The Loan
We All Own

Building on 30 Years
of Multifamily Success

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Jeffery R. HaywardFor over 30 years, Fannie Mae has led the multifamily market, providing stability and making an impact on underserved communities. Now, we’re building for the future by creating smart technology solutions and innovative product enhancements. And, we remain committed to finding new ways to address America’s affordable housing crisis.

We’re also focused on building a strong, sustainable, balanced book of business – and we need you to make that happen. We want your business. Our customer account teams are ready to work with you to bring quality business in the door.

We know that our success is due to the strong partnerships we’ve built with our network of Lenders and the power of our unique Delegated Underwriting and Servicing (DUS®) model. Delegation, risk-sharing, and life of loan servicing are the pillars that support our platform, and because of them we are able to make workforce rental housing possible in every market, every day. We are dedicated to the future of housing and grateful for the partnerships that enable us to help shape it.

Jeffery R. Hayward

Jeffery R. Hayward
Executive Vice President,
Head of Multifamily, Fannie Mae

We Are Fannie Mae

Congress created Fannie Mae in 1938 to provide a reliable, steady source of funding for housing. Our role is to provide liquidity and stability to the mortgage market. We do not lend directly to consumers. Instead, we operate in the secondary mortgage market, in two business lines:

We facilitate the flow of global capital into the U.S. mortgage market by assuming and managing credit risk. We securitize Multifamily mortgage loans delivered to us by lenders into Fannie Mae MBS in lender swap transactions. Nearly all of our multifamily acquisitions are through MBS issuances.


Fannie Mae has operated under the conservatorship of the Federal Housing Finance Agency (FHFA) since September 6, 2008. Treasury made a commitment under a senior preferred stock purchase agreement to provide funding to Fannie Mae under certain circumstances if the company has a net worth deficit. Pursuant to this agreement and the senior preferred stock the company issued to Treasury in 2008, the conservator has directed Fannie Mae to pay dividends to Treasury on a quarterly basis for every dividend period for which dividends were payable since the company entered into conservatorship in 2008.

Through 2018, the company has drawn a total of $119.8 billion from Treasury and paid $175.8 billion in dividends to Treasury under these agreements. Dividend payments we make to Treasury do not offset our prior draws from Treasury.

We Set the Standard

As the largest guarantor of mortgages in the Unites States, we play a major role in setting the standards for the housing finance market. We drive market standards through our underwriting guides, disclosure and asset management tools, data standards, and constant engagement with our lender partners.

A DUS Story

By the Numbers

We Are Reliable

For over 30 years, Fannie Mae Multifamily has been a reliable source of mortgage capital for the secondary mortgage market. We provide liquidity, stability, and affordability in every market, every day, and we do so while maintaining our rigorous credit standards and mitigating losses. Our Delegated Underwriting and Servicing (DUS®) model is the premier financing platform in the multifamily market.

DUS® is a unique system of collaboration. In certain cases, we authorize our 25 DUS lenders to underwrite, close, and deliver loans on our behalf, and in exchange they share the risk of loss on those loans. In turn, this offers the borrower certainty of execution, faster decisions, quicker closings, and better pricing. It is a complete partnership: We share the risk, and we share the reward. It’s also why we describe it as The Loan We All Own – because it aligns and empowers each of us, every step of the way.

Fast. Flexible. Certain.

We serve a wide spectrum of the market, including conventional, rent-restricted, cooperatives, seniors housing, student housing, and Manufactured Housing Communities.

We finance all loan sizes, from a $1 million single-asset MBS to a $1 billion+ structured transaction.

DUS leverages private capital, aligns interests through risk-sharing, and supports life-of-loan-servicing.

We Are the Preferred Multifamily Platform for the Future

Features and benefits of the DUS Model

Countercyclical stability

We consistently provide access to credit throughout economic cycles. When other sources of capital retreat, Fannie Mae is still there to provide funding and liquidity.


Our underwriting and servicing guidelines and loan documents set the industry standards for multifamily underwriting and servicing best practices, promoting standardization and transparency and facilitating reliable securities disclosures.

Delegation and scalability

Our unique delegated model means we can scale our business as industry conditions change, because we delegate underwriting and servicing to our DUS lenders.

Life of loan servicing

We’re your partner for the life of your loan – no other master servicer or b-piece buyer. This life of loan relationship also makes second liens, supplementals, and refis quick and seamless.

The DUS Network

We maintain a select group of business relationships with our 25 DUS Lenders, who all exhibit:


Thanks to our unique risk-sharing model, the interests of borrowers, lenders, and Fannie Mae are aligned throughout the life of the loan. We believe this alignment of interests improves the performance of all parties and optimizes outcomes.

Single-security MBS

Our DUS MBS, backed by a single asset, transforms a mortgage loan into a more liquid asset, which increases available funds in the financial system. Our securities offer strong credit ratings as Fannie Mae guarantees timely payment of both principal and interest.

The Loan We All Own shares the risk — and the reward

Fannie Mae is your partner for the life of your loan.

We Are in Every Market, Every Day

We serve the secondary mortgage market as a reliable source of multifamily mortgage capital in every market, every day. We provide liquidity, stability, and affordability to the multifamily market in a disciplined fashion while maintaining our credit standards and mitigating losses.

We offer stability by financing multifamily loans of all sizes.

Source: Fannie Mae

We Are Optimized for Customer Service

With over 500 multifamily housing finance professionals across the country, the multifamily team is organized with customer-centricity in mind. Our leadership team sets the tone, and our Deal Teams and specialty financing teams provide the transactional expertise and relationship management that elevate the Fannie Mae Multifamily experience above the competition. Our regional credit teams provide local market expertise. Our account-based Customer Engagement teams engage with lenders to help them achieve their business and portfolio objectives. Our Capital Markets group buys and sells DUS MBS, helping ensure that there is demand for our securities and attracting new investors. In-house legal, finance, communications, and economics teams are all focused on the Multifamily business and how we can best support our business partners to get the right deals done quickly and seamlessly.

For more information about the Multifamily team, visit

We Pave the Path for Private Capital

By offering high-quality, transparent securities, we attract private capital to the secondary mortgage market, helping to ensure that liquidity continues to flow to the market.

Fannie Mae DUS MBS and GeMS™ structured products trade daily in the secondary market. DUS MBS and GeMS offer different options for investing in the same multifamily collateral, providing similar cash flows, variations on structure, and slightly different risk profiles.


Most DUS MBS are backed by a single loan on a multifamily asset. This single loan model means we can offer any loan size, fixed- or variable- rate, terms from 5-30 years, flexible yield maintenance, and customized prepayment periods.

Fannie Mae GeMS™

GeMS are comprised of numerous DUS MBS. GeMS maintains the characteristics of DUS MBS with additional benefits, like collateral selected with consistent credit quality and tight maturity profile and structures offering block size, collateral diversity, and pricing close to par.


We were the first to issue a Green REMIC tranche backed 100% by Green MBS. Fannie Mae began resecuritizing a portion of our Green MBS through the GeMS program in 2017. As of year-end 2018, we have created $6.1 billion in new investment opportunities for the Socially Responsible Investment community.

Credit Risk Transfer (CRT)

While one-third of our multifamily credit risk is held by our lenders, CRT transactions help us mitigate the risk on the other two-thirds and further increase the role of private capital in the multifamily mortgage market.

Building additional CRT capabilities allows us to make the DUS model even stronger, allowing for flexibility to remain competitive in all different types of market environments. Before we introduced this program, no one was selling multifamily risk in the re-insurance market. We have increased the liquidity of the overall market by attracting a whole new set of investors and created a new pool of liquidity for our market, benefitting taxpayers, our borrowers, and their tenants.

Our current customers for these offerings are insurers and reinsurers based in the U.S. and overseas. CRTs offer these investors an opportunity to diversify their portfolios.

We Are Good Stewards

Fannie Mae Multifamily credit loss rates were significantly lower than CMBS and other FDIC-insured institutions during the Great Recession and have been near 0% in recent years. Our credit performance is driven by multiple factors, including risk-sharing, prudent underwriting standards, loan sizing based on actual – not projected – cash flow, and robust monitoring of loan and property performance.

We Provide a Spectrum of Multifamily Financing Options

No two DUS deals are alike. Borrowers get customized financing: tailor-made terms of varying lengths, prepayments, and add-ons – renovations can even be structured up front. Our products can also be combined for maximum flexibility.

For more information about our financing options, including term sheets, visit

Financing Options
  • Conventional
  • Cooperative
  • Choice Refinance
  • Declining Prepayment Premium
  • Fixed-Rate Mortgage Loans
  • Near-Stabilization Execution
  • Negotiated Pools
  • Streamlined Rate Lock
  • Adjustable Rate Options
    • ARM 7-6
    • Hybrid ARM
    • Structured Adjustable Rate Mortgage Loans (SARMs)
  • Structured Transactions
    • Bulk Delivery
    • Credit Facility
  • Supplemental Loans
    • Moderate Rehabilitation (Mod Rehab) Supplemental Mortgage Loan
Specialty Asset Classes
  • Seniors Housing
  • Student Housing
  • Military Housing
Mission Business
  • Multifamily Affordable Housing (MAH)
  • Manufactured Housing Communities (MHC)
  • Green Financing
  • Healthy Housing Rewards: Healthy Design and Enhanced Resident Services
  • Small Loans

We Are An Essential Part of a Healthy Multifamily Market

Our footprint expands and contracts as market conditions change. When the market is healthy, we are responsible for about a fifth of acquisitions. When other sources of capital flee, we can expand our share to ensure continued liquidity.

We Leverage Strong Partnerships

We execute our business through a network of 25 DUS Lenders who are authorized to underwrite and service loans on our behalf in exchange for assuming part of the credit risk of each loan.

We Pursue and Win the Right Business for our Portfolio

Our focus remains on providing liquidity to the multifamily market while creating a balanced guaranty book for Fannie Mae. This means financing strong credit quality business in all market segments and geographies. We balance our affordable business with core business in strong markets and we remain focused on providing the certainty of execution that our customers rely upon.

Our balanced book approach:

We Make Affordable Rental Housing Possible

Financing affordable rental housing is at the heart of what we do. We are committed to affordable housing for the long-term and want to be a part of the preservation, rehabilitation, and new construction of safe, quality housing across the United States.

The affordable team can provide the solutions you need for your deals. We are always looking for more ways to help you with your affordable business.

For more information about Multifamily Affordable Housing, visit

Affordable by the Numbers:

We Offer Sophisticated Structured Solutions

Fannie Mae’s structured finance products are flexible, powerful financing tools that allow borrowers to manage debt across their multifamily portfolios. Credit Facilities and Bulk Deliveries offer a combination of variable- and fixed-rate debt with laddered maturities and flexible post-closing features, so borrowers can sell, acquire, and rehabilitate properties as needed.

Our structured finance team can help lenders finance multifamily properties across all asset classes, including market-rate, affordable, seniors housing, student housing, manufactured housing communities, and military housing.

For more information about our Structured Transactions, visit

Structured by the Numbers:

We Are Committed to Seniors Housing

Fannie Mae’s leadership in the Seniors Housing market spans more than two decades and has long been recognized in the multifamily industry. Our commitment to this multifaceted and ever-changing business is no accident. We understand that Seniors Housing serves a critical need for our country’s aging population. That’s why we have financed over $21 billion of Seniors Housing since 2008, with a book of business of $15.8 billion.

Because Seniors Housing transactions are complex, it’s important that we work with lenders who are experienced in financing Seniors Housing and approved by Fannie Mae. Our financing is targeted to Sponsors and Operators experienced in the Seniors Housing sector with strong financial capabilities.

For more information about Seniors Housing, visit

Seniors Housing by the Numbers:

We Are Green

Since launching our Green Financing program in 2012, we’ve continued to grow our green book of business each year, with total issuance of $51.7 billion through 2018 – more than ten times the volume financed in 2016.

Offering greener, affordable, innovative energy-efficient solutions results in measurable impact. The energy- and water-efficiency improvements financed through Fannie Mae are projected to generate significant savings while reducing the properties’ environmental impact.

Although the green mortgage market is a relatively new market, we’ve made tremendous strides over the last few years. In fact, Fannie Mae issued over $20 billion in green mortgage-backed securities in 2018. With that level of impact, we’re making green financing into more than just a feel-good product: We’re making it the new standard in multifamily lending.

For more information about Multifamily Green Financing, visit

We Are Driven By Our Mission

We have a duty to serve the underserved. It’s our mission to help make home more than an unlikely aspiration for everyday American families. By partnering with institutions that can offer scale and standardization to communities currently lacking it, we are bringing down costs and clearing a path for private capital to be put to work in a safe and responsible way.

We’re also exploring new and innovative financing options for manufactured housing communities, as well as methods to improve and support the availability of financing in high-needs rural communities. In addition to supporting new affordable housing supply, we’re working hard to preserve existing stock in our urban areas.

In December 2016, FHFA issued the Duty to Serve Underserved Markets rule. This rule ensures that Fannie Mae continues providing leadership to facilitate a secondary market for and improve the availability of home financing for very low- to moderate-income families in three underserved markets – manufactured housing; affordable housing preservation; and rural housing.

We Are Focused on Innovation

From start to finish, we’re making it easier to do business with us. We’ve introduced new and seamless technology enhancements to further our partnerships with multifamily lenders and investors. The end result is simplicity, certainty, and transparency – and an empowered customer.

Over the past year, we completed the rollout of DUS Disclose,® a comprehensive source for Multifamily securities disclosure that allows investors to access enhanced, timely data on securities, loans and properties. We also rolled out our first Application Programming Interface (API) toolkits, enabling DUS lenders to connect their loan origination and underwriting systems to DUS Gateway.® We estimate that enabling these APIs could save the DUS Lender community more than 30,000 hours annually.

Looking ahead, our focus is on integrating with lender systems to achieve more efficiencies and improve the user experience. We’re also launching a property dashboard app, DUS Insights, to provide lenders with rich data about loan and property performance so they can make better business decisions.

We Are Helping Families Thrive

Healthy Housing

Our Healthy Housing Rewards™ initiative provides financial incentives for borrowers who incorporate health-promoting design features and practices or resident services in their newly constructed or rehabilitated multifamily affordable rental properties. Borrowers can follow one of two pathways to qualify for discounted financing.

Healthy Design Pathway

Borrowers who incorporate features that encourage physical activity, healthy eating, and improved air quality – such as playgrounds, community gardens, and tobacco-free policies – may be eligible for special pricing. Properties must meet or exceed the minimum certification standards of the Fitwel® Certification System, which is operated by the Center for Active Design.

Enhanced Resident Services™ (ERS) Pathway

Borrowers who incorporate a system of resident services for their tenants – such as health and wellness services, work and financial capability support, and child education and academic support – may be eligible for below market rate pricing.

To qualify for either pathway, properties must include at least 60% of units serving tenants who are at or below 60% of the area median income.

Sustainable Communities

Access to affordable housing in America continues to be a challenge for many people. That’s why Fannie Mae launched the Sustainable Communities Innovation Challenge (The Challenge). This initiative is generating innovative ideas that will help us address the affordable housing crisis in America and further support our mission to create housing opportunities that are safe, sustainable, and affordable, while managing risk to protect lenders, homeowners, and taxpayers. Specifically, The Challenge is a $10 million commitment by Fannie Mae to generate affordable housing solutions that will help Fannie Mae address the nation’s affordable housing issues by advancing sustainable communities – those providing residents integrated opportunities for employment, health and wellness, and education.


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