Fannie Mae Expands U.S. Rental Housing Supply Through Nearly $74 Billion in Multifamily Loan Production Volume in 2025

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) provided approximately $74 billion in multifamily financing in 2025, a 34% year-over-year increase from $55 billion in 2024 and its largest annual multifamily volume since 2020. The company reported growth across Affordable Housing, Small Loans, Manufactured Housing, and more, and said its multifamily book crossed $500 billion. Fannie Mae also noted a $88 billion capital allocation for 2026 and highlighted product updates such as SARM enhancements and Near-Stabilization execution to support housing supply.

Positive

• Total multifamily volume rose to $74B in 2025 (+34% YoY)
• Multifamily affordable housing financing increased to >$8.3B (+31% YoY)
• Manufactured housing financing grew by 49.4% in 2025
• Small loans volume rose 26% to $5.9B
• Book of business surpassed $500B
• $88B capital allocation announced for 2026

Negative

• None.

Fannie Mae Financing of Multifamily Affordable Housing Segment Increases 31 Percent Year Over Year

WASHINGTON, Feb. 4, 2026 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced it provided approximately $74 billion in financing to support the U.S. multifamily housing market in 2025, a year-over-year increase of 34 percent compared with $55 billion in 2024 and the company's largest annual multifamily volume since 2020. Through its network of Delegated Underwriting and Servicing (DUS^®) lender partners, Fannie Mae served the needs of borrowers, investors, and renters while enabling the creation and preservation of workforce and affordable housing supply in communities throughout the country.

Fannie Mae provided approximately $74 billion in financing to support the U.S. multifamily housing market in 2025.

Fannie Mae provided significant liquidity to key housing segments in 2025, including more than $8.3 billion in Multifamily Affordable Housing (up 31 percent from 2024), $7.1 billion in Structured Transactions (up 8.6 percent), $5.9 billion in Small Loans (up 26 percent), and $1.9 billion in Manufactured Housing (up 49.4 percent). Approximately 40 percent of all deals in 2025 were executed under Fannie Mae's unique delegated underwriting model, which enables lenders to compete effectively and close deals quickly even in shifting market conditions.

"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 Kelly Follain, Executive Vice President and Head of Multifamily, 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."

Fannie Mae is focused on providing responsible products and solutions that benefit partners and help address housing affordability and supply challenges. For instance, the company has:

• enhanced its Multifamily Structured Adjustable-Rate Mortgage (SARM) product to meet growing demand for flexible variable-rate executions with fixed-rate equivalent financing;
• expanded its Near-Stabilization execution, enabling borrowers to secure permanent, non-recourse mortgage financing before reaching full occupancy in newly constructed or recently renovated multifamily properties; and
• committed more than $5 billion in Low-Income Housing Tax Credit (LIHTC) equity investments since re-entering the LIHTC market in 2018, enabling the creation and preservation of more than 100,000 affordable rental housing units.

The following top 10 DUS Lenders produced the highest business volumes with Fannie Mae in 2025. Also listed below are the Top Lender rankings for highest volumes in 2025 for Multifamily Affordable Housing, Structured Transactions, Small Loans, and Manufactured Housing Communities.

Top 10 Producers in 2025		Volume ($Billion)
1.	Walker & Dunlop, LLC	$8.95
2.	Wells Fargo Bank, N.A.	$7.75
3.	CBRE Multifamily Capital, Inc.	$7.47
4.	Berkadia Commercial Mortgage, LLC	$7.04
5.	Newmark	$5.56
6.	JLL Real Estate Capital, LLC	$3.93
7.	PGIM Real Estate Agency Financing, LLC	$3.69
8.	Greystone Servicing Company, LLC	$2.85
9.	Arbor Commercial Funding I, LLC	$2.85
10.	KeyBank National Association	$2.66

Top 5 DUS Producers for Multifamily Affordable Housing in 2025¹

1. Wells Fargo Bank, N.A.
2. Berkadia Commercial Mortgage, LLC
3. CBRE Multifamily Capital, Inc.
4. Walker & Dunlop, LLC
5. Merchants Capital Corp.

Top 5 DUS Producers for Structured Transactions in 2025

1. Wells Fargo Bank, N.A.
2. JLL Real Estate Capital, LLC
3. Walker & Dunlop, LLC
4. CBRE Multifamily Capital, Inc.
5. PGIM Real Estate Agency Financing, LLC

Top 5 DUS Producers for Small Loans in 2025²

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

Top 5 DUS Producers for Manufactured Housing Communities in 2025

1. Wells Fargo Bank, N.A.
2. Capital One, National Association
3. Bellwether Enterprise Mortgage Investments, LLC
4. Berkadia Commercial Mortgage, LLC
5. Newmark

¹ Multifamily Affordable Housing Loans are defined as financing for rent-restricted properties and properties receiving other federal and state subsidies. Affordable housing acquisitions also include 20 percent at 80 percent AMI, Special Public Purpose Multifamily Affordable Housing (SPP MAH), and Sponsor-Initiated Affordability Multifamily Affordable Housing (SIA MAH).

² Small Loans are defined as loans of $9 million or less nationwide and loans for properties with 5 or more units nationwide.

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

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SOURCE Fannie Mae

FAQ

How much multifamily financing did Fannie Mae (FNMA) provide in 2025?

Fannie Mae provided approximately $74 billion in multifamily financing in 2025. According to the company, that represents a 34% increase from $55 billion in 2024 and is its largest annual multifamily volume since 2020.

What growth did Fannie Mae report for Multifamily Affordable Housing (FNMA) in 2025?

Multifamily Affordable Housing financing grew about 31% year-over-year in 2025. According to the company, this amounted to more than $8.3 billion targeted at rent-restricted and subsidized affordable rental properties.

What does Fannie Mae's $88 billion capital allocation for 2026 mean for FNMA multifamily activity?

The $88 billion capital allocation signals planned capacity to support multifamily lending and investments in 2026. According to the company, this allocation underpins continued lending, product deployment, and potential expansion of affordable housing financing.

How did Fannie Mae's manufactured housing financing change in 2025, and why does it matter for FNMA investors?

Manufactured housing financing grew by 49.4% in 2025 versus 2024. According to the company, the sharp increase reflects stronger deployment into that segment, which may diversify multifamily exposures and address supply needs in lower-cost housing markets.

Which lenders were the top DUS producers with Fannie Mae (FNMA) in 2025?

Top DUS producers included Walker & Dunlop, Wells Fargo, CBRE, Berkadia, and Newmark among others. According to the company, Walker & Dunlop led with approximately $8.95 billion in production volume in 2025.

What product changes did Fannie Mae announce to support multifamily borrowers in 2025?

Fannie Mae enhanced its SARM variable-rate executions and expanded Near-Stabilization permanent financing options. According to the company, these changes aim to provide flexible rate solutions and allow permanent, non-recourse financing before full occupancy in certain properties.