Applications / Mortgage Analytics / Lenders / Minnesota / Novation Credit Union
Oakdale, MN · Credit union · NCUA · $242 million assets · 112 loans in 2025
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112
loans originated, 2025
149
applications, 2025
3
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Novation Credit Union lends almost only against homes people already own: home-improvement and other-purpose loans made up nearly all of its 112 loans in 2025, and purchases just 2.7%.
Other-purpose loans were 53.6% of its lending and home improvement 42.9%; refinances were 0.9%. Its typical loan was $65,000, against $105,000 at similar lenders (credit unions making between half and twice as many loans), smaller than at more than four in five of them.
Its typical rate was 6.49%, against 6.75% at peers, lower than about seven in ten of them. Only 1.8% of its loans were higher-priced (a rate well above the average for similar loans), down from 4.3% a year earlier and below the 2.9% at the typical peer.
Low- and moderate-income neighborhoods (LMI tracts) took 6.4% of its loans, against 17.2% at peers, among the lowest tenth. Yet low- and moderate-income borrowers took 28.4%, close to the peer figure. Its loans go to people who already own homes, which may thin out lending in poorer neighborhoods, where fewer people may own one.
Its loans fell 19%, from 139, while similar lenders grew 8% and the whole market 10%. Its volume has moved between 95 and 139 loans a year since 2018, so 2025 sits within its usual range. Its largest market is Minneapolis-St. Paul, where it has lent since 1993.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Novation Credit Union took 149 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Other 53.6% · Home improvement 42.9% · Purchase 2.7% · Refinance 0.9%
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
| State | Loans | Share |
|---|---|---|
| Minnesota | 94 | 83.9% |
| Wisconsin | 13 | 11.6% |
| South Dakota | 3 | 2.7% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 50 |
| La Crosse-Onalaska | 1 |
| Mankato | 1 |
| St. Cloud | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300ODTHTLPTSBD612 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 580696 | 2006–2023 |
| Respondent ID (the HMDA filer code before 2018) | 565063 | 1993–2017 |
Established 1 January 1954. Reported under HMDA 1993-2025.
Mergers, name changes, data editions and corrections: Novation Credit Union's data.
Novation Credit Union's data
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Novation 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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