Former Fannie Mae exec Bon Salle joins Polly's board

Former Fannie Mae single-family head Andrew Bon Salle has joined the board of capital markets fintech Polly weeks after the company completed its Series B capital raise.

This is the third board that Bon Salle has joined since he retired as an executive vice president at Fannie Mae. In January 2021, he joined Ann Arbor, Michigan-based Home Point Capital as its chairman days after the wholesaler filed plans for an initial public offering.

Next, Bon Salle became a director at Sagent, a mortgage servicing technology company, in April 2021. Then in February, Mr. Cooper acquired a 20% stake in Sagent in exchange for the intellectual property rights for the lender's proprietary servicing platform. Sagent has also partnered with Figure Technologies (which itself is merging with Homebridge) as part of an effort to bring blockchain to the servicing function.

Polly is a fintech that operates in the secondary market portion of the mortgage business, offering a product and pricing engine and a loan trading exchange. Its technology is now handling $4 billion in loans a month.

Cade Martin/Cade Martin Photography

The $37 million Series B funding round was led by Menlo Ventures, and other participants included Movement Mortgage and First American Financial.

"Andrew's proven leadership will be invaluable as we continue to solve legacy problems for our customers and the industry as a whole," Polly CEO Adam Carmel said in a press release. "With his passion for innovation and helping companies scale, we are confident that Andrew will help Polly make a tremendous impact in the years to come."

Bon Salle joined Fannie Mae in 1992 following a two-year stint at mortgage servicing rights brokerage Hamilton Carter Smith.

Back in 2000, Bon Salle became Fannie Mae's vice president for portfolio management. In May 2006, he was promoted to senior vice president for capital markets, lender channel.

"By breaking old habits and redefining the mortgage process through innovation and modern technology, [Polly] is able to improve the daily lives of mortgage originators and solve pain points across the product management, pricing, and loan sale and securitization journeys in a very unique and forward-thinking way," Bon Salle said.