Product and pricing, Capital markets, Mortgage tech
Using APIs to enhance borrower relationships, support process automation, and drive efficiency goals
In previous articles, our authors have spoken to the incredible opportunity that Polly saw in the untapped capital markets category. We've mentioned that while most industry innovators had focused on POS, LOS, and loan servicing solutions, Polly anticipated the significant impact that modern, cloud-native technology could have in the digitalization of many other processes and workflows within the mortgage ecosystem. This has only been catalyzed by the pandemic and the trend looks set to continue, as the industry becomes more technology focused and forward.
APIs have quickly become a central point of attention in a lenders’ strategy as they strive to work faster, smarter, and more efficiently. This marks a seismic shift from just a few years ago, when many lacked the technical resources and/or capacity to engineer their architectures to utilize APIs.
Today, most lenders recognize that an API-first mindset is a ‘must-have’ to not only meet the expectations that borrowers demand, but also to support process automation and efficiency goals.
So, what are the benefits of adopting an API-first mindset? And what is Polly doing to equip lenders for success both now, and into the future?
Enable deeper relationships with borrowers
In an increasingly competitive landscape, one in which lenders have switched from passively obtaining borrowers to now actively seeking them out, lenders should focus on delivering a superior borrower experience. To further enable this initiative, Polly made the strategic decision toexpand and enhance its existing API portfolio.
Below are just a few key callouts relative to the borrower experience:
The Product and Pricing Engine (PPE) API enables the lender to leave a lasting impression on the borrower by presenting accurate, tailored rate offers that are unique to that individual as they are based on a variety of granular borrower- and property-based parameters. We have said it before, and we will say it again: personalization and customization are key.
Lenders can maintain full control over the borrower experience by plugging the API into their own interface, facilitating a seamless experience to the borrower and keeping their brand front and center.
Disjointed and siloed solutions no longer suffice. The most advanced API solutions enable lenders to connect to the best-of-breed mortgage technology solutions they already use across their mortgage tech stack.
Enhance process efficiencies
Now more than ever, lenders of all types and sizes must focus on streamlining processes wherever possible. We know the lock desk is a high-impact function and in the absence of automation, a lender could face incredibly complex and time-consuming workflows that could be at the risk of human error. Not to mention dominating valuable employee time. The current state of the market creates the undeniable need to identify where lenders can leverage automation to be more efficient.
Polly’s Initial Lock API is yet another complement to an already robustlock desk workflow automation suite. It integrates seamlessly with the PPE, so lenders can do more with less and easily run unique scenarios or lock in loan prices – all from one unified system.
What’s next for Polly?
We're so glad you asked! Our dedicated team of industry experts continues to innovate at a rapid pace with the underlying goal and ongoing commitment to meet our customer partners at their point of need, providing the tools they need to drive operational success. With that in mind, we will continue to expand our API portfolio even further via our modern and agile cloud-native infrastructure.
If today’s column has piqued interest and you find yourself ready to explore our API offerings, please do give us a call. We welcome the opportunity to connect and further discuss how Polly’s API library can help your organization establish valuable and trusted borrower relationships, and more.
For more information about Polly’s feature-rich solutions and the full library of APIs that are re-shaping the traditional pricing and loan delivery process, visit https://polly.io/.