Fannie Mae announced it provided approximately $74 billion in multifamily housing financing during 2025, marking a 34% increase from the prior year's $55 billion and representing the company's largest annual multifamily volume since 2020.
The government-sponsored enterprise (GSE) also surpassed $500 billion in its total multifamily book of business.
Working through its network of Delegated Underwriting and Servicing (DUS) lenders, Fannie Mae delivered substantial support to key housing segments. Multifamily affordable housing financing reached over $8.3 billion, up 31% year-over-year. Other notable increases included structured transactions at $7.1 billion, small loans totaling $5.9 billion, and manufactured housing reaching $1.9 billion — a 49.4% jump from 2024.
Roughly 40% of all transactions in 2025 were completed using Fannie Mae's delegated underwriting model, which allows lenders to close deals efficiently despite market volatility.
Kelly Follain, executive vice president and head of multifamily at Fannie Mae, credited the performance to partnerships with DUS lenders, noting the achievement will help create and preserve thousands of housing units nationwide.
"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," said Follain. "We're grateful to all our partners and, with $88 billion in capital allocation this year, we look forward to accomplishing even more in 2026."
Fannie Mae introduced several product enhancements during the year to address affordability and supply challenges. These included expanding its Structured Adjustable-Rate Mortgage product, broadening Near-Stabilization executions for newly constructed properties, and investing more than $5 billion in Low-Income Housing Tax Credit equity since 2018, supporting over 100,000 affordable rental units.
Walker & Dunlop led all DUS lenders with $8.95 billion in production, followed by Wells Fargo at $7.75 billion and CBRE Multifamily Capital at $7.47 billion. Rounding out the top 10 were:
- Berkadia Commercial Mortgage LLC at $7.04 billion
- Newmark at $5.56 billion
- JLL Real Estate Capital LLC at $3.93 billion
- PGIM Real Estate Agency Financing LLC at $3.69 billion
- Greystone Servicing Company LLC at $2.85 billion
- Arbor Commercial Funding I LLC at $2.85 billion
- KeyBank National Association at $2.4 billion
Wells Fargo topped the rankings for both affordable housing and structured transactions, while Walker & Dunlop led small loan production and Wells Fargo dominated manufactured housing community financing.
