Applications / Mortgage Analytics / Lenders / Minnesota / Ely Area Credit Union
Ely, MN · Credit union · NCUA · $73.2 million assets · 34 loans in 2025
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34
loans originated, 2025
40
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Ely Area Credit Union is a small Minnesota credit union whose mortgage lending is mostly home-improvement loans, so its typical loan is a fraction of its peers'.
Home-improvement loans made up 44.1% of its 34 loans in 2025, and other-purpose loans a further 20.6%. Purchases were 26.5%. That is the pattern of a credit union lending to members who already own their homes, rather than one financing house sales.
Its typical loan was $45,000, down from $75,000 the year before and lower than at almost all similar lenders, credit unions making between half and twice as many loans. Their typical loan was $90,000. Home-improvement loans are usually far smaller than purchase mortgages, which plausibly explains most of the difference.
It has reported under the federal mortgage-disclosure law since 1995, though it filed no report from 2018 to 2022, a gap in the record rather than evidence of no lending. Its loans rose from 25 to 34 in 2025, too few to read a trend into. In the Duluth market it ranked 81 of 318 lenders, with 0.2% of lending.
Of its borrowers, 55.9% had low or moderate incomes (LMI), against 31.6% at similar lenders, a higher share than at nine in ten of them. With only 34 loans, the figure can move a lot from year to year, but it fits a lender whose business is small loans to existing homeowners.
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, 2023–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. Ely Area Credit Union took 40 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Home improvement 44.1% · Purchase 26.5% · Other 20.6% · Refinance 8.8%
Conventional 100.0% · of 34 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 | 34 | 100.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Duluth | 29 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 254900WUFBTURHYEWD17 | 2023–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 631897 | 2023–2023 |
| Respondent ID (the HMDA filer code before 2018) | 563398 | 1995–1995 |
Established 1 January 1938. Reported under HMDA 1995-2025.
Mergers, name changes, data editions and corrections: Ely Area Credit Union's data.
Ely Area Credit Union's data
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Ely Area 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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Every mortgage application reported under HMDA from 1990 to 2025, cleaned and corrected, every lender followed across name changes and mergers, with the market-share and fair-lending tables behind these pages and the Jenner programs that built them: the warehouse and the datamart, as Parquet files.
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