Cypress Software Systems and Fair Isaac to Co-Market Consumer Loan Decision Support Software.Business Editors/High-Tech Writers FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 10, 2003 Cypress to Adopt Fair Isaac Fair Isaac Corporation (NYSE: FIC), founded in 1956 by engineer Bill Fair and mathematician Earl Isaac, provides consulting services and enterprise decision management systems. Risk Models for Fast and Cost-Effective Access to Application Scoring Cypress Software Systems, LP today announced a strategic alliance with Fair Isaac Corporation (NYSE NYSE See: New York Stock Exchange :FIC FIC First International Computer FIC Fogarty International Center (John E. Fogarty International Center for Advanced Study in the Health Sciences; National Institutes of Health) FIC Fellowship for Intentional Community ) to offer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers fast and cost-effective access to application scoring to assess consumer credit risk for a variety of portfolios and drive improved application decisions. Under terms of the agreement, Fair Isaac's Release 2.0 pre-developed Consumer Origination Models will be integrated with Cypress' flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , Mark IV, allowing lenders to automate -- either partially or entirely -- their consumer loan underwriting processes and make more confident, consistent and accurate credit decisions. Cypress Mark IV is an Intranet-based product used by a financial institution's consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. department to enter and process customers' loan requests. Once the request is entered, Mark IV then retrieves and interprets each customer's credit report, along with the application and loan terms information, with the objective of making a near-instant approve or decline decision. When used with one or more models of the Fair Isaac 2.0 consumer origination model suite, Mark IV combines the lenders' policies with a credit score to predict the customer's propensity to repay the loan. "Our alliance with Fair Isaac provides access for community-level financial institutions to the best-in-class loan delivery vehicle combined with the industry standard in predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. ," said Stephen G. Sargent, Cypress co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We've created a lender-friendly alternative that previously was available only to much larger organizations." "As a Fair Isaac partner, Cypress is giving lenders access to the most powerful credit origination scoring models in the industry," said Roger Ahern, vice president at Fair Isaac. "By embedding 1. (mathematics) embedding - One instance of some mathematical object contained with in another instance, e.g. a group which is a subgroup. 2. (theory) embedding - (domain theory) A complete partial order F in [X -> Y] is an embedding if our consumer origination models into Cypress' unique 'behind-the-firewall' Mark IV solution, lenders can take advantage of empirical risk assessment quickly and maximize profitability by confidently approving more credit applications while maintaining or reducing current risk levels." Cypress and Fair Isaac will offer Indirect, Direct, Revolving and Home Equity Line of Credit pre-developed Consumer Origination Models. These pooled-data models are housed within Mark IV, allowing for flexibility in assigning a model by product type. About Cypress Software Systems Headquartered in the north Texas Dallas-Fort Worth Metroplex, Cypress Software Systems, LP is a leading developer in automated credit application decision support technologies. The company serves community and regional banks, finance companies and credit unions with loan application decision and tracking tools on par with those used by larger national lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in . The Company's flagship product, Mark IV, is used by clients nationwide to quickly and consistently process consumer loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking applications from point of entry through credit retrieval and interpretation, using client-defined credit policies, to point of decision. For more information on the Mark IV solution and other products, visit the company's Web site at www.go-cypress.com or call 1-800-394-5777. About Fair Isaac Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company's predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power more than 25 billion mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. Through the www.myFICO.com Web site, consumers use the company's FICO scores FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. , the standard measure of credit risk, to manage their financial health. For more information, visit www.fairisaac.com. |
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