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Union Bank of Chandler automates loan decisioning with Cypress Software

06 July 2007  |  1887 views  |  0 Source: Cypress Software Systems

Union Bank of Chandler in Chandler, Okla. has automated its consumer loan decisioning process with Cypress Software System LP's AppMark software.

The bank installed the hosted solution to bring increased consistency and productivity to its lending operations.

"We were looking for a solution that would make our underwriting process more efficient. Prior to AppMark, we were pulling credit reports from one source, pulling NADA values from another, and computing calculations with a calculator. This took time," said Chuck Schardt, vice president, consumer lending at Union Bank of Chandler. "With AppMark, those functions are performed with a single, automated source. The software is very user-friendly, it's flexible and the price fit our budget. It met all our needs, so we looked no further."

AppMark is hosted and delivered through Cypress' application service provider (ASP) network, so the need for additional hardware, software and IT staff to run and maintain the application was eliminated, further reducing Union Bank's rollout costs.

"AppMark satisfies an unmet need among community banks for affordable credit application decisioning software, and provides the most robust solution available for that market segment," said Stephen G. Sargent, president and chief executive officer at Cypress Software Systems. "We're happy have Union Bank of Chandler on board, and AppMark will ensure increased underwriting consistency, enhanced regulatory compliance and quick, automated decisions across the bank's lending operations."

AppMark is designed for community banks with assets of $250 million or less, and automates all aspects of the loan application process from data entry to underwriting to decisioning.

The software delivers the same look and feel of Cypress' flagship consumer lending solution, Mark IV, but is modified to include the features and functions that are most required by smaller community banks.

Clients like Union Bank access AppMark through remote login, which provides a more enhanced interface compared to HTML-coded, browser-based applications. Cypress manages both AppMark and its clients' customer database information through an SAS70-certified AT&T Internet data center (IDC) in Dallas.

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