Fannie Mae Multifamily Closes 2024 With More than $55 Billion in Volume

Rhea-AI Summary

Fannie Mae (FNMA) provided over $55 billion in multifamily financing during 2024, maintaining strong market support across various housing segments. Key achievements include: $6.3 billion in Multifamily Affordable Housing, $4.7 billion in Small Loans, $1.3 billion in Manufactured Housing, and $6.6 billion in Structured Transactions.

Notable highlights include a 101% year-over-year increase in Green Financing loan production, reaching $15.1 billion in 2024, up from $7.5 billion in 2023. Forward commitments grew significantly to $1.2 billion in 2024, compared to $326 million in 2023. The company has invested approximately $4 billion in Low-Income Housing Tax Credit (LIHTC) investments since 2018.

Walker & Dunlop led the top producers list with $7.04 billion in volume, followed by Berkadia Commercial Mortgage with $6.25 billion and CBRE Multifamily Capital with $6.17 billion.

Positive

• 101% year-over-year growth in Green Financing loan production to $15.1 billion
• 268% increase in forward commitments from $326M to $1.2B
• $4 billion committed to LIHTC investments since 2018
• Total financing volume exceeded $55 billion across multiple housing segments

Negative

• None.

Company Provided Continued Stable Support for Affordable Rental Housing and Other Essential Multifamily Market Sectors

WASHINGTON, Jan. 22, 2025 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) provided more than $55 billion in financing to support the U.S. multifamily market in 2024, the company announced today. Through its network of Delegated Underwriting and Servicing (DUS^®) lender partners, Fannie Mae continued to serve the needs of multifamily borrowers while expanding its suite of creative products and initiatives and strengthening its underwriting.

Fannie Mae provided significant liquidity across key housing segments in 2024, including more than $6.3 billion in Multifamily Affordable Housing, $4.7 billion in Small Loans, $1.3 billion in Manufactured Housing, and $6.6 billion in Structured Transactions. Notably, the company saw a 101% year-over-year gain in its Green Financing loan production, up from $7.5 billion in 2023 to $15.1 billion in 2024. Additionally, Fannie Mae committed $1.2 billion of total forward commitments in 2024 – up from $326 million in 2023 – enabling the development and rehabilitation of additional affordable housing supply by providing certainty and stability for lender, borrower, and builder pipelines.

The company also has committed approximately $4 billion in net equity to Low-Income Housing Tax Credit (LIHTC) investments since re-entering the LIHTC market in 2018. Through these investments, Fannie Mae has enabled the creation and preservation of tens of thousands of affordable rental housing units and invested in hundreds of properties in communities throughout the United States.

In 2024, Fannie Mae advanced its Sponsor-Dedicated Workforce (SDW) and Sponsor-Initiated Affordability (SIA) initiatives for multifamily borrowers, offering private-market financing mechanisms to create and preserve more workforce and affordable housing. Additionally, Fannie Mae enhanced its Expanded Housing Choice pilot initiative in 2024 to enable more multifamily borrowers to increase rental housing opportunities for Housing Choice Voucher holders across the country.

"With the continued support, commitment, and adaptability of our DUS lenders, Fannie Mae remained a leading and stable source of multifamily mortgage financing nationwide during another challenging year for the market," said Rob Levin, Senior Vice President and Multifamily Chief Customer Officer, Fannie Mae. "We are grateful to our partners for their feedback on how we can increase liquidity to best support the multifamily housing industry. Together, we finished the second half of 2024 strong, and we have carried that momentum into 2025 to unlock new opportunities for lenders, borrowers, and investors."

The following top 10 DUS Lenders produced the highest business volumes with Fannie Mae in 2024. Also listed below are the Top Lender rankings for highest volumes in 2024 for Multifamily Affordable Housing, Structured Transactions, Green Financing, Small Loans, Manufactured Housing Communities, Seniors Housing, and Student Housing.

Top 10 Producers in 2024		Volume ($Billion)
1.	Walker & Dunlop, LLC	$7.04
2.	Berkadia Commercial Mortgage, LLC	$6.25
3.	CBRE Multifamily Capital, Inc.	$6.17
4.	Newmark	$4.52
5.	JLL Real Estate Capital, LLC	$3.04
6.	Greystone Servicing Company, LLC	$2.98
7.	Wells Fargo Multifamily Capital	$2.88
8.	Arbor Commercial Funding I, LLC	$2.68
9.	KeyBank National Association	$2.44
10.	PNC Real Estate	$2.20

Top 5 DUS Producers for Multifamily Affordable Housing in 2024¹

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

Top 5 DUS Producers for Structured Transactions in 2024

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

Top 5 DUS Producers for Green Financing in 2024²

1. CBRE Multifamily Capital, Inc.
2. Berkadia Commercial Mortgage, LLC
3. Walker & Dunlop, LLC
4. JLL Real Estate Capital, LLC
5. Newmark

Top 5 DUS Producers for Small Loans in 2024³

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

Top 5 DUS Producers for Manufactured Housing Communities in 2024

1. PGIM Real Estate
2. Bellwether Enterprise Real Estate Capital, LLC
3. Wells Fargo Bank, N.A.
4. Walker & Dunlop, LLC
5. Lument Capital

Top 5 DUS Producers for Seniors Housing in 2024

1. Berkadia Commercial Mortgage, LLC
2. JLL Real Estate Capital, LLC
3. Newmark
4. M&T Realty Capital Corporation
5. CBRE Multifamily Capital, Inc.

Top 5 DUS Producers for Student Housing in 2024

1. Walker & Dunlop, LLC
2. Bellwether Enterprise Real Estate Capital, LLC
3. CBRE Multifamily Capital, Inc.
4. KeyBank National Association
5. Berkadia Commercial Mortgage, LLC

Listed below are 2024 production highlights for individual business categories, which are included in the total multifamily production number:

• Multifamily Affordable Housing – $6.36 billion
• Structured Transactions – $6.62 billion
• Green Financing – $15.19 billion
• Small Loans – $4.75 billion
• Manufactured Housing Communities – $1.30 billion
• Seniors Housing – $1.55 billion
• Student Housing – $0.36 billion

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% at 80% AMI, Special Public Purpose Multifamily Affordable Housing (SPP MAH), and Sponsor-Initiated Affordability Multifamily Affordable Housing (SIA MAH).

² Green Loans are defined as loans for properties with Green Building Certifications or loans that are projected to achieve specified reductions in the property's energy usage and water usage that sum to at least 30 percent, of which a minimum of 15 percent must be projected energy savings.

³ 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.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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SOURCE Fannie Mae

FAQ

What was Fannie Mae's (FNMA) total multifamily financing volume in 2024?

Fannie Mae provided more than $55 billion in financing to support the U.S. multifamily market in 2024.

How much did FNMA's Green Financing loan production grow in 2024?

Fannie Mae's Green Financing loan production increased by 101% year-over-year, from $7.5 billion in 2023 to $15.1 billion in 2024.

Who were the top 3 DUS lenders for Fannie Mae (FNMA) in 2024?

The top 3 DUS lenders were Walker & Dunlop ($7.04B), Berkadia Commercial Mortgage ($6.25B), and CBRE Multifamily Capital ($6.17B).

How much did Fannie Mae (FNMA) commit to Multifamily Affordable Housing in 2024?

Fannie Mae committed $6.36 billion to Multifamily Affordable Housing in 2024.

What was FNMA's forward commitment volume in 2024 compared to 2023?

Fannie Mae's forward commitments grew from $326 million in 2023 to $1.2 billion in 2024.