Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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    • Review & Overview

    Alerus Financial is a small mortgage company specializing in Refi and Home Purchase loans. Alerus Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Fargo, Grand Forks, Phoenix, and Brainerd among others. We have data for 134 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alerus Financial has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Alerus Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.30% 12/16/24
    30 Year Conventional Purchase 6.50% 12/16/24
    30 Year Conventional Refi 6.44% 12/16/24
    30 Year Cash-out Refi 6.78% 12/16/24
    30 Year FHA Purchase 7.18% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.27% 12/16/24
    30 Year VA Refi 5.97% 12/16/24
    30 Year USDA Purchase 6.44% 12/16/24
    15 Year Conventional Purchase 6.12% 12/16/24
    15 Year Conventional Refi 6.18% 12/16/24
    15 Year Cash-out Refi 6.18% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Alerus Financial Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Alerus Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    7,005

    Origination Dollar Volume (All Markets)

    $1,914,325,000

    Employee count

    834 Show all (16) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5,432 $1,527,920,000 $281,281 $2,708 3.18%
    FARGO, ND-MN (FHA|USDA|VA) 457 $115,085,000 $251,827 $2,216 3.44%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 308 $52,680,000 $171,039 $2,675 3.38%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 147 $42,925,000 $292,007 $2,901 3.31%
    Outside of Metro Areas 192 $41,370,000 $215,469 $2,703 3.14%
    Brainerd, MN (FHA|USDA|VA) 55 $17,145,000 $311,727 $3,476 3.10%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 31 $10,365,000 $334,355 $2,410 2.98%
    Fergus Falls, MN (FHA|USDA|VA) 27 $6,855,000 $253,889 $3,510 2.97%
    ST. CLOUD, MN (FHA|USDA|VA) 18 $4,120,000 $228,889 $3,181 3.02%
    DULUTH, MN-WI (FHA|USDA|VA) 17 $3,875,000 $227,941 $2,850 2.90%
    Faribault-Northfield, MN (FHA|USDA|VA) 15 $3,625,000 $241,667 $2,112 3.34%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $3,375,000 $482,143 $3,339 3.57%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 13 $3,195,000 $245,769 $2,946 3.13%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 6 $3,110,000 $518,333 $3,066 2.81%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 8 $2,630,000 $328,750 $2,905 2.95%
    Alexandria, MN (FHA|USDA|VA) 7 $2,625,000 $375,000 $3,850 3.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 8 $2,280,000 $285,000 $3,087 2.92%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 7 $2,275,000 $325,000 $2,931 2.73%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $2,185,000 $728,333 $4,429 3.04%
    Grand Rapids, MN (FHA|USDA|VA) 8 $2,180,000 $272,500 $3,010 3.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $2,165,000 $721,667 $5,178 3.04%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $2,110,000 $527,500 $4,739 3.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $2,005,000 $401,000 $5,553 2.83%
    Hutchinson, MN (FHA|USDA|VA) 8 $1,860,000 $232,500 $3,521 2.95%
    FLAGSTAFF, AZ (FHA|USDA|VA) 5 $1,815,000 $363,000 $2,467 2.85%
    Bemidji, MN (FHA|USDA|VA) 7 $1,695,000 $242,143 $4,438 2.89%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 8 $1,680,000 $210,000 $2,523 2.94%
    Astoria, OR (FHA|USDA|VA) 1 $1,545,000 $1,545,000 $6,214 3.50%
    ROCHESTER, MN (FHA|USDA|VA) 6 $1,510,000 $251,667 $3,657 3.35%
    Red Wing, MN (FHA|USDA|VA) 6 $1,480,000 $246,667 $1,703 3.19%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 5 $1,335,000 $267,000 $3,709 2.93%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 5 $1,325,000 $265,000 $892 2.98%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 7 $1,265,000 $180,714 $1,773 3.38%
    Wahpeton, ND-MN (FHA|USDA|VA) 7 $1,205,000 $172,143 $3,265 3.43%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $1,180,000 $295,000 $4,204 2.91%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 4 $1,180,000 $295,000 $3,317 2.78%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,160,000 $290,000 $3,366 2.88%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,095,000 $365,000 $3,356 2.71%
    TUCSON, AZ (FHA|USDA|VA) 4 $980,000 $245,000 $2,207 2.88%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $955,000 $318,333 $3,437 3.83%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 5 $795,000 $159,000 $3,068 3.05%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $765,000 $255,000 $2,294 2.58%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $745,000 $745,000 $4,033 3.38%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $735,000 $245,000 $2,377 3.08%
    Show Low, AZ (FHA|USDA|VA) 2 $730,000 $365,000 $2,645 4.26%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $720,000 $180,000 $2,323 2.84%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $685,000 $685,000 $2,060 3.50%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $650,000 $325,000 $3,221 3.06%
    Bozeman, MT (FHA|USDA|VA) 2 $640,000 $320,000 $3,848 3.38%
    ASHEVILLE, NC (FHA|USDA|VA) 2 $610,000 $305,000 $1,458 3.19%
    Sonora, CA (FHA|USDA|VA) 2 $610,000 $305,000 $2,514 3.25%
    OCALA, FL (FHA|USDA|VA) 3 $605,000 $201,667 $2,597 2.63%
    Willmar, MN (FHA|USDA|VA) 3 $605,000 $201,667 $2,251 3.21%
    EAU CLAIRE, WI (FHA|USDA|VA) 3 $605,000 $201,667 $1,729 2.96%
    Outside of Metro Areas 2 $600,000 $300,000 $2,396 3.50%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $570,000 $285,000 $721 3.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $570,000 $285,000 $1,525 3.06%
    RICHMOND, VA (FHA|USDA|VA) 2 $560,000 $280,000 $3,897 2.50%
    Jamestown, ND (FHA|USDA|VA) 3 $555,000 $185,000 $3,152 3.17%
    Breckenridge, CO (FHA|USDA|VA) 1 $555,000 $555,000 $3,535 3.50%
    SAVANNAH, GA (FHA|USDA|VA) 2 $550,000 $275,000 $3,094 3.13%
    BISMARCK, ND (FHA|USDA|VA) 2 $540,000 $270,000 $2,073 2.88%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $515,000 $515,000 $2,614 3.13%
    SIOUX FALLS, SD (FHA|USDA|VA) 4 $510,000 $127,500 $3,306 3.34%
    Edwards, CO (FHA|USDA|VA) 1 $485,000 $485,000 $1,197 2.63%
    COLUMBUS, OH (FHA|USDA|VA) 1 $475,000 $475,000 $4,021 2.63%
    Winona, MN (FHA|USDA|VA) 1 $475,000 $475,000 $3,815 2.63%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $465,000 $465,000 $4,748 4.00%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $455,000 $455,000 $4,388 3.50%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $450,000 $225,000 $3,391 3.25%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $445,000 $445,000 $0 2.63%
    Marshall, MN (FHA|USDA|VA) 3 $445,000 $148,333 $5,447 4.21%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $445,000 $445,000 $5,220 2.50%
    Watertown, SD (FHA|USDA|VA) 1 $445,000 $445,000 $2,722 2.50%
    GREELEY, CO (FHA|USDA|VA) 2 $440,000 $220,000 $2,250 2.69%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $430,000 $215,000 $3,187 3.13%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $415,000 $415,000 $4,819 3.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $410,000 $205,000 $1,763 3.56%
    Cullowhee, NC (FHA|USDA|VA) 1 $405,000 $405,000 $3,109 3.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $405,000 $405,000 $4,139 2.25%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $395,000 $395,000 $4,082 3.25%
    MANKATO, MN (FHA|USDA|VA) 3 $395,000 $131,667 $1,349 3.33%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $385,000 $385,000 $3,235 3.13%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $365,000 $365,000 $2,177 3.25%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $355,000 $355,000 $3,231 3.25%
    ST. GEORGE, UT (FHA|USDA|VA) 1 $355,000 $355,000 $0 2.38%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $345,000 $345,000 $2,031 3.13%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $345,000 $345,000 $2,576 3.25%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 3 $345,000 $115,000 $3,371 3.38%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $340,000 $170,000 $3,932 2.63%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $335,000 $335,000 $3,305 2.75%
    LINCOLN, NE (FHA|USDA|VA) 1 $325,000 $325,000 $3,658 3.25%
    COLUMBIA, SC (FHA|USDA|VA) 1 $315,000 $315,000 $3,534 3.00%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $315,000 $315,000 $2,159 3.50%
    Brookings, SD (FHA|USDA|VA) 1 $295,000 $295,000 $1,135 2.75%
    MADISON, WI (FHA|USDA|VA) 1 $295,000 $295,000 $1,070 3.00%
    PROVO-OREM, UT (FHA|USDA|VA) 1 $295,000 $295,000 $2,466 2.50%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $285,000 $285,000 $2,635 3.13%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $285,000 $285,000 $2,953 3.75%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,636 2.00%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $275,000 $275,000 $4,906 3.50%
    Menomonie, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,800 4.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $255,000 $255,000 $1,548 2.50%
    Manitowoc, WI (FHA|USDA|VA) 1 $255,000 $255,000 $2,735 3.00%
    Oak Harbor, WA (FHA|USDA|VA) 1 $255,000 $255,000 $3,421 2.50%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $245,000 $245,000 $2,749 2.88%
    Steamboat Springs, CO (FHA|USDA|VA) 1 $235,000 $235,000 $2,941 2.50%
    Albert Lea, MN (FHA|USDA|VA) 2 $230,000 $115,000 $438 3.06%
    Spearfish, SD (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.75%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $225,000 $225,000 $3,233 3.63%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,704 2.75%
    HUNTSVILLE, AL (FHA|USDA|VA) 2 $210,000 $105,000 $1,385 2.75%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $205,000 $205,000 $85 2.50%
    BILLINGS, MT (FHA|USDA|VA) 1 $205,000 $205,000 $3,422 2.63%
    FLINT, MI (FHA|USDA|VA) 1 $195,000 $195,000 $1,682 2.38%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $0 2.38%
    Whitewater, WI (FHA|USDA|VA) 1 $195,000 $195,000 $2,423 3.63%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $185,000 $185,000 $3,007 2.50%
    CHEYENNE, WY (FHA|USDA|VA) 1 $185,000 $185,000 $127 3.00%
    WARNER ROBINS, GA (FHA|USDA|VA) 1 $175,000 $175,000 $2,379 2.50%
    Helena, MT (FHA|USDA|VA) 1 $165,000 $165,000 $2,227 2.88%
    Houghton, MI (FHA|USDA|VA) 1 $165,000 $165,000 $3,502 2.50%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,105 3.75%
    Dickinson, ND (FHA|USDA|VA) 1 $165,000 $165,000 $2,450 3.13%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.75%
    LANCASTER, PA (FHA|USDA|VA) 1 $145,000 $145,000 $2,847 2.63%
    Austin, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,400 3.50%
    AMARILLO, TX (FHA|USDA|VA) 1 $125,000 $125,000 $1,916 2.75%
    CHARLESTON, WV (FHA|USDA|VA) 1 $125,000 $125,000 $2,080 2.63%
    Fairmont, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,982 2.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,364 4.13%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $85,000 $85,000 $1,335 2.38%
    MUSKEGON, MI (FHA|USDA|VA) 1 $75,000 $75,000 $3,379 3.88%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $55,000 $55,000 $3,017 3.13%
    Alerus Financial's top markets include Minneapolis, Fargo, Grand Forks, Phoenix, and Brainerd among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Alerus Financial based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,934 $1,758,780,000 $296,390 $2,575 3.07%
    HELOC 821 $85,715,000 $104,403 n/a 4.26%
    FHA 143 $36,085,000 $252,343 $5,681 2.85%
    VA 101 $32,765,000 $324,406 $5,914 2.76%
    USDA 6 $980,000 $163,333 $2,731 3.02%

    For 2020, Alerus Financial's most frequently originated type of loan was Conventional, with 5,934 originations. Their 2nd most popular type was HELOC, with 821 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 3,644 $1,012,220,000 $277,777 $2,790 3.10%
    Home Purchase 2,779 $826,045,000 $297,245 $2,642 3.11%
    Home Improvement 372 $57,760,000 $155,269 $1,879 4.24%
    Other 210 $18,300,000 $87,143 $65 4.36%

    For 2020, Alerus Financial's most frequently cited loan purpose was Refi, with 3,644 originations. The 2nd most popular reason was Home Purchase, with 2,779 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,235 $1,511,725,000 $288,773 $2,810 3.13%
    15 Year 945 $221,075,000 $233,942 $2,628 2.88%
    20 Year 535 $94,475,000 $176,589 $2,541 3.85%
    1 Year 112 $14,280,000 $127,500 $645 4.97%
    10 Year 88 $31,300,000 $355,682 $1,331 3.66%
    Other 48 $28,450,000 $592,708 $1,688 3.80%
    5 Year 35 $6,625,000 $189,286 $0 4.53%
    30+ year 7 $6,395,000 $913,571 $5,444 2.86%

    For 2020, Alerus Financial's most frequently cited loan duration was 30 Year, with 5,235 originations. The 2nd most popular length was 15 Year, with 945 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,634 $757,770,000 $287,688
    $<1k 2,630 $742,170,000 $282,194
    $2k-3k 449 $118,495,000 $263,909
    $3k-4k 235 $71,875,000 $305,851
    $4k-5k 116 $46,520,000 $401,034
    $5k+ 79 $42,205,000 $534,241

    Alerus Financial's average total fees were $2,810, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,634 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 2,678 $748,150,000 $279,369
    2.5-3% 2,480 $750,150,000 $302,480
    <2.5% 1,190 $337,810,000 $283,874
    4-5% 539 $66,525,000 $123,423
    5-6% 109 $11,115,000 $101,972
    6-7% 7 $475,000 $67,857
    7-8% 2 $100,000 $50,000

    During 2020, Alerus Financial's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 3-4%, with 2,678 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 3,548 $1,009,930,000 $284,648 $2,732 3.00%
    $100k-200k 1,593 $246,255,000 $154,586 $2,433 3.27%
    $400k-600k 917 $427,675,000 $466,385 $3,073 2.97%
    $100,000 or less 778 $44,850,000 $57,648 $1,064 4.23%
    $600k-1MM 123 $91,075,000 $740,447 $5,145 3.34%
    $1MM+ 46 $94,540,000 $2,055,217 $5,373 3.37%

    2020 saw Alerus Financial place emphasis on $200k-400k loans with 3,548 originations, totaling $1,009,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,812 $472,230,000 $260,613 $2,694 3.18%
    $150k-250k 1,658 $505,250,000 $304,735 $2,819 3.25%
    $75k-100k 1,078 $245,010,000 $227,282 $2,588 3.15%
    $50k-75k 1,012 $208,440,000 $205,968 $2,508 3.11%
    $250k+ 793 $314,055,000 $396,034 $3,245 3.37%
    $50k or less 390 $62,970,000 $161,462 $2,445 3.10%

    Alerus Financial lent most frequently to those with incomes in the $100k-150k range, with 1,812 originations. The second most popular income band? $150k-250k, with 1,658 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,115 $573,365,000 $271,095 $2,672 3.12%
    30-36% 1,349 $371,715,000 $275,549 $2,670 3.23%
    <20% 1,139 $317,105,000 $278,406 $2,713 3.07%
    39% 245 $63,845,000 $260,592 $2,524 3.26%
    36% 234 $63,820,000 $272,735 $2,430 3.24%
    38% 224 $56,810,000 $253,616 $2,862 3.30%
    37% 218 $57,400,000 $263,303 $2,727 3.33%
    40% 202 $54,690,000 $270,743 $2,921 3.19%
    42% 190 $51,160,000 $269,263 $2,852 3.36%
    41% 183 $47,965,000 $262,104 $2,430 3.20%
    43% 169 $42,995,000 $254,408 $2,805 3.31%
    44% 160 $41,200,000 $257,500 $2,532 3.25%
    45% 100 $23,370,000 $233,700 $2,985 3.40%
    46% 98 $22,520,000 $229,796 $2,685 3.33%
    48% 85 $20,455,000 $240,647 $3,193 3.39%
    49% 84 $16,660,000 $198,333 $3,094 3.56%
    47% 83 $17,865,000 $215,241 $2,491 3.65%
    50-60% 55 $11,635,000 $211,545 $3,858 3.58%
    >60% 3 $855,000 $285,000 $2,955 4.02%

    Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 2,115 originations. The next most common DTI ratio? 30-36%, with 1,349 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 5,165 $1,436,555,000 $278,133 $2,746 3.14%
    Not provided 1,400 $317,710,000 $226,936 $2,487 3.43%
    Asian 199 $57,835,000 $290,628 $2,397 2.95%
    Not applicable 38 $48,990,000 $1,289,211 $0 4.29%
    Black 127 $32,255,000 $253,976 $3,266 3.07%
    American Indian 30 $8,030,000 $267,667 $2,426 2.99%
    Asian Indian 24 $7,030,000 $292,917 $3,358 3.08%
    Other Asian 12 $2,980,000 $248,333 $2,872 3.29%
    Korean 3 $665,000 $221,667 $903 3.41%
    Japanese 2 $550,000 $275,000 $2,836 3.38%
    Chinese 1 $515,000 $515,000 $4,566 2.38%
    Vietnamese 1 $495,000 $495,000 $3,029 2.88%
    Native Hawaiian or Islander 1 $435,000 $435,000 $3,745 2.75%
    Other Pacific Islander 1 $145,000 $145,000 $0 3.25%
    Filipino 1 $135,000 $135,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    98.28%

    Alerus Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.96%

    Alerus Financial has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 7,005 $1,914,325,000 $273,280

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $39,975,000 $5,710,714
    Single Family (1-4 Units):Site-Built 6,998 $1,874,350,000 $267,841

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 556 $89,320,000 $160,647 $1,841 3.82%
    40-60% 978 $245,940,000 $251,472 $2,568 3.00%
    60-80% 2,771 $878,785,000 $317,136 $2,809 3.04%
    80-100% 2,106 $655,840,000 $311,415 $2,812 3.02%
    Over 100% 20 $6,820,000 $341,000 $10,914 2.93%
    Under 20% 568 $35,960,000 $63,310 $264 4.40%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Alorica Inc. Conventional home mortgage Trouble during payment process 1 50.0%
    Alorica Inc. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Alerus Financial, National Association 11100 Wayzata Boulevard Minnetonka, MN 55305 Full Service B&M $142,274
    Alerus Financial, National Association 15 Broadway Fargo, ND 58102 Full Service B&M $92,555
    Alerus Financial, National Association 1540 S. Stapley Drive Mesa, AZ 85204 Full Service B&M $24,400
    Alerus Financial, National Association 17045 North Scottsdale Road Scottsdale, AZ 85255 Full Service B&M $87,098
    Alerus Financial, National Association 1750 32nd Avenue South Grand Forks, ND 58201 Full Service B&M $20,631
    Alerus Financial, National Association 19765 Highway 7 Shorewood, MN 55331 Full Service B&M $149,911
    Alerus Financial, National Association 2300 South Columbia Road Grand Forks, ND 58201 Full Service B&M $180,789
    Alerus Financial, National Association 3137 32nd Avenue Sw Fargo, ND 58103 Full Service B&M $137,925
    Alerus Financial, National Association 401 Demers Avenue Grand Forks, ND 58201 Full Service B&M $431,421
    Alerus Financial, National Association 409 Second Street Excelsior, MN 55331 Full Service B&M $46,986
    Alerus Financial, National Association 503 Washington Ave. Northwood, ND 58267 Full Service B&M $30,429
    Alerus Financial, National Association 7890 Mitchell Road Eden Prairie, MN 55344 Full Service B&M $51,872
    Alerus Financial, National Association 901 13th Avenue East West Fargo, ND 58078 Full Service B&M $179,059
    Alerus Financial, National Association 990 Helena Street North Oakdale, MN 55128 Full Service B&M $176,162
    Alerus Financial, National Association Canadian Pacific Plaza, 120 S 6th St, Ste. 200 Minneapolis, MN 55402 Full Service B&M $775,793

    For 2020, Alerus Financial had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $96,102
    Net interest income $87,259
    Total noninterest income $146,653
    Gross Fiduciary activities income $75,675
    Service charges on deposit accounts $1,409
    Trading account gains and fees $0
    Additional Noninterest Income $69,569
    Pre-tax net operating income $61,828
    Securities gains (or losses, -) $2,737
    Income before extraordinary items $49,208
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $49,208
    Minority interest net income $0
    Net income $49,208
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $47,045

    Alerus Financial's gross interest income from loans was $96,102,000.
    Alerus Financial's net interest income from loans was $87,259,000.
    Alerus Financial's fee based income from loans was $1,409,000.
    Alerus Financial's net income from loans was $49,208,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,843
    Provision for credit losses $10,900
    Total noninterest expense $161,184
    Salaries and employee benefits $108,089
    Premises and equipment expense $10,049
    Additional noninterest expense $43,046
    Applicable income taxes $15,357
    Net charge-offs $578
    Cash dividends $16,000

    Alerus Financial's interest expense for loans was $8,843,000.
    Alerus Financial's payroll and benefits expense were $108,089,000.
    Alerus Financial's property, plant and equipment expenses $10,049,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,648,694
    Deposits held in domestic offices $2,648,694
    Deposits by Individuals, partnerships, and corporations $2,489,172
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $159,190
    Deposits by Commercial banks and other depository institutions in U.S. $332
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $482,131
    Demand deposits $248,024
    Nontransaction accounts $2,166,563
    Money market deposit accounts (MMDAs) $1,877,323
    Other savings deposits (excluding MMDAs) $79,902
    Total time deposits $209,338
    Total time and savings deposits $2,400,670
    Noninterest-bearing deposits $831,417
    Interest-bearing deposits $1,817,277
    Retail deposits $2,586,574
    IRAs and Keogh plan accounts $25,478
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,011,785
    Cash & Balances due from depository institutions $172,962
    Interest-bearing balances $143,291
    Total securities $592,342
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,067,569
    Loan and leases loss allowance $34,246
    Trading account assets $0
    Bank premises and fixed assets $27,005
    Other real estate owned $0
    Goodwill and other intangibles $58,107
    All other assets $93,800

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,011,785
    Total Liabilities $2,695,306
    Total deposits $2,648,694
    Interest-bearing deposits $1,817,277
    Deposits held in domestic offices $2,648,694
    % insured (estimated) $39
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $46,612

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,067,569
    Loan and leases loss allowance $34,246
    Total loans and leases (domestic) $2,101,815
    All real estate loans $1,336,684
    Real estate loans in domestic offices $1,336,684
    Construction and development loans $59,274
    Residential 1-4 family construction $14,823
    Other construction, all land development and other land $44,451
    Loans secured by nonfarm nonresidential properties $460,783
    Nonfarm nonresidential secured by owner-occupied properties $200,923
    Commercial real estate & other non-farm, non-residential $259,860
    Multifamily residential real estate $86,746
    1-4 family residential loans $714,403
    Farmland loans $15,478
    Loans held in foreign offices $0
    Farm loans $32,494
    Commercial and industrial loans $651,518
    To non-U.S. addressees $0
    Loans to individuals $73,273
    Credit card loans $0
    Related Plans $10,642
    Consumer Auto Loans $55,386
    Other loans to individuals $7,245
    All other loans & leases $7,846
    Loans to foreign governments and official institutions $0
    Other loans $423
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,427
    Non 1-4 family restructured loans & leases $3,422
    Total loans and leases (foreign) $0

    Alerus Financial had $2,067,569,000 of loans outstanding in 2020. $1,336,684,000 of loans were in real estate loans. $59,274,000 of loans were in development loans. $86,746,000 of loans were in multifamily mortgage loans. $714,403,000 of loans were in 1-4 family mortgage loans. $32,494,000 of loans were in farm loans. $0 of loans were in credit card loans. $55,386,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 307 $96,763 $315,189
    Nonfarm, nonresidential loans - <$100k 18 $939 $52,167
    Nonfarm, nonresidential loans - $100-250k 74 $8,549 $115,527
    Nonfarm, nonresidential loans - $250k-1MM 215 $87,275 $405,930
    Commercial & Industrial, US addressed loans - <$1MM 2,956 $305,971 $103,508
    Commercial & Industrial, US addressed loans - <$100k 1,776 $54,298 $30,573
    Commercial & Industrial, US addressed loans - $100-250k 686 $80,334 $117,105
    Commercial & Industrial, US addressed loans - $250k-1MM 494 $171,339 $346,840
    Farmland loans - <$1MM 56 $7,638 $136,393
    Farmland loans - <$100k 7 $276 $39,429
    Farmland loans - $100-250k 27 $3,334 $123,481
    Farmland loans - $250k-1MM 22 $4,028 $183,091
    Agriculture operations loans - <$1MM 405 $20,073 $49,563
    Agriculture operations loans - <$100k 297 $7,230 $24,343
    Agriculture operations loans - $100-250k 84 $7,900 $94,048
    Agriculture operations loans - $250k-1MM 24 $4,943 $205,958