2023 visionaries are now investing in mortgage technology

If you work in the mortgage industry, the challenges of the current housing market may come to mind. With interest rates rising and housing inventory declining, the industry as a whole wonders when the light will shine at the end of the tunnel. Despite less encouraging statistics and data, the housing market downturn doesn’t have to be pessimistic.

In fact, visionaries are seeing the bright side of the slowdown in the housing market and are using this time to prepare for when the housing market heats up again.

So if now is the time to prepare for the future of the industry, the real question is:

weather the storm and rise to the top

Industry experts have differing opinions on when the tide will turn in the housing market. Some are optimistic, others believe it could get worse before it gets better. Mortgage rates haven’t peaked yet And by 2023, a possible recession awaits. With no definitive answer, mortgage professionals must strategize now while preparing to tackle the future.

Polly founder and CEO Adam Carmel explains: “Those who survive this prove they can survive a liquidity event.”

Coming out on the other side of the storm definitely enhances a mortgage company’s reputation. But staying afloat when the market is turbulent is not the same as being on top when the market turns. We want to build a better business with the tools we need to keep up with.

“To compete and win most effectively, you need world-class people, world-class software, and world-class processes. Normally, world-class people want world-class software, right? Software that makes us more efficient, enables and empowers us,” Carmel said.

Before you can attract top talent, you need to invest in cutting-edge software. With so many technology companies introducing new mortgage tech solutions, choosing the right partner can make all the difference and now is the time for long-term, strategic partnerships. .

Strategic mortgage technology investment

Poorly prepared for the future can be detrimental to mortgage lenders. As new technology solutions and innovative software transform the mortgage process, lenders must leverage industry expertise and invest in solutions that pay off in the long term.

“If companies can offer their customers innovations built using data science, machine learning, or to some degree AI, they will be able to respond much more precisely and precisely, which will help unit economics. ,” explains Carmel.

Technology has shown some silver lining in today’s turbulent mortgage market. With business slowing down, lenders can take time to reflect and identify bottlenecks that are holding them back. “I think what is encouraging for lenders, banks and credit unions is that a new group of software companies in different categories will emerge, ultimately helping these lenders bring down their origination costs.”

Reducing overall costs is critical for both lenders and end-borrowers. But improved workflows and data-backed insights don’t just cut costs. From reducing cycle times to targeting homebuyers as they enter the market, lenders can streamline their approach at each point in the process.

However, not all tech companies have the necessary experience and expertise to actually overhaul an outdated mortgage pipeline. Choosing the right technology partner is critical to sustaining your business today and growing it into the future.

Partnering with Polly

Polly is firmly positioned as a mortgage tech company ready to face the future of the housing market. Polly’s seasoned team of veterans has a proven track record of success in the SaaS space, and keeping pace with the cyclical market requires a technology solution that is flexible and scalable to adjust with the ups and downs of the mortgage industry. I understand. .

“Polly’s solution has helped alleviate many of the industry’s current pain points, and ultimately the market has decided it,” says Carmel. “We have demonstrated through our results that a huge number of workflows can be automated, for example within the realm of product and pricing engines. and Polly could be a beacon of light for them.”

In addition to being a leader on the forefront of technology, Polly prides itself on our unwavering commitment to our customer partners. With collaboration at its core, Polly considers their feedback deeply and thoughtfully, releasing a host of new innovations that quickly solve lenders’ toughest pain points, setting Polly apart from other traditional solutions. I’m here.

“Our product change capability is just one example,” concludes Carmel. “We create constant and consistent innovation that evolves with our lenders even in the most challenging environments.” Thanks to the infrastructure on which Polly’s solutions are built, rapid action in today’s market allows If it creates unparalleled capabilities with rapid deployment and zero downtime, we can only imagine what else is possible.

With Polly’s cloud-native, high-performance product and pricing engine (PPE), lenders feel empowered by software that truly works. The ability to easily configure rules, manage ultra-detailed margin strategies, and distribute unique pricing across all channels gives you a competitive advantage that allows you to grow with new demand.

When the mortgage industry shines a light on the end of the tunnel, lenders investing internally will be better equipped to meet surging demand and maintain a capable team. Polly has both the solutions and the mission to take your business to new heights when the market starts to shift.

To learn more about how Polly delivers solutions for future success, visit polly.io.

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