We analyzed every closed loan from Alerus Financial — 1.3k loans across 2k applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.
Ratings· each scored 1–5 against peer lenders
Pricing
Sound
3/5
vs. all lenders
Pull-through
Strong
4/5
closing strength
Product
Strong
4/5
FHA · Conventional · VA · Jumbo
Place
Strong
4/5
Multi-Region · 7 mkts
Promptness
Not enough data
—/5
No quote responses measured yet
Awards
Conventional
Superstar
FHA
Superstar
Jumbo
Superstar
Purchase
Superstar
Refinance
Superstar
Summary
What They Do Well
- Strong pull through performance
- Particularly strong in Conventional and FHA and VA and Jumbo loans
Explore another lender or local market
Report Card
Alerus Financial performance at a glance
Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Sound
+24.3 bps above market avg
3/5
Pull Through
Closing strength
Strong
Top 40% of lenders
4/5
By Loan Product· Specialization by type
Conventional
1,113 loans · 0.24% above market
Strong
Top 40% of lenders
4/5
FHA
64 loans · 0.50% above market
Strong
Top 40% of lenders
4/5
VA
20 loans · 0.09% below market
Strong
Top 40% of lenders
4/5
Jumbo
47 loans · 0.08% above market
Strong
Top 40% of lenders
4/5
By Loan Purpose· Transaction purpose mix
Purchase
1,138 loans · 0.24% above market
Strong
Top 40% of lenders
4/5
Refinance
113 loans · 0.24% above market
Strong
Top 40% of lenders
4/5
By Location· Geographic coverage
Geographic Reach
Multi-Regional · 8 markets
Strong
Top 40% of lenders
4/5
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 1,113 | 89.0% | +0.245%Above | $1,542Fees | ||||
FHA Loans | 64 | 5.1% | +0.501%Above | $1,511Fees | ||||
VA Loans | — | 20 | 1.6% | -0.091%Below | $1,714Fees | |||
Jumbo Loans | 47 | 3.8% | +0.079%Above | $1,786Fees |
Conventional
OverallStrong
ProductStrong
PricingSound
Pull ThroughStrong
Volume1,113
Mix89.0%
Spread
+0.245%Above
Fees
$1,542Fees
FHA Loans
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume64
Mix5.1%
Spread
+0.501%Above
Fees
$1,511Fees
VA Loans
OverallStrong
ProductStrong
Pricing—
Pull ThroughStrong
Volume20
Mix1.6%
Spread
-0.091%Below
Fees
$1,714Fees
Jumbo Loans
OverallStrong
ProductStrong
PricingSound
Pull ThroughStrong
Volume47
Mix3.8%
Spread
+0.079%Above
Fees
$1,786Fees
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 1,138 | 91.0% | +0.243%Above | $1,486Fees | ||||
Refinance | 113 | 9.0% | +0.244%Above | $2,080Fees |
Purchase
OverallStrong
ProductStrong
PricingSound
Pull ThroughStrong
Volume1,138
Mix91.0%
Spread
+0.243%Above
Fees
$1,486Fees
Refinance
OverallStrong
ProductStrong
PricingSound
Pull ThroughStrong
Volume113
Mix9.0%
Spread
+0.244%Above
Fees
$2,080Fees
At a Glance
Lender Overview
Lending Activity
Loans Originated
1,251
Applications
1,581
Volume
$429 million
Pricing & Closing
Avg Rate Spread
+0.243%
vs. market APOR
Avg Net Fees
$1,551
Origination − Credits
Pullthrough Rate
79.1%
Applications → Closed
Typical Borrower
Avg Loan Amount
$343,617
Avg Borrower Income
$168,972
Avg Property Value
$465,480
Geographic Coverage
Geographic Performance
Metro Areas
7
markets with activity
States Served
24
of 50 states + DC
Avg Place Specialization
Strong
4/5
States with Loan Originations
24Full-year 2024 · HMDALoans originated
< 5050–100100+None
Northeast3
MANYPA
Midwest8
IAILMIMNNDOHSDWI
South8
FLGAMDNCOKSCTNTX
West5
AZCACOORWA
Top Metro Areas by Place Specialization Score
Top States by Place Specialization Score
How We Rank Lenders
Our rankings use an equal-weight average of scores across the 5 Ps — Pricing, Product, Pull-Through, and Place — with lender promptness blending in as the fifth once a lender has responded to real shopper quote requests.
Our Point System (Max 50 Points)
10/ 50 pts
Pricing
How competitively a lender prices vs. the market benchmark (20%).
10/ 50 pts
Product
Performance on your specific loan type (20%).
10/ 50 pts
Pull Through
How reliably a lender closes the loans it starts (20%).
10/ 50 pts
Place
Depth of a lender's expertise in your local market (20%).
10/ 50 pts
Promptness
How quickly a lender answers real quote requests — blended in once they respond (20%).
Champion(80%+ = 40-50 points)
Superstar(60-79% = 30-39 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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The 5 PsRankings are calculated from observed lender differences on closed loans across Pricing, Pull-through, Product, and Place, plus Promptness when a lender has answered real shopper quote requests.
No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.
HMDA 2024Built using publicly available originated loan data from the federal government.
Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.