NORTH RICHLAND HILLS, Texas — Cypress Software Systems LP has incorporated two trade-in value categories from the NADA Used Car Guide for its Mark IV Automobile Valuation Interface Module. Mark IV is a loan software platform that automates the consumer loan application and decisioning process.
The new categories added to the automobile valuation interface module are designed to help loan officers better assess and define used-vehicle book values for a broader spectrum of vehicles. The additions include “rough trade-in” and “average trade-in,” which complement the existing “clean trade-in,” “clean loan” and “clean retail” values.
"Cypress’ Automobile Valuation Interface Module provides instant access to the automobile and light truck valuations within Mark IV,” said Steve Croft, senior vice president of Cypress Software Systems. “This eliminates unnecessary data entry by automatically generating and inserting the vehicle’s details and adjusted book value directly into the application entry screen. Users are thereby assured that resulting loan-to-value ratios are correctly derived for underwriting and real-time decisioning.”
In addition to NADA, the Cypress module also supports data from the other leading industry valuation sources.
”These new value categories are designed to provide businesses with more information for better assessing used-vehicle values,” said Mike Stanton, vice president and chief operating officer of NADA Used Car Guide. “For loan officers who have to navigate through an increasingly complex wholesale market, this enhanced information is especially useful. We’re very pleased that Cypress recognizes that and has incorporated our new values into its loan processing software for Mark IV clients.”
Cypress offers a range of products and services that help banks, credit unions and other finance organizations better manage risk and improve lending productivity.
With Mark IV, service associates electronically input application information while interviewing customers. The software then quickly retrieves credit reports, efficiently reviews sources of repayment, and deploys the institution’s loan policies. The result is a fast, quality loan decision.