Fannie Mae's multifamily lending this year is being driven less by dealmaking and more by necessity, as borrowers race to refinance looming maturities and a small group of lenders captures an outsized share of the market.
According to CRED iQ, the agency recorded $16.5 billion in multifamily originations across 1,071 loans from January 1 through May 13, 2026, with activity heavily concentrated among its top Delegated Underwriting and Servicing participants. The five most active lenders alone accounted for roughly half of total volume, underscoring the continued advantage of scale in the program.
Walker & Dunlop led the pack with $2.18 billion in originations, representing 13.2% market share, followed by CBRE Multifamily Capital at $1.88 billion, or 11.4%. PGIM Real Estate Agency Financing originated $1.56 billion for a 9.4% share, while Newmark reached $1.39 billion, or 8.5%. Berkadia Commercial Mortgage and JLL Real Estate Capital each closed $1.22 billion, capturing 7.4% apiece. Wells Fargo Bank followed with $1.15 billion, or 7.0%, while Colliers Mortgage, Arbor Commercial Funding, and Bellwether Enterprise Mortgage Investments rounded out the top 10.
Origination strategies varied across the leaderboard. Berkadia generated higher volume through 172 smaller-balance loans, while Walker & Dunlop originated 110 loans with a larger average deal size, reflecting different approaches to capturing market share within the same constrained environment.
Volume built steadily early in the year, then lost momentum. Monthly originations climbed from approximately $3.1 billion in January to a peak of $5.6 billion in March, which alone accounted for more than one-third of the year-to-date total, according to CRED iQ. The remaining $7.8 billion was spread across February, April, and May, averaging about $2.6 billion per month.
Refinancing has been the dominant force behind that activity. It made up 62.8% of total originations, or $10.3 billion, "reflecting a wave of borrowers addressing 2026 and 2027 loan maturities and replacing higher-cost bridge debt," CRED iQ wrote. The data points to a market defined more by maturity management than by new investment or transaction velocity.
Acquisition financing accounted for $5.95 billion, or 36.1% of total volume, indicating that while deal flow persists, it remains secondary to refinancing pressures.
Geographically, capital flowed primarily into major gateway and high-growth Sun Belt markets. The New York–Newark–Jersey City metro led with $1.6 billion in originations, followed by San Jose–Sunnyvale–Santa Clara at $750 million and Los Angeles–Long Beach–Anaheim at $720 million. Among Sun Belt markets, Phoenix recorded $690 million, Miami–Fort Lauderdale saw $630 million, and Dallas–Fort Worth reached $600 million.
While additional May data could shift final totals, the year so far reflects a clear pattern: lending concentrated among a handful of dominant players, driven largely by refinancing needs, and directed toward the nation's largest and fastest-growing metros.
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