Sign in Subscribe
Banks (Finance)

Automated Lending Software Enhances Risk Management and Profitability

Strategic Insights

— 1 min read

Legacy Bank, a community bank with 175 employees across 11 branches, has implemented Cypress Software Systems LP's Mark IV loan software to automate its lending processes, resulting in decreased lending losses and higher returns. Michael Chaloner, president of Legacy Bank, noted that Mark IV has helped standardize lending policies and pricing across branches, while maintaining personal relationships with customers. The software has also brought additional efficiency, allowing upper-level tellers and loan clerks to input and submit consumer loan applications, freeing loan officers to focus on commercial loans.

Key Takeaways:

  • Legacy Bank implemented Cypress Software Systems LP's Mark IV loan software to automate lending processes, leading to decreased lending losses and higher returns.
  • Mark IV helped standardize lending policies and pricing across 11 branches, while maintaining personal relationships with customers.
  • The software brought efficiency to the lending process, allowing upper-level tellers and loan clerks to input and submit consumer loan applications.
  • Mark IV interfaces with Legacy's core system and doc prep solution to reduce data entry redundancy.
  • Legacy Bank trained its upper-level tellers and loan clerks to input and submit consumer loan applications, freeing loan officers to focus on more complex commercial loans.
  • Mark IV includes the following integrated solutions: NADA Automobile Valuation, BITI Geocoder, Housing Valuation and Flood modules, Core Import Interface, and LaserPro Interface.
  • Legacy Bank has over $450 million in assets and employs 175 staff across 11 branches.

Statistics:

  • Legacy Bank has over $450 million in assets.
  • The bank employs 175 staff across 11 branches.
  • Mark IV has helped Legacy Bank decrease lending losses.
  • The software has increased returns for Legacy Bank.
  • Mark IV interfaces with Legacy's core system and doc prep solution to reduce data entry redundancy.
  • Mark IV includes 6 integrated solutions to automate the lending process.

Sources:

  • Michael Chaloner, Legacy Bank's president: "Our bank has been rapidly growing over the past decade, and we realized the need for a centralized loan processing system that would help us streamline our underwriting in a way that helps us deliver consistent loan decisions across our branches."
  • Steven Croft, senior vice president at Cypress Software Systems: "We're excited to help Legacy Bank enhance its lending operations, while supporting their commitment to personal customer service."

Read more