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Fannie Mae, one of two main government-sponsored enterprises designed to help stabilize mortgage markets, is a major source of capital for multifamily investors. Since 1988, it has brought more than $962 billion in liquidity to the mortgage market to finance nearly 15 million multifamily units.
But Fannie Mae doesn’t fill that role alone. It relies on a network of lenders in its Delegated Underwriting and Servicing (DUS) program to get capital to multifamily investors
Our agency lending team can help you find the right financial solutions for your business.
Fannie Mae sets the terms and underwriting and servicing standards for its multifamily agency loans. But it doesn’t underwrite or service mortgages. As the DUS name suggests, Fannie Mae delegates those tasks to approved private lenders, including JPMorganChase.
Each DUS lender sells mortgages to Fannie Mae, which can hold them in its portfolio or convert them to mortgage-backed securities for sale on the secondary market.
The DUS lender’s role isn’t over when it sells the mortgage. A DUS loan borrower works with the same lender throughout the life of the loan. The DUS lender also retains a portion of the credit risk, ensuring all parties have a stake in the loan’s performance.
Commercial real estate investors can seek a Fannie Mae DUS loan to purchase or refinance multifamily properties with at least five units, including:
Properties must have stabilized occupancy—typically 90%—for 90 days before obtaining a DUS loan.
DUS loans are typically just one type of multifamily financing a DUS lender will offer. The ideal financing choice will depend on an investor’s goals and where a property is in its lifecycle, but a few key differences between DUS and bank loans include:
Discover how agency lending is helping increase the affordable and workforce housing supply.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.
3:18 - Real Estate
If these walls could talk: Washington, D.C.
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We’ve invested more than $1.1 billion in D.C. affordable housing and community services since 2019. Discover Community Development Banking’s local impact.
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This common metric can help investors assess the potential value of a property.
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After years of high inflation and limited growth, the industry may be on the upswing. Find out why.
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FHFA’s 2025 multifamily volume caps signal strong activity
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The Federal Housing Finance Agency increased agency multifamily loan purchase caps for 2025. It’s a positive sign for financing availability and market activity.
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If these walls could talk: Chicago
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In just the last 5 years, we’ve invested more than $250 million in development, creating equity of opportunity in Chicago. Discover Community Development Banking’s local impact.
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Frictionless payment channels for commercial real estate
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Learn how real-time payments, same-day ACH, blockchain and card programs can make commercial real estate payments fast and frictionless.
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