This site runs best with JavaScript enabled

Polly Introduces New Product Change Function to Further Streamline and Automate Lock Desk Processes

July 26, 2022

Polly, a leading provider of innovative SaaS technology for the mortgage capital markets space, just announced a new post‑lock product change function to its already robust lock desk workflow automation suite. The lock desk is a high‑impact function for many mortgage lenders. It is for that reason that Polly launched its modern Product and Pricing Engine (PPE) with embedded and flexible automation, including locks, lock extensions, re‑locks, re‑prices, price exceptions, float downs, and more — that can align with any pricing policy and significantly improve both lender and process efficiencies. However, the dynamic lending environment of today has surfaced a new common necessity within a lender's workflow: the need to change a product due to borrower or property eligibility. Via its cloud‑native, high‑performance infrastructure, Polly has introduced a new, first‑of‑its‑kind product change function that delivers granular post‑lock transparency and the ability to take action, modifying product type and term combination(s) to another as needed, be it historical pricing, worse case, or current market.
By adding this function to its existing automation‑enabled lock desk workflows, Polly has further streamlined processes for the lock desk, secondary marketing and capital market teams, and loan officers alike. For lock desk users, automation provides a better overall experience as it is designed to eliminate error and promote precision and accuracy at a time when margin compression is vital. Similarly, automation grants lenders and loan officers a competitive advantage by increasing their efficacy and enabling them to focus on providing an optimal borrower experience. Product change automation is also extremely useful for lenders with numerous products, as it makes it easy to categorize and display specific relationships, calculate pricing, and more.
"At Polly, we are acutely aware of how complex and time‑consuming lock desk workflows can be. The product change function has historically gone unautomated; it's a long and tedious process that leaves significant room for error," explained Adam Carmel, Founder and CEO of Polly. "With this latest innovation, we aim to help lenders eliminate even more of those manual lock desk processes to further streamline operations across the board. As a result, lenders can focus on their margins and internal strategies, and deliver the best overall experience for the borrower — all of which are crucial to standing apart from competition in today's market."