Fannie Mae DUS Multifamily Lending
Annual Review - 2025
$74B
Total Volume
71%
Top 10 Share
35%
YoY Growth
Top DUS Lenders by Volume
| # | Lender | Volume |
|---|---|---|
| 1 | Walker & Dunlop LLC | $8.9B |
| 2 | Wells Fargo Multifamily Capital | $7.8B |
| 3 | CBRE Capital Markets Inc. | $7.5B |
| 4 | Berkadia Commercial Mortgage LLC | $7.0B |
| 5 | Newmark | $5.6B |
| 6 | JLL Real Estate Capital, LLC | $3.9B |
| 7 | PGIM Real Estate | $3.7B |
| 8 | Greystone Servicing Company LLC | $2.9B |
| 9 | Arbor Commercial Funding I, LLC | $2.9B |
| 10 | KeyBank National Association | $2.7B |
Annual Origination Volume
Fannie Mae DUS multifamily production reached $74B in 2025, a 35% increase from 2024. The top 5 DUS lenders accounted for 50% of total program volume. Walker & Dunlop has held the #1 position every year since 2019.