Polly expands its API portfolio as lenders seek to streamline
Polly, a software-as-a-service mortgage technology company that operates a loan trading platform, has expanded its portfolio of application programming interfaces (APIs) to better suit lenders in a contractual mortgage.
As part of the fintech’s long-term strategy to “deliver innovation to lenders”, San Francisco-based Polly said it has enhanced its existing APIs, including the Product and Pricing Engine API (PPE ) and its Initial Lock API.
The PPE API allows the user to submit a loan application and let lenders run scenarios to get updated rates at the borrower’s point of need, the company said.
Mortgage lenders can also maintain control over the borrower’s experience by connecting the API to their own interface, allowing them to leverage the capabilities of EPI.
The Initial Lock API is part of Polly’s Lock Desk Workflow Automation Suite, which allows lenders to run custom scenarios and lock loan prices from a unified system.
“Our cloud-native infrastructure allows the lender to seamlessly adapt these APIs to meet their current business goals and future requirements, allowing them to fully customize their offering for the optimal borrower experience,” said Adam Carmel. , founder and CEO of Polly.
Polly’s API extension comes amid a challenging environment for lenders, in which loan originations are expected to decline 40% to $2.4 trillion this year compared to 2021. Polly is targeting lenders seeking ways to streamline the borrower experience and improve communication between the parties involved. in the transaction.
The company was founded in 2019 on the premise that the mortgage industry still depends on “the same expensive and time-consuming process and tasks that have been used for decades,” according to Carmel. It is focused on fostering data-driven capital markets through its cloud-based technology products and services, which include an integrated vendor platform.
The company has raised approximately $57 million in venture capital in three rounds since its launch three years ago. In its last January funding, it raised $37 million led by Menlo Companies with title insurance companies First American Financial and FincVC and mortgage lender Motion Mortgage participant. At the time, the company announced plans to invest in artificial intelligence, machine learning tools, and expand its customer base.
Polly nearly tripled its client base in 2021 and signed “many of the top 100 lenders nationwide,” the company said when announcing the January funding.
In May, the company announced integration with six mortgage insurance providers to streamline the mortgage process, integrating quote capabilities for Arc MI, Enact, Essential, MGIC, national IM and Radian to Polly’s PPE.