Agency Multifamily Pegged at 85% of 2009 Volume

Fannie Mae and Freddie Mac seller/servicers originated 85% of all multifamily mortgages in 2009, according to an annual survey by the Mortgage Bankers Association. The survey found that "dedicated" commercial real estate finance firms originated $82 billion in CRE and multifamily mortgages last year. Multifamily originations totaled $36.5 billion or 44% of CRE lending. Fannie lenders originated $15.9 billion of the multifamily loans and Freddie lenders originated $15.2 billion. Originations of Federal Housing Administration-insured multifamily loans totaled $5.9 billion, up 168% from 2008. MBA said 75 of the respondent firms that also participated in the 2008 survey reported their loan volume was down 46%. "Relatively few commercial mortgages were made in 2009, as the recession curtailed both the supply and demand for new mortgage debt," said Jamie Woodwell, MBA's vice president of CRE research.