Mortgage coach, Polly teams up amid a rapidly declining industry

Mortgage technology companies Mortgage Advisor and Polly have partnered on a new application programming interface (API) integration that guides borrowers through a visual representation of their loan options. The goal is to help drive business for lenders during an extremely difficult time in the industry.

Mortgage Coach, founded in 2009 and based in California, offers a interactive borrower education platform which allows loan officers to guide borrowers through a visual presentation of their loan options. San Francisco-based fintech Polly is a software-as-a-service mortgage technology company 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 EPI into Mortgage Coach’s Total Cost Analysis (TCA) presentation. This will allow borrowers to see accurate, side-by-side home loan comparisons, Mortgage Coach and Sales Boomerang said.

“Lenders invest a great deal of time and money in creating diverse portfolios of loan products designed to meet the unique needs of borrowers, but these products are often underused,” said Joe Puthur, Mortgage Advisor and Director of Boomerang Loans, in a statement.

Puthur expects Polly’s product and pricing data in Mortgage Coach TCA presentations will help lenders reach a wider customer base by offering a range of financial solutions.

Sales Boomerang and Mortgage Coach merged in June, six months after the private equity firm LLR Partners invested $80 million in the two companies.

The companies claim to have built the industry’s first Borrower Intelligence Platform (BIP) for mortgage advisers, who can use the platform to contact potential borrowers and guide them through loan comparisons. The goal is to allow potential borrowers to compare product offerings and examine the impact of each scenario on short-term monthly cash flow and long-term net worth.

But with the industry struggling to stay afloat, Sales Boomerang and Mortgage Coach have downsized by at least 20 employees in October. According to the companies’ internal documents, the affected positions ranged from sales managers and project managers to software engineers and executive assistants.

After its launch in 2019, Polly raised approximately $57 million three rounds of funding. In January, the company raised $37 million in Series B funding, led by venture capital firm Menlo Ventures. Movement Mortgage, First American Financial and FinVC have joined existing investors 8VC, Khosla Ventures and Fifth Wall.

As part of its effort to navigate the bottom of the market, the SaaS company teams up with mortgage insurersincluding Arc MI, Enact and national IM, to streamline the mortgage process of calculating, quoting and comparing mortgage insurance offers.

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