Lending
From HW Magazine

Waterstone Mortgage Corp. offers purchase loan expertise

Investment in technology yields significantly faster turn times

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Waterstone Mortgage’s focus on purchase loan financing allows it to offer a level of purchase expertise that isn’t common with many other mortgage lenders. Purchase loans comprise about 89% of Waterstone Mortgage’s business, compared to 59% for other lenders, according to the April 2016 Ellie Mae Loan Origination Insight Report.

Waterstone Mortgage consistently exceeds the industry average turn times for loans — about 14 days faster than other lenders — because of a steadfast commitment to effective and efficient processes.

The company’s dedication to efficiency starts with the borrower. The entire process that customers have to go through with lenders has significant room for improvement and to address that, Waterstone Mortgage is investing in technology that automates redundant tasks in the back office.

Through the introduction of document and data capture technology, the lender will be able to create tremendous efficiency in this area.

Smart document imaging allows information to be reliably extracted from a document — such as a pay stub or bank statement — and enables the system to react to this information. The ability to extract data and integrate directly with repositories of information, such as the IRS for tax information, will improve the borrower’s experience, reduce fraud and streamline the loan process.

“There are services that offer bits and pieces of this technology, but Waterstone Mortgage has been investing significant time and resources to find a provider that can address all aspects of this technology,” said Waterstone Mortgage President and CEO Eric Egenhoefer.

Waterstone Mortgage offers a variety of loan products that allow potential homebuyers to pursue their dream of homeownership. In addition to conventional, FHA, VA, and USDA loans, the lender offers niche products such as the 100% LTV Wealth Building Loan, jumbo and super jumbo loans, a medical professional program, first-time homebuyer programs, reverse mortgages and more.

Its loan originators have support teams that include loan partners, processors and closers to ensure that the entire organization has a strong structure in place for successful outcomes.

The company’s innovative technologies help loan originators manage their pipelines, but in-house proprietary technology such as the Connect tool allows them to view and manage Encompass data on their mobile devices or personal desktop computer.

Connect also helps them track and organize calls, view the status of each loan in the loan calendar and view their current pipeline. Improving a loan originator’s efficiency means they aren’t tied to the office, which allows time for them to make connections and build their business.

The company is also addressing changing demographics, by offering its loan originators a training program that explores how to capture more Millennial and multicultural borrowers.

Waterstone Mortgage continues to grow and will add several branches this year in areas of the nation where the real estate market is booming.

“Our goal is to help as many people as possible achieve their dream of homeownership,” Egenhoefer says.

“By offering more loan products in more states, along with the expertise of talented loan professionals who know how to close loans on time, we are working toward that goal every day.”

THE EXECUTIVES

EricEric Egenhoefer, President and CEO

Waterstone Mortgage President and CEO Eric Egenhoefer entered the mortgage lending business in 1997 as a processor and quickly moved through the ranks — closer, loan officer and operations manager. His time in these positions gave him the background he needed to understand the impact that policy changes have on each department.

Egenhoefer incorporated those lessons when he founded Waterstone Mortgage Corp. in 2000. He put industry best practices to work at his company, building it to sustain a responsible amount of growth in a short period of time. As the company grew, Waterstone Mortgage committed itself to producing high-quality loans, with an emphasis on purchase loans. This approach allowed the company to not just survive economic challenges, but to thrive in spite of them.

KevinKevin Gillespie, COO

Chief Operating Officer Kevin Gillespie oversees several departments and works with the executive team to drive growth, develop strategies and execute plans that ensure the company’s continued success. Gillespie is an accomplished executive with more than 30 years of experience in the mortgage industry.

He has a proven track record of success in providing quality products with exceptional levels of customer satisfaction, leveraging ongoing business relationships into strong earnings, and improving company performance and productivity.

Gillespie has held positions at all levels of the mortgage business, including loan originator, branch manager, regional manager, and president and chief operating officer.

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