Polly partners with mortgage insurance providers to streamline service

Pollya mortgage technology-as-a-software company that operates a loan trading platform, integrated with six mortgage insurance providers to streamline the mortgage process for loan officers and mortgage lenders.

The San Francisco-based fintech will integrate the listing capabilities of Arc MI, Enact, Essential, MGIC, national IM and Radian to Polly’s product and pricing engine to streamline the process of calculating, quoting and comparing mortgage insurance offers from all providers, the company said.

Through the integration, users will receive a list of rates, premiums, and summaries of the impact of net distributable income – the maximum amount that can be distributed from a trust to a beneficiary. When a quote is selected, the user will receive documentation from the applicable mortgage insurance provider. Polly’s cloud-based product will also provide an explanation when a quote isn’t provided, along with suggestions for changing settings.

The tech company aims to provide customers with “the right tools and workflow automation to navigate an ever-changing marketplace,” Polly CEO Adam Carmel said in a statement.

“We often get feedback that legacy processes remain cumbersome and time-consuming, so we’re excited to partner with the Six Essential Mortgage Insurance Providers to streamline the mortgage insurance process for lenders and borrowers,” Carmel added. .

Mortgage trading platforms have benefited from recent historic origination volume, but rising interest rates and regulatory actions have become a threat to these platforms. the Mortgage Bankers Association expects refinancing issuance to decline by 64%, to around $840 billion, in 2022.

Some platforms should also be affected by the suspension of the 7% cap for Fannie Mae and Freddie Mac‘s buy property from investors and second home loans. When the cap was in place, electronic private-label mortgage clearinghouses with Wall Street investors took advantage. While many home loans and second home investors are expected to return to Fannie Mae and Freddie Mac’s portfolios, some companies are expected to take a hit.

Polly has raised approximately $57 million through three funding rounds since launching in 2019. Most recently, it raised $37 million in a Series B funding led by venture capital firm Menlo Ventures in January. Movement Mortgage, First American Financial and FinVC have joined existing investors 8VC, Khosla Ventures and Fifth Wall.

At the time, the company announced plans to invest in artificial intelligence, machine learning tools, and expand its customer base. Carmel said it has increased the number of customers about threefold over the past year, including some of the top 100 lenders in the country.

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