Polly, a software-as-service mortgage technology firm that operates a loan-trading platform, extended its Application Programming Interface (API) portfolio to better accommodate lenders amid a contracting mortgage environment.
As part of the fintech’s long-term strategy to focus on “providing innovation for lenders,” San Francisco-based Polly said it enhanced its existing APIs, including the Product and Pricing Engine (PPE) API and its Initial Lock API.
The PPE API enables the user to submit a loan request and let lenders run scenarios to get updated rates at the borrower’s point of need, the firm said.
Mortgage lenders can also maintain control over the borrower experience by plugging the API into their own interface that allows them to leverage the PPE’s capabilities.
The Initial Lock API is part of Polly’s lock desk workflow automation suite, which allows lenders to run personalized scenarios and lock in loan prices from one unified system.
“Our cloud-native infrastructure allows the lender to seamlessly adapt these APIs to meet their current business objectives and future requirements, empowering them to fully customize their offering for an 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 forecast to shrink 40% to $2.4 trillion this year compared to 2021. Polly is targeting lenders who are looking for ways to streamline borrower experience and improve communication among the parties involved in the transaction.
The firm was founded in 2019 under the premise that the mortgage industry is still reliant on “the same expensive and cumbersome process and tasks that have been in use for decades,” according to Carmel. It focuses on fostering data-driven capital markets via its cloud-based technology products and services, which include an integrated vendor platform.
The company raised about $57 million of venture capital in three rounds since its launch three years ago. In its latest January funding, it raised $37 million led by Menlo Ventures with title insurance firms First American Financial and FincVC and mortgage lender Movement Mortgage participating. At the time, the company said it plans to invest in artificial intelligence, machine learning tools and expand its client base.
Polly nearly tripled its customer count in 2021 and signed “several of the country’s 100 lenders,” the firm said when it announced January’s funding.
In May, the company announced an integration with six mortgage insurance providers to streamline the mortgage process, embedding quoting capabilities for Arch MI, Enact, Essent, MGIC, National MI and Radian to Polly’s PPE.