Mortgage operations were a make or break component of every lender’s 2020 strategy, putting operational professionals in the housing economy to test in a turbulent market.
As Chief Operating Officer at Waterstone Mortgage, Rich Tucker is no stranger to the challenges of last year as he led his team through a record-shattering few months. Shortly after his promotion from SVP – Loan Operation to Chief Operating Officer, Tucker received a HousingWire’s 2020 HW Insiders award. HW Insiders recognizes organizational all-stars within the housing economy who are helping their organizations achieve success behind the scenes.
We reached out to Tucker to learn more about the role that the operations team has played at Waterstone over the past year and see where he’s setting his sights in the near future.
HousingWire: At Waterstone, what roles do the operations teams play in achieving the company’s mission?
Rich Tucker: Our Loan Operations team is pivotal to our success as a company. We encourage consistent communication between our loan originators, loan processors and our underwriters – ensuring that we continue with our vision to find a way to “yes” for each mortgage loan file. Throughout 2020, this collaboration became even more important, as our business surged and we had many employees working remotely. Our Loan Operations team members put in the extra effort needed to close our loans on time, and this allowed us to help more than 19,000 families and individuals complete their home purchase or refinance.
HW: When you think about operational excellence, what Key Performance Indicators are you focused on in the near future?
RT: In the future, we will continue to focus on purchase transactions – which have been the cornerstone of our business model. We are consistently closing our purchase loans nine to ten days sooner than other lenders, according to ICE Mortgage Technology Origination Insight reports. We will continue to build on this momentum and maintain shortened turn times. This allows us to remain competitive in the industry and ensures that our borrowers and business partners have a positive and streamlined mortgage experience.
Nominations for the 2021 HW Insiders close Friday, June 25th. Click here to nominate someone today!