Polly extended its working partnership with ICE Mortgage Technology and will incorporate its Loan Trading Exchange onto the Encompass platform.
The adjunct will streamline secondary mortgage deals by allowing lenders to automate capital market loan sales and removing the manual bid tape process. This aims to save the companies’ joint customers time while boosting sales activity. Previously, Polly’s LTE was only available through an application programming interface. Terms of the deal were not disclosed.
“We’re proud to say that no other capital markets system can currently offer this type of functionality, and we believe that this go-to-market partnership will respectively benefit each of our customer bases,” a Polly spokesperson said in a statement to NMN. “Other systems still require the seller to ensure the buyer has their bid tapes mapped. With Polly's system, there is no additional work required for the seller to maintain the format with the buyer.”
Established in 2019, the San Francisco-based Polly raised a total of $20 million across two Series A funding rounds, with the latest closing in March. ICE agreed to acquire Ellie Mae and the Encompass loan origination system from private equity firm Thoma Bravo in August 2020. This is the newest build-out for ICE which most recently obtained the electronic vault technology from DocMagic and integrated it onto Encompass in June.
“By adding our solution through Encompass, we are making it easier for lenders to have more insight and flexibility into the loan acquisition process to enable faster and more profitable trades for lenders, thereby benefiting the originator and ultimately the consumer,” Adam Carmel, Polly founder and CEO, said in a press release.
