Fannie Mae works together with Palantir to detect, prevent mortgage fraud

Now Pulte and Almodovar are employed by the company to detect and prevent fraud before a mortgage package reaches Fannie Mae.

To test Palantir’s detection possibilities, Almodovar said that Fannie Mae gave the technology of Palantir four real loan files.

“It was a mortgage case, a fraud case where someone had moored the financial statements,” she explained. “It took our truly talented researchers 60 days to detect fraud in two of these files. It cost [Palantir’s] Technology 10 seconds.

“We will be able to identify more fraud more fraud, unlike reactive … We will be able to see patterns faster,” she added. “We will be able to understand the fraud and put it in its mark. And I think this will be a deterrent for bad actors over time, because we create friction in the system if they do bad things.”

‘Fraud on scale’

‘If you manage assets from [Fannie Mae’s] Size, it is an obvious place for fraudsters to participate in what is a very serious matter for them, “said Karp.

“What most people wrongly understand about the nature of fraud terrorism is that the most damage is caused by the 1% or 2% that are professional actors, and they actually have a way to model where they can commit fraud. And it is usually where technology is breaking.”

Karp added that Palantir can search and detect fraud “in a way that also protects the underlying data and protects the privacy of the people who submit their forms.”

When asked how the mortgage fraud will work, Almodovar said that the technology of Palatir “will be trained in Fannie Mae data.” And Karp explained that Palantir will use a large language model.

“One of the great questions of the civil liberties is, the great language model with the underlying data set interacts? What would mean that people’s data are exposed to a large language model provider,” he said.

“The products that we deliver will prevent you from getting the useful side of LMS in your company. So the promise of technology is … Not only finding the fraudist, it would also increase what security or civil freedoms would be called.”

Pulte said that Palantir’s integration came from a need for technology to only find mortgage fraud – a task that the GSE’s Financial Crimes Division could not do. “The problem is often that the Division Financial Crimes is only able to root the crime that he is informed,” he explained.

“President (Donald) Trump is laser -oriented at reducing the housing costs in this country … and when people cheat the system, we must take into account the costs in mortgages,” Pulte added.

“And so, of course, the goal is if we can get rid of fraud, we not only stop with bad actors and we ensure that a 2008 (financial crisis) will never happen again – what my main responsibility is and will never happen under President Trump – but also to make sure that we are reducing the risks. And when we have fraudsters, and we have a fraud.”

Will Freddie Mac be recorded?

When asked by a public member or pulte, it was planning to include Freddie Mae In the Palantir partnership he said that he “looks at the involvement of Freddie” works as a fraud detection at Fannie Mae.

In the future, Almodovar said that Fannie Mae priority gives fraud detection for multi -family -‘s ownerships, where Pulte claims that occupancy fraud is ‘out of hand’.

Another member of the public asked whether the technology of Palantir “is a reversing effort to find fraud in existing mortgages, or future-oriented to prevent fraud in future Fannie Mae hypotheken.” Almodovar said it is future -oriented.

“Would be a slightly more technical reframe, is the predicate or not?” Said Karp. “Based and predicate means that you have an idea of ​​where to look, and non-predicate means that you have no idea where to look.

“And the current state of our product and their institution is that you can do non-forecast, but conforming civilians … what means [that] You can look at a set of mortgages as we did earlier, without any indication of where the fraud is, and still find the fraud. “

In the midst of Trump’s comments on Tuesday evening that he is planning to take Fannie and Freddie ‘public’ with an implicit government guarantee, various members of the public asked Pulte what the process will look like.

Pulte postponed Trump and added that “the president is essentially the curator of Fannie and Freddie in many ways. He is the leader.”