Applications / Mortgage Analytics / Lenders / Minnesota / Northwoods Credit Union
Cloquet, MN · Credit union · NCUA · $174 million assets · 131 loans in 2025
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131
loans originated, 2025
204
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Northwoods Credit Union, a Cloquet lender, mostly makes small loans to refinance or fix up homes, and almost half its borrowers have low or moderate incomes.
Refinances made up 32.8% of its loans, home improvement 32.1% and other purposes 20.6%; purchases were only 14.5%. Its typical loan was $65,000, against $105,000 at similar lenders (credit unions making between half and twice as many loans). Manufactured homes were 11.5% of its loans; the typical similar lender made none.
Low- and moderate-income (LMI) borrowers took 48.9% of its loans, up from 23.5% in 2020. The share at similar lenders was 29.0%, and Northwoods Credit Union's was higher than at more than nine in ten of them.
Some 26.7% of its loans were higher-priced (a rate well above the average for similar loans), against 2.6% at similar lenders. That was down from 44.3% a year earlier. Its mix is one possible reason. Home-improvement and other-purpose loans, small loans and manufactured homes make up much of its lending, and such loans are often priced above first mortgages.
Originations rose 49%, from 88 to 131, while similar lenders grew 8%. It lends in 7 counties in Minnesota. In Duluth, MN-WI, it ranks 35 of 318 lenders, and its share rose from 0.6% to 0.7%.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Northwoods Credit Union took 204 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 32.8% · Home improvement 32.1% · Other 20.6% · Purchase 14.5%
Conventional 100.0% · of 131 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 | 131 | 100.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Duluth | 114 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300KGWK2C69R8ZN27 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 762791 | 2005–2023 |
| Respondent ID (the HMDA filer code before 2018) | 562847 | 2005–2017 |
Established 1 January 1936. Reported under HMDA 2005-2025.
Mergers, name changes, data editions and corrections: Northwoods Credit Union's data.
Northwoods Credit Union's data
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Northwoods 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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