Applications / Mortgage Analytics / Lenders / Minnesota / Summit Mortgage
Plymouth, MN · Independent non-bank lender · CFPB · 1,370 loans in 2025
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1,370
loans originated, 2025
1,798
applications, 2025
21
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Summit Mortgage, a Minnesota home-purchase lender, lends to low- and moderate-income borrowers far more than similar lenders do, even as its volume shrinks.
In 2025, 46.3% of its loans went to low- and moderate-income (LMI) borrowers, against 28.2% at similar lenders (independent non-bank lenders making between half and twice as many loans). That is a higher share than nearly all of them, and up from 32.7% in 2020. Its typical loan, $265,000, is smaller than its peers' $315,000, which fits buyers of cheaper homes.
Purchases make up 90.8% of its lending. Loans guaranteed by the Department of Agriculture's Rural Housing Service (RHS), for homes outside cities, account for 2.6%, against 0.3% at the typical peer. It lends in 21 states, with Minnesota at the center since it first reported in 1998.
It made 1,370 loans, down 15%, while similar lenders grew 4% and the whole market 10%. Its shares slipped where it is strongest: from 1.7% to 1.5% around Duluth, where it ranks 18th of 318, and from 0.6% to 0.5% around Minneapolis-St. Paul. A deliberate pullback or stiffer competition could each explain it; the figures do not say which. Naples, Florida, bucked the trend, with its share rising to 0.7%.
It denied 3.1% of first-lien home-purchase applications on owner-occupied homes, a little below the 3.9% of the typical similar lender. Its share of higher-priced loans (a rate well above the average for similar loans), 1.8%, is close to its peers' 2.1%.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Summit Mortgage took 1,798 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 90.8% · Refinance 9.2%
Conventional 72.7% · FHA 18.6% · VA 6.1% · USDA (RHS or FSA) 2.6% · of 1,370 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 | 647 | 47.2% |
| Florida | 191 | 13.9% |
| Pennsylvania | 159 | 11.6% |
| North Carolina | 117 | 8.5% |
| Colorado | 68 | 5.0% |
| Wisconsin | 58 | 4.2% |
| Idaho | 35 | 2.6% |
| California | 20 | 1.5% |
| Michigan | 19 | 1.4% |
| Oregon | 15 | 1.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 455 |
| Duluth | 120 |
| Naples-Marco Island | 75 |
| Denver-Aurora-Centennial | 63 |
| Jacksonville | 49 |
| Cape Coral-Fort Myers | 35 |
| Charlotte-Concord-Gastonia | 32 |
| Boise City | 30 |
| Winston-Salem | 29 |
| Greensboro-High Point | 28 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493001YIUWLFRXQUO81 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 3862142 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 7411726353 | |
| Respondent ID (the HMDA filer code before 2018) | 77569700002 | 1998–2010 |
Established 16 June 1992. Reported under HMDA 1998-2025.
Mergers, name changes, data editions and corrections: Summit Mortgage's data.
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