#USA #Washington #Fannie Mae #multifamily housing #Loan Production

Fannie Mae's Impact on the U.S. Rental Housing Market in 2025

In a significant push to boost the U.S. rental housing supply, Fannie Mae (OTCQB: FNMA) announced that it provided approximately $74 billion in financing for the multifamily housing sector in 2025. This represents a remarkable 34% increase from the $55 billion in loan production recorded in 2024, marking the largest annual multifamily volume since 2020. Fannie Mae's efforts in partnering with Delegated Underwriting and Servicing (DUS®) lenders have been instrumental in navigating the ever-evolving market, ensuring the accessibility of housing solutions for various stakeholders.

Significant Liquidity Across Housing Segments

Fannie Mae’s financing strategy in 2025 facilitated significant liquidity across several key housing segments. The Multifamily Affordable Housing sector received more than $8.3 billion, reflecting a year-over-year increase of 31%. Other areas of substantial financing included $7.1 billion in Structured Transactions, $5.9 billion in Small Loans, and $1.9 billion in Manufactured Housing, showcasing a robust demand for diverse housing types.

The DUS model proved crucial as 40% of transactions were completed under this framework in 2025. This model empowers lenders to be competitive and responsive, thereby promoting quicker deal closures even during fluctuating market conditions.

Exceptional Collaborations and Future Goals

Kelly Follain, the Executive Vice President and Head of Multifamily at Fannie Mae, highlighted the importance of collaboration with DUS lender partners in achieving these impressive financing figures. Follain noted that through these partnerships, Fannie Mae not only reached a milestone of over $500 billion in their book of business but also opened up numerous opportunities for both multifamily borrowers and investors alike. Looking ahead, Fannie Mae has allocated $88 billion in capital for 2026, signaling confidence in furthering its impact on affordable housing solutions.

Addressing Housing Affordability and Supply Challenges

Fannie Mae's commitment to creating responsible financial products continues to address pressing housing affordability and supply challenges. In 2025, they enhanced offerings such as the Multifamily Structured Adjustable-Rate Mortgage (SARM), tailored to meet the growing demand for flexible financing options. This innovation allows borrowers to access fixed-rate equivalent financing while adapting to the needs of current market dynamics.

Moreover, Fannie Mae expanded its Near-Stabilization execution, enabling borrowers to secure permanent, non-recourse mortgage financing for newly constructed or recently renovated properties before achieving full occupancy. This foresighted strategy not only encourages construction but also helps to ensure that affordable rental units are available to those in need.

Since re-entering the Low-Income Housing Tax Credit (LIHTC) market in 2018, Fannie Mae has committed over $5 billion in equity investments, leading to the creation and preservation of more than 100,000 affordable rental housing units. This solidifies their role in tackling the affordable housing crisis head-on.

Top DUS Lenders of 2025

Fannie Mae's partnerships with DUS lenders yielded impressive results, with the top lending institutions contributing significant volumes. The leading producers in 2025 included:
1. Walker & Dunlop, LLC - $8.95 billion
2. Wells Fargo Bank, N.A. - $7.75 billion
3. CBRE Multifamily Capital, Inc. - $7.47 billion
4. Berkadia Commercial Mortgage, LLC - $7.04 billion
5. Newmark - $5.56 billion

These partnerships are indicative of the collaborative efforts that propel the multifamily housing sector forward, ensuring that diverse needs are met across various segments.

Through these substantial financing efforts and innovative solutions, Fannie Mae continues to play a pivotal role in shaping the future of rental housing in America, creating more opportunities and addressing the crucial demand for affordable living spaces.