The annual report of the multifamily lending market by the Mortgage Bankers Association (MBA) shows that 2,463 multifamily lenders created $288.7 billion in new mortgages for multifamily properties with five or more units in 2024.
The multifamily lending volume of $288.7 billion last year is 17% higher than 2023 levels. Five or fewer multifamily loans were made by 53% of the active lenders during the year.
A diverse range of investors received the $288.7 billion in multifamily mortgages that were created in 2024. Fannie Mae and Freddie Mac, two government-sponsored entities (GSEs), received the largest portion (41% of the total) by dollar volume.
By dollar volume, JPMorgan Chase & Co., Walker & Dunlop, Berkadia, Wells Fargo, and CBRE were the top five multifamily lenders in 2024.
Measuring Multifamily Lending Activity — National
The MBA report covering the multifamily lending market includes:
- A detailed summary of the $288.7 billion multifamily market;
- Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) lender segment;
- A breakout of 2024 multifamily lending volume by investor group;
- A listing of 2,463 lenders who made multifamily loans in 2024, including their lending volume; number of loans made and average loan size; and,
- A listing of metropolitan areas and the volume of very-small loans made in each in 2024.
Data from the Home Mortgage Disclosure Act (HMDA) and the MBA 2024 Commercial Multifamily Annual Origination Volume Summation served as the basis for this research. In 2024, $411 billion in commercial and multifamily loans were covered by MBA’s study, which focuses on committed originators.
Multifamily loans from banks, thrifts, and other organizations that satisfy specific single-family origination requirements are added to the HMDA data. The two databases together offer the most thorough analysis of the multifamily financing sector that is currently available.
Note: MBA’s report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.
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