptable
Strong
$2,016Fees
0.109%Below
194
27
Park State BankBank
Strong
Sound
Sound
Sound
Strong
$2,499Fees
0.036%Below
142
28
HomeTown BankBank
Strong
Sound
Acceptable
Sound
Strong
$2,530Fees
0.063%Below
149

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 40 Points)

10
Pricing
Rate and fee competitiveness (25%)
10
Pull Through
Reliability in closing loans (25%)
10
Product
Specialization in the loan type (25%)
10
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.