WASHINGTON–Fannie Mae said it is launching an AI-powered Crime Detection Unit in partnership with the 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,” Fannie Mae said. “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.”
According to Fannie Mae, its Crime Detection Unit’s capabilities will save the U.S. housing market “millions” in future fraud losses.
Expansive Monitoring
Fannie Mae said 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, it added
‘No One Above the Law’
“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,” Fannie Mae Chairman William J. Pulte said in a statement.
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% of multifamily mortgages in the U.S.
