Customer Success Story

Waterstone uses data to achieve innovative business initiatives.

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Using data for holistic improvement

Moving a loan faster out of the warehouse means increased profitability for Waterstone Mortgage.

4-day

Improvement in loan delivery to purchase

3-12 month advance

Access to data

360° view

All aspects of operations

Waterstone Mortgage

Since its founding in 2000, Waterstone Mortgage Corporation has been focused on purchase business in the 48 states it serves. They didn’t become a market leader by chance. Its leadership team is continually studying data, both to refine its own operations, and to benchmark how the company performs compared to the competition.

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“Ultimately, we’re gathering the data that’s important to the organization and presenting it to people in real time, so they can make better decisions, and have a better overall view of how we’re performing as a company,”

Tom Knapp
SVP and CIO Waterstone Mortgage

Focus on processes

When Waterstone set out to streamline their entire loan lifecycle, they knew it would be a mistake to focus all their efforts on the front-end. They needed to improve the processes on the backend too. They quickly learned that real-time, trustworthy reporting and data were the key to getting a holistic view of where things were running smoothly, and where they still had improvements to make. Encompass Data and Docs™, Encompass Data Connect®, and Insights™ bring all the information they need right into their Encompass® environment. This one-stop-shop for information about everything from error counts to competitor benchmarking has made a huge impact on efficiency and their bottom line.

Better decision making

Using trustworthy data to inform decision-making leave less to chance and makes more room for success. Accessing data in real-time that is relevant for today's market is what puts Waterstone over-the-top when it comes to making decisions for individual branches. “One of the things that we liked about the recent release of Insights were the Snapshots. It allows us to look at key performance indicators very quickly, and make decisions on what to drill down into and look at in additional detail,” Knapp said. “That information, and that speed of access, will be invaluable to our branches.”

The Challenge

Waterstone Mortgage didn’t become a market leader by chance. Their leadership team is continually studying data, both to refine its own operations, and to benchmark how the company performs compared to the competition. But orchestrating that analysis wasn’t easy—or fast. The needed a more efficient way to gather and interpret data.

The Solution

With Insights, every Monday morning they benchmark Waterstone’s production for the following week against the collective production of other ICE Mortgage Technology clients.

Benefits and Results

They not only use the benchmark data in Insights to confirm that the company continually closes faster than industry averages, but also funnels this information into Waterstone’s marketing campaigns.

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Resources

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