FHA Multifamily Lending
Annual Review - FY2025
587
Deals
14.8B
Total Volume
66
Active Lenders
Most Active FHA Lenders
| # | Lender | Deals | Volume |
|---|---|---|---|
| 1 | Berkadia Commercial Mortgage LLC | 50 | 1.6B |
| 2 | Dwight Capital | 45 | 1.3B |
| 3 | GREYSTONE FUNDING COMPANY LLC | 37 | 1.1B |
| 4 | Lument | 37 | 617.0M |
| 5 | WALKER AND DUNLOP LLC | 32 | 901.2M |
| 6 | GERSHMAN INVESTMENT | 27 | 745.8M |
| 7 | Merchants Capital Corp. | 26 | 591.1M |
| 8 | CALIFORNIA HFA | 21 | 571.2M |
| 9 | ROCKPORT MORTGAGE | 19 | 846.4M |
| 10 | BWE | 16 | 384.3M |
| 11 | MASSACHUSETTS HFA | 14 | 187.6M |
| 12 | KeyBank National Association | 12 | 369.9M |
| 13 | MASON JOSEPH COMPANY INC | 12 | 552.2M |
| 14 | JONES LANG LASALLE MULTIFAMILY, LLC | 11 | 417.2M |
| 15 | NewPoint Real Estate Capital LLC | 11 | 164.6M |
Annual Origination Volume
FHA multifamily firm commitments totaled 14.8B across 587 deals in FY2025, a 60.7% increase from FY2024. The top 5 lenders accounted for 37% of total volume. Average deal size was $25.3M.
Data Notes
Data comes from HUD's FHA Multifamily Firm Commitments and Endorsements Database (FY01 through FY26 Q1). This is the official public dataset published by HUD's Office of Multifamily Production, typically updated within 30 days of quarter-end.
Figures reflect firm commitment activity for multifamily programs only. Healthcare and Office of Healthcare Programs (OHP) commitments are excluded. FY2026 data reflects Q1 only and is excluded from year-over-year comparisons.
Lender rankings are based on deal count, not dollar volume. Some lenders appear under multiple names due to mergers or DBA variations in HUD's records. Where possible, we have consolidated these under the current entity name.