No purchase lending
Other-purpose loans made up 45.5% of its lending and home improvement 42.0%; refinances took the remaining 12.5%. It lends to people who already own their homes.
Applications / Mortgage Analytics / Lenders / Minnesota / Heartland Credit Union
Heartland Credit Union
Inver Grove Heights, MN · Credit union · NCUA · $174 million assets · 112 loans in 2025
Heartland Credit Union's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
112
loans originated, 2025
160
applications, 2025
2
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Heartland Credit Union makes no home-purchase loans: its 112 loans in 2025 were for home improvement, refinancing and other purposes, and most were small.
Small loans
Its typical loan was $60,000, against $105,000 for similar lenders (credit unions making between half and twice as many loans), smaller than at about seven in eight of them. In 2020 its typical loan was $125,000, so the book has moved toward smaller sums.
Priced like home-improvement loans
Of its loans, 67.9% were higher-priced (a rate well above the average for similar loans), against 2.9% at the typical peer; the year before the share was 66.7%. Its typical rate, 7.39%, was above the peers' 6.75%. Its product mix is a plausible reason for most of the gap: nearly nine in ten loans were for home improvement or other purposes, which usually carry higher rates than first mortgages.
Growing with the market
Its loans rose 11%, against 8% for similar lenders and 10% for the whole market, near the middle of its peers. Volume swings from year to year: 167 loans in 2022, 101 in 2024.
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
112 loans in 2025, against a peak of 167 in 2022.
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Heartland Credit Union took 160 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
45.5% of its 2025 loans were other loans; all were conventional loans.
Other 45.5% · Home improvement 42.0% · Refinance 12.5%
Conventional 100.0% · of 112 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
2 states, 3 metros, 19 counties
| State | Loans | Share |
|---|---|---|
| Minnesota | 105 | 93.8% |
| Wisconsin | 7 | 6.2% |
Largest metro areas, 2025
Loans originated
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 102 |
| Mankato | 2 |
| Rochester | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 254900PUAN5SKAJB2J42 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 382498 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 564168 | 1998–2017 |
Established 1 January 1939. Reported under HMDA 1998-2025.
Mergers, name changes, data editions and corrections: Heartland Credit Union's data.
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