Fannie Mae (FNMA/OTC) provided $1.6 billion in financing to the multifamily market to support small loans comprising over 33,000 units in 2015. Over ninety percent of the small loan units the company financed in 2015 supported affordable and workforce housing.
“Small loans are a critical part of the work we do to make affordable, quality rental housing a reality for renters in urban areas and smaller markets across the nation,” says Bob Simpson, Multifamily Vice President for Affordable, Green, and Small Loans, Fannie Mae. “We have been financing small loans for nearly 20 years and since 2009 we have provided over $17 billion in liquidity to the small loan market primarily through our Delegated Underwriting and Servicing (DUS®) lenders.”
Owners of smaller properties have unique financing needs and Fannie Mae offers a variety of product offerings, streamlined underwriting and processing, and increased delegations to its Small Loan lenders. Fannie lenders are delegated the ability to underwrite, close, deliver, and service small loans, which provides greater speed and certainty of execution.
Providing liquidity to the rental market has been the core mission of Fannie Mae Multifamily for nearly 30 years. The company’s unique DUS platform relies on shared risk and leverages private capital through its DUS lenders, who retain more than 20 percent of the credit risk on Fannie Mae’s entire multifamily guaranty book of business, as of December 31, 2015.
For more information, visit www.fanniemae.com/progress