Quicken Loans Brings in Third-Party Mortgage Origination Tech Help

Quicken Loans is adding new loan data and analytic workflow functions to its residential mortgage origination business. To do this, the company licensed technology from Response Analytics, a Scottsdale, Ariz.-based developer of what it calls “financial services optimization” software. Quicken Loans originates mortgages across the United States through its Web-based retail platform. The company said it is the biggest online-based mortgage lender and the country’s fifth largest overall. If these facts are true, it would represent a huge jump in market share. In 2008, Quicken ranked 24 in originations by volume at $12m — or less than one percent of the market. Typically, a fifth-ranked originator will hold close to a 7 to 9 percent market share. The new operational technology comes as Quicken Loans is in the process of consolidating multiple corporate offices to a central location in downtown Detroit. The current corporate headquarters are located in the western Detroit suburb of Livonia. “The selection of our solution by Quicken Loans validates the growing recognition that the new realities of today’s markets require new solutions,” said Response Analytics CEO Brent Lippman in a press statement. “New solutions that not only utilize the investments companies have made in models, data and systems, but also weave these disparate pieces together to provide business value and speed.” The Response Analytics software interfaces with multiple data sources, models, internal systems and external fulfillment services, serving as a single platform for loan monitoring and reporting. “Response Analytics’ software will be very useful in helping us continue to evaluate our partners’ portfolios, while ensuring we continue to maintain the efficiency that has been the hallmark of Quicken Loans,” said Quicken Loans CEO Bill Emerson. Write to Austin Kilgore.