Cypress Software Systems is offering consulting services and latest versions of its Mark IV automated loan software and Mark IV mortgage module, to help financial institutions achieve compliance for the real estate settlement procedures act (RESPA). The RESPA rule requires lenders to use a new standardized good-faith estimate (GFE) disclosure and a revised HUD-1 settlement sheet that is designed to provide clearer disclosure of closing costs and how much a consumer will pay.
Cypress has claimed that its Mark IV is a software platform that automates the consumer loan application and decisioning process and helps institutions with risk management issues. With Mark IV, service associates electronically input application information while interviewing customers. The software then retrieves credit reports, analyzes the capacity for repayment and deploys the institution’s loan policies.
Janette VanMeter, senior vice president of Stillwater National Bank in Oklahama, said: “Among the partners who have helped us gain compliance, Cypress and its Mark IV consumer loan processing software has been among the most beneficial. They have put safeguards in place that will guarantee our compliance, so we don’t have to necessarily know and understand every aspect of each new rule and regulation.”
John Misiora, vice president and manager of consumer loans at Centier Bank of Merrillville, said: “Despite the information provided by federal agencies, we were still struggling with some gray areas. Cypress has addressed these lapses and has handled the regulatory changes very well in its latest version of Mark IV and the Mark IV Mortgage Module. Any institution processing home equity or mortgage loans is missing the boat if they are not using these solutions.”
Stephen Sargent, president and CEO of Cypress Software Systems, said: “In light of the recent credit crisis, the finance industry will expectedly be hit with new rounds of federal regulations in the months and years ahead. At Cypress, our people and our technology help financial institutions mitigate the impact of these regulations by working in tandem with the institution to create a lending process that is quickly adaptable to changes, while boosting overall efficiency and competitiveness.”
