Cypress adds Topaz e-signature technology to loan decisioning package
23 January 2008 | 1698 views | 0
Source: Cypress Software Systems
Cypress Software Systems, LP will offer electronic signature capabilities with its Mark IV automated consumer loan decisioning platform, beginning with the software's Release 4.5 that is scheduled for availability in early 2008.
As part of the initiative, Cypress has partnered with Topaz Systems Inc. of Simi Valley, Calif. and will resell their SignatureGem LCD pads to banks, credit unions and other financial institutions that want e-signature capability. Lenders can apply e-signatures to a number of required loan documents, including credit applications, Truth-in-Lending (TIL) documents, Good Faith Estimates (GFEs), balloon note disclosures and Underwriting Decision Reports (UDRs).
"Today's consumers want a quick and efficient loan application and approval process, and lenders need tools that offer convenience and efficiency to the borrower at the point-of-sale," said Stephen G. Sargent, president and chief executive officer of Cypress Software Systems. "e-signature capability, combined with our automated credit decisioning software, provides that enhanced customer experience, while enabling a paperless, secure and more cost-effective process for the lender."
The e-signature feature will be available through Mark IV via signature pads like the Topaz units, and later versions of the lending software will allow more advanced capabilities, including online e-signatures.
"Cypress has a firm grasp on the needs of both lenders and borrowers in the financial industry, and they will be a great partner as we expand further into that vertical market," said Anthony Zank, president and chief executive officer of Topaz Systems. "Our products like the SignatureGem LCD pads offer high-quality capture features that ensure a borrower's signature is both clearly and securely acquired during the loan application process."
Cypress' Mark IV offers flexible, risk-based processing software for consumer loans that tracks applications from the point of entry to the point of decision. Mark IV lets lenders take loan applications electronically while interviewing applicants, quickly retrieve and interpret credit reports, efficiently review sources of repayment, and deploy their loan policies. This ultimately leads to a quick, automated loan decision.