As we near the end of another incredible year, I am reflecting on Polly's mission, our vision, and what we have been able to achieve in collaboration with our customer partners. When Polly was founded in 2019, it was clear then—and even more so now—that legacy technology was doing the mortgage industry a disservice. The average cost to originate a loan has increased over 500% in the last 20+ years, and yet, the mortgage industry was burdened by the same antiquated capital markets software. I thought to myself: "I love this industry; it is the bedrock of the American economy. I don't know if the capital markets space can be disrupted, but Polly is going to try. Someone has to, because it can't go on like this. Our industry deserves better."

Leading industry transformation is not easy. Polly certainly had our fair share of growing pains in 2023 and early 2024. Yet, we emerged from that maturation process even stronger, faster, and more focused. I want to begin by acknowledging my phenomenal team; our people and culture are what I am most proud of. Day in and day out, this team demonstrates an unwavering commitment to our customer partners' success and happiness, and is deeply focused on driving meaningful ROI and value. We are intentional, we are intense, and we are devoted. We are not only disrupting the status quo, but we are also reimagining the industry's capital markets infrastructure entirely. Polly's relentless passion to be the change agent in the mortgage industry will continue to push boundaries, drive improved profitability for our customer partners, and deliver a revolutionary loan officer and consumer experience.

2024 marked Polly's best year yet. Here are just a few highlights:

• Polly experienced strong growth across every dimension of the business, and we are just getting started. We are grateful to have welcomed a record-setting number of new customer partners, grew lock volume by more than 150%, and added 40+ new team members.
  
  
• As a result of our humbling growth, we took the opportunity to raise the bar, both in our products and in our customer support/success programs. Polly's product and engineering teams had a prolific year across the board, deploying thousands of new features and further extending our competitive moat over the antiquated, legacy pricing technologies of the past. We also continued to invest in our operations team to further support our customer partners. Polly's customer centricity, bolstered by our white-glove service, remains unmatched. Internally, we are firing on all cylinders, and our team's pride in what has been achieved is palpable.
  
  
• We launched the revolutionary Polly/™ AI platform, further solidifying Polly's authority as the leader in mortgage capital markets technology and artificial intelligence. Polly/™ AI has been instrumental in increasing conversion rates and volume, automating workflows, and facilitating differentiation for loan officers and mortgage brokers amid an increasingly competitive market environment. And our pace of innovation in AI only continues.
  
  
• Polly's momentum and demonstrated market leadership culminated in an additional $25 million in funding to further accelerate growth and continued innovation. We are doubling down on our commitments to our customer partners and innovation, and we are energized by what's to come in 2025.

Since 2019, our vision has been to reimagine and entirely transform the mortgage capital markets vertical. In 2025, that vision will become even more of a reality.

Here's what you can expect from Polly in the New Year:

• We will continue to pioneer the most cutting-edge features and functionality across all platform products, further setting us apart.
• We will continue to innovate and build. In fact, our engineers are already hard at work on Polly's next product (or two!).
• We remain uniquely positioned to continue leading the charge in disruptive AI capabilities, delivering even greater profitability, meaningful time savings, and much more. Stay tuned for more announcements on this front!
• We will continue to hire aggressively and grow our team, further investing in our products and service for our valued customer partners.
• Our unwavering and unique passion, dedication, and commitment to our customer partners' success is paramount. This is at the center of all that we do and will be further demonstrated in 2025.

This is a movement. A movement of change. A movement of saying 'Good enough is no longer good enough.' This is a movement against the status quo; a movement to be a part of the future and not stuck in the past.

Here at Polly, we are more ambitious and committed today than ever before. Building on this year's many successes, we will continue to push the boundaries of what is possible in mortgage technology, to redefine the standards of tomorrow, and to shape a better future for our industry. We will innovate with intention and without compromise.

As 2024 comes to a close, I want to extend my heartfelt gratitude to our dedicated team members and customer partners. You are the foundation of this year's achievements and the many to come. Thank you for an incredible year, and here is to an even bigger 2025. Happy holidays!

Adam Carmel
Founder and CEO