News Release

January 25, 2018

Fannie Mae Multifamily Closes 2017 with Record Volume of More Than $67 Billion

Aleksandrs Rozens

202-752-7916

WASHINGTON, DC – Fannie Mae (FNMA/OTC) provided more than $67 billion in financing and supported over 750,000 units of multifamily housing in 2017 – the highest volume in the history of its Delegated Underwriting and Servicing (DUS®) program.

“This year marks our 30th anniversary of DUS, a platform that relies on shared risk and strong lender partnerships to serve the needs of the rental housing market. While we are proud of the volume and the lives of people who are impacted by our work, we also are proud of the consistent credit quality of our acquisitions and the positive outcomes that occur because of shared risk,” said Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae. “We not only provided consistent liquidity to the market, but we also delivered tremendous value to investors who bought our DUS MBS and Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™).”

The company also led the market last year with $65.4 billion worth of new issue mortgage-backed securities that attracted more investors purchasing DUS MBS than ever before and provided additional liquidity to the market with more than $12 billion in Fannie Mae GeMS. Fannie Mae continued to invest in technology to better serve customers and investors, including DUS Disclose™, a state-of the-art disclosure platform designed to more easily access data on its properties. 

“We want to thank our DUS Lender partners for an extraordinary 2017. Together, we supported all segments of the multifamily market and broke records in Green Financing, Structured Transactions, Seniors Housing, and Multifamily Affordable Housing (MAH),” said Woody Brewer, Vice President of Customer Engagement, Fannie Mae. “I am very excited about the success we’ve had in transforming the market and making Green Financing the new standard in multifamily.”

Green Financing provided positive and measurable financial, social, and environmental savings to property owners, tenants, lenders, and investors. When green improvements are made and the tenants pay the utility bills, tenants may see their utility bills decrease by about $125 annually – that’s money they can spend on other expenses like education, transportation, healthcare, or child care.

The following top 10 DUS Lenders produced the highest business volumes in 2017. Also listed below are the Top 5 Lender rankings for highest volumes in 2017 for MAH, Small Loans, Green Financing, and Seniors Housing:

Top 10 Producers in 2017Volume ($Billion)
1. Walker & Dunlop, LLC $9.1
2. Berkadia Commercial Mortgage, LLC $8.0
3. Wells Fargo Multifamily Capital $5.2
4. CBRE Multifamily Capital, Inc. $5.1
5. Berkeley Point Capital LLC $4.6
6. KeyBank National Association $4.2
7. PNC Real Estate $3.4
8. Arbor Commercial Funding l, LLC $3.2
9. Greystone Servicing Corporation, Inc. $3.2
10. Capital One Multifamily Finance, LLC $2.9

Top 5 DUS Producers for MAH in 2017

  1. Wells Fargo Multifamily Capital
  2. Walker & Dunlop, LLC
  3. Jones Lang LaSalle Multifamily, LLC
  4. Pillar Multifamily, a division of SunTrust Bank
  5. KeyBank National Association

Top 5 DUS Producers for Small Loans in 2017*

  1. Arbor Commercial Funding I, LLC
  2. Greystone Servicing Corporation, Inc.
  3. Hunt Mortgage Group
  4. JPMorgan Chase & Co.
  5. PNC Real Estate  

Top 5 DUS Producers for Green Financing in 2017

  1. Walker & Dunlop, LLC
  2. Berkadia Commercial Mortgage, LLC
  3. CBRE Multifamily Capital, Inc.
  4. Wells Fargo Multifamily Capital
  5. Berkeley Point Capital LLC

Top 5 DUS Producers for Seniors Housing in 2017

  1. KeyBank National Association
  2. Berkadia Commercial Mortgage, LLC
  3. Jones Lang LaSalle Multifamily, LLC
  4. Greystone Servicing Corporation, Inc.
  5. Grandbridge Real Estate Capital, LLC

Listed below are 2017 production highlights for individual business categories, which are included in the total multifamily production number.

  • Affordable Housing – overall production of $6.8 billion comprised of $5.4 billion in MAH (for rent-restricted properties and properties receiving other federal and state subsidies), an increase of 26 percent from $4.3 billion in 2016; and $1.4 billion for properties with rent restrictions between 60 percent and 80 percent AMI, an increase of 8 percent from $1.3 billion in 2016
  • Small Loans* – $2.3 billion, an increase of 21 percent from $1.9 billion in 2016
  • Green Financing – (properties with Green Building Certifications or loans targeting a 20 percent reduction or more in energy or water consumption) $27.6 billion, 6 times the volume financed in 2016 of $3.6 billion
  • Student Housing – $3.8 billion, an increase of 52 percent from $2.5 billion in 2016
  • Structured Transactions – $10.3 billion, an increase of 129 percent from $4.5 billion in 2016
  • Seniors Housing – $5.5 billion, an increase of 267 percent from $1.5 billion in 2016
  • Manufactured Housing Communities – $1.9 billion, compared to $3 billion in 2016

As the most reliable source of financing in the multifamily sector, Fannie Mae remains committed to serving the spectrum of the nation’s rental housing needs. To learn more about Fannie Mae’s Multifamily business, visit https://www.fanniemae.com/multifamily.

*Small Loans are defined as loans of $3 million or less nationwide and $5 million or less in high-cost markets, as well as properties with 5-50 units.


Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.