Waterstone Mortgage Corp

Pewaukee, WI 53072

LEI: 549300GRGZDEH4ZGQS06

Tax ID: 39-2001010

2019 Data | 2018 Data


Overview

Waterstone Mortgage Corp is a small mortgage company specializing in Home Purchase loans. Waterstone Mortgage Corp has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Albuquerque, Minneapolis, Orlando, Phoenix, and Salisbury among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Waterstone Mortgage Corp is typically a medium-low fee lendor.


Originations

13,259

Origination Dollar Volume (All Markets)

$2,888,985,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 8,828 $1,997,990,000 $226,324
FHA 2,961 $543,215,000 $183,457
VA 1,058 $281,200,000 $265,784
USDA 412 $66,580,000 $161,602

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 11,146 $2,347,530,000 $210,616
Home Improvement 4 $660,000 $165,000
Refi 1,252 $337,090,000 $269,241
Cash Out Refi 857 $203,705,000 $237,695

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
ALBUQUERQUE, NM 2,000 $357,920,000 $178,960
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1,113 $293,385,000 $263,598
ORLANDO-KISSIMMEE-SANFORD, FL 1,046 $247,950,000 $237,046
PHOENIX-MESA-CHANDLER, AZ 715 $189,725,000 $265,350
Outside of Metro Areas 1,015 $171,175,000 $168,645
SALISBURY, MD-DE 315 $105,715,000 $335,603
BOISE CITY, ID 446 $99,830,000 $223,834
TAMPA-ST. PETERSBURG-CLEARWATER, FL 329 $85,225,000 $259,043
SANTA FE, NM 276 $83,810,000 $303,659
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 250 $79,610,000 $318,440
MILWAUKEE-WAUKESHA, WI 310 $71,420,000 $230,387
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 635 $70,415,000 $110,890
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 306 $65,410,000 $213,758
DALLAS-PLANO-IRVING, TX 177 $57,005,000 $322,062
TULSA, OK 315 $56,935,000 $180,746
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 194 $56,500,000 $291,237
FORT WORTH-ARLINGTON-GRAPEVINE, TX 172 $47,130,000 $274,012
BALTIMORE-COLUMBIA-TOWSON, MD 126 $36,370,000 $288,651
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 176 $35,400,000 $201,136
CHICAGO-NAPERVILLE-EVANSTON, IL 135 $33,845,000 $250,704
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 108 $30,290,000 $280,463
CHARLOTTESVILLE, VA 131 $28,965,000 $221,107
APPLETON, WI 196 $28,550,000 $145,663
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 97 $24,885,000 $256,546
LAKE COUNTY-KENOSHA COUNTY, IL-WI 107 $23,095,000 $215,841
OSHKOSH-NEENAH, WI 177 $20,535,000 $116,017
SALEM, OR 78 $19,020,000 $243,846
OCALA, FL 118 $18,520,000 $156,949
CAPE CORAL-FORT MYERS, FL 77 $17,065,000 $221,623
GRAND RAPIDS-KENTWOOD, MI 87 $16,985,000 $195,230
DOVER, DE 69 $15,785,000 $228,768
LAKELAND-WINTER HAVEN, FL 76 $14,180,000 $186,579
GREEN BAY, WI 102 $14,010,000 $137,353
JACKSON, MI 89 $13,425,000 $150,843
PALM BAY-MELBOURNE-TITUSVILLE, FL 58 $12,890,000 $222,241
AUSTIN-ROUND ROCK-GEORGETOWN, TX 41 $12,175,000 $296,951
CEDAR RAPIDS, IA 79 $11,675,000 $147,785
RALEIGH-CARY, NC 39 $11,225,000 $287,821
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 39 $10,385,000 $266,282
CALIFORNIA-LEXINGTON PARK, MD 38 $9,760,000 $256,842
LAS CRUCES, NM 82 $9,250,000 $112,805
PANAMA CITY, FL 49 $9,105,000 $185,816
STAUNTON, VA 56 $8,570,000 $153,036
PENSACOLA-FERRY PASS-BRENT, FL 40 $8,220,000 $205,500
DENVER-AURORA-LAKEWOOD, CO 22 $8,170,000 $371,364
BLOOMINGTON, IL 54 $7,580,000 $140,370
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 24 $7,310,000 $304,583
DES MOINES-WEST DES MOINES, IA 40 $7,210,000 $180,250
WAUSAU-WESTON, WI 56 $7,200,000 $128,571
CINCINNATI, OH-KY-IN 40 $6,890,000 $172,250
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 17 $6,365,000 $374,412
BEND, OR 21 $6,245,000 $297,381
PORT ST. LUCIE, FL 20 $5,880,000 $294,000
FARMINGTON, NM 38 $5,830,000 $153,421
WILMINGTON, DE-MD-NJ 20 $5,500,000 $275,000
RICHMOND, VA 19 $5,395,000 $283,947
AKRON, OH 35 $5,275,000 $150,714
CHARLOTTE-CONCORD-GASTONIA, NC-SC 17 $5,205,000 $306,176
NORTH PORT-SARASOTA-BRADENTON, FL 16 $5,190,000 $324,375
TEXARKANA, TX-AR 29 $5,075,000 $175,000
MADISON, WI 24 $5,060,000 $210,833
PORTLAND-SOUTH PORTLAND, ME 18 $4,970,000 $276,111
DAYTON-KETTERING, OH 34 $4,840,000 $142,353
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 17 $4,805,000 $282,647
EL PASO, TX 25 $4,485,000 $179,400
CLEVELAND-ELYRIA, OH 36 $4,460,000 $123,889
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 8 $3,610,000 $451,250
SEATTLE-BELLEVUE-KENT, WA 6 $3,540,000 $590,000
PHILADELPHIA, PA 10 $3,410,000 $341,000
LYNCHBURG, VA 16 $3,160,000 $197,500
PEORIA, IL 20 $2,920,000 $146,000
SAN ANTONIO-NEW BRAUNFELS, TX 8 $2,760,000 $345,000
HOMOSASSA SPRINGS, FL 19 $2,685,000 $141,316
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 5 $2,505,000 $501,000
ALBANY-LEBANON, OR 10 $2,490,000 $249,000
FOND DU LAC, WI 19 $2,475,000 $130,263
SALT LAKE CITY, UT 6 $2,460,000 $410,000
ELGIN, IL 13 $2,395,000 $184,231
GAINESVILLE, FL 10 $2,330,000 $233,000
ST. LOUIS, MO-IL 13 $2,325,000 $178,846
TUCSON, AZ 6 $2,010,000 $335,000
KANSAS CITY, MO-KS 6 $1,950,000 $325,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 7 $1,895,000 $270,714
RACINE, WI 12 $1,890,000 $157,500
ANAHEIM-SANTA ANA-IRVINE, CA 3 $1,885,000 $628,333
VALLEJO, CA 5 $1,795,000 $359,000
OKLAHOMA CITY, OK 8 $1,790,000 $223,750
THE VILLAGES, FL 9 $1,755,000 $195,000
MIAMI-MIAMI BEACH-KENDALL, FL 5 $1,725,000 $345,000
ST. CLOUD, MN 10 $1,680,000 $168,000
COLUMBUS, OH 9 $1,655,000 $183,889
MANCHESTER-NASHUA, NH 6 $1,610,000 $268,333
GARY, IN 7 $1,455,000 $207,857
SHERMAN-DENISON, TX 7 $1,385,000 $197,857
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 6 $1,350,000 $225,000
OAKLAND-BERKELEY-LIVERMORE, CA 3 $1,345,000 $448,333
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $1,325,000 $1,325,000
TALLAHASSEE, FL 5 $1,265,000 $253,000
WORCESTER, MA-CT 3 $1,265,000 $421,667
EAU CLAIRE, WI 6 $1,220,000 $203,333
PITTSBURGH, PA 11 $1,205,000 $109,545
PROVO-OREM, UT 3 $1,175,000 $391,667
INDIANAPOLIS-CARMEL-ANDERSON, IN 4 $1,160,000 $290,000
DULUTH, MN-WI 7 $1,135,000 $162,143
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 5 $1,125,000 $225,000
JACKSONVILLE, FL 8 $1,100,000 $137,500
COLORADO SPRINGS, CO 4 $1,080,000 $270,000
COEUR D'ALENE, ID 3 $1,075,000 $358,333
NEW BRUNSWICK-LAKEWOOD, NJ 3 $1,065,000 $355,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 4 $1,020,000 $255,000
BROWNSVILLE-HARLINGEN, TX 3 $1,015,000 $338,333
PUNTA GORDA, FL 7 $1,005,000 $143,571
OGDEN-CLEARFIELD, UT 4 $950,000 $237,500
SEBRING-AVON PARK, FL 7 $935,000 $133,571
SEBASTIAN-VERO BEACH, FL 4 $900,000 $225,000
HILTON HEAD ISLAND-BLUFFTON, SC 3 $865,000 $288,333
CORPUS CHRISTI, TX 3 $855,000 $285,000
CANTON-MASSILLON, OH 7 $855,000 $122,143
IOWA CITY, IA 4 $840,000 $210,000
HARRISONBURG, VA 4 $790,000 $197,500
KNOXVILLE, TN 4 $780,000 $195,000
ASHEVILLE, NC 3 $735,000 $245,000
JANESVILLE-BELOIT, WI 5 $735,000 $147,000
PRESCOTT VALLEY-PRESCOTT, AZ 4 $730,000 $182,500
WILMINGTON, NC 2 $720,000 $360,000
LA CROSSE-ONALASKA, WI-MN 3 $685,000 $228,333
GREENVILLE-ANDERSON, SC 3 $675,000 $225,000
DAPHNE-FAIRHOPE-FOLEY, AL 3 $665,000 $221,667
SHEBOYGAN, WI 4 $660,000 $165,000
WARREN-TROY-FARMINGTON HILLS, MI 2 $630,000 $315,000
COLLEGE STATION-BRYAN, TX 1 $625,000 $625,000
MERCED, CA 1 $615,000 $615,000
IDAHO FALLS, ID 5 $605,000 $121,000
HAGERSTOWN-MARTINSBURG, MD-WV 3 $595,000 $198,333
BOSTON, MA 2 $580,000 $290,000
OXNARD-THOUSAND OAKS-VENTURA, CA 1 $575,000 $575,000
SAVANNAH, GA 2 $560,000 $280,000
SOUTH BEND-MISHAWAKA, IN-MI 3 $555,000 $185,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 2 $530,000 $265,000
LAS VEGAS-HENDERSON-PARADISE, NV 2 $520,000 $260,000
CAMDEN, NJ 2 $520,000 $260,000
LAKE HAVASU CITY-KINGMAN, AZ 3 $515,000 $171,667
DURHAM-CHAPEL HILL, NC 2 $510,000 $255,000
TYLER, TX 3 $505,000 $168,333
SPRINGFIELD, OH 3 $495,000 $165,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 1 $485,000 $485,000
MEMPHIS, TN-MS-AR 1 $485,000 $485,000
KALAMAZOO-PORTAGE, MI 2 $480,000 $240,000
BIRMINGHAM-HOOVER, AL 1 $475,000 $475,000
FAYETTEVILLE, NC 2 $460,000 $230,000
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 2 $450,000 $225,000
NAPLES-MARCO ISLAND, FL 2 $450,000 $225,000
WINSTON-SALEM, NC 2 $450,000 $225,000
MODESTO, CA 1 $445,000 $445,000
CUMBERLAND, MD-WV 3 $415,000 $138,333
MANKATO, MN 2 $410,000 $205,000
BATON ROUGE, LA 2 $390,000 $195,000
MONTGOMERY, AL 1 $385,000 $385,000
KILLEEN-TEMPLE, TX 1 $385,000 $385,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $375,000 $375,000
GREENSBORO-HIGH POINT, NC 2 $370,000 $185,000
JOHNSON CITY, TN 1 $355,000 $355,000
TERRE HAUTE, IN 1 $345,000 $345,000
JACKSON, TN 1 $345,000 $345,000
CHATTANOOGA, TN-GA 1 $345,000 $345,000
AUGUSTA-RICHMOND COUNTY, GA-SC 2 $340,000 $170,000
LEXINGTON-FAYETTE, KY 1 $335,000 $335,000
CLEVELAND, TN 1 $315,000 $315,000
NILES, MI 1 $305,000 $305,000
WATERLOO-CEDAR FALLS, IA 2 $300,000 $150,000
FORT WAYNE, IN 2 $290,000 $145,000
SPRINGFIELD, MO 2 $290,000 $145,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $285,000 $285,000
PROVIDENCE-WARWICK, RI-MA 1 $275,000 $275,000
OLYMPIA-LACEY-TUMWATER, WA 1 $265,000 $265,000
YORK-HANOVER, PA 1 $265,000 $265,000
SIERRA VISTA-DOUGLAS, AZ 1 $265,000 $265,000
POCATELLO, ID 1 $265,000 $265,000
ANCHORAGE, AK 1 $255,000 $255,000
AMARILLO, TX 1 $255,000 $255,000
LOGAN, UT-ID 1 $255,000 $255,000
ST. GEORGE, UT 1 $245,000 $245,000
NEW BERN, NC 1 $235,000 $235,000
CHAMPAIGN-URBANA, IL 1 $235,000 $235,000
TACOMA-LAKEWOOD, WA 1 $235,000 $235,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 2 $230,000 $115,000
ERIE, PA 1 $225,000 $225,000
JOPLIN, MO 1 $225,000 $225,000
LANCASTER, PA 1 $225,000 $225,000
BLOOMINGTON, IN 1 $225,000 $225,000
GREENVILLE, NC 1 $225,000 $225,000
CORVALLIS, OR 1 $215,000 $215,000
DOTHAN, AL 2 $210,000 $105,000
HOT SPRINGS, AR 1 $205,000 $205,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $205,000 $205,000
ROCKFORD, IL 3 $205,000 $68,333
TOLEDO, OH 3 $205,000 $68,333
MUSKEGON, MI 1 $195,000 $195,000
TWIN FALLS, ID 1 $185,000 $185,000
BATTLE CREEK, MI 1 $185,000 $185,000
LAWTON, OK 2 $180,000 $90,000
MONROE, MI 1 $175,000 $175,000
ATHENS-CLARKE COUNTY, GA 1 $175,000 $175,000
AUBURN-OPELIKA, AL 1 $175,000 $175,000
LEWISTON, ID-WA 1 $165,000 $165,000
DUBUQUE, IA 1 $165,000 $165,000
NEW ORLEANS-METAIRIE, LA 1 $155,000 $155,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $155,000 $155,000
CLARKSVILLE, TN-KY 1 $145,000 $145,000
LONGVIEW, TX 1 $135,000 $135,000
COLUMBIA, SC 1 $135,000 $135,000
WEIRTON-STEUBENVILLE, WV-OH 1 $125,000 $125,000
COLUMBUS, GA-AL 1 $125,000 $125,000
GRAND JUNCTION, CO 1 $125,000 $125,000
TOPEKA, KS 1 $115,000 $115,000
MOBILE, AL 1 $105,000 $105,000
PINE BLUFF, AR 1 $95,000 $95,000
DECATUR, IL 1 $95,000 $95,000
EVANSVILLE, IN-KY 1 $85,000 $85,000
HINESVILLE, GA 1 $85,000 $85,000
LANSING-EAST LANSING, MI 1 $65,000 $65,000
SIOUX CITY, IA-NE-SD 1 $55,000 $55,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $55,000 $55,000
SCRANTON--WILKES-BARRE, PA 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 18 $440,000 $24,444
2.5-3% 58 $13,050,000 $225,000
3-4% 3,729 $951,245,000 $255,094
4-5% 6,883 $1,524,785,000 $221,529
5-6% 2,512 $390,320,000 $155,382
6-7% 59 $9,145,000 $155,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,937 $89,375,000 $46,141
$100k-200k 4,742 $725,740,000 $153,045
$200k-400k 5,513 $1,513,935,000 $274,612
$400k-600k 868 $401,700,000 $462,788
$600k-1000k 169 $121,475,000 $718,787
$Over $1MM 30 $36,760,000 $1,225,333

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 179 $26,975,000 $150,698
40-60% 579 $130,905,000 $226,088
60-80% 2,656 $681,570,000 $256,615
80-100% 8,705 $1,967,165,000 $225,981
Over 100% 278 $74,220,000 $266,978
Under 20% 858 $7,110,000 $8,287

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,270 $632,770,000 $278,753
$150k-250k 1,238 $438,470,000 $354,176
$50k-75k 3,827 $671,895,000 $175,567
$50k-or less 3,070 $369,930,000 $120,498
$75k-100k 2,244 $516,820,000 $230,312
$Over $250k 473 $216,245,000 $457,178

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 10,974 $2,374,940,000 $216,415
Not provided 1,213 $274,055,000 $225,932
Black 581 $124,545,000 $214,363
Asian 291 $73,825,000 $253,694
American Indian 157 $30,755,000 $195,892
Asian Indian 12 $3,660,000 $305,000
Other Asian 10 $2,710,000 $271,000
Native Hawaiian 7 $1,635,000 $233,571
Korean 2 $780,000 $390,000
Filipino 4 $730,000 $182,500
Other Pacific Islander 2 $510,000 $255,000
Chinese 2 $490,000 $245,000
Vietnamese 1 $155,000 $155,000
Japanese 2 $120,000 $60,000
1 $75,000 $75,000

Approval Rates

Total approvals of all applications
94.43%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
75.15%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 13,259 $2,888,985,000 $217,889

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,918 $275,520,000 $143,650
$1k-2k 5,675 $1,284,465,000 $226,337
$2k-3k 2,618 $495,270,000 $189,179
$3k-4k 2,293 $555,005,000 $242,043
$5k+ 755 $278,725,000 $369,172

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 196 $24,940,000 $127,245
Single Family (1-4 Units):Site-Built 13,063 $2,864,045,000 $219,249