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Press Release

Fannie Mae Multifamily Closes 2019 with Record Volume of More Than $70 Billion

January 16, 2020

Aleksandrs Rozens

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) provided more than $70 billion in financing to support the multifamily market in 2019, the highest volume in the history of its Delegated Underwriting and Servicing (DUS®) program. Fannie Mae continues to build a broad and diverse investor base, while providing financing that meets the needs of our customers in all multifamily market segments in the United States.

"Our DUS program is well positioned to support the secondary market and play a key role as a stable source of liquidity for rental housing and underserved communities," said Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae. "Our goal is to build a profitable and sustainable book of business while continuing to provide support for the market."

Fannie Mae's Green mortgage-backed securities (MBS) issuances increased 13 percent to $22.8 billion in 2019, totaling $75 billion since the program's inception in 2010. Fannie Mae Green MBS can be backed by green certified properties or properties targeting a significant reduction in energy or water consumption.

Fannie Mae broadened the sources of liquidity available to the market in 2019 with its Multifamily Credit Risk Transfer (MCRT) program, which mitigates credit risk by transferring a portion of its risk to reinsurers and investors and increasing the role of private capital in the multifamily market.

"We want to thank our DUS lender partners for an outstanding 2019. Together, we supported all market segments and built a portfolio of mission-rich business," said Rob Levin, Senior Vice President for Multifamily Customer Engagement, Fannie Mae. "Our Multifamily Affordable Housing volume rose over 20 percent to $7.2 billion, demonstrating our firm commitment to the preservation of affordable housing for families across the country."

The following top 10 DUS Lenders produced the highest business volumes in 2019. Also listed below are the Top 5 Lender rankings for highest volumes in 2019 for Multifamily Affordable Housing, Small Loans, Green Financing, Seniors Housing, Structured Transactions, Manufactured Housing Communities, and Student Housing:

Top 10 Producers in 2019 Volume ($Billion)
1. Walker & Dunlop, LLC $8.5
2. CBRE Multifamily Capital, Inc. $7.2
3. Wells Fargo Multifamily Capital $6.6
4. Berkadia Commercial Mortgage, LLC $5.8
5. Greystone Servicing Company LLC $5.6
6. PGIM Real Estate Finance $5.0
7. Capital One, National Association $4.4
8. KeyBank National Association $3.5
9. Arbor Commercial Funding I, LLC $3.3
10. Newmark Knight Frank $3.1

Top 5 DUS Producers for Multifamily Affordable Housing in 2019

  1. Wells Fargo Multifamily Capital
  2. Greystone Servicing Company LLC
  3. Jones Lang LaSalle Multifamily, LLC
  4. KeyBank National Association
  5. CBRE Multifamily Capital, Inc.

Top 5 DUS Producers for Small Loans in 20191

  1. Arbor Commercial Funding I, LLC
  2. Greystone Servicing Company LLC
  3. Hunt Real Estate Capital
  4. Walker & Dunlop, LLC
  5. Berkadia Commercial Mortgage, LLC

Top 5 DUS Producers for Green Financing in 20192

  1. Walker & Dunlop, LLC
  2. Greystone Servicing Company LLC
  3. CBRE Multifamily Capital, Inc.
  4. Berkadia Commercial Mortgage, LLC
  5. M&T Realty Capital Corporation

Top 5 DUS Producers for Seniors Housing in 2019

  1. CBRE Multifamily Capital, Inc.
  2. Capital One, National Association
  3. Berkadia Commercial Mortgage, LLC
  4. M&T Realty Capital Corporation
  5. PNC Real Estate

Top 5 DUS Producers for Structured Transactions in 2019

  1. CBRE Multifamily Capital, Inc.
  2. Wells Fargo Multifamily Capital
  3. Capital One, National Association
  4. PGIM Real Estate Finance
  5. KeyBank National Association

Top 5 DUS Producers for Manufactured Housing Communities in 2019 

  1. Walker & Dunlop, LLC
  2. PNC Real Estate
  3. Hunt Real Estate Capital
  4. Bellwether Enterprise Real Estate Capital, LLC
  5. Wells Fargo Multifamily Capital 

Top 5 DUS Producers for Student Housing in 2019 

  1. Capital One, National Association
  2. Walker & Dunlop, LLC
  3. Berkadia Commercial Mortgage, LLC
  4. CBRE Multifamily Capital, Inc.
  5. PGIM Real Estate Finance 

Listed below are 2019 production highlights for individual business categories, which are included in the total multifamily production number.

  • Affordable Housing – $7.8 billion, comprised of $7.2 billion in Multifamily Affordable Housing (for rent-restricted properties and properties receiving other federal and state subsidies), an increase of 21 percent from $6.0 billion in 2018; and $629 million for properties with rent restrictions between 60 percent and 80 percent area median income
  • Small Loans1 – $4.8 billion
  • Green Financing2 – $22.8 billion, an increase of 13 percent from $20.1 billion in 2018
  • Student Housing – $2.7 billion
  • Structured Transactions – $8.6 billion
  • Seniors Housing – $3.1 billion, an increase of 35 percent from $2.3 billion in 2018
  • Manufactured Housing Communities – $2.5 billion 

1Small Loans are defined as loans of $6 million or less nationwide and loans for properties with 5-50 units.

2Green Loans are defined as loans for properties with Green Building Certifications or loans targeting a 30 percent reduction or more in energy and water consumption, inclusive of at least 15 percent energy reduction consumption.

**Due to rounding, amounts reported may not add up to overall totals.

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 and follow us on