Cypress Software Teams With BITI to Add Geocoder Module to Its Mark IV Decision Support Platform; New Features Help Consumer Loan Departments Comply with Federal Regulations.Business Editors/High-Tech Writers NORTH RICHLAND HILLS North Richland Hills, town (1990 pop. 45,895), Tarrant co., N Tex., a residential suburb of Fort Worth; inc. 1953. Corrugated boxes, food products, and textiles are manufactured. The town grew markedly in the late 20th cent. , Texas--(BUSINESS WIRE)--Oct. 21, 2003 Cypress Software Systems LP today announced the immediate availability of an optional Geocoder module for its 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. Geocoding data and algorithms are provided by Business Information Technologies, Inc., (BITI BITI Bio-Imaging Technologies, Inc. (stock symbol) ), based in Edina, Minn. BITI provides a full complement of software and services for Home Mortgage Disclosure Act (HMDA HMDA Hexamethylene Diamine (chemistry) HMDA Hitchhiker Motorized Door Assembly HMDA High Mobility DGM Assemblage HMDA Home Mortgage Disclosure Act of 1974 ) and Community Reinvest Act (CRA See Community Reinvestment Act. ) compliance management and reporting. The Geocoder module eliminates the need to manually "scrub" loan applicant data and ensures a 100 percent geocoding hit rate, providing users the assurance of a valid physical address for all applicants and reducing the administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of returned mailings. Users also can download geocode ge·o·code n. The demographic characterization of a neighborhood or locality, especially as used in marketing. applicant data into a text file to easily meet federal reporting requirements. Related demographics also can be collected for download and market analysis. "We're pleased to be able to offer our compliance products through Cypress and to assist their clients with an integrated solution," said Gary Mertz, president of BITI. "Our alliance benefits Cypress customers by reducing the time to manage their HMDA and CRA compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). while improving the accuracy of their reports." When using the Geocoder module, Mark IV users are queried to make address corrections on an as-needed basis while in the application summary screen. The applicant's street, city state and zip code are all verified for correctness. In the event an entered address can't be geocoded, then Mark IV prompts the user with ranked alternatives from which to choose, by simply clicking on the desired corrected address and the process is complete. If the updated address is successfully geocoded, then the user continues with normal processing. The Geocode module also provides users access to summary census demographic information, including income levels, minority percentage, and number of owner-occupied and one- to four-family units. According to Cypress president 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. Steve Sargent, the Geocoder module requires an active Mark IV license and is available for an additional annual licensing fee. Cypress Software Systems' Mark IV product 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 community and regional financial institutions with the goal of speeding a quality loan decision back to the applicant. About Cypress Software Systems Headquartered in North Richland Hills, Texas North Richland Hills is a city in Tarrant County, Texas, United States. The population was 55,635 at the 2000 census. In 2006, North Richland Hills was selected as the one of the "Top 100 Best Places to live in America" according to Money magazine. , Cypress Software Systems, LP is a leading developer of 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. 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. |
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