Applications / Mortgage Analytics / Lenders / North Dakota / Alerus Financial
Grand Forks, ND · National bank · OCC · $5.2 billion assets · 2,118 loans in 2025
Alerus Financial's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
2,118
loans originated, 2025
2,860
applications, 2025
31
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Alerus Financial is a home-purchase lender centred on Minnesota, with larger loans than similar national banks; its lending grew 4% in 2025 against 15% at similar banks.
Home purchases were 53.9% of its loans. Its typical loan was $265,000, against $225,000 at similar lenders (national banks making between half and twice as many loans), and its jumbo (larger than the conforming limit) share was 5.7% against 1.9%. Its VA (guaranteed by the Department of Veterans Affairs) share, 1.4%, was about double peers' 0.7%.
Its share fell 0.2 points to 1.3% in Minneapolis-St. Paul, where it ranked 25 of 688, 0.6 points to 5.0% in Rochester, MN, where it ranked 3 of 276, and 0.8 points to 1.7% in Fargo. Its slower growth than peers is one possible reason; Bell Bank led both Minneapolis-St. Paul and Fargo. In Phoenix its share rose 0.1 points to 0.2%.
Originations rose 4% to 2,118, slower than similar banks' 15% and the whole market's 10%. It made 7,005 loans in 2020, when its typical rate was 3.00%; in 2025 it was 6.62%.
LMI (low- and moderate-income) borrowers took 27.9% of its loans, against 26.2% at peers, up from 20.3% five years before. Its share in majority-minority areas, 4.3%, was lower than peers' 15.5%; the make-up of the Minnesota and North Dakota markets it mainly serves is one possible reason.
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, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Alerus Financial took 2,860 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 53.9% · Refinance 23.4% · Home improvement 11.9% · Other 10.9%
Conventional 95.9% · FHA 2.5% · VA 1.4% · USDA (RHS or FSA) 0.2% · of 2,118 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 | 1,505 | 71.1% |
| North Dakota | 235 | 11.1% |
| Arizona | 148 | 7.0% |
| Wisconsin | 119 | 5.6% |
| Iowa | 41 | 1.9% |
| Colorado | 11 | 0.5% |
| Florida | 11 | 0.5% |
| California | 10 | 0.5% |
| Texas | 6 | 0.3% |
| Georgia | 3 | 0.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 1,013 |
| Rochester | 220 |
| Phoenix-Mesa-Chandler | 134 |
| Fargo | 128 |
| Grand Forks | 118 |
| La Crosse-Onalaska | 35 |
| Milwaukee-Waukesha | 16 |
| Eau Claire | 12 |
| Duluth | 9 |
| St. Cloud | 7 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300C4J510S9L1RF98 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 933256 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 113790 | 1990–2017 |
Established 30 September 1933. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: Alerus Financial's data.
Alerus Financial's data
$215
Alerus Financial and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
Buy Alerus Financial's data, $215Jenner Mortgage Analytics: all the data
$2,110
Every mortgage application reported under HMDA from 1990 to 2025, cleaned and corrected, every lender followed across name changes and mergers, with the market-share and fair-lending tables behind these pages and the Jenner programs that built them: the warehouse and the datamart, as Parquet files.
Buy the data, $2,110Jenner, the SAS-compatible software
See prices
Jenner runs programs written in the SAS language. It drew every chart on these pages and fitted the fair-lending model, PROC GLIMMIX on 3.5 million applications. Run the programs that come with the data, or your own.
Get JennerQuestions, or the data and Jenner together: [email protected]