Waterstone Mortgage Names New VP, Enterprise Risk

National retail mortgage lender Waterstone Mortgage Corp. said Thursday it has promoted Rico Garcia to vice president – enterprise risk, a newly created position. 

Garcia has more than 20 years of experience in the mortgage lending industry. In his new role, which he began in December, he will oversee the Waterstone Mortgage Quality Control, Title Services, Portfolio Risk Management, and Compliance teams. 

Aside from providing general oversight for those departments, he will also work with the company’s other corporate teams to identify efficiencies, lead cross-training efforts, and solidify communication with both internal and external customers, the company said.

“I am looking forward to the opportunities my new role will bring,” Garcia said. “One of my favorite aspects of this position is having the ability to learn new facets of our industry while working toward a common goal with my team members and colleagues.”

Garcia joined Waterstone Mortgage in July 2017 as the quality control manager, and in January 2022 was named director of quality control, portfolio risk management & vendor management.

Previously, he had held various positions in mortgage lending, including roles as a loan originator, processor, and underwriter. He also co-owned and managed a mortgage due diligence firm.

“Rico’s steadfast commitment to the success of Waterstone Mortgage has been evident since day one,” said Stephanie Ziebell, Waterstone Mortgage SVP, general counsel. “Among other things, Rico’s dedication, expertise, and enthusiasm for new challenges have earned him this promotion. Rico is a collaborative team player, he is widely respected, and he has proven successful at developing meaningful relationships — both internally and with external partners"

Ziebell added that "Rico is a true professional who has deservedly emerged as a trusted and respected leader at Waterstone Mortgage. I am honored to congratulate Rico on this next step in his career.”

Headquartered in Pewaukee, Wisconsin, Waterstone Mortgage is a wholly-owned subsidiary of WaterStone Bank SSB, which, in turn, is a wholly-owned subsidiary of Waterstone Financial, Inc.