Mortgage capital markets tech firm Polly announced on Tuesday that it has launched “Polly/AI,” which integrates artificial intelligence (AI) technology into the newest version of its product and pricing engine (PPE) and includes a “co-pilot” for loan officers that will “process, interpret, and recommend a range of outcome-driven results.”
The PPE system is native to the cloud and is described by the company as “commercially scalable” through a series of customizable options. The new Polly/AI offering is currently in closed beta testing among users at some of the nation’s largest mortgage lenders, according to the company, which includes New American Funding and Movement Mortgage.
Polly listed several highlights of the new product and the AI copilot, including explanations for why a specific borrower is ineligible for a certain product and actions they might be able to take to change that status; and a detailed examination of “near-miss” eligibility and loan-level pricing adjustments (LLPAs).
Other highlights include directly requesting a “best-fit” product for an applicant drawn from the PPE using conversational language, as well as using the same natural language functionality to streamline associated workflows, the company explained.
Kristin Ankeny Bickenbach, executive vice president of secondary marketing at New American Funding, said in a news release that the AI functionality makes a difference in her company’s interactions with Polly’s pricing engine. She expects the AI platform to “deliver incredible ROI and value to New American Funding.”
Lyra Waggoner, chief information officer at Movement Mortgage, noted that the LO co-pilot allows the company’s loan officer corps to reduce administrative work and find optimal products for clients. Waggoner added that she is intrigued to see how the AI-based tools can impact Movement “from origination through capital markets.”
Polly founder and CEO Adam Carmel said that the company is in “constant communication with leading AI companies” as it determines the best applications for the burgeoning AI sector in the mortgage industry.
“We are thrilled to provide LOs another advancement that will transform how they do business and accelerate their wins,” Carmel said. “We recognize the limitless possibilities of AI to transform our industry for the better, and are committed to delivering the innovations that drive value and ROI for mortgage lenders and borrowers alike.”
The company’s products are all “compliant with the internationally recognized auditing standard of System and Organization Controls (SOC) for Service Organizations designed by the American Institute of Certified Public Accountants (AICPA),” the news release stated.
The announcement of the AI functionality improvements follows a series of other announcements made by Polly in March. This includes a partnership with CoreLogic on advanced programming interface (API) integration that is designed to “streamline” digital mortgage processes, as well as the launch of its Lender Intelligence platform.
