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 Bank, N.A. | 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 | Arbor Realty Trust | 2.9B |
| 9 | Greystone | 2.9B |
| 10 | KeyBank National Association | 2.4B |
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.
Data Notes
Total market volume figures come from Fannie Mae's annual press releases and reflect total multifamily production, not just DUS. Lender-level volume data covers the Top 10 DUS lenders only, as published in Fannie Mae's annual lender rankings.
"Top 10 Share" compares the combined volume of the Top 10 DUS lenders to Fannie Mae's total multifamily production. Since the Top 10 data is DUS-only while the market total includes all multifamily channels, the actual DUS concentration among top lenders may be higher than shown.
Year-over-year lender changes compare each lender's volume to their own prior-year volume. Lenders not in the Top 10 in the prior year show no YoY comparison.