We Built the Tool Our Clients Needed

WaterfallCalc was built by DLS Servicing after years of watching teams struggle with the same problems: manual calculations, inconsistent guideline interpretation, and borrowers who couldn’t navigate a process that wasn’t designed for them.

What started as an internal tool for small and mid-sized servicers is now the industry’s only platform purpose-built for loss mitigation. Trusted by servicers since 2015.

Backed by Real Experience

Every feature in WaterfallCalc was shaped by people who have worked the files.

Andy Tabisz

Owner

Donna Schmidt

President and CEO

Donna brings more than 35 years of experience in the mortgage servicing industry and is the co-creator of WaterfallCalc, an online loss mitigation evaluation and calculation tool. She has guided the company’s growth and innovation since 1993, drawing on an extensive background in loan administration, escrow processing, loan acquisitions, and default management. Her leadership continues to shape the organization’s reputation as a trusted partner for servicers nationwide.

Rachel Kelley

Director of Operations

Rachel oversees operations at WaterfallCalc, driving efficiency and ensuring seamless client experiences. She specializes in implementing technology solutions that address complex servicing challenges and improve client outcomes. Rachel’s strategic insight and operational expertise have been instrumental to the platform’s development.

Tara Taylor

Team Lead, Customer Support

Tara manages client relationships for WaterfallCalc, ensuring client needs are met with precision and care. She monitors system upgrades and compliance updates to ensure WaterfallCalc executes loss mitigation waterfalls accurately. Tara joined the company in 2021 and has contributed to multiple areas of the business.

Tom Wiefaert

Program Lead, WaterfallCalc

Tom is WaterfallCalc’s lead programmer, responsible for the development of the core platform, system integrations, and custom solutions built for individual lenders. He brings more than 30 years of programming experience across a wide range of industries, giving him a broad technical perspective that informs how the platform is built and maintained.

Ryan Sytsma

Program Lead, WaterfallCalc+

Greg Leonardo

System Security Administrator

Russell Cash

Programmer

Russell is a .NET Core consultant supporting the modernization of WaterfallCalc’s legacy systems. He specializes in clean, maintainable application design and brings experience in Azure development, enterprise architecture, and metadata-driven UI patterns. His work strengthens platform reliability, performance, and long-term scalability.

Ben Giddens

Project Manager

Ben performs all of WaterfallCalc’s testing and assists with the internal programming of compliance updates to ensure code pushes are seamless. He closely monitors project schedules and acts as the liaison between the programming leads and the rest of the staff, keeping development work aligned with operational priorities.

Loss Mitigation is Challenging

Spreadsheets break. Manual interpretations vary. Consistent outcomes require a better system.

For decades, loss mitigation teams relied on spreadsheets and individual guideline interpretation. That approach creates inconsistent outcomes, compliance exposure, and operational drag.

WaterfallCalc applies investor and agency guidelines in a structured, rules-based system and produces documented outputs for every evaluation. Less guesswork. Faster decisions. Results that hold up under review.

Built for Servicers Who Can't Afford Errors

From credit unions and community banks to larger servicing operations.

For smaller institutions, WaterfallCalc provides the calculation accuracy and borrower engagement tools of a large servicer without requiring additional staff or internal system builds.

For larger operations, WaterfallCalc improves consistency across the portfolio, reduces manual effort at the file level, and creates the documented audit trail that investor and regulatory review requires.

What Servicers Say

Results that show up in day-to-day operations.

“WaterfallCalc+ gives us everything we need to stay compliant, but more importantly, it gives borrowers a faster and more convenient way to get help when they need it most.”

Andrea Larson

Servicing Manager, The Servion Group

“Essex prides itself on being a leading servicer of GNMA loans, and our partnership with WaterfallCalc has been a key factor in this success.”

Nathan Sands

Chief Servicing Officer, Essex Mortgage

“We have used WaterfallCalc since 2015 with great results… The support team is great, and they are very quick on the updates, which allows you to have peace of mind through the rapid and constant changes.”

Michael Fobert

Senior Loss Mitigation Underwriter, Cascade Financial Services

Your Questions, Answered

What loan types does WaterfallCalc support?

The platform supports FHA, VA, USDA, GSE, FHLB, and proprietary loan types, as well as first and second liens, HELOCs and consumer loans, allowing you to evaluate a wide range of loss mitigation options within one system.

How is WaterfallCalc+ different?

WaterfallCalc is the waterfall calculation engine that delivers fast, accurate loss mitigation evaluations. WaterfallCalc+ is the borrower-facing portal that allows borrowers to apply, upload documents, and track their status while creating a documented communication history.

Does WaterfallCalc improve compliance?

All loss mitigation calculations follow strict agency and investor guidelines, and borrower interactions within WaterfallCalc+ are automatically documented and timestamped to create a clear audit trail.

Does WaterfallCalc come with support?

Onboarding, training, and ongoing assistance is provided by WaterfallCalc’s support team of default servicing specialists with more than 30 years of industry experience.

Start With a Conversation

Every servicing operation is different. The best way to understand how WaterfallCalc and WaterfallCalc+ can support your team is to connect with our team so we can discuss your needs.