Applications / Mortgage Analytics / Lenders / Minnesota / Luminate Bank
Minneapolis, MN · State non-member bank · FDIC · $511 million assets · 8,416 loans in 2025
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8,416
loans originated, 2025
12,134
applications, 2025
51
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Luminate Bank became a national home-purchase lender in 2025, making 8,416 loans worth $3.11 billion across 921 counties.
It reported 39 loans in 2024 and did not report at all in 2018, 2019, 2020 or 2022, gaps in the record rather than years without lending. Its 2025 count was higher than about six in ten similar lenders (state non-member banks making between half and twice as many loans). The 2024 figures are too small to compare its mix with.
Purchase loans were 81.6% of its lending. FHA loans (insured by the Federal Housing Administration) were 21.9% against 5.9% for peers, higher than about four in five, and VA loans (guaranteed by the Department of Veterans Affairs) 6.3%. Higher-priced loans (a rate well above the average for similar loans) were 3.8% against 2.2%, which its FHA lending could explain; its typical rate of 6.62% matched peers.
Loans to LMI (low- and moderate-income) borrowers were 31.9% and loans in LMI areas 19.2%, each higher than about four in five similar lenders. It turned down 3.4% of first-lien home-purchase applications on owner-occupied homes, against 7.0% for similar lenders, and 7.2% of refinance applications, against 15.7%; both are lower than nearly nine in ten of them.
In Minneapolis-St. Paul-Bloomington it reached 1.4% of the market, ranking 20 of 688. It entered Lexington-Fayette in 2025 and already ranks 19 of 389.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2021–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. Luminate Bank took 12,134 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 81.6% · Refinance 17.8% · Other 0.5% · Home improvement 0.1%
Conventional 71.1% · FHA 21.9% · VA 6.3% · USDA (RHS or FSA) 0.7% · of 8,416 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Minnesota | 1,356 | 16.1% |
| New Jersey | 1,069 | 12.7% |
| Florida | 686 | 8.2% |
| Colorado | 543 | 6.5% |
| Indiana | 517 | 6.1% |
| Kentucky | 435 | 5.2% |
| Delaware | 277 | 3.3% |
| Washington | 265 | 3.1% |
| Texas | 244 | 2.9% |
| South Carolina | 240 | 2.9% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 1,097 |
| New York-Jersey City-White Plains | 454 |
| Newark | 386 |
| Denver-Aurora-Centennial | 363 |
| Lakewood-New Brunswick | 218 |
| Lexington-Fayette | 186 |
| Greenville-Anderson-Greer | 156 |
| Cincinnati | 155 |
| Tacoma-Lakewood | 133 |
| Houston-Pasadena-The Woodlands | 131 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300RFLICNI75BG067 | 2021–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 310754 | 2005–2023 |
| Respondent ID (the HMDA filer code before 2018) | 316635 | 2005–2010 |
Established 1 March 1937. Reported under HMDA 2005-2025.
Mergers, name changes, data editions and corrections: Luminate Bank's data.
Luminate Bank's data
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