First Independent Bank of Vancouver automates lending with Cypress Software

Source: Cypress Software Systems

First Independent Bank of Vancouver, Wash. has chosen Cypress Software Systems LP's Mark IV and BizMark software to automate the bank's consumer and small business loan application and underwriting processes.

The bank also has deployed Cypress's new Bureau Interpretation Scoring Engine (BISE) for BizMark, as well as small business scorecards from Cypress partner Asch Advisory Services. The software solutions create a centralized processing system that electronically routes loan applications between First Independent's 20 Vancouver-area branches and its central lending office.

"After searching several industry vendors, Cypress offered what we were seeking - a one-stop loan automation software provider that easily worked with us and could support customized, third-party scorecards," said John Grogan, Senior Vice President and Chief Credit Officer at First Independent Bank. "Mark IV and BizMark have significantly simplified our consumer and small business loan application processes. The system provides the speed, flexibility and efficiency that we desired, and has brought greater consistency to our underwriting."

First Independent Bank was founded in 1910 and has been owned and operated by the Firstenburg family since 1936. The institution's primary mission is customer service excellence and improving the quality of life in the communities it serves.

"First Independent is one of the first banks to deploy our BISE option for BizMark, and we're excited to meet their lending needs," said Stephen G. Sargent, President and CEO of Cypress Software Systems. "With Mark IV and BizMark, First Independent will experience an automated lending solution that cuts loan origination costs and increases customer service through fast loan decisioning."

Cypress' Mark IV is a software platform that automates the consumer loan application and decisioning process. With Mark IV, service associates electronically input application information while interviewing customers. The software then quickly retrieves credit reports, efficiently reviews sources of repayment, and deploys the institution's loan policies. The result is a fast, quality loan decision.

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