JACKSONVILLE, Fla. and DETROIT, Feb. 12, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) and Detroit-based Quicken Loans, today 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. For example, 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 '90s. 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 pioneer 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.
About Quicken Loans / Rocket Mortgage
Detroit-based Quicken Loans, the nation's largest home mortgage lender, enables the American Dream of homeownership and financial freedom through an obsession with client experience and digital-first technology. The company closed $145 billion dollars of mortgage volume across all 50 states in 2019. In late 2015 Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage experience. Today, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and the Rock Family of Companies employs more than 18,000 full-time team members in Detroit's urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past 10 consecutive years, 2010 -- 2019, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past six consecutive years, 2014 -- 2019.
Quicken Loans was once again named to FORTUNE magazine's "100 Best Companies to Work For" list in 2019 and has been included in the magazine's top 1/3rd of companies named to the list for the past 16 consecutive years. In addition, Essence Magazine named Quicken Loans "#1 Place to Work in the Country for African Americans."
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership.
The Black Knight MSP servicing system provides clients with a robust, scalable and cost-effective servicing process with the utmost focus on customer satisfaction and regulatory compliance. MSP helps clients manage all servicing processes -- from loan boarding and payment processing to escrow administration, default management and more – to achieve greater operational efficiency, improve risk management and provide superior service.