- Info
Application Entry and Underwriting Functions
Questions:
1. How long does it take to process an application once the data has been entered?
2. Are there separate, centralized output queues for denials and loans requiring additional approvals?
3. What types of security levels and user profiles are available and how are they maintained?
4. How are duplicate applications identified and treated?
5. Is there a fraud check or other identity checking capability?
6. Can required fields be specified?
7. Can fields be auto-populated for existing customers?
8. Can underwriting criteria that is input into the system be changed by me or does it have to be done by Cypress?
How long does it take to process an application once the data has been entered?
In a fully automated environment, it takes approximately 1 to 2 minutes, including the time to enter the application.
Are there separate, centralized output queues for denials and loans requiring additional approvals?
Yes, the Mark IV functions are separated into various work queues that include virtual file folders and work areas for loans that have been declined, approved, conditionally approved or for loans that require manager-level sign-off.
What types of security levels and user profiles are available and how are they maintained?
Within the ADMIN area of Mark IV, there is a User setup tab. It is here that each Mark IV users' access rights are defined by the following:
- Accessible work queues (either on read-only or modification basis)
- Loan limits, score offset limits and DTI limits for each user
- Users' manager/non-manager status
- Viewing segmentation into a credit team, branch or region. In other words, a user can be assigned to a specific credit team or branch location and this user would only see those applications tied to his/her respective credit team or branch
How are duplicate applications identified and treated?
Mark IV will perform an automatic check for duplicates prior to credit bureau retrieval; duplicates are identified by name, address and/or SSN. You also have the option to determine the length of time between applications that defines an application as a duplicate.
Is there a fraud check or other identity checking capability?
Yes, the Mark IV offers the following solutions:
- Automated comparison against an in-house managed prior loss / fraud file
- OFAC positives alert (via credit bureau or optional Accuity Patriotic Act module)
- CIP data capture in app entry
- FACTA compliance in alerting users to frozen files
Can required fields be specified?
Yes, Product Support can work with you to define required entry fields in Mark IV. Required entry fields are identified with a yellow background and the user will not be allowed to exit that screen until those fields are completed.
Can fields be auto-populated for existing customers?
Yes, as long as the applicant information is already within Mark IV (an existing older application record), the user can search for a matching application record by name or SSN. If a match is found, the user can then tell Mark IV to copy applicant, co-applicant and credit report information from the existing application into a new application record. Also optionally available is an import capability for Jack Henry SilverLake and Fiserv ICBS whereby existing CIF, deposit account and credit information can be pre-populated into a new Mark IV record.
Can underwriting criteria that is input into the system be changed by me or does it have to be done by Cypress?
Underwriting criteria including credit policies, scorecards and pricing matrices can be changed by you. Mark IV was developed to be very user-friendly as well as flexible enough to accept different loan policies for all loan types. At implementation, we will assist you with populating the various policies of your Institution. On an ongoing basis, it is very simple for an administrator to modify the underwriting criteria.
