Minnesota Valley Federal Credit Union Mortgage Lending & HMDA Data, 2023
In 2023, Minnesota Valley Federal Credit Union of Mankato, MN reported 145 mortgage applications totaling $21.2 million, down 29% from 2022. The average application was for $146,517, and applicants reported an average income of $106,144. 92% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Mankato-North Mankato, MN (117), Minneapolis-St. Paul-Bloomington, MN-WI (13) and Duluth, MN-WI (1) (applications in parentheses).
| Mortgage Company & Address | Minnesota Valley Federal Credit Union 1640 Adams St Mankato, MN 56001 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 |
| Total Number of Mortgage Applications | 145 |
| Total Mortgage Loan Application Amount | $21,245,000 |
| Average Mortgage Loan Application Amount | $146,517 |
| Highest Mortgage Loan Application Amount | $555,000 |
| Average Applicant Income | $106,144 |
| Highest Applicant Income | $289,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Minnesota Valley Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Mankato-North Mankato, MN | 117 | $ 16,905,000 | $ 144,487 | $ 107,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 13 | $ 2,615,000 | $ 201,153 | $ 119,000 |
| Outside any metro area | 13 | $ 1,445,000 | $ 111,153 | $ 87,538 |
| Duluth, MN-WI | 1 | $ 75,000 | $ 75,000 | $ 133,000 |
| Rochester, MN | 1 | $ 205,000 | $ 205,000 | $ 84,000 |
Mortgage Loan Application Detail Totals for Minnesota Valley Federal Credit Union in 2023
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Home Purchase | 67 | $13,175,000 | $196,000 | $445,000 | $99,000 | $281,000 |
| Other Purpose | 29 | $1,205,000 | $41,000 | $105,000 | $103,000 | $236,000 |
| Cash-out Refinancing | 24 | $4,100,000 | $170,000 | $555,000 | $124,000 | $289,000 |
| Refinancing | 23 | $2,555,000 | $111,000 | $485,000 | $109,000 | $278,000 |
| Home Improvement | 2 | $210,000 | $105,000 | $135,000 | $144,000 | $151,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 129 | $17,845,000 | $138,000 | $555,000 | $106,000 | $289,000 |
| Not Provided | 12 | $2,530,000 | $210,000 | $405,000 | $99,000 | $177,000 |
| Hispanic | 2 | $260,000 | $130,000 | $235,000 | $78,000 | $87,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $305,000 | $305,000 | $305,000 | $80,000 | $80,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 145 | $21,245,000 | $146,000 | $555,000 | $106,000 | $289,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 134 | $19,570,000 | $146,000 | $555,000 | $106,000 | $289,000 |
| Application Denied By Financial Institution | 4 | $190,000 | $47,000 | $85,000 | $73,000 | $99,000 |
| Preapproval Denied by Financial Institution | 4 | $610,000 | $152,000 | $325,000 | $82,000 | $109,000 |
| Application Withdrawn By Applicant | 3 | $875,000 | $291,000 | $375,000 | $176,000 | $281,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Not applicable | 137 | $20,445,000 | $149,000 | $555,000 | $108,000 | $289,000 |
| Debt-To-Income Ratio | 4 | $480,000 | $120,000 | $325,000 | $75,000 | $109,000 |
| Credit History | 2 | $50,000 | $25,000 | $25,000 | $76,000 | $87,000 |
| Collateral | 1 | $35,000 | $35,000 | $35,000 | $99,000 | $99,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $235,000 | $235,000 | $235,000 | $69,000 | $69,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Minnesota Valley Federal Credit Union's 2023 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess Minnesota Valley Federal Credit Union's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
For a list of all lenders in Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
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