Applications / Mortgage Analytics / Lenders / South Dakota / Black Hills Federal Credit Union
Rapid City, SD · Credit union · NCUA · $2.3 billion assets · 785 loans in 2025
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785
loans originated, 2025
1,333
applications, 2025
17
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Black Hills Federal Credit Union is the second-largest lender in Rapid City, a credit union that makes more government-backed loans than nearly all similar lenders, though its originations fell 23% in 2025.
It ranked 2 of 181 lenders in Rapid City, where it has lent since 1991, behind CMG Mortgage. Its share fell 4.3 points to 8.0%. Possible reasons are in its mix: refinance, home-improvement and other-purpose loans made up about two-thirds of its lending, and their volume can move more from year to year than home purchase.
Originations fell 23% to 785, against growth of 8% at similar lenders (credit unions making between half and twice as many loans) and 10% in the whole market; few peers fell further. It made 1,672 loans in 2020.
FHA loans (insured by the Federal Housing Administration) were 7.1% of its originations and VA loans (guaranteed by the Department of Veterans Affairs) 2.5%; the typical peer made none of either. FHA lending rose from 0.1% five years before, while VA lending fell from 9.8%. Manufactured homes were 3.1% of its loans, against 0.3%.
It turned down 12.9% of first-lien refinance applications on owner-occupied homes, against 20.3% at peers, lower than about three in four of them. LMI (low- and moderate-income) areas took 15.7% of its loans, near the middle of its peers (15.1%).
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Black Hills Federal Credit Union took 1,333 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 31.8% · Refinance 30.2% · Other 19.7% · Home improvement 18.2%
Conventional 89.9% · FHA 7.1% · VA 2.5% · USDA (RHS or FSA) 0.4% · of 785 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 |
|---|---|---|
| South Dakota | 738 | 94.0% |
| Montana | 17 | 2.2% |
| Wyoming | 8 | 1.0% |
| Minnesota | 4 | 0.5% |
| Missouri | 2 | 0.3% |
| North Dakota | 2 | 0.3% |
| Texas | 2 | 0.3% |
| Alabama | 1 | 0.1% |
| Arkansas | 1 | 0.1% |
| Florida | 1 | 0.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Rapid City | 462 |
| Sioux Falls | 97 |
| Billings | 11 |
| Minneapolis-St. Paul-Bloomington | 3 |
| Austin-Round Rock-San Marcos | 1 |
| Beaumont-Port Arthur | 1 |
| Casper | 1 |
| Columbia | 1 |
| Des Moines-West Des Moines | 1 |
| Fargo | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300M2Z8GR3VL0QQ74 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 187871 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 54365 | 1991–2017 |
Established 1 January 1941. Reported under HMDA 1991-2025.
Mergers, name changes, data editions and corrections: Black Hills Federal Credit Union's data.
Black Hills Federal Credit Union's data
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Black Hills Federal Credit Union 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.
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