Fannie Mae provided approximately $74 billion in financing to support the multifamily housing market in 2025—the company’s largest annual multifamily volume since 2020 and a 34% increase from 2024’s $55 billion.
The government-sponsored enterprise (GSE) provided liquidity to key housing segments last year, including:
- Over $8.3 billion in multifamily affordable housing, up 31% from 2024;
- $7.1 billion in structured transactions, up 8.6%;
- $5.9 billion in small loans, up 26%; and
- $1.9 billion in manufactured housing, up 49.4%.
“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 (DUS) 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 Kelly Follain, executive vice president and head of multifamily at Fannie Mae. “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.”
The GSE also announced its top lenders with the highest business volumes in 2025:
Top 10 Producers
- Walker & Dunlop, $8.95 billion
- Wells Fargo, $7.75 billion
- CBRE Multifamily Capital, $7.47 billion
- Berkadia, $7.04 billion
- Newmark, $5.56 billion
- JLL Real Estate Capital, $3.93 billion
- PGIM Real Estate, $3.69 billion
- Greystone Servicing Co., $2.85 billion
- Arbor Commercial Funding, $2.85 billion
- KeyBank, $2.66 billion
Top 5 DUS Producers for Multifamily Affordable Housing
- Wells Fargo
- Berkadia
- CBRE Multifamily Capital
- Walker & Dunlop
- Merchants Capital
Top 5 DUS Producers for Structured Transactions
- Wells Fargo
- JLL Real Estate Capital
- Walker & Dunlop
- CBRE Multifamily Capital
- PGIM Real Estate Agency
Top 5 DUS Producers for Small Loans
- Walker & Dunlop
- Arbor Commercial Funding
- Berkadia
- Lument
- Greystone Servicing Co.