The biggest disappointment was the way Halifax rolled over after conceding a second try just after the hour mark.
Until that point, they were only 7-0 behind and enjoying the upper hand against moderate opposition.
But try as they might Halifax could not find any real spark or serious go forward.
Everything they tried was met by a keen Waterloo defence and in the end the wrong options also played into the hands of the hosts who compounded Halifax's misery by running in two late tries.
The final scoreline flattered Waterloo, but Halifax could still have no complaints even though some marginal decisions again went against them.
When you are bottom of the pile and struggling those kinds of decisions always go the way of the opposition.
Coupled with an obvious lack of confidence, something needs to change and change fast.
There were some plus points, a solid scrummage where props George Jenkins and Adam Blades were outstanding and some strong defence close to their own line being prime examples.
But the lineouts were far too hit and miss for this level and again the amount of turnover ball was too high.
A largely forgettable first half saw Halifax struggle to put together any successful phases of possession, even though they were giving maximum effort in every aspect of the game.
Their determination was summed up by a tremendous try-saving tackle from full back Iain Gordon after Waterloo had built up a head of steam and worked the ball to the Halifax line.
The respite was brief, however, a scrum seconds later seeing Waterloo press the visitors line again and after another sterling defensive stint under their own posts, Halifax finally succumbed when the ball was moved wide and tall winger Nicola Mazzucato ploughed over, stand off Alex Davies completing the conversion.
Halifax's response was spirited if unspectacular but Waterloo should have added to their tally only for No 8 Dan Hall to throw the ball away and into touch following a break that threatened to split the Halifax defence.
A rare foray into home territory ended with Oli Marns being brought back for an earlier infringement before Joe Knowles missed the chance to add a penalty after Waterloo had been adjudged offside and conceded even more ground by backchatting to the referee.
Halifax forced Waterloo into a number of clearing kicks as they looked the more likely to score, but a minute before the break they found themselves a man light when No 8 Richard Brown was yellow carded for an offence at the ruck.
Thankfully they were not punished further as in previous games this season when having a man off the pitch had led to the opposition racking up the points
At just 7-0 down, Halifax must have fancied their chances with the conditions and ground conditions in their favour.
However, while they huffed and puffed and threatened to do something, nothing ever looked like coming off.
A clever through kick from Tom Eaton went to waste before a sweeping move saw great hands and excellent angled runs produce an opportunity for Ben Mitchell which he couldn't make stick.
A glimmer of hope arrived just before the hour when Waterloo had fly half Davies yellow-carded for a technical offence, but still Halifax could not work the decisive opening.
Wrong options and slowness of thought were their main undoings and it was indicative of the Ovenden Park side's season that Waterloo increased their lead with a sloppy try while they were still a man short.
It was the home side's first serious attack of the second half and a huge drive sent Halifax back at an alarming rate of knots before scrum half Arno De Jegar broke with the ball and ran through some ineffectual tackles to scamper in, full back Johnny Lowden adding the conversion.
That was the straw that broke the camel's back.
Restored to full strength, Waterloo were again stopped by strong defence before the ball was moved wide again and Lowden ran in, though Davies was well wide with the conversion attempt.
And just three minutes later it was all over, James Rothwell pouncing after Eaton failed to cleanly catch a difficult high ball and although Craig Aikman, well-shackled on his return to his former club, produced a try-saving tackle, the ball was recycled for Scott Young to break through, Davies's conversion attempt coming back off an upright.
Halifax conjured up the final move of the match with Knowles showing his pace for the first time, but as he was bundled into touch the referee thankfully called time.

STAR MAN
On loan prop George Jenkins set about his work on Saturday like a man possessed.
The Rotherham forward was a dynamo of explosive action and the main reason why the Halifax scrum held up so well against a strong Waterloo pack.
Jenkins was also in the faces of the opposition all afternoon, making a nuisance of himself and generally proving to his colleagues that they had nothing to fear from an ordinary home side - alas, to no avail.
Gareth Lewis is Halifax's Mr Reliable and never more so than when his side are up against it.
His workrate is phenomonal as he throws his body into every situation, whether it is making sure Halifax maintain possession or clearing opposition players out of the rucks and mauls. He knows no fear as he burrows and forages for the ball in areas where boots and bodies are flying and falling.
The final point is shared between two players.
Adam Blades, in tandem with Jenkins, did everything he could to batter and bully the Waterloo pack and cut down their options.
He is strong and combative - in fact arguably Haifax's most abrasive forward, and he made sure his presence was felt.
Tom Eaton hates losing more than anybody. These are tough times for the fly half and he is a player whose disappointment and anger can take him down different paths on the pitch.
On Saturday he attempted to channel his frustrations in a positive way, taking the attack to Waterloo whenever possible, while using his kicking intelligently to create decent field positions for his side which ultimately went to waste.

MATCH FACTS
Waterloo: Lowden, Rothwell, Young, Duffy, Mazzucato, A Davies, De Jegar, O'Donnell, Ormisher, Hall, Nugent, Davidson, Smith, Palmer, Hall. Replacements: Tymns (Ormesher 76), T Davies (Smith 65), Stringer (De Jegar 78), Pani (Hall 47)
Tries: Mazzacuto, De Jegar, Lowden, Young
Conversions: A Davies, Lowden
Penalties: None
Drop Goals: None
Yellow Cards: A Davies (technical, 57)
Red Cards: None
Halifax: Gordon, Knowles, Marns, McGee, Mitchell, Eaton, Aikman, Blades, Kay, Jenkins, White, Harrison, Moon, Lewis, Brown. Replacements: Mansoor, Brear (Moon 79), Townsend (Kay 57), McMillan
Tries: None
Conversions: None
Penalties: None
Drop Goals: None
Yellow Cards: Brown (technical, 39)
Red Cards: None
Referee: Ed Turnhill (RFU)

PLAYER POINTS
WORKOUT WAREHOUSE PLAYER OF THE SEASON: 14 Craig Aikman, 10 Joe Knowles, 9 Matt Harrison, George Jenkins, Gareth Lewis; 8 Oli Marns; 5 Tom Eaton; 4 Richard Brown; 3 Dave Hall, Danny McGee, James Endersby; 2 Richard White, Ben Mitchell, Adam Blades; 1 Phil Skillen, Iain Gordon.