In a move which the companies said expanded their partnership, Black Knight has bought servicing customer relationship management software which Quicken Loans had developed in-house.
The software source code, dubbed Cyclops, provides a number of tools Quicken Loans uses to meet the needs of mortgage consumers. The 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, the companies said.
In addition, Quicken extended its contract for Black Knight’s MSP servicing system and will add multiple Black Knight solutions.
“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,” Black Knight CEO Anthony Jabbour said in a release. “Quicken Loans has been a long-time client, and we are excited to broaden our relationship with them.”
Quicken Loans developed the Cyclops software in 2016 from the heart of downtown Detroit. It will be among the initial clients to use Black Knight’s customer service solution. The financial terms of the deal were not disclosed.
“After decades of disruption, this acquisition is further proof of our technology team’s power and innovation,” Quicken Loans CEO Jay Farner said in the release. “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, the 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.
The 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.