Zions Bancorporation to Acquire Fannie Mae and Freddie Mac Business Line from Basis Investment Group

Zions Bancorporation (NASDAQ: ZION) agreed to acquire the agency lending business of Basis Multifamily Finance I, LLC on March 23, 2026, including its team and mortgage servicing rights.

Rhea-AI Summary

Zions Bancorporation (NASDAQ: ZION) agreed to acquire the agency lending business of Basis Multifamily Finance I, LLC on March 23, 2026, including its team and mortgage servicing rights. The deal adds access to Fannie Mae DUS and Freddie Mac Optigo programs and creates a strategic partnership to expand real estate financing.

The transaction is subject to customary closing conditions and approval by Fannie Mae and Freddie Mac. Zions reported approximately $89 billion in assets and $3.4 billion net revenue for 2025; Basis noted > $9 billion in historical debt and equity transactions.

Positive

• Adds agency lending team and mortgage servicing rights
• Provides access to Fannie Mae DUS and Freddie Mac Optigo
• Strategic partnership to expand real estate financing and capital formation
• Leverages Zions' Western regional footprint and $89B assets

Negative

• Deal requires approval by Fannie Mae and Freddie Mac
• Transaction subject to customary closing conditions and third-party approvals

Argus Mar 24 session

+2.13% close to close Open Argus

Details

News Market Reaction – ZION

On Mar 24, the first trading day after this news, ZION closed 2.13% above the previous close.

Data tracked by StockTitan Argus for the Mar 24 session.

Key Figures

Total assets: $89 billion Annual net revenue: $3.4 billion Debt and equity transactions: $9 billion+ +2 more

Total assets

$89 billion

Zions Bancorporation at December 31, 2025

Annual net revenue

$3.4 billion

Zions Bancorporation for 2025

Debt and equity transactions

$9 billion+

Basis Investment Group transactions closed across U.S.

States covered

47+ states

Basis Investment Group transaction footprint

Operating states

11 western states

Zions Bancorporation retail and commercial footprint

Previous Acquisition Reports

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   Completion and integration of FirstBank’s California operations into CB&T network.

2. Sep 23

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   Agreement for CB&T to acquire four FirstBank branches in Coachella Valley.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

agency lending, mortgage servicing rights, fannie mae dus

3 terms

agency lending financial

"acquire the agency lending business of Basis Multifamily Finance I, LLC"

Agency lending is when an investment firm or broker arranges for an investor’s securities to be temporarily loaned to another party, typically to allow that borrower to sell them short, while the investor remains the owner. It matters to investors because it can generate extra income like renting out a book, but also means the lender may temporarily lose voting rights and faces small counterparty and recall risks, so returns and trade flexibility can change.

mortgage servicing rights financial

"and all associated mortgage servicing rights"

Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.

fannie mae dus financial

"including the Fannie Mae DUS® program, and the Freddie Mac Optigo®"

Fannie Mae DUS is a program where approved lenders act like trusted franchisees to underwrite and service commercial multifamily mortgages using Fannie Mae’s standards, while Fannie Mae provides guarantees on the loans. For investors, DUS loans matter because the program standardizes loan quality and repayment promises, which can lower perceived credit risk and improve liquidity—similar to buying products from a well-known brand rather than an unfamiliar seller.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Basis Investment Group and Zions Bancorporation Enter into Strategic Partnership to Expand Each Company's Real Estate Financing and Capital Formation Efforts

SALT LAKE CITY, March 23, 2026 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) today announced that it has entered into a definitive agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group ("Basis"), which includes its experienced team, access to agency lending programs, and all associated mortgage servicing rights. In connection with the acquisition, Zions and Basis have entered into a strategic partnership that will expand each respective company's real estate financing and capital formation efforts.

"The acquisition of Basis' agency lending business will strategically expand our capabilities to meet the needs of our commercial real estate customers. This is a natural, customer-driven evolution of our capital markets strategy, which continues to be a meaningful growth engine for the company. It also reinforces our commitment to supporting economic development, particularly in the high-growth Western markets we serve, where housing availability and affordability create strong demand for multifamily housing. We look forward to working with Tammy Jones and the entire Basis team," said Harris Simmons, Chairman and CEO of Zions Bancorporation.

"This transaction is a great result for all stakeholders, enabling the agency platform to scale while driving financing and investment activity across Basis' diversified Funds platform through our ongoing partnership with Zions. Our shared commitment to workforce and affordable housing serves as a powerful foundation for long-term success. I'm excited for what comes next and to seeing the agency business reach its full potential under Zions' ownership," added Tammy K. Jones, CEO and Founder of Basis.

By acquiring Basis' agency lending business, Zions will be able to offer its clients an expanded product suite through its participation in a variety of important lending programs, including the Fannie Mae DUS® program, and the Freddie Mac Optigo® Conventional and Small Balance Loan programs.

The acquisition is subject to customary closing conditions and certain third-party approvals, including approval by Fannie Mae and Freddie Mac.

Advisors

Zions Capital Markets is serving as financial advisor to Zions, with Allen Overy Shearman Sterling US LLP serving as legal advisor. Beekman Advisors is serving as financial advisor to Basis, with Davis Polk & Wardwell LLP serving as legal advisor.

About Zions Bancorporation

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $89 billion of total assets at December 31, 2025, and annual net revenue of $3.4 billion in 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

About Basis Multifamily Finance

Basis Multifamily Finance I, LLC ("BMF") is an agency multifamily lending platform and a subsidiary of Basis Investment Group, a diversified commercial real estate investment management platform with more than $9 billion in debt and equity transactions closed across 47+ states. BMF is an approved DUS® lender for Fannie Mae and Optigo® lender for Freddie Mac, providing permanent financing for stabilized multifamily properties nationwide. The platform is an active lender across market cycles and maintains long-standing relationships with multifamily owners, operators, and institutional sponsors. For additional information, please visit https://www.basisinvgroup.com/.

Forward-Looking Statements

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Zions' current views with respect to future events and financial performance. The words "future," "anticipates," "assumes," "intends," "plans," "seeks," "believes," "predicts," "potential," "objective," "estimates," "expects," "targets," "projects," "outlook," "forecast," "would," "will," "may," "might," "could," "should," "can," and similar expressions often signify forward-looking statements. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Zions' actual results to differ from those described in the forward-looking statements herein include: delays in closing the Basis acquisition; expected synergies, cost savings, and other financial or other benefits of the Basis acquisition might not be realized within the expected timeframes or might be less than projected; difficulties in integrating the acquired business; and risks identified in Zions Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. However, these risks and uncertainties are not exhaustive. Other sections of such filings describe additional factors that could impact Zions' business, financial performance, and pending or consummated acquisition transactions, including the Basis transaction. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no obligation to update or revise any forward-looking statements that are made from time to time.

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SOURCE Zions Bancorporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Zions (ZION) announce on March 23, 2026 regarding Basis' agency lending business?

Zions announced it will acquire Basis Multifamily Finance I's agency lending business, including team and MSRs. According to the company, the deal adds participation in Fannie Mae DUS and Freddie Mac Optigo programs and establishes a strategic partnership to expand real estate financing.

How will the Zions acquisition affect access to Fannie Mae and Freddie Mac programs for ZION?

The acquisition gives Zions direct access to Fannie Mae DUS and Freddie Mac Optigo lending programs. According to the company, this expands Zions' product suite for commercial real estate clients and supports multifamily financing in its Western markets.

Is the Zions (ZION) and Basis transaction final and what approvals are required?

The transaction is not final and remains subject to customary closing conditions and third-party approvals. According to the company, approvals from Fannie Mae and Freddie Mac are required before closing.

What scale and experience does Basis bring to Zions in the ZION acquisition?

Basis brings an experienced agency multifamily lending team and mortgage servicing rights to Zions. According to the company, Basis' platform has completed more than $9 billion in debt and equity transactions across 47+ states.

How does the acquisition align with Zions' business and geographic focus (ZION)?

The deal aligns with Zions' capital markets growth strategy and Western U.S. focus. According to the company, it supports multifamily housing demand in its 11-state footprint and aims to enhance commercial real estate capabilities.

Will the Zions acquisition of Basis' agency lending business affect ZION's 2025 financials or guidance?

The announcement does not specify immediate changes to 2025 financials or guidance. According to the company, Zions reported approximately $89 billion in assets and $3.4 billion net revenue for 2025; no guidance update was provided.