Fannie Mae has launched an artificial intelligence-powered Crime Detection Unit in partnership with Palantir Technologies, a company that develops AI and machine learning tools for government and commercial use. The new platform is designed to improve Fannie Mae’s ability to detect and investigate mortgage fraud.
The Crime Detection Unit will use Palantir’s technology to analyze large volumes of financial data and identify suspicious activity. Fannie Mae executives said the system will detect fraud patterns that were previously difficult to uncover and help initiate faster investigations.
Fannie Mae, with over $4.3 trillion in assets, owns or guarantees about 25% of single-family mortgages and 20% of multifamily mortgages in the U.S. The company said the new technology is expected to reduce fraud-related losses and strengthen the security of the mortgage market.
“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.”
“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.
