WASHINGTON, DC - Fannie Mae, through its lender and housing partners, financed $35.5 billion in multifamily rental housing in 2008. Fannie Mae's multifamily financing solutions include debt financing through lender partners and bond purchases.
"Fannie Mae and its [Delegated Underwriting and Servicing] (DUS) lenders were pleased to provide significant liquidity and stability to the multifamily industry despite record levels of uncertainty and volatility experienced by the markets in 2008," says Phil Weber, senior vice president of Fannie Mae's multifamily division.
Fannie Mae's DUS lenders and affiliates delivered $33.3 billion of the company's total investment in multifamily housing, including $21.8 billion in total DUS product. DUS lenders are able to underwrite, close and deliver most loans without pre-review by Fannie Mae, which the agency says results in a "highly efficient execution."
Approximately 89% of the multifamily units financed by Fannie Mae in 2008 were affordable to families at or below the median income of their communities. Approximately 54% of all multifamily units financed by Fannie Mae served special affordable families (low- and very-low income families in low-income areas), and nearly 58% of the multifamily units financed were made in underserved markets.
Fannie Mae says demand for its Early Rate Lock (ERL) products in 2008 was strong, as borrowers sought interest-rate certainty in an uncertain market. The dollar volume of loans using an ERL product rose from $4.6 billion in 2007 to $10 billion in 2008 - a 116% increase.
Source: Fannie Mae