Fannie Mae partners with Palantir to detect and prevent mortgage fraud using AI

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Fannie Mae’s Crime Detection Unit Will Boost Safety and Soundness and Save Millions by Preventing Future Fraud Losses in U.S. Mortgage Market
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) announced the launch today of its AI-powered Crime Detection Unit in partnership with leading AI software company Palantir. The new partnership will expand Fannie Mae’s fraud detection capabilities with leading AI-enabled financial crimes data science and investigations technology. This foundation will power Fannie Mae’s Crime Detection Unit, a new platform that the company believes will help detect and prevent mortgage fraud with speed and precision never before seen in the U.S. housing market. Fannie Mae’s Crime Detection Unit’s capabilities will save the U.S. housing market millions in future fraud losses.

Palantir designs and deploys artificial intelligence and machine learning technology used by government agencies and commercial clients. The company’s technology provides expansive monitoring for anomalous transactions, activities, and behaviors to help companies detect suspicious activity and trigger investigative action.

“No one is above the law. In partnership with Palantir, Fannie Mae’s Crime Detection Unit will increase safety and soundness by rooting out bad actors in our housing system. This cutting-edge AI technology will help us find criminals who try to defraud our system," said Fannie Mae Chairman William J. Pulte.

“By integrating this leading AI technology, we will look across millions of datasets to detect patterns that were previously undetectable,” said Priscilla Almodovar, Fannie Mae’s president and chief executive officer. “This new partnership will combat mortgage fraud, helping to safeguard the U.S. mortgage market for lenders, homebuyers, and taxpayers.”

Fannie Mae has more than $4.3 trillion in assets and plays a foundational role in the U.S. housing market. The company is the largest holder of residential mortgage debt outstanding in the country, owning or guaranteeing an estimated one in four single-family mortgages and 20 percent of multifamily mortgages in the U.S.

“This partnership with Fannie Mae will set off a revolution in how we combat mortgage fraud in this country. We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans,” said Alex Karp, co-founder and chief executive officer of Palantir Technologies.

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