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Fannie Mae multifamily investment totals $20 billion during first half.

Fannie Mae announced that, through its lender and housing partners, its investment in multifamily housing totaled $20 billion in the first half of 2008. Fannie Mae's multifamily financing solutions include debt financing through lender partners and multifamily bond purchases.

Of the total multifamily financing issued in the first half of the year, Fannie Mae's Delegated Underwriting and Servicing (DUS[R]) lenders delivered $18.2 billion of the company's total investment in multifamily rental housing, representing the strongest first half ever for DUS lenders and an increase of 30 percent over midyear 2007 production, according to Phil Weber, senior vice president of Fannie Mae's multifamily division.

"It is fitting as we celebrate the 20th anniversary of the DUS program that the DUS lenders had record production for the first half of this year," said Weber. "Fannie Mae thanks our DUS lender partners for making DUS the multifamily lending market leader."

Fannie Mae said its investments in small loans surged to nearly $5 billion in the first half of 2008. Small loans are loans of up to $3 million, or $5 million in certain markets.

The company also invested more than $1.5 billion in senior housing and $264 million in student housing, doubling its midyear 2007 production of $132 million. Fannie Mae's investment in manufactured housing increased fourfold, from $89 million through midyear 2007 to $458 million through midyear 2008.

Use of Fannie Mae's Early Rate Lock [TM] feature more than doubled through midyear 2008. The company said it continues to expand its rate-lock offerings to provide certainty in a volatile interest-rate environment.

Weber said Fannie Mae is introducing a Streamlined Rate Lock execution that will enable lenders to lock the interest rate on their loan with the borrower at any point during the underwriting process. The Streamlined Rate Lock will also pro-vide more delegation to lenders and offer borrowers certainty of execution.
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Title Annotation:Commercial; Federal National Mortgage Association
Comment:Fannie Mae multifamily investment totals $20 billion during first half.(Commercial)(Federal National Mortgage Association)
Publication:Mortgage Banking
Article Type:Brief article
Date:Sep 1, 2008
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