Source: Cypress Software
State Bank & Trust Company of Ridgeland, Miss. has selected Cypress Software Systems LP's Mark IV software to automate the bank's consumer loan origination process.
State Bank & Trust began installing Mark IV in March, and will implement the software throughout its 27 branches in Mississippi and Louisiana. Bank officials chose Mark IV to streamline the company's consumer lending process, provide faster decision turnaround and ultimately increase customer satisfaction.
"We were looking for the best software solution to standardize the decision-making throughout our consumer lending operations, and Cypress and Mark IV fit our needs very well," said Doug Bullock, senior vice president of retail banking at State Bank & Trust. "Mark IV will bring consistency to our underwriting and will help bolster our loan portfolio. In addition, the software provides a user-friendly interface and good flow of information that will make employee training and usage much easier."
Cypress' Mark IV platform allows lenders to take loan applications electronically while interviewing applicants, quickly retrieve credit reports, efficiently review sources of repayment, and deploy their loan policies. Cypress provides these tools to financial institutions with the goal of speeding a quality loan decision back to the applicant.
"Our Mark IV solution has helped banks across the country to simplify their loan processes and cut costs," said Stephen Sargent, president and chief executive officer of Cypress Software Systems. "We're excited to have State Bank & Trust on board, and expect them to benefit greatly from the automation features, from application entry to interfacing with their loan documentation preparation system."