Fannie Mae has announced a partnership with Palantir to establish an AI-powered Crime Detection Unit aimed at combating mortgage fraud. This collaboration is expected to utilize Palantir's advanced AI technology, enabling quicker detection of fraudulent activities within mortgage paperwork. Fannie Mae's CEO, Priscilla Almodovar, emphasized that the new system could identify fraud in mere seconds, a stark contrast to the traditional, slower methods. The initiative is set to potentially save the US housing market millions in future losses, marking a proactive shift in Fannie Mae's approach to fraud detection.
By integrating this leading AI technology, we will look across millions of datasets to detect patterns that were previously undetectable, said Fannie Mae CEO Priscilla Almodovar.
Fannie Mae's prior fraud posture was reactive - it was only able to identify financial crimes if it was clued into an issue, noted Almodovar at the press conference.
An exercise using the Palantir tech was able to identify fraud in as little as 10 seconds, while human auditors could take months to find flaws.
Fannie Mae's partnership with Palantir aims to save the US housing market millions in future fraud losses, marking a significant advancement in mortgage fraud detection.
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