Winner: Revenue greater than $1 billion
- CIO, Quicken Loans Inc., Detroit
- Problem solved with technology: Rapidly expanding loan origination system capacity to handle new business
Over the past year and a half, Quicken Loans Inc. forged new business relationships like becoming the home loan provider of Charles Schwab Bank.
The new business channels added nearly 30 percent to Quicken’s closed loan volume in 2012 and were made possible by technology, including a 200 percent increase in Quicken’s loan origination system’s capacity, completed in 45 days.
As CIO, Linglong He, 48, sees the big picture of the importance of technology on business outcome, particularly to a company like Quicken Loans. And it’s a vision and message she said she has passed to her more than 1,000-member technology team.
“They’re thinking, what’s the impact … when first starting on the project,” He said. “Technology really has to stay ahead of the curve, to drive the business and move forward.”
Quicken Loans has also moved full-scale into mortgage servicing and to accommodate that increase in business. He’s team created a custom internal platform called EPIC to further streamline and automate mortgage servicing work flow, tasks and processing.
The company revamped its mortgage servicing website and built in new elements, including an online payment center that features loan details, payment history and paperless statements. The site’s design was improved to make it easier for clients to access their mortgage payments through smartphones and tablets.
Proprietary loan origination technology — which enables Quicken to close a majority of its loans in 30 days or less, compared with an industry average of 60-90 days — recently found a new business advantage. Quicken licensed the technology in early 2013 to J.P. Morgan Chase & Co. and now, He said, “they use our technology for their business.”
On He’s technology team, staffing has kept pace with rapid corporate growth, including some 100-120 new hires so far this year.
Focus on corporate culture and innovation includes a program He spearheaded called Bullet Time. It’s a weekly four-hour period in which technology team members can work on any personal project or idea they want, including those outside the company.
The program has yielded staff-developed technologies that He sees as benefiting technology team members and the business overall, including a mobile application that enables all Quicken employees to track shuttle routes and arrival times where they park.