2023 Top Mortgage Banking and Brokerage Firms

Find out which firms led MHN’s annual ranking.

You can also read our other Top Mortgage Banks rankings.

RankCompany NameMultifamily Origination Volume* ($MM)Total Origination Volume* ($MM)Licensed GSE Affiliate
1CBRE $46,927.6 $78,212.7x
2KeyBank $46,400.0 $58,000.0x
3Walker & Dunlop $45,569.3 $53,611.0x
4Newmark $34,892.3 $58,153.8x
5Berkadia $38,843.3 $42,619.4x
6Northmarq $18,250.0 $25,000.0x
7Greystone $15,272.0 $18,400.0x
8Cushman & Wakefield $9,818.2 $29,752.0 
9Arbor Realty Trust $13,426.0 $13,700.0x
10Bellwether Enterprise $8,171.9 $14,236.7x
11Merchants Capital Corp. $7,866.8 $9,712.1x
12M&T Realty Capital Corp. $4,798.8 $5,453.1x
13MetLife Investment Management $6,439.0 $13,700.0 
14Marcus & Millichap Capital Corp. $539.4 $11,700.0 
15Gantry $1,987.2 $5,520.0 
16Gershman Investment Corp. $743.8 $864.9x
17Metropolis Capital Advisors $251.3 $512.9 
18Old Capital Lending $1,395.3 $1,468.8 
19Financial Federal Bank $147.0 $210.0 
20Greysteel $247.2 $727.0 

* Includes originations between 10/01/2021 and 09/30/2022.

Though we make every effort to include all major multifamily lenders, several notable firms (among them PGIM Real Estate, Bank of America and Eastdil Secured) did not participate this year.

To be included in upcoming rankings, email Agota Felhazi at [email protected]

Originations Slow But Don’t Stop

Image by PPAMPicture/iStockphoto.com

While multifamily financing activity recovered in 2021 and the first half of 2022, deal activity slowed down in the third quarter of 2022. Originations decreased by 16 percent in third-quarter 2022 compared to the same time frame in 2021, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations report.

Further, during the fourth quarter, government-sponsored enterprises Fannie Mae and Freddie Mac appeared unlikely to lend their $78 billon in total allocations for 2022. Through the end of October, the GSEs were nowhere near the amount granted by the Federal Housing Finance Agency. Fannie Mae originated just over $54 billion and Freddie Mac roughly $51 billion, according to the agencies’ public filings.

Despite economic headwinds and higher interest rates, which will likely continue to eat into deal flow, our Top 20 Mortgage Banking and Brokerage Firms reported strong numbers through the third quarter of 2022. Combined, the firms on our list provided roughly $302 billion in multifamily loans and nearly $442 billion in overall originations from October 2021 through September 2022. In addition, most of the companies expect growth in origination volume in 2023.

In our 2023 Top Multifamily Mortgage Banking and Brokerage Firms ranking, CBRE took first place due to a combination of factors that included just over $78 billion in total originations during the year ending in September, of which 60 percent, or $47 billion, was in the multifamily sector. In second place, KeyBank recorded $46.4 billion in multifamily originations, while Walker & Dunlop came in third with a $45.6 billion volume, both through a combination of direct lending and intermediary services. Each achieved more than 20 percent growth.

Methodology

The Top 20 Multifamily Mortgage Banking and Brokerage Firms of 2023 ranking utilizes self-reported data for all firms. Our ranking is calculated using a weighted formula based on a variety of factors, including total origination volume, coverage offered, growth in transaction volume and loan positioning, among others. The ranking represents what we feel is a logical balance between firm growth and market share, as well as sector diversity or specialization. Ranking factors are not limited to the data on this page.

–Claire Spadoni, Senior Research Analyst, Yardi Matrix

Read the January 2023 issue of MHN.

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