Latest news with #PriscillaAlmodovar
Yahoo
29-05-2025
- Business
- Yahoo
Fannie Mae, FHFA, and Palantir Join Forces to Combat Mortgage Fraud—FundingShield Supports This Initiative With Its Proven, Real-Time Solutions
NEWPORT BEACH, Calif., May 29, 2025--(BUSINESS WIRE)--In a major step toward protecting the integrity of the U.S. housing finance system, Fannie Mae CEO Priscilla Almodovar, FHFA Director Bill Pulte, and Palantir Technologies CEO Alex Karp have joined forces in a coordinated initiative to combat mortgage fraud across the homebuying process. This effort reflects a broader industry commitment to strengthening fraud prevention and financial integrity Public and private stakeholders—including Fannie Mae, FHFA, and Palantir—are leveraging technology and data-driven insights to detect fraudulent activity more effectively. This policy initiative, initiated by President Donald J. Trump and led by Bill Pulte, brings government and industry leaders together to strengthen protections for homebuyers and financial institutions, fostering a more secure and transparent lending environment. FundingShield, the leader in transaction-level fraud prevention and real-time risk management, welcomes this industry-wide push for greater security in mortgage transactions. Having safeguarded over $4 trillion in closings, FundingShield brings extensive expertise and trusted technology to the fight against mortgage fraud, wire fraud, and title fraud. "Fraud in mortgage transactions can appear at multiple stages—from loan applications to closing, and even post-funding. It's a systemic issue that requires proactive monitoring and remediation," said Ike Suri, Chairman and CEO of FundingShield. "Our embedded, real-time technology doesn't just identify fraud—it remediates it, helping transactions close securely and efficiently so homebuyers and lenders can move forward with confidence." FundingShield's suite of API-enabled tools is fully integrated with key industry partners, including ICE Mortgage Technology, SitusAMC, Mastercard, and Tata Consultancy Services (TCS). These integrations allow for secure, streamlined, and scalable fraud prevention solutions that reduce operational costs and translates to tangible ROI while improving efficiency—ultimately benefitting homebuyers, Sellers, Lenders, Title companies and investors. With a firm commitment to risk management, regulatory compliance, fraud prevention and remediation, FundingShield continues to set the standard for secure and verified mortgage transactions for clients. By providing and leveraging our proprietary decision ready data, advanced machine learning, and deep industry connectivity, FundingShield remains a trusted partner in ensuring safe and reliable home financing. About FundingShield FundingShield is a leading provider of wire and title fraud prevention, transaction-level risk management, and real-time decision ready fraud detection and remediation. As the only MISMO-certified firm offering transaction-level fraud prevention, FundingShield leverages live source verified data, and machine learning to enhance security and compliance across the mortgage industry. With a proven track record of safeguarding over $4 trillion in closings and processing over $70 billion in monthly transactions, FundingShield's scalable, API-driven solutions help lenders, investors, and asset managers reduce costs, mitigate risk, and ensure seamless mortgage transactions. View source version on Contacts Media Inquiries and to learn more about our firm:FundingShield+1 949-706-7888Info@ Visit us on social media:LinkedIn Facebook Twitter Sign in to access your portfolio
UPI
28-05-2025
- Business
- UPI
Fannie Mae joins Palantir to launch AI-run mortgage fraud unit
May 28 (UPI) -- Financial giant Fannie Mae said Wednesday it will launch its AI-powered unit to detect and prevent mortgage fraud in a partnership with AI software company Palantir. "By integrating this leading AI technology, we will look across millions of datasets to detect patterns that were previously undetectable," said Fannie Mae's president and chief executive officer Priscilla Almodovar. Fannie Mae, which holds more than $4 trillion in U.S. housing market assets, is the nation's single largest holder of outstanding residential mortgage debt. The launch of its new artificial intelligence-powered crime detection unit with Palantir seeks to expand Fannie's ability to sniff out fraud with "leading" scientific and investigative AI-enabled tech. The Washington-based Fannie Mae says its new capability will prevent and detect fraudulent activity with a "speed and precision" that, according to the company, has "never before" been seen designed to save millions of dollars in future financial losses to fraud in the U.S. housing market. "This new partnership will combat mortgage fraud, helping to safeguard the U.S. mortgage market for lenders, homebuyers and taxpayers," Fannie's Almodovar continued. Fannie Mae, which likewise owns or guarantees roughly one in four single-family mortgages and about 20% of America's multifamily mortgages, says Palantir's technology will provide "expansive" monitoring for anomalous transactions, activities and other digital behaviors. According to Fannie officials, it will not only detect suspicious activity but ultimately will "trigger investigative action." "No one is above the law," Fannie Mae Chairman William Pulte said in a statement. Palantir was one of eight major tech firms to sign on to then-President Joe Biden's voluntary commitment in 2023 aimed to ensure AI tech is utilized responsibly. On Wednesday, its top official said the Fannie Mae partnership will set off "a revolution in how we combat mortgage fraud" in the United States. "We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans," says Alex Karp, co-founder and CEO of Palantir Technologies.
Yahoo
28-05-2025
- Business
- Yahoo
Fannie Mae Launches AI Fraud Detection Technology Partnership with Palantir
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, May 28, 2025 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) 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. This release includes forward-looking statements, including statements about Fannie Mae's and Palantir's plans and expectations with respect to the Crime Detection Unit and the impact of the Crime Detection Unit on Fannie Mae's business and financial results, and on the U.S. housing market. Actual results and events may turn out to be very different from these statements. Factors that may lead to different results and events are discussed in "Forward-Looking Statements" and elsewhere in the company's quarterly report on Form 10-Q for the quarter ended March 31, 2025, and in "Risk Factors," "Forward-Looking Statements" and elsewhere in the company's Form 10-K for the year ended December 31, 2024. The company's forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under the federal securities laws. Follow Fannie Fannie Mae Newsroomhttps:// Fannie Mae Resource Center:1-800-2FANNIE (800-232-6643) View original content to download multimedia: SOURCE Fannie Mae Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
Q1 2025 Federal National Mortgage Association Earnings Call
Pete Bakel; Director of External Communications; Federal National Mortgage Association William Pulte; Chairman of the Board; Federal National Mortgage Association Priscilla Almodovar; Chief Executive Officer, Director; Federal National Mortgage Association Chryssa Halley; Chief Financial Officer, Executive Vice President; Federal National Mortgage Association Operator Good day, and welcome to the Fannie Mae first-quarter 2025 financial results conference call. At this time, I will now turn it over to your host, Pete Bakel, Fannie Mae's Director of External Communications. Pete Bakel Hello, and thank you all for joining today's conference call to discuss Fannie Mae's first-quarter 2025 financial results. Please note this call includes forward-looking statements, including statements about Fannie Mae's and the Director of the US Federal Housing, FHFA's expectations related to economic and housing market conditions, the future performance of the company's book of business, the company's future financial performance, and the company's business plans and their impact. Future events may turn out to be very different from these statements. The forward-looking statements section in the company's first-quarter 2025 Form 10-Q filed today and in the company's 2024 Form 10-K filed on February 14, 2025, describe factors that may lead to different results. A recording of this call may be posted on the company's website. We ask that you do not record this call for public broadcast and that you do not publish any full transcript. I'd now like to turn the call over to Director of the US Federal Housing, FHFA, and Chairman of the Fannie Mae Board of Directors, William J. Pulte; Fannie Mae President and Chief Executive Officer, Priscilla Almodovar; our Fannie Mae Chief Financial Officer, Chryssa C. Halley. William Pulte Thank you. Our current focus at Fannie Mae is on operational efficiency and ensuring that Fannie Mae is a world-class operator. While assets are significant, there remains great opportunity to trim fat, turn the business around, generate more earnings, and do so all while ensuring safety and soundness. A profitable Fannie Mae, one with a strong balance sheet and strong capital focused on delighting customers, means a safe and sound US mortgage market. The operational improvements we are driving at Fannie Mae will turn around the company, and we will make Fannie Mae a great American icon once again. Priscilla Almodovar Thank you, Director Pulte. And welcome, all. Thank you for joining us today. We delivered solid results this quarter as we continued our focus on providing liquidity and stability to the nation's housing market. I will start with an overview of the housing environment, then share our financial results and mission performance highlights. After that, our Chief Financial Officer, Chris, Chryssa Halley, will discuss our financial results in more detail. First, the housing environment. The 30-year fixed rate mortgage rate averaged 6.8% during the quarter, slightly up from 6.6% in the last quarter. Total annualized home sales rose slightly to an estimated 4.8 million units in the first quarter, though remained well below the levels seen pre-COVID. Affordability challenges and lock-in effect remain persistent headwinds. High home prices continue to be the primary second point of buyers. Nationally, home prices increased 5.2% for the 12 months ended March 31. Single-Family mortgage market originations were an estimated $378 billion, a 16% increase from the first quarter of 2024. In Multifamily, the national vacancy rate 6% as of March 31, unchanged year-on-year. Rents went up by 0.3% in the first quarter of 2025, and up 1% from a year ago. While Multifamily property values remain down from the peak, they have shown some initial signs of stabilizing. Now, let's dive into our first quarter financial results. We earned $7.1 billion in net revenue and $3.7 billion and net income in first quarter. Our results show a steady revenue stream, mainly driven by guaranteed fee income on our $4.1 trillion book of business. As at the end of the first quarter, we grew our net four to $98 billion, a nearly 20% increase compared to the first quarter a year ago. And since the end of 2022, we have built $41 billion of regulatory capital. In the first quarter, we recognized $931 million in expenses we pay to the US Treasury, HUD, and FHFA for TCCA fees, affordable housing funds, and FHFA assessments. Now, let's talk about how we performed on our housing mission. In the first quarter of 2025, we provided $76 billion of liquidity to support Single-Family and Multifamily mortgage lending. This helped 287,000 households buy, refinance, or rent a home. This included 93,000 units of Multifamily rental housing, most of which are affordable for households earning at or below 120% of area median income. It also included about 74,000 first-time homebuyers. In fact, half of the purchased loans we bought this quarter were for first-time homebuyers. But it's not just about helping people get into homes, it's also about making sure they could stay in it. That's why we also focus on loss mitigation. When borrowers and renters face hardships, we had clear consistent and proven tool that help maintain stable housing. This includes workout options by payment deferral, loan modifications, and repayment claims. Through these options, we help nearly 27,000 borrowers remain in their homes during the quarter. These activities strengthen the communities we serve and make our book more resilient to losses. Our work and the underwriting and servicing standards we set, help attract capital to our mortgage-backed securities. This provides diverse, global, and central liquidity to the US housing market. So to wrap up, we had a solid quarter. Our team is laser-focused on supporting housing affordability and stability of being a reliable source of liquidity. To do this, we're focused on managing our risks, strengthening our profitability, and enhancing how we run the business. We look forward to our continued partnership with the new administration as we work together to tackle housing affordability. With that, I'll turn it over to Chryssa to discuss our first-quarter financial results in more detail. Chryssa Halley Thank you, Priscilla, and good morning. As Priscilla mentioned, we reported $3.7 billion of net income in the first quarter, our 29th consecutive quarter of positive earnings. Revenues of $7.1 billion were flat year-over-year. We recorded a $24 million provision for credit losses during the quarter compared to the $180 million benefit we recorded in the first quarter of 2024. Non-interest expense was $2.6 billion compared to $2.3 billion in the first quarter of 2024. Our efficiency ratio, as presented in our financial supplement, was 36.1% for the quarter. Turning to our business activity, our guaranteed book stood at $4.1 trillion as of the end of the quarter. This included $76 billion of new business acquisitions. In Single-Family, we acquired $64 billion in loans this quarter. This was up 3% year-over-year. Acquisitions continued to be needed muted due to the mortgage interest rate environment, housing affordability constraints, and limited supply. Purchased loans made up 78% of our first quarter acquisitions. The credit profile of our Single-Family book remains strong with a weighted average mark-to-market loan-to-value ratio of 50%, and a weighted average credit score at origination of 753. Our strong underwriting and servicing standards help to keep our Single-Family serious delinquency, or SDQ rate, level at 56 basis points as of the end of March, unchanged from December 2024. In Single-Family credit risk transfer, we executed four transactions in the first quarter, transferring a portion of the credit risk on approximately $51 billion of unpaid principal balance at the time the transaction. We paid $429 million in premiums during the quarter on our outstanding Single-Family credit risk transfers. Through primary mortgage insurance and programs such as CAS and CIRT, at the end of the quarter, 47% of our Single-Family book had some form of credit protection. In Multifamily, we acquired $11.8 billion in loans during the quarter compared to $10.1 billion in the first quarter of 2024. Our Multifamily book as of the quarter end had a weighted average original loan-to-value ratio of 63% and a weighted average debt service coverage ratio of 2.0 times. According to the MSCI RCA Commercial Property Price Index, property values declined 18% from their peak in the second quarter of 2022 to the first quarter of 2025, but are down just 1% compared to the first quarter of 2024. Our Multi-family SDQ rate increased to 63 basis points at the end of March compared to 57 basis points as of the end of December 2024. Because of our unique depth risk-sharing model where we share a portion of the credit risk on the Multifamily loans we acquire, coupled with our MCAS and MCIRT programs, essentially all of our Multifamily book had some form of credit protection as of the end of March. At quarter end, we had a $140 billion capital shortfall to our minimum total risk-based capital requirement, excluding buffers, primarily because the $120.8 billion stated value of the senior preferred stock does not qualify as regulatory capital. This shortfall declined by $6 billion compared to the year end, primarily driven by the increase in our retained earnings and the decrease in our risk-weighted assets. More information about our capital rule and progress towards our regulatory capital requirements are in our financial supplement and 10-Q filed today. Lastly, I'll touch on our current economic outlook. Our economist currently expect that mortgage rates will average 6.5% for 2025. Total home sales are expected to improve slightly to 4.9 million units compared to the 4.7 million units seen for the full year of 2024. However, the continued low level of homes available for sale has helped to keep home price growth robust. We currently project year-over-year home price growth will be 4.1% in 2025, as measured by the Fannie Mae Home Price Index, compared to 5.3% in 2024. We forecast Single-Family mortgage originations of about $2.0 trillion in 2025, up from an estimated $1.7 trillion in 2024, with purchases forecasted to make up 73% of Single-Family mortgage originations this year. In Multifamily, we expect rent growth to be in the 2% to 2.5% range in 2025 if job growth continues at its recent pace and home prices remain elevated. Separately, we believe vacancy rates could rise to 6.25% this year, and we forecast Multi-family market originations between $325 billion and $365 billion in 2025, up from $310 billion in 2024. Our expectations are based on many assumptions and our actual results could differ materially from our current expectations. I invite you to visit where you'll find a financial supplement with today's filing that provides additional insight into our business. Thank you for joining us today. Operator Thank you, everyone. That concludes today's call. You may disconnect.
USA Today
27-02-2025
- Business
- USA Today
Priscilla Almodovar chats Fannie Mae, housing affordability, Donald Trump
Priscilla Almodovar chats Fannie Mae, housing affordability, Donald Trump Show Caption Hide Caption Fannie Mae CEO offers advice for first-time borrowers President and CEO of Fannie Mae, Priscilla Almodovar, is one of USA TODAY's 2025 Women of the Year. Priscilla Almodovar is one of USA TODAY's Women of the Year, a recognition of women who have made a significant impact in their communities and across the country. Meet this year's honorees at A 4-year-old Priscilla Almodovar sat in the back of her mother's college classes. Watching. Waiting. Seeing how hard she worked. Now, as the CEO and president of Fannie Mae, every day Almodovar is surrounded by women also working hard. The now 57-year-old is one of USA TODAY's Women of the Year, a testament to her career in housing affordability, finance and the American dream. "When you invest in a woman, you're investing in her children, probably her parents," Almodovar tells USA TODAY from the Fannie Mae office in Washington, D.C., sunny and smiling, contrasting the bleak gray day. "Women just get involved and our wake is so much broader than just what we do day to day. And when you look at household formations, I mean, single women are driving household formation as well." 'Everyone wants a safe place to live' Fannie Mae provides mortgage financing across the U.S.; the financial entity purchases 1 in 4 U.S. mortgages. It creates liquidity, stability and affordability so that banks can make more mortgages. "We rely on the capital markets, and we bring the two together to make the housing system more fair, more safe, more sound because of what we do," she says. All that may read dry on paper. But a home is the most personal (and cost-prohibitive) purchase a person can make. Almodovar's mother and father came to New York from Puerto Rico. She remembers the fourth-floor walk-up they rented before saving to buy their first home in Sunset Park, Brooklyn. The purchase proved a big stretch for them; they had a renter on the second floor. But it also was that classic American dream story. "That home, when I look back, is what paid for me and my siblings to go to college," she says. At the time, it was a Latino community, and her parents bought about five blocks from where they rented. They lived there for many years before moving out to the suburbs of Long Island. Her upbringing has informed her outlook on housing: "I've learned that renter, homeowner doesn't matter. Everyone wants a safe place to live. They want community; they want a neighborhood; and they want the best for their family." Where you live – from what type of home to what neighborhood you grew up in – is foundational to life's outcomes, Almodovar adds. She has a bachelor's degree from Hofstra University and a law degree from Columbia University and carved out a career at the intersection of Main Street and Wall Street. "What I love about real estate, and how I first got into this business, is it's tangible," she says. "You're building a home for someone. You could actually see it and feel it and walk the neighborhoods and then people live in that home." In case you missed: The housing crisis threatens the American dream. What's next? Priscilla Almodovar, Fannie Mae CEO, weighs in on Donald Trump Almodovar, who has spent 30 years in the finance industry, knows we have a housing affordability crisis in this country. High mortgage rates, high home prices and a lack of supply. Nearly 70% of Americans were "very concerned" about housing costs, according to a recent Pew Research Center survey; it ticked up from 61% in April 2023. Not to mention that discrimination plays a role in people's ability to secure (or not secure) mortgages. But people are still in search of that taste of the American dream. "It's not the only way, but it's one of the ways we build generational wealth in this country," she says. "So it's becoming harder, but it's not impossible." The company, on a macro level, is trying to address homeownership obstacles by working with landlords to set aside units affordable to working families, in addition to making mortgage credit more accessible. But on the micro level, "when you're the president and CEO of a $4.3 trillion financial institution, the kinds of decisions that come across my desk are different every day." Questions never end: About cybersecurity, day-to-day operations, employee issues. External asks come from sellers, servicers, investors. She has a board to manage. But "every day is different. It's exciting. It makes coming to work that much more fun." Something to add to that list: A new presidential administration. "I'm in the housing party," Almodovar says. "We work with every administration. That's what we do. We're in these markets, good time, bad times. Every administration." That said, she knows President Donald Trump is a developer who knows housing. "We are ready to work with everyone who's committed to making housing more available for more Americans," she says. (Trump's new Housing and Urban Development secretary, Scott Turner, though, has faced scrutiny about just that.) More details: The US is short millions of housing units. Mass deportations could make it worse. 'That's pretty powerful' Almodovar's favorite room in her house is her study. Her books surround her – cookbooks, running books, finance books, aging books – and she can rest on her comfortable couch. Yes, Almodovar is a runner (she's run marathons!) and has an eclectic mix of artists on her playlist, from Queen to Alicia Keys to Marc Anthony. She feels most like herself when she's with her husband, Eric Dinallo. "He's my champion, big cheerleader, truth-teller," she says. And she'll snag any time her kids want to spend with her. She still remembers the first ribbon-cutting she went to for a home purchase. She had worked on the financing, a deal on paper. But "then someone actually had a home like, holy cow, that's pretty powerful." She adds: "It's just as complex as any other financial transaction, but ultimately I'm impacting a person and their home." That 4-year-old in the back of her mother's college classes is no longer watching and waiting. She's teaching the course.
