Applications / Mortgage Analytics / Lenders / South Dakota / Cortrust Mortgage
Sioux Falls, SD · Non-bank subsidiary of a bank · CFPB · 467 loans in 2025
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467
loans originated, 2025
628
applications, 2025
14
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Cortrust Mortgage, a bank-owned home-purchase lender based in Sioux Falls, grew its loans by 15% in 2025, faster than the whole market, though it makes under a fifth as many as in 2020.
Cortrust Mortgage made 467 loans in 2025, up from 407. Similar lenders, those of the same type making between a quarter and four times as many loans, grew by 2%, and the whole market by 10%. The rebound is modest beside its own record: it made 2,640 loans in 2020 and only 326 in 2023.
Purchases make up 81.4% of its lending. Its typical loan, $245,000, is smaller than at about three in four similar lenders, whose typical loan is $295,000. Its typical rate of 6.25% is lower than at nearly all of them, against 6.50% for the group.
Low- and moderate-income (LMI) borrowers took 35.8% of its loans, against 28.0% at similar lenders. Yet only 7.1% went to LMI neighborhoods, the lowest share in the group, whose typical figure is 17.0%. One possible reason is geography: its biggest markets are rural Minnesota and South Dakota, where such neighborhoods may be fewer.
It has lent in Sioux Falls since 1994 and ranks 20 of 204 lenders there, with 1.3% of the market, up from 1.2%. Plains Commerce Bank leads that market. In non-metro South Dakota it ranks 13 of 239.
Similar lenders: same lender type, originations between a quarter and four times the lender's. 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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Cortrust Mortgage took 628 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 81.4% · Refinance 17.8% · Other 0.6% · Home improvement 0.2%
Conventional 83.9% · FHA 12.4% · VA 2.4% · USDA (RHS or FSA) 1.3% · of 467 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 | 229 | 49.0% |
| Minnesota | 217 | 46.5% |
| North Dakota | 3 | 0.6% |
| Nebraska | 3 | 0.6% |
| Wisconsin | 3 | 0.6% |
| Arizona | 2 | 0.4% |
| Florida | 2 | 0.4% |
| Iowa | 2 | 0.4% |
| Colorado | 1 | 0.2% |
| Georgia | 1 | 0.2% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Sioux Falls | 88 |
| Minneapolis-St. Paul-Bloomington | 74 |
| St. Cloud | 13 |
| Omaha | 2 |
| Phoenix-Mesa-Chandler | 2 |
| Brunswick-St. Simons | 1 |
| Cincinnati | 1 |
| Crestview-Fort Walton Beach-Destin | 1 |
| Denver-Aurora-Centennial | 1 |
| Fargo | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 213800M6RMI3YBX62W88 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 3862423 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 1460429381 | |
| Respondent ID (the HMDA filer code before 2018) | 3460429381 | 1994–1999 |
Established 29 March 1993. Reported under HMDA 1994-2025.
Mergers, name changes, data editions and corrections: Cortrust Mortgage's data.
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