Should the current market have an impact on the adoption of technology by lenders? -HousingWire
HousingWire recently sat down with Polly CEO Adam Carmel to discuss how lenders can break old habits and redefine the mortgage process through innovation and modern, advanced technology..
HousingWire: As lenders look to diversify their product offerings amid declining volume, what are some of the key challenges coming into play on the technology side?
Adam Carmel: The intention when adding new products or channels is always to generate more revenue. The main challenges lie in the implementation and associated processes that have always been necessary for lenders to adopt new technologies. In the past, technology adoption was complicated and time-consuming, and often filled with unforeseen workflow requirements and expenses. It is not the fault of the lender. Unfortunately, this scenario is what many have been forced to accept over time as there was no other choice instead of the legacy software tools available in the industry.
At Polly, we believe this is a fundamental flaw in the way things have been done. Technology shouldn’t be a challenge or an obstacle. In fact, it should be the exact opposite. Mortgage software should be a catalyst and even more, an accelerator. We understand that lenders need to stay nimble; agility is necessary in an ever-changing market. When lenders have access to the most advanced and technically advanced software solutions, setting up new products and channels becomes much easier. Workflows become automated, speed to market is increased, and lenders can truly optimize margins and revenue from each loan.
HW: From your perspective, what impact should the current market have on lenders’ decision-making in terms of technology adoption?
THAT : Now is definitely the time to reflect and evaluate all parts of a mortgage transaction. As we move forward into 2022 and beyond, much of a mortgage company’s future will depend on its technology stack, especially LOS and PPE. Regarding these main components, it is important to know that other options exist.
Polly has completely re-engineered traditional PPE with patent-pending technology, to streamline the setup of various items throughout the loan lifecycle. Lenders can dynamically manage their pipeline and quickly identify where they want to be priced with high accuracy. This level of detail has such a big impact (probably the biggest impact outside of a sales function) on the ability to aggregate new volumes and increase revenue per loan. Legacy systems that require an abundance of spreadsheets and tree- or folder-like hierarchies are an extremely limiting factor in a lender’s ability to configure products, eligibility, and pricing on a dynamic or multidimensional basis.
Current market conditions have given lenders time to evaluate their technology. What is the most modern and complete solution available today? Which solution can truly adapt to your unique business needs, grow with your operations, and help you succeed?
HW: The pandemic has proven the industry’s need and ability to adapt quickly, but as we move forward into 2022, do you see any old habits persisting in the mortgage process?
THAT : In some cases, yes, and in other cases, no. Every mortgage lender has the underlying goal of positioning their organization to adapt quickly. That said, larger mortgage operations inevitably have a bigger budget and the bandwidth to develop granular pricing strategies or run the analytics to be more competitive. But, for those who aren’t big lenders yet, it can be incredibly difficult to adapt quickly.
We kept these differences in mind and developed an end-to-end ecosystem designed to provide unlimited flexibility and scalability. Whether it’s a community bank, a major credit union, one of the top 25 independent mortgage companies, or a mortgage broker, our system is designed to accommodate lenders of any type and of any size. Polly is the only PPE available today that offers this level of flexibility, configurability and scalability. We are invested in democratizing the mortgage market – the experience, the automation of workflows, the ability to dynamically manage and optimize margins, reporting dashboards – all of it. If your organization isn’t among the top 10 lenders in the country, you can still have the same efficiency and tools at your fingertips, allowing you to compete with these top lenders.
HW: How does Polly enable lenders to break these habits and move forward in innovative ways?
THAT : We hold lenders accountable because we understand that the power lies with the lender. Polly is committed to constant and consistent innovation. We are looking at all capital verticals and will continue to work to transform what has always been a reactive, people-dependent industry into a proactive function focused on automation and optimization.
That said, our main obsession is with our client. We really care and want the opinion and feedback of our customers. We want to partner with leading mortgage lenders to build what they want and need to meet market demands. How can we, together, re-imagine how the industry could function in a perfect state? We want to work with our customers to make this happen.
Connect with the team to Polly for more information.