At the end of each year, I always take time to reflect on Polly's founding vision, our mission, and most importantly, the profound impact we have achieved alongside our customer partners. 2025 was another record-setting year of shared success. The measurable impact we deliver has proven pivotal for our customer partners, fundamentally elevating the industry to a new plane of efficiency and cementing Polly's position as the trusted transformation agent for the capital markets space.

While we hustle to move the industry forward, legacy vendors continue their decades-long cycle: saddling the industry with rising costs and margin erosion, both from antiquated systems and increased contract fees. We have these conversations daily; lenders have been conditioned to operate within the confines of rigid, archaic systems, and to accept incrementalism (at best). "Good enough" is not good enough–and the industry now recognizes that incrementalism is no longer the only option. Meaningful change and true innovation are what will drive our industry forward, even if that comes with an adoption curve.

Polly is the capital markets vanguard, reinventing the entire infrastructure.

From the largest and most sophisticated operations to the emerging mortgage banker, leading banks, IMBs, and credit unions continue to partner with Polly at a record pace, driving their costs down, maximizing margins, and creating a revolutionary experience for their sales teams. It is truly humbling to have the opportunity to listen, learn, collaborate, and effect change for these market leaders.

2025 marked Polly's awakening, and we've been hard at work preparing for the next chapter of our vision.

• We continue to see strong momentum across the business. Polly's market share has grown substantially, with lock volume and the number of lenders utilizing our platform more than doubling. We welcomed another 25 team members, largely part of our R&D and customer success teams.
  
  
• We are experiencing the flywheel of mutual success. The more successful Polly's customer partners are, the more it opens the door to new opportunities, which then enables us to invest even more into our existing products and customer organization. Polly made major investments in our business this year–and will continue to do so in 2026.
  
  
• Polly introduced new products and made major commitments to new product frontiers. Our team is constantly pushing the boundaries of what is possible, re-imagining how to drive stronger profitability, and automate every possible workflow. We introduced two new products in 2025 which drove tremendous customer satisfaction and growth.
  
  
• Our Gen AI advancements pioneered eligibility and pricing discovery. Polly/™ AI established the foundation for mortgage AI, delivering instant, definitive clarification on ineligible products, optimal pricing, and complex borrower scenarios. This unparalleled intelligence transforms confusion into immediate execution, positioning Polly's customers to transact with greater speed and authority. We continue to expand our AI suite, with significant advancements slated for introduction in 2026.

When Polly was founded in 2019, our vision was nothing short of enormous—and it has only grown. While we have realized a substantial part of that vision to date, 2026 will mark another inflection point. We are poised to take a massive step forward in the complete transformation that Polly is building.

The successful execution of our vision is possible because of the talent, focus, and commitment of our incredible team. Every day, we show up focused on our customer partners' success: to build the competitive advantage that creates and delivers significant value. Our team's commitment is unwavering, and their passion for the customer is consistently on full display.

In the New Year, Polly will continue to lead the market in enterprise innovation and Generative AI. We will go even deeper into AI and our customer partners will see exponential ROI through these innovations. We are preparing to introduce the industry to major product advancements that will round out our long-term vision. And to support this continued growth, we are more than doubling our implementation, support, and customer success teams, underscoring our commitment to a world-class customer experience.

The last couple of years have set the stage for what will come in the next 12-18 months.

Polly embraces the challenge of pioneering true transformation within mortgage capital markets, and we understand the importance and responsibility that comes with leading this movement. As the mortgage landscape undergoes a monumental technological shift, Polly is proud to not merely participate in this change, but to engineer it. From our commitment to redefining the bar to our relentless progression in Generative AI, we have brought an unshakeable—and undeniable—transformation to the table.

We will continue to push every boundary, to imagine new possibilities, and shape a better future for our industry. As I have said in the past: "We will innovate with intention and without compromise."

I want to thank our dedicated team members, customer partners, and technology partners. Polly exists because of you and it is your partnership that motivates us, and me, every single day.

Thank you for an unbelievable 2025.

Happy holidays, and cheers to an even bigger 2026!

Adam Carmel
Founder and CEO