Mortgage coach and Polly team up in a rapidly shrinking industry

Mortgage Tech Company mortgage coach When Polly has teamed up with a new application programming interface (API) integration that guides borrowers through visual representations of loan options. The goal is to strengthen the lender’s business during a very difficult time in the industry.

Founded in 2009 and based in California, Mortgage Coach Interactive Borrower Education Platform This allows loan officers to guide borrowers by visually presenting loan options. Polly, a San Francisco-based fintech company, is a software-as-a-service his mortgage technology company that operates a product and pricing engine (PPE) and a loan exchange.

A new API integration feeds real-time data from Polly’s cloud-based PPE into Mortgage Coach’s Total Cost Analysis (TCA) presentation. This will allow borrowers to accurately compare mortgages side-by-side, said Mortgage Coach and Sales Boomerang.

“Lenders invest significant time and money in building a diverse portfolio of loan products designed to meet the unique needs of borrowers, but these products are underutilized. often,” said Joe Puthur, mortgage coach and chief lending officer at Sales Boomerang, in a statement.

Puthur hopes that piping Polly’s product and pricing data into the Mortgage Coach TCA presentation will help lenders reach a wider customer base by offering a suite of financial solutions.

Sales Boomerang and Mortgage Coach merged in June, six months after being a private equity firm. LLR Partners Invested $80 million in both companies.

The companies claim to have built the industry’s first Borrower Intelligence Platform (BIP) for mortgage advisors. You can use this platform to reach out to prospective borrowers and conduct loan comparisons. The goal is to enable prospective borrowers to compare product offerings and consider the impact of each scenario on both short-term monthly cash flow and long-term net worth.

But as the industry struggles to survive, Sales Boomerang and Mortgage Coach have cut headcount. by at least 20 employees in October. The positions affected range from sales and project managers to software engineers and executive assistants to him, according to internal company documents.

Following its 2019 launch, Polly Raised approximately $57 million From 3 rounds of funding. In January, his venture capital firm raised $37 million in Series B funding led by Menlo Ventures. Movement Mortgage, First American Financial and FinVC join existing investors 8VC, Khosla Ventures and Fifth Wall.

As part of an effort to navigate the down market, SaaS companies Partner with a mortgage insurance providerinclude Arch MI, enact When National MI, Streamline the mortgage process of calculating, quoting and comparing mortgage insurance products.

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