Black Knight buys a piece of Quicken Loans award-winning mortgage servicing software
Customer satisfaction is at the core of mortgages. In an industry as competitive as housing, that should come as no surprise.
And it certainly applies to mortgage servicers, who find themselves in a rare position of the consumer finance marketplace.
According to a survey conducted by J.D. Power last year, the nation’s mortgage servicers have some of the lowest customer satisfaction scores of any industry group studied by the organization.
The survey, which drew on the responses of more than 7,000 customers who took out a mortgage or refinanced more than 12 years ago, claims servicers have a real trust problem with their clients, and a lot of it is attributed to their lack of digital offerings.
Of the survey’s respondents, 70% said they do not have complete trust in their servicer.
“This phenomenon spotlights the unique communications and customer experience challenges mortgage servicers still need to address with transferred customers,” the company said in a statement.
Quicken Loans, which was named as the survey’s highest-ranked mortgage servicer for the sixth consecutive year, is addressing these discrepancies head-on with the implementation of technology.
And now it’s sharing the wealth.
This week, the company announced it extended its contract with Black Knight to continue using the company’s MSP servicing system. Quicken Loans also plans to add more Black Knight solutions to its roster.
But even beyond, the partnership between the companies is expanding as Black Knight said that it purchased Quicken Loans “Cyclops” mortgage servicing customer relationship management software.
Specifically, Black Knight purchased the source code for Quicken Loans “Cyclops” CRM software, which it plans to integrate into its own servicing software and expand its offerings.
“The Cyclops software provides a number of tools Quicken Loans uses to meet the needs of today’s mortgage consumers,” Black Knight said in a statement. “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.”
Once integrated into Black Knight’s offerings, the “Cyclops” software allow Black Knight to provide “highly personalized information about loans, homes and neighborhoods.”
One example the company provides: “By accessing the home’s value, a customer service professional can present refinance and home equity opportunities to borrowers.”
According to the companies, the new software will provide consumers with a tailored experience, therefore enhancing the overall lending process.
Quicken Loans developed the Cyclops software in 2016, and touts the acquistion as a sign of the company’s technological muscle.
“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.”
Anthony Jabbour, CEO of Black Knight, said his company share’s Quicken’s mission to enhance customer satisfaction.
“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,” said Jabbour. “Quicken Loans has been a long-time client, and we are excited to broaden our relationship with them.”
According to the companies, Quicken Loans will be among the initial clients to use Black Knight’s customer service solution.
Financial terms of the deal were not disclosed.
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