Lender's Proprietary Tech Brings TRID Success

By Schneider, Howard | Mortgage Banking, January 2016 | Go to article overview

Lender's Proprietary Tech Brings TRID Success


Schneider, Howard, Mortgage Banking


MANY INDUSTRY PLAYERS PREDICTED that closing loans in less than 45 days would be difficult after the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule took effect, says Eric Egenhoefer, president and chief executive officer (CEO) of Waterstone Mortgage Corporation, Pewaukee, Wisconsin. [paragraph] Egenhoefer also recalls hearing that post-TRID loans would be impossible to finalize within a month. Yet Waterstone Mortgage hasn't found that to be the case.

Waterstone closed 156 loans from the Oct. 3, 2015, TRID implementation date through mid-November, says Egenhoefer. Ten were closed in less than three weeks. Another 55 went to closing within 30 days, and 91 closed between days 31 and 45.

"Nothing's going more than 45 days," says Egenhoefer.

"We've been preparing well over a year for TRID," he notes.

Proprietary technology is playing a big role in achieving these positive operating results.

Ensuring that time frames required under TRID are adhered to is a big reason Waterstone developed a digital loan calendar tool, Egenhoefer says. Waterstone originators access the loan calendar through their loan origination system (LOS).

It "shows upcoming milestones for each step of the mortgage loan process," a company statement notes, "with alerts and indicators for approaching deadlines."

Egenhoefer isn't part of the chorus that's disparaging the new regulations. "TRID can be a huge benefit to consumers," he believes.

Lenders now must "get numbers to them earlier," Egenhoefer says, noting that mistakes traditionally occur as lenders rush to closing while putting in last-minute document changes.

Waterstone's HowToCloseOnTime.com offers an online tool for borrowers that grew out of the loan calendar. The consumer version is a sales tool as well as a means for increasing borrower involvement and satisfaction, says Egenhoefer.

Consumers enter a time of application and their preferred closing date. A printable schedule is generated showing when various steps need to be completed to achieve the closing objective.

Loan applicants then see the importance of quickly providing documents, securing homeowners insurance and placing down-payment funds in bank accounts.

"A team effort" is required to close loans on time under TRID, Egenhoefer contends.

Stable expansion

Egenhoefer has well-rounded experience on the production side as a former processor, closer, loan officer and operations manager. He established Waterstone Mortgage in 2000 and watched it grow without getting involved in subprime lending.

Currently Waterstone has close to 700 staff members spread over 18 states, according to company disclosures. In 2006 the mortgage company--which then had 45 employees--was purchased by Wauwatosa, Wisconsin-based Wauwatosa Savings Bank, which changed its name to WaterStone Bank two years later. Waterstone Mortgage is a wholly owned subsidiary of WaterStone Bank.

Having a bank parent gives Waterstone Mortgage access to capital, a warehouse credit line and the ability to portfolio jumbo loans, says Egenhoefer. "We have a great relationship with our bank," he acknowledges.

Mortgage originations for 2015 were likely to total around $2 billion, Egenhoefer notes, and close to 90 percent of that was purchase business.

Waterstone is a pure-play retail lender with 150 traditional loan officers working out of mortgage offices. Most of the company's originators produce at least five units each month, he adds. …

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