Applications / Mortgage Analytics / Lenders / Wisconsin / WaterStone Bank
Wauwatosa, WI · Savings institution · FDIC · $2.3 billion assets · 91 loans in 2025
WaterStone Bank's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
91
loans originated, 2025
129
applications, 2025
6
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
WaterStone Bank, a Wisconsin savings bank, grew its lending by almost a third in 2025, with loans about twice the size of its peers' and a heavy tilt toward poorer neighborhoods.
It made 91 loans in 2025, up 32%, against 5% at similar lenders (savings institutions making between half and twice as many loans) and 10% for the whole market. That was faster than more than four in five of them. Its lending is still well below the 243 loans of 2020.
Its typical loan was $515,000, against $245,000 at its peers, larger than nearly nine in ten of them. Yet only 3.5% were jumbo (larger than the conforming limit), against 2.5%. It also bought 12 loans from other lenders, where the typical peer bought none.
It made 44.3% of its loans in low- and moderate-income (LMI) neighborhoods, against 17.4% at similar lenders, higher than almost all of them, and 24.2% in majority-minority neighborhoods, against 5.7%. Its share to LMI borrowers rose to 60.0%, from 35.7% in 2024 and 9.2% in 2020, the highest among its peers. Large loans to LMI borrowers are an unusual pairing, and whether a few kinds of loan drive it is an open question.
In Milwaukee-Waukesha, where it has lent since at least 1990, its share rose from 0.3% to 0.7%, ranking it 34 of 510 lenders. Its share of Wausau rose from 0.9% to 1.2%. Credit unions lead both markets: Landmark Credit Union in Milwaukee and Covantage Credit Union in Wausau.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. WaterStone Bank took 129 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 54.9% · Refinance 39.6% · Home improvement 5.5%
Conventional 100.0% · of 91 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 |
|---|---|---|
| Wisconsin | 78 | 85.7% |
| Indiana | 7 | 7.7% |
| Minnesota | 2 | 2.2% |
| Ohio | 2 | 2.2% |
| Iowa | 1 | 1.1% |
| Missouri | 1 | 1.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Milwaukee-Waukesha | 63 |
| Appleton | 2 |
| Canton-Massillon | 2 |
| Minneapolis-St. Paul-Bloomington | 2 |
| Racine-Mount Pleasant | 2 |
| Davenport-Moline-Rock Island | 1 |
| Fond du Lac | 1 |
| Green Bay | 1 |
| Janesville-Beloit | 1 |
| La Crosse-Onalaska | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300GDJSUYPH6UC416 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 310978 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 41749 | 1990–1993 |
| Respondent ID (the HMDA filer code before 2018) | 328513 | 1994–2017 |
Established 1 January 1921. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: WaterStone Bank's data.
WaterStone Bank's data
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