Stearns County, MN Mortgage Lenders & HMDA Data, 2022
In 2022, lenders reported 5,514 mortgage applications in Stearns County, MN totaling $1.1 billion, down 44% from 2021. The average application was for $208,000, and applicants reported an average income of $98,000. 64% of applications resulted in an originated loan and 10% were denied. The most active lender was Magnifi Financial Credit Union, with 497 applications, followed by US Bank, N.A. and Homeowners Financial Group, LLC.
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| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 5,514 |
| Total Mortgage Loan Application Amount | $1,147,160,000 |
| Average Mortgage Loan Application Amount | $208,000 |
| Highest Mortgage Loan Application Amount | $11,845,000 |
| Average Applicant Income | $98,000 |
| Highest Applicant Income | $1,976,000 |
Top Mortgage Lenders in Stearns County, MN (2022)
Ranked by the number of mortgage applications each lender reported in Stearns County, MN in 2022.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Magnifi Financial Credit Union Melrose, MN |
497 | $89,475,000 | $180,000 | $88,000 |
| 2 | US Bank, N.A. Cincinnati, OH |
436 | $80,460,000 | $184,000 | $105,000 |
| 3 | Homeowners Financial Group, LLC Scottsdale, AZ |
225 | $36,835,000 | $163,000 | $78,000 |
| 4 | Liberty Bank Minnesota St Cloud, MN |
213 | $49,795,000 | $233,000 | $106,000 |
| 5 | St. Cloud Financial Credit Union Saint Cloud, MN |
192 | $26,840,000 | $139,000 | $100,000 |
| 6 | Bremer Bank NA Saint Paul, MN |
151 | $38,935,000 | $257,000 | $192,000 |
| 7 | PennyMac Loan Services LLC Westlake Village, CA |
143 | $31,805,000 | $222,000 | $83,000 |
| 8 | United Wholesale Mortgage Plymouth, MI |
140 | $33,570,000 | $239,000 | $102,000 |
| 9 | Wells Fargo Bank NA Minneapolis, MN |
137 | $28,655,000 | $209,000 | $94,000 |
| 10 | Trustone Financial Credit Union Plymouth, MN |
123 | $14,435,000 | $117,000 | $112,000 |
The tables below break down 2022 mortgage applications in Stearns County, MN by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Stearns County, MN in 2022
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 | 3,072 | $747,610,000 | $243,000 | $11,845,000 | $96,000 | $1,794,000 |
| Cash-out Refinancing | 1,140 | $210,000,000 | $184,000 | $2,005,000 | $91,000 | $885,000 |
| Refinancing | 764 | $143,970,000 | $188,000 | $8,485,000 | $98,000 | $1,020,000 |
| Home Improvement | 280 | $21,650,000 | $77,000 | $545,000 | $109,000 | $631,000 |
| Other Purpose | 240 | $21,970,000 | $91,000 | $755,000 | $132,000 | $1,976,000 |
| Not Applicable | 18 | $1,960,000 | $108,000 | $165,000 | $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 | 3,789 | $747,495,000 | $197,000 | $2,005,000 | $99,000 | $1,976,000 |
| Not applicable | 663 | $207,315,000 | $312,000 | $11,845,000 | $102,000 | $193,000 |
| Not Provided | 628 | $111,680,000 | $177,000 | $925,000 | $99,000 | $1,017,000 |
| Hispanic | 190 | $31,330,000 | $164,000 | $475,000 | $70,000 | $209,000 |
| Black or African American | 135 | $24,835,000 | $183,000 | $565,000 | $76,000 | $618,000 |
| Asian | 78 | $17,890,000 | $229,000 | $1,105,000 | $124,000 | $567,000 |
| American Indian or Alaskan Native | 17 | $3,545,000 | $208,000 | $805,000 | $127,000 | $756,000 |
| Native Hawaiian or Other Pacific Islander | 5 | $815,000 | $163,000 | $265,000 | $75,000 | $130,000 |
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) | 4,262 | $877,250,000 | $205,000 | $11,845,000 | $104,000 | $1,976,000 |
| FHA-insured (Federal Housing Administration) | 756 | $151,300,000 | $200,000 | $485,000 | $67,000 | $222,000 |
| VA-guaranteed (Veterans Administration) | 426 | $104,910,000 | $246,000 | $1,715,000 | $79,000 | $315,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 70 | $13,700,000 | $195,000 | $355,000 | $65,000 | $122,000 |
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 | 3,518 | $748,230,000 | $212,000 | $8,485,000 | $103,000 | $1,976,000 |
| Application Withdrawn By Applicant | 594 | $142,890,000 | $240,000 | $11,845,000 | $97,000 | $1,020,000 |
| Loan Purchased By The Institution | 551 | $121,605,000 | $220,000 | $885,000 | $95,000 | $296,000 |
| Application Denied By Financial Institution | 547 | $76,255,000 | $139,000 | $705,000 | $69,000 | $502,000 |
| File Closed For Incompleteness | 170 | $30,190,000 | $177,000 | $1,715,000 | $84,000 | $495,000 |
| Application Approved But Not Accepted | 124 | $25,750,000 | $207,000 | $1,325,000 | $96,000 | $407,000 |
| Preapproval Approved but not Accepted | 7 | $1,585,000 | $226,000 | $385,000 | $82,000 | $186,000 |
| Preapproval Denied by Financial Institution | 3 | $655,000 | $218,000 | $245,000 | $40,000 | $44,000 |
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 | 4,838 | $1,035,650,000 | $214,000 | $11,845,000 | $100,000 | $1,976,000 |
| Debt-To-Income Ratio | 307 | $57,775,000 | $188,000 | $3,295,000 | $79,000 | $723,000 |
| Credit History | 144 | $18,730,000 | $130,000 | $645,000 | $82,000 | $502,000 |
| Collateral | 83 | $11,565,000 | $139,000 | $505,000 | $77,000 | $350,000 |
| Credit Application Incomplete | 66 | $11,350,000 | $171,000 | $535,000 | $80,000 | $280,000 |
| Other | 36 | $5,320,000 | $147,000 | $615,000 | $94,000 | $495,000 |
| Unverifiable Information | 23 | $3,655,000 | $158,000 | $375,000 | $68,000 | $130,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 11 | $1,915,000 | $174,000 | $305,000 | $50,000 | $99,000 |
| Employment History | 6 | $1,200,000 | $200,000 | $295,000 | $34,000 | $62,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) loan application records that lenders file with the FFIEC each year, and count every application (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
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