Purchase Originations
973
Ranked #385 nationally
Median Total Costs
$4,219
−36.8% vs national ($6,680)
↑ $354 vs prior year
Median Rate
6.500%
+0.1% vs national (6.490%)
↓ 0.375% vs prior year
Median Origination
$1,389
Median Lender Credits
$45
Cost Rank (500+ vol.)
#126
among lenders with 500+ originations
Denial Rate
1.9%
vs national avg (9.0%)
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 893 | 6.625% | $4,133 | $1,389 |
| fha | 51 | 6.250% | $7,705 | $1,169 |
| va | 25 | 6.250% | $4,965 | $1,080 |
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Minnesota | 765 | 6.625% | $4,249 | #18 |
| North Dakota | 64 | 6.450% | $3,672 | #22 |
| Wisconsin | 59 | 6.500% | $3,386 | #125 |
| Iowa | 28 | 6.625% | $2,781 | — |
| Arizona | 20 | 6.500% | $6,096 | — |
| Colorado | 6 | 6.188% | $3,707 | — |
| Florida | 5 | 6.500% | $5,030 | — |
| Texas | 4 | 6.812% | $6,250 | — |
| Georgia | 2 | 6.375% | $5,838 | — |
| Kansas | 2 | 5.812% | $3,927 | — |
| Ohio | 2 | 5.938% | $4,592 | — |
| Pennsylvania | 2 | 6.688% | $6,867 | — |
| California | 1 | 6.125% | $8,688 | — |
| Illinois | 1 | 6.375% | $5,864 | — |
| Massachusetts | 1 | 7.125% | $8,025 | — |
| Maryland | 1 | 6.500% | $4,262 | — |
| Michigan | 1 | 6.500% | $7,699 | — |
| Missouri | 1 | 6.625% | $5,793 | — |
| North Carolina | 1 | 6.625% | $3,772 | — |
| Nebraska | 1 | 6.000% | $6,400 | — |
| New Jersey | 1 | 6.625% | $4,041 | — |
| New York | 1 | 6.500% | $4,320 | — |
| Oregon | 1 | 7.000% | $5,256 | — |
| South Carolina | 1 | 6.750% | $8,987 | — |
| South Dakota | 1 | 6.875% | $2,918 | — |
| Wyoming | 1 | 6.875% | $4,488 | — |
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $2,890 | 6.688% | — | 18 | −$1,329 | |
| 2 | $3,076 | 6.625% | — | 21 | −$1,143 | |
| 3 | $3,325 | 6.500% | — | 23 | −$894 | |
| 4 | $3,419 | 6.375% | — | 8 | −$800 | |
| 5 | $4,048 | 6.625% | — | 111 | −$171 | |
| 6 | $4,094 | 6.500% | — | 41 | −$125 | |
| 7 | $4,133 | 6.500% | — | 51 | −$86 | |
| 8 | $4,217 | 6.375% | — | 8 | −$2 | |
| 9 | $4,262 | 6.188% | — | 20 | +$43 | |
| 10 | $4,270 | 6.625% | — | 293 | +$51 | |
| 11 | $4,324 | 6.500% | — | 58 | +$105 | |
| 12 | $4,334 | 6.688% | — | 32 | +$115 | |
| 13 | $4,406 | 6.500% | — | 19 | +$187 | |
| 14 | $4,508 | 6.475% | — | 26 | +$289 | |
| 15 | $4,870 | 6.375% | — | 12 | +$651 | |
| 16 | $4,998 | 6.562% | — | 22 | +$779 | |
| 17 | $5,437 | 6.312% | — | 8 | +$1,218 | |
| 18 | $5,565 | 6.250% | — | 12 | +$1,346 | |
| 19 | $6,080 | 6.500% | — | 17 | +$1,861 | |
| 20 | $6,319 | 6.625% | — | 7 | +$2,100 |
Includes lenders with 1+ purchase originations in top counties. Source: HMDA 2025. Sorted by median total loan costs.
Peer set: the 50 highest-volume U.S. mortgage lenders in 2025 (min. 8,254 purchase originations).
| Metric | Alerus Financial, National Association | Top-50 peer median | Difference |
|---|---|---|---|
| Median loan amount | $305,000 | $335,000 | −$30,000 (−9.0%) |
| Median total closing costs | $4,219 | $7,127 | −$2,908 (−40.8%) |
Other high-volume lenders side-by-side.
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Data source: HMDA Modified Loan Application Register 2025, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.