Black Knight, Inc. and Detroit-based Quicken Loans, announced the companies have broadened their relationship as Quicken Loans extended its contract for Black Knight’s MSP servicing system and is adding multiple Black Knight solutions.
Additionally, Black Knight purchased the source code for Quicken Loans’ “Cyclops” mortgage servicing customer relationship management (CRM) software.
The Cyclops software provides a number of tools Quicken Loans uses to meet the needs of today’s mortgage consumers. This software suite will serve as the foundation for a highly advanced customer service solution that Black Knight will be offering to clients of its industry-leading MSP servicing system.
“After decades of disruption, this acquisition is further proof of our technology team’s power and innovation,” said Jay Farner, CEO of Quicken Loans. “Our focus is always on our clients and how we can make their experience easier and more transparent. Our success comes from groundbreaking technology and the streamlined processes it can provide. We are looking forward to Cyclops benefiting even more consumers with the industry-leading client service the tool can facilitate.”
Upon launch, this advanced software from Black Knight will include highly personalized information about loans, homes, and neighborhoods. By accessing the home’s value, a customer service professional can present refinance and home equity opportunities to borrowers. This solution will give professionals the ability to provide an omni-channel customer experience, whenever and however the customer wants to interact with their servicer, which will result in deeper borrower relationships and increased customer retention.
“Black Knight continues to innovate with urgency. We are committed to developing best-in-class solutions and, when appropriate, acquiring proven technologies to accelerate our time to market for our clients,” said Anthony Jabbour, CEO of Black Knight, Inc. “We share a common vision with Quicken Loans for the future of customer service, and by building upon its proven platform, we are able to accelerate the delivery of this powerful solution. Quicken Loans has been a long-time client, and we are excited to broaden our relationship with them.”
Quicken Loans has a heritage of using technology to make the mortgage process easier. The company has been offering mortgages online since the late 1990s. In 2016, Quicken Loans revolutionized the mortgage industry yet again with the introduction of Rocket Mortgage – the first fully digital mortgage experience. Today, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage technology.
These innovative technologies along with an award-winning culture and client experience have led to Quicken Loans being ranked highest in the country for customer satisfaction in primary mortgage origination by J.D. Power for the past 10 consecutive years, 2010–2019. The company was also ranked highest in the country for customer satisfaction among all mortgage servicers the past six consecutive years, 2014–2019.
Quicken Loans developed the Cyclops software in 2016 from the heart of downtown Detroit. With fintech provider Quicken Loans blazing the trail, downtown Detroit has become a national tech hub–attracting dozens of international tech companies, including Microsoft, LinkedIn, Amazon, Google, Pinterest, Snapchat, Twitter, Uber, and StockX–among the growing list of companies located there.
Black Knight is renowned in the industry for its innovative technology, data and analytics that cover the entire spectrum of the real estate and mortgage life cycles based on an unwavering commitment to client support.
Quicken Loans will be among the initial clients to use Black Knight’s customer service solution. The financial terms of the deal were not disclosed.