Waterstone Mortgage

  www.waterstonemortgage.com
  www.waterstonemortgage.com

Waterstone Mortgage Reviews

Updated July 28, 2014
Updated July 28, 2014
13 Reviews
2.6
13 Reviews
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Waterstone Mortgage President & CEO Eric J. Egenhoefer
Eric J. Egenhoefer
9 Ratings

Employee Reviews

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  1. 1 person found this helpful  

    Good people, so-so company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Officer in Columbia, MD
    Former Employee - Loan Officer in Columbia, MD

    I worked at Waterstone Mortgage full-time (more than an year)

    Pros

    Large product offering, helpful corporate staff, good leadership, motivational environment. Compensation was above the industry average.

    Cons

    Quality assurance process after getting the clear-to-close from underwriting caused closing delays. Too many overlays. Jumbo rates not good, like most correspondent lenders.

    Advice to ManagementAdvice

    Streamline the QA process so loans can close on time and it will be a great place to originate loans.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2.  

    Waterstone Mortgage honest review of the time there over 3 years.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Officer in Pewaukee, WI
    Former Employee - Loan Officer in Pewaukee, WI

    I worked at Waterstone Mortgage full-time (more than 3 years)

    Pros

    Learning the system. and having key contacts at the corporate office

    Cons

    system support
    filling out a ticket system if you have a problem in stead of making a call
    management politics. Look you in the eye and sell you out behind your back.
    ask others. that have worked there. they will agree

    Advice to ManagementAdvice

    stop using quotes to your loan officers:

    I have 20 closings this month and don't even know their names " I have assistants for that.

    the above phrase pretty much sums up the pipedream way they want to run there buisness.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Great work environment and people.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Quality Control Specialist I in Pewaukee, WI
    Current Employee - Quality Control Specialist I in Pewaukee, WI

    I have been working at Waterstone Mortgage full-time (more than an year)

    Pros

    Good company, hours are fine and people are positive.

    Cons

    Constantly changing their focus and departments.

    Advice to ManagementAdvice

    none

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5.  

    Senior Loan Officer recently employed with Waterstone Mortgage

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Loan Officer in Pewaukee, WI
    Former Employee - Senior Loan Officer in Pewaukee, WI

    I worked at Waterstone Mortgage full-time (more than 3 years)

    Pros

    Freedom, if your a leader and driven you can make contacts and connections with the right people. Your in charge of your own pricing based on your LO agreement to be competitive.

    Cons

    the company recently let go over 30 loan officers and support staff ( stating it was a reduction in force ). There were so many good honest, hard working people that worked hard over the years to develop relationships for the right reasons. The reason for the reduction in force was ( we want to go back to being elite and we are not going to be supporting loan officers that close 1 or 2 deals a month ). The really sad part of the whole thing, is they gave a big promotion recently and tells everyone in the meeting that he has 20 closings this month and does not even know the names of the clients. Waterstone calls this Elite? It really is pathetic and so very sad, that so many good hard working people were terminated because they are not closing 10 plus deals a month. Further the new regional manager had Pewaukee on his list of goals for sometime most likely if he had his way, many good hardworking people would have been let go years ago.

    Advice to ManagementAdvice

    Please revisit your definition of the word Elite? Elite is a very close relationship with all clients. Not having assistants and the assistant to the assistant do the work. Customers are going to find out and see how cold, mechanical the company is going. Not to mention Waterstone's own set of underwriting overlays, which other banks do not have... Beware! what they portray is not how it is is run. It is a big " dog and pony show of deception "

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6.  

    Operations

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Waterstone Mortgage full-time (more than an year)

    Pros

    I had the opportunity to grow and learn additional aspects of the business, however was not provided support, tools to successfully do my position.

    Cons

    Lots of turn over, upper management leaving company, lack of support and tools to be successful in position. Favoritism with specific sales team from upper management. Unethical, too long to make changes in the system, too many hands involved in the process. Difficult to get files through the system/process flow.

    Advice to ManagementAdvice

    Employees have a lot of feedback on how to improve, listen to your employees. Do whats best for the organization not for individual employees. Fully research before jumping to conclusions.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    Not a good place to work

    • Comp & Benefits
    • Career Opportunities
    Former Employee - Loan Officer
    Former Employee - Loan Officer

    I worked at Waterstone Mortgage full-time

    Pros

    Pro - some loan officers make as high as 250 bps, but many as low as 125 bps. Seems a little odd considering that means clients get different rates.

    Cons

    Leadership is unethical or nonexistent and never consistent. Underwriting is taking a long time. They fired a lot of people in the Winter and then realized they need more help in the Spring and hired temporary help. Lots of conditions and re-conditions on loans.

    Advice to ManagementAdvice

    Work on communication and service levels. Remove the multiple layers of management.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 1 person found this helpful  

    Company lacks ethics in all areas

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Market/Sales Manager
    Former Employee - Market/Sales Manager

    I worked at Waterstone Mortgage full-time (more than 3 years)

    Pros

    Waterstone has a good structure for some loan officers but fails to adapt and keep their promises to producers. Has a good product offering for loan officers.

    Cons

    Waterstone is very impulsive from the top down. Top management is turning over at an alarming rate which only disrupts the business. They don't think through changes and have no real idea of how to treat people or create a culture so people want to work there. I have never worked in a place where people are treated so poorly.

    Advice to ManagementAdvice

    Listen to your employees. Dont create positions just to do one job. Crosstrain. Give customer service training to staff

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Good place to grow

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in Milwaukee, WI
    Former Employee - Anonymous Employee in Milwaukee, WI

    I worked at Waterstone Mortgage full-time (more than 3 years)

    Pros

    You learn a lot, get to implement ideas, corporate employees are nice. Good pay, flexible and good benefits.

    Cons

    Branch employees can be very rude, unprofessional and don't know how to adapt to a corporate environment.

    Advice to ManagementAdvice

    Pay attention to your employees, supply them with feedback, hear ALL sides of the story before jumping to conclusions and making decisions. LISTEN.

    Recommends
    Positive Outlook
    Approves of CEO
  10.  

    The time I spent working there, I loved the team I worked with in the Operations Department.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Consumer Mortgage Underwriter III in Maple Grove, MN
    Former Employee - Consumer Mortgage Underwriter III in Maple Grove, MN

    I worked at Waterstone Mortgage full-time (less than an year)

    Pros

    The location of the office was close to my home.

    Cons

    I was laid off. Corporate office stated that in all of the years in business, no layoffs.

    Advice to ManagementAdvice

    No Comment

    Recommends
    Neutral Outlook
    No opinion of CEO
  11.  

    The best decision I ever made

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Loan Officer in Brookfield, WI
    Current Employee - Loan Officer in Brookfield, WI

    I have been working at Waterstone Mortgage full-time (more than 5 years)

    Pros

    The CEO is hands-on on dealing with us, even if we are out of state. He is probably the most brilliant person I've ever had the privelege to know. The employees in our corporate office have been there for a long time and are knowledgeable and accessible to us. They are willing to go above and beyond to make sure that a mortgage closes on time. They know that a contract expiration date is one that can't be missed and they make sure that we don't.

    Cons

    As I don't work close to the main office, name recognition was a "con" for a while, but we are now well known in our local markets!

    Advice to ManagementAdvice

    Keep up the great work!

    Recommends
    Positive Outlook
    Approves of CEO

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