Fannie Mae has enjoyed a surge in multifamily lending. After a slower period, volume rebounded sharply, rankings shifted and the market increasingly rewarded originators with scale, capital access and consistent execution, according to CRED iQ.
The top 25 Fannie Mae originators generated $68.9 billion in 2025, up 25% from $55.1 billion in 2024. This growth coincided with rising market concentration, as a smaller group of dominant platforms captured an increasing share of total volume.
Walker & Dunlop led the market again, originating $8.65 billion across 419 assets, a 19% year-over-year increase. CRED iQ attributed the firm's consistency to its national footprint and ability to deploy capital across stabilized, workforce and affordable housing transactions.
CBRE ranked second with $7.25 billion in 2025, up 17% from 2024, while maintaining a lower asset count, indicating a continued focus on larger average loan sizes.
Wells Fargo made the largest leap, jumping from seventh to third with $7.08 billion, a 165% increase from $2.67 billion in 2024 — the largest absolute volume gain among all originators. This jump reflects renewed bank participation in agency lending as market volatility eased and sponsor demand returned, the report said.
Rounding out the top five were Berkadia and Newmark, which retained their positions.
The middle of the leaderboard saw substantial reshuffling. PGIM increased production by 85%, climbing from 13th to sixth place with $3.66 billion in volume. Colliers posted a 143% year-over-year increase, moving from the 20th spot to No. 16 on the list, while Capital One expanded production by 77%, signaling growing bank engagement in Fannie Mae agency lending.
However, not all originators benefited. Greystone saw volume decline 9%, falling from sixth place to ninth and Grandbridge experienced a sharp 76% contraction to $186 million. KeyBank and Regions recorded modest year-over-year declines, reflecting selective participation and tighter credit strategies, according to CRED iQ.
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