Applications / Mortgage Analytics / Lenders / Minnesota / North Shore Federal Credit Union
Silver Bay, MN · Credit union · NCUA · $282 million assets · 235 loans in 2025
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235
loans originated, 2025
468
applications, 2025
2
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
North Shore Federal Credit Union made 235 loans in 2025, up 73% and far faster than similar lenders, and raised its share of the Duluth market from 0.5% to 1.5%.
Its loans rose 73%, from 136 to 235. Similar lenders (credit unions making between half and twice as many loans) grew 6% and the whole market 10%; it grew faster than about nine in ten of its peers. Its record is uneven, with 54 loans in 2021 and 169 in 2023, so part of the jump may be a swing back. Purchases were 58.3% of its loans and refinances 41.3%.
Its typical loan was $175,000, against $105,000 at similar lenders, larger than at more than four in five of them. All its loans were conventional. Its typical rate, 6.25%, was lower than at about four in five of its peers, whose typical rate was 6.85%.
Its share of lending in Duluth, MN-WI rose from 0.5% to 1.5%, lifting it to 19 of 318 lenders. North Shore Bank of Commerce leads that market.
Only 5.3% of its loans were in poorer neighborhoods (low- and moderate-income, or LMI, areas), against 16.4% at similar lenders, lower than at nearly all of them. LMI borrowers took 22.1%, against 27.8%. It lends in just 12 counties, and those counties may contain few such neighborhoods.
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, 2019–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted.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. North Shore Federal Credit Union took 468 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 58.3% · Refinance 41.3% · Other 0.4%
Conventional 100.0% · of 235 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 | 230 | 97.9% |
| Wisconsin | 5 | 2.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Duluth | 92 |
| Minneapolis-St. Paul-Bloomington | 4 |
| Milwaukee-Waukesha | 1 |
| Rochester | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 25490091LXRCWGWGZ525 | 2019–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 421285 | 2022–2023 |
Established 1 January 1967. Reported under HMDA 2019-2025.
Mergers, name changes, data editions and corrections: North Shore Federal Credit Union's data.
North Shore Federal Credit Union's data
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North Shore 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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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.
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