Mortgage tech firms Mortgage Coach and Polly have teamed up on a new application programming interface (API) integration that guides borrowers through a visual representation of their loan options. The goal is to help drum up business for lenders during an extremely challenging time in the industry.
Mortgage Coach, founded in 2009 and based in California, offers an interactive borrower education platform that lets loan officers guide borrowers through a visual presentation of their loan options. Polly, a San Francisco-based fintech, is a software-as-service mortgage technology firm that operates a product and pricing engine (PPE) and loan-trading exchange.
The new API integration will feed real-time data from Polly’s cloud-based PPE into Mortgage Coach’s total cost analysis (TCA) presentation. This will enable borrowers to view accurate, side-by-side home loan comparisons, Mortgage Coach and Sales Boomerang said.
“Lenders invest significant time and money into building diverse portfolios of loan products designed to meet borrowers’ unique needs, yet those products often sit underutilized,” Mortgage Coach and Sales Boomerang Chief Lending Officer Joe Puthur said in a statement.
Puthur expects that piping Polly’s product and pricing data into Mortgage Coach TCA presentations will help lenders reach a broader customer base by offering an array of financial solutions.
Sales Boomerang and Mortgage Coach merged in June, six months after private equity firm LLR Partners invested $80 million in both firms.
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Presented by: Polly
The companies claim to have built the industry’s first borrower intelligence platform (BIP) for mortgage advisors, who can use the platform to reach out to prospective borrowers and walk them through loan comparisons. The goal is to allow prospective borrowers to compare product offerings and consider each scenario’s impact on both short-term monthly cash flow and long-term net worth.
But with the industry struggling to stay afloat, Sales Boomerang and Mortgage Coach reduced their workforce by at least 20 employees in October. Affected positions ranged from sales and project managers to software engineers and executive assistants, according to the firms’ internal documents.
Following its launch in 2019, Polly raised about $57 million from three rounds of funding. In January, the firm raised $37 million in Series B funding, led by venture capital firm Menlo Ventures. Movement Mortgage, First American Financial and FinVC joined existing investors 8VC, Khosla Ventures and Fifth Wall.
As part of its efforts to navigate the downmarket, the SaaS firm teamed up with mortgage insurance providers, including Arch MI, Enact and National MI, to streamline the mortgage process of calculating, quoting and comparing mortgage insurance offerings.