Fannie Mae closed 2024 by providing over $55 billion in multifamily lending volume. This is below the $70 billion cap the Federal Housing Finance Agency had set for the year but up from 2023 when its volume totaled just over $52 billion.
Through its network of Delegated Underwriting and Servicing (DUS) lender partners, the government-sponsored enterprise provided liquidity across essential multifamily segments, including:
- Multifamily Affordable Housing: $6.36 billion;
- Small Loans: $4.75 billion;
- Structured Transactions: $6.62 billion;
- Green Financing: $15.19 billion, up from $7.5 billion in 2023 and a 101% year-over-year gain;
- Seniors Housing: $1.55 billion
- Student Housing: $0.36 billion
- Manufactured Housing: $1.3 billion; and
- Forward Commitments: $1.2 billion, up from $326 million in 2023.
In addition, Fannie Mae has committed approximately $4 billion in net equity to low-income housing tax credit investments since reentering that market in 2018.
“With the continued support, commitment, and adaptability of our DUS lenders, Fannie Mae remained a leading and stable source of multifamily mortgage financing nationwide during another challenging year for the market,” said Rob Levin, senior vice president multifamily chief customer officer. “We are grateful to our partners for their feedback on how we can increase liquidity to best support the multifamily housing industry. Together, we finished the second half of 2024 strong, and we have carried that momentum into 2025 to unlock new opportunities for lenders, borrowers, and investors.”
Fannie Mae also highlighted the top 10 DUS lenders for 2024 as well as the top producers in the other key segments.
Top 10 DUS Lenders
- Walker & Dunlop, $7.04 billion
- Berkadia Commercial Mortgage, $6.25 billion
- CBRE Multifamily Capital, $6.17 billion
- Newmark, $4.52 billion
- JLL Real Estate Capital, $3.04 billion
- Greystone Servicing Co., $2.98 billion
- Wells Fargo Multifamily Capital, $2.88 billion
- Arbor Commercial Funding, $2.68 billion
- KeyBank, $2.44 billion
- PNC Real Estate, $2.2 billion
Top 5 DUS Producers for Multifamily Affordable Housing
- Wells Fargo
- Walker & Dunlop
- CBRE Multifamily Capital
- Berkadia Commercial Mortgage
- JLL Real Estate Capital
Top 5 DUS Producers for Structured Transactions
- KeyBank
- Berkadia Commercial Mortgage
- Walker & Dunlop
- JLL Real Estate Capital
- CBRE Multifamily Capital
Top 5 DUS Producers for Green Financing
- CBRE Multifamily Capital
- Berkadia Commercial Mortgage
- Walker & Dunlop
- JLL Real Estate Capital
- Newmark
Top 5 DUS Producers for Small Loans
- Greystone Servicing Co.
- Walker & Dunlop
- Berkadia Commercial Mortgage
- Arbor Commercial Funding
- CBRE Multifamily Capital