Fannie Mae Financing for Multifamily Housing Surges
Substantial Year-Over-Year Growth in Multifamily Support
Fannie Mae (OTCQB: FNMA) has achieved a remarkable milestone by facilitating approximately $74 billion in financing for the U.S. multifamily housing market in 2025. This impressive figure marks a 34 percent increase compared to 2024 when the company reported $55 billion, making it their largest annual multifamily volume since 2020. Through collaborations with Delegated Underwriting and Servicing (DUS) lender partners, Fannie Mae effectively addressed the diverse needs of borrowers, investors, and renters, thereby aiding the creation and preservation of workforce and affordable housing across various communities.
Key Contributions to the Housing Market
In fulfilling its mission, Fannie Mae played a critical role in providing liquidity across essential housing segments during 2025, including over $8.3 billion directed towards Multifamily Affordable Housing (up by 31 percent), $7.1 billion for Structured Transactions (an increase of 8.6 percent), $5.9 billion in Small Loans (up by 26 percent), and $1.9 billion for Manufactured Housing (which saw a remarkable rise of 49.4 percent). Notably, around 40 percent of these transactions were executed under Fannie Mae's unique delegated underwriting model, enabling lenders to effectively compete and close deals swiftly, even amid changing market dynamics.
Leadership's Insight on Multifamily Financing
“Fannie Mae's multifamily financing was exceptional in 2025, providing roughly $74 billion in loan production volume for the year and crossing $500 billion in our book of business, thanks to the continued partnership of our Delegated Underwriting and Servicing lender partners. Together, we unlocked tremendous new opportunities for multifamily borrowers and investors that will create and preserve thousands of housing units across the country,” expressed Kelly Follain, Executive Vice President and Head of Multifamily at Fannie Mae. She further noted, “With $88 billion allocated in capital for this year, we look forward to achieving even greater milestones in 2026.”
Strategies for Enhancing Housing Affordability
Fannie Mae remains dedicated to developing responsible solutions that cater to their partners while addressing challenges related to housing affordability and the supply gap. Some of their initiatives include:
- Enhancing the Multifamily Structured Adjustable-Rate Mortgage (SARM) product to satisfy the escalating demand for flexible variable-rate executions alongside fixed-rate financing;
- Expanding the Near-Stabilization execution, which enables borrowers to lock in non-recourse mortgage financing before reaching full occupancy in newly constructed or recently renovated multifamily properties;
- Committing more than $5 billion towards Low-Income Housing Tax Credit (LIHTC) equity investments since re-entering the LIHTC market in 2018, facilitating the creation and preservation of over 100,000 affordable rental housing units.
Top DUS Lenders and Performance Rankings
In 2025, the following top 10 DUS Lenders achieved the highest business volumes with Fannie Mae. Their contributions have been vital in driving the multifamily housing market's growth.
- Walker & Dunlop, LLC - $8.95 Billion
- Wells Fargo Bank, N.A. - $7.75 Billion
- CBRE Multifamily Capital, Inc. - $7.47 Billion
- Berkadia Commercial Mortgage, LLC - $7.04 Billion
- Newmark - $5.56 Billion
- JLL Real Estate Capital, LLC - $3.93 Billion
- PGIM Real Estate Agency Financing, LLC - $3.69 Billion
- Greystone Servicing Company, LLC - $2.85 Billion
- Arbor Commercial Funding I, LLC - $2.85 Billion
- KeyBank National Association - $2.66 Billion
This highlights the key players facilitating advancements in the multifamily sector.
Focusing on Specialized Loan Categories
Additionally, the rankings for the top DUS producers in various loan categories shed light on the successful lenders:
Top Producers for Multifamily Affordable Housing
- Wells Fargo Bank, N.A.
- Berkadia Commercial Mortgage, LLC
- CBRE Multifamily Capital, Inc.
- Walker & Dunlop, LLC
- Merchants Capital Corp.
Top Producers for Small Loans
- Walker & Dunlop, LLC
- Arbor Commercial Funding I, LLC
- Berkadia Commercial Mortgage, LLC
- Lument Capital
- Greystone Servicing Company, LLC
Top Producers for Structured Transactions
- Wells Fargo Bank, N.A.
- JLL Real Estate Capital, LLC
- Walker & Dunlop, LLC
- CBRE Multifamily Capital, Inc.
- PGIM Real Estate Agency Financing, LLC
Top Producers for Manufactured Housing Communities
- Wells Fargo Bank, N.A.
- Capital One, National Association
- Bellwether Enterprise Mortgage Investments, LLC
- Berkadia Commercial Mortgage, LLC
- Newmark
Frequently Asked Questions
1. What was the total financing amount provided by Fannie Mae in 2025?
Fannie Mae provided approximately $74 billion in financing to the U.S. multifamily housing market in 2025.
2. How much did Fannie Mae allocate to Multifamily Affordable Housing?
Over $8.3 billion was allocated to Multifamily Affordable Housing in 2025.
3. What is the significance of the DUS lender model?
The DUS model enables lenders to compete effectively and close deals quickly under varying market conditions.
4. What initiatives does Fannie Mae focus on for enhancing housing affordability?
They focus on improving mortgage products and increasing investments in affordable housing projects.
5. Which lender topped the business volume rankings in 2025?
Walker & Dunlop, LLC was the top producer with $8.95 billion in financing.
