Fannie Mae Provides $28.8 Billion in M-F Financing in 2013

Fannie Mae details its 2013 financing activity. The GSE met the FHFA's 10 percent reduction mandate from 2012 levels, though the entity still saw an uptick in seniors and manufactured housing activity.

Washington, DC—Fannie Mae reports that for all of 2013, it provided $28.8 billion in multifamily finance, involving about 507,000 multifamily units all together. Almost all of last year’s total — $28.5 billion — was delivered through MBS execution, and the GSE also says that it met the Federal Housing Finance Agency’s mandate to reduce multifamily volumes by 10 percent relative to 2012 levels.

According to Jeffery Hayward, head of the company’s multifamily mortgage business, more than 85 percent of the multifamily units financed by Fannie Mae last year were affordable to tenants earning at or below the median income in their area. Financing for rent-restricted properties (and properties receiving other federal and state subsidies) was $2.3 billion, a decrease from 2012’s $3.8 billion.

Also in 2013, large loans ($25 million or higher) totaled $10.4 billion, down from $11.6 billion in 2012, while small loans (up to $3 million, or $5 million in high-cost areas) totaled $2.3 billion, down from $3 billion in 2012. Loans for seniors housing were $1.6 billion, up from 2012’s total of $1.2 billion, and loans for manufactured housing also saw an uptick from $912 million in 2012 to $1 billion in 2013. Student housing came in at $454 million, a decrease from $712 million in 2012.

Fannie Mae’s top 10 Delegated Underwriting and Servicing program lenders for 2013 included Walker & Dunlop, Wells Fargo Multifamily Capital, CBRE Multifamily Capital, Beech Street Capital, Berkadia Commercial Mortgage, Prudential Mortgage Capital Co., M&T Realty Capital Corp., PNC Real Estate, Arbor Commercial Funding, and Berkeley Point Capital. These DUS lenders are in order of production volume, starting with the highest producer.

Also in order of production volume are the top six producers last year for affordable housing: Wells Fargo Multifamily Capital, Oak Grove Capital, Greystone Servicing Corp., Walker & Dunlop, Citibank, and PNC Real Estate. The last two tied for fifth place.