Agency Multifamily Lender Rankings
Top lenders by combined FHA and Fannie Mae DUS origination volume. Freddie Mac Optigo volumes shown for reference but excluded from combined totals (data through 2021 only).
Sources: HUD FHA (FY2022-FY2026) · Fannie Mae DUS (2023-2025) · Freddie Mac Optigo (2018-2021 (stale, excluded from combined))
Ranked Lenders
21
Combined Volume
$167.5B
FHA Volume
$34.8B
Fannie Mae Volume
$132.7B
| # | Lender | Combined | FHA | Fannie Mae | FHA Deals | Freddie Mac* | Programs |
|---|---|---|---|---|---|---|---|
| 1 | Berkadia Commercial Mortgage LLC | $24.0B | $5.4B | $18.6B | 216 | $31.7B | FHADUSOptigo |
| 2 | Walker & Dunlop LLC | $27.0B | $4.4B | $22.6B | 141 | $21.6B | FHADUSOptigo |
| 3 | CBRE Capital Markets Inc. | $19.6B | $1.0B | $18.5B | 45 | $36.1B | FHADUSOptigo |
| 4 | Wells Fargo Bank, N.A. | $14.8B | $1.5B | $13.3B | 42 | $11.7B | FHADUSOptigo |
| 5 | Newmark | $12.6B | — | $12.6B | — | $14.5B | DUSOptigo |
| 6 | Greystone | $11.5B | $541.5M | $10.9B | 21 | $9.2B | FHADUSOptigo |
| 7 | JLL Real Estate Capital, LLC | $11.6B | $1.2B | $10.4B | 40 | $19.0B | FHADUSOptigo |
| 8 | Arbor Realty Trust | $9.9B | $834.8M | $9.0B | 35 | — | FHADUS |
| 9 | KeyBank National Association | $9.5B | $1.1B | $8.4B | 45 | $13.2B | FHADUSOptigo |
| 11 | PNC Bank, N.A. | $5.3B | $749.5M | $4.6B | 38 | — | FHADUS |
| 12 | Dwight Capital | $5.3B | $5.3B | — | 215 | — | FHA |
| 13 | PGIM Real Estate | $5.1B | $1.4B | $3.7B | 59 | $2.8B | FHADUSOptigo |
| 15 | Lument | $2.9B | $2.9B | — | 214 | — | FHA |
| 18 | Merchants Capital Corp. | $2.5B | $2.5B | — | 160 | — | FHA |
| 22 | Colliers Mortgage | $1.4B | $1.4B | — | 71 | — | FHA |
| 24 | BWE | $1.2B | $1.2B | — | 66 | — | FHA |
| 28 | Regions Bank | $903.7M | $903.7M | — | 29 | — | FHA |
| 31 | NewPoint Real Estate Capital LLC | $820.2M | $820.2M | — | 37 | — | FHA |
| 34 | Grandbridge Real Estate Capital LLC | $549.2M | $549.2M | — | 25 | — | FHA |
| 36 | Capital One N.A. | $525.3M | $525.3M | — | 24 | $14.1B | FHAOptigo |
| 39 | Northmarq | $600.8M | $600.8M | — | 33 | $3.0B | FHAOptigo |
* Freddie Mac Optigo per-lender volume data covers 2018, 2020, and 2021 only. These figures are shown for reference but are not included in combined ranking totals due to staleness.
Methodology
Combined rankings sum FHA endorsement volume (FY2022-FY2026, from HUD Firm Commitments database) and Fannie Mae DUS production (2023-2025, from Fannie Mae annual lender rankings). Freddie Mac Optigo volumes (2018-2021 (stale, excluded from combined)) are displayed as a separate column but excluded from the combined total because per-lender data has not been published since 2021. Rankings reflect volume under the lender entity as recorded in each source. Some lenders operate under multiple entities or have undergone mergers - volumes reflect each entity separately where the database has distinct records.
Volume figures represent origination totals within the stated periods. FHA volumes are computed from individual endorsement records. Fannie Mae DUS volumes are from published annual lender rankings. Lender matching uses database IDs - no fuzzy name matching is applied. Zero null lender IDs across all three programs.