How our Net Promoter Score makes us a "world-class" lender

May 10, 2022
Waterstone Mortgage was recently honored with a Net Promoter Score (NPS) of 89.2.  

For us, being elite means more than offering the best home loan options, the latest mortgage technology, or the fastest closing times (although we do focus on those things too). 

Our main priority is ensuring that everyone who interacts with us feels educated, empowered, and confident to make the homeownership decisions that will benefit them and their families for years to come. 

That’s why, when we discovered that our Net Promoter Score (NPS) for the first quarter of 2022 was 89.2, we were grateful to know that our hard work is making a positive difference in the lives of our customers. 

Determining a NPS  

So, what is a NPS, and what does it mean?  

Essentially, the NPS measures how many of a company’s customers would be willing to do business with them again. It’s a leading indicator of customer satisfaction and trust, and one of the best ways to measure customer experience.  

Companies are given a rating from -100 (the worst score) to 100 (the best), based on customer feedback. As we mentioned, in the first quarter of 2022, our average NPS was 89.2.  

In our case, our customers were asked two questions to determine our NPS: 

  • How would you rate your experience working with Waterstone Mortgage?
  • How likely are you to refer your loan originator to a friend or colleague who is looking to purchase a home or refinance? 

These two questions helped us gauge how happy our customers are with our company and their specific WMC loan originator.  

And – as an extra bit of insight – using these same NPS survey questions throughout all of 2021, we discovered that more than 95% of our customers would like to do business with us again. That’s amazing! While we knew that our team members put exceptional effort into our business, we were thrilled to see that so many of our customers felt and appreciated the positive impact of our work.  

How we stack up

With a NPS of 89.2, we wondered – how do we compare to other organizations? 

Well, according to NPS standards, any score above 0 is considered good, while a score of 50+ is excellent, and a score of 70+ is considered “world-class.” 

What’s more, – a leading NPS survey administrator – indicates that the average NPS score for businesses in the financial services/banking industry is 16. When you put that into perspective, our NPS is more than five times that of the average financial services company, meaning our customers are five times more likely to be satisfied with us, versus an average mortgage lender. See how our score compares to many other organizations in the financial services/banking industry.  

The bottom line 

There’s a very important reason we wanted to share this information – simply to highlight the necessity of choosing a reputable, transparent lender that will give you an exceptional mortgage experience. Purchasing a home or refinancing is a significant decision, and it’s a process that can be greatly improved when working with a trusted, proven lender. 

We believe our NPS directly reflects our dedication to our customers. Over the years, we’ve worked hard to become an elite lender – providing various home loans, innovative mortgage technology, and consistent communication for our customers and business partners. We are continuously looking for ways to enhance the mortgage experience – and we value our customers’ satisfaction above all.

For us, it’s about more than improving our customer service… it’s about improving lives.

So, regardless of whether you choose to work with Waterstone Mortgage or another lender, looking into a company’s NPS and online reviews can give you some very beneficial insight – helping you make an informed decision. (P.S. Have you seen our reviews? Take a look!)

If you’re ready to start a home loan application with us, take the first step of finding an experienced loan professional in your area