League table · HUD data
Who makes HUD multifamily loans: lenders ranked by volume
HUD insured $16.21 billion of multifamily loans on 590 projects in fiscal year 2026, up 65% from FY2025. Berkadia Commercial Mortgage LLC led with $2.04 billion on 68 loans, and the five largest lenders wrote 44% of the dollars.
- HUD data run October 8, 2026
- Covers FY2001 to FY2026 (federal fiscal years end September 30)
- Section 232 healthcare excluded
League table
Ranked by mortgage dollars at initial endorsement. Pick a fiscal year or program; click a column to re-sort. Lender names are HUD's, one row per name HUD files, so affiliates are not combined.
FY2026, all programs: 57 lenders.
Top 30 of 57 shown. The full ranking is in the CSV download.
The biggest lenders by program, FY2026
| Lender | Loans | Dollars |
|---|---|---|
| Dwight Capital LLC | 37 | $1.22B |
| Lument Real Estate Capital, LLC | 52 | $1.20B |
| Berkadia Commercial Mortgage LLC | 37 | $909M |
| Wells Fargo Bank, N.A. | 2 | $789M |
| Walker & Dunlop, LLC | 22 | $496M |
| Program total | 331 | $8.16B |
| Lender | Loans | Dollars |
|---|---|---|
| Berkadia Commercial Mortgage LLC | 27 | $1.04B |
| Mason Joseph, LLC | 17 | $760M |
| Walker & Dunlop, LLC | 14 | $672M |
| Dwight Capital LLC | 6 | $397M |
| PGIM Real Estate Agency Financing, LLC | 9 | $377M |
| Program total | 160 | $5.88B |
Five-year league table, FY2022-FY2026
One year can swing on a handful of large deals. Over five fiscal years HUD endorsed $63.87 billion; these 25 lenders wrote 85% of it.
Program columns count loans. NC/SR is HUD's new construction and substantial rehabilitation category, mostly Section 221(d)(4).
HUD multifamily volume since FY2001
FY2021 was the peak at $29.48 billion, when low rates sent owners into 223(f) and 223(a)(7) refinances. The 223(a)(7) channel, a streamlined refinance of a loan HUD already insures, has all but closed since rates rose: 1 in FY2026.
- 223(f)
- New construction / sub rehab
- 223(a)(7)
- Risk sharing
- 241(a) and other
| FY | Loans | Dollars | 223(f) | NC/SR |
|---|---|---|---|---|
| FY2026 | 590 | $16.21B | $8.16B | $5.88B |
| FY2025 | 435 | $9.85B | $4.32B | $3.63B |
| FY2024 | 356 | $7.19B | $2.78B | $2.63B |
| FY2023 | 512 | $9.51B | $5.74B | $2.59B |
| FY2022 | 1,078 | $21.11B | $12.29B | $5.59B |
| FY2021 | 1,579 | $29.48B | $15.31B | $5.28B |
| FY2020 | 990 | $18.83B | $8.83B | $5.22B |
| FY2019 | 696 | $11.53B | $5.54B | $5.03B |
| FY2018 | 907 | $15.07B | $7.27B | $6.17B |
| FY2017 | 1,048 | $15.07B | $7.29B | $4.24B |
| FY2016 | 884 | $10.83B | $4.55B | $3.54B |
| FY2015 | 909 | $9.72B | $4.62B | $2.93B |
| FY2014 | 1,070 | $10.57B | $6.02B | $2.33B |
| FY2013 | 1,905 | $18.30B | $7.68B | $2.61B |
| FY2012 | 1,379 | $13.09B | $5.68B | $2.71B |
| FY2011 | 1,272 | $12.40B | $3.49B | $3.01B |
| FY2010 | 974 | $10.63B | $4.48B | $3.77B |
| FY2009 | 455 | $3.38B | $1.29B | $1.36B |
| FY2008 | 453 | $2.43B | $887M | $1.00B |
| FY2007 | 701 | $3.00B | $1.16B | $1.05B |
| FY2006 | 791 | $3.78B | $1.71B | $1.01B |
| FY2005 | 812 | $4.34B | $817M | $1.67B |
| FY2004 | 1,205 | $5.86B | $806M | $2.52B |
| FY2003 | 1,033 | $5.45B | $681M | $2.50B |
| FY2002 | 761 | $4.44B | $758M | $2.65B |
| FY2001 | 548 | $3.31B | $534M | $2.12B |
How to read HUD lender rankings
Every FHA-insured apartment loan comes through a HUD-approved lender. Lenders approved for MAP, HUD's Multifamily Accelerated Processing, underwrite the loan themselves and HUD reviews it. The figures here are the lender of record at initial endorsement, the day FHA insurance attaches. For a construction loan that is the closing, not completion.
The lender at endorsement is often not the firm that services the loan or holds the note later. Many loans are funded through Ginnie Mae securities and servicing rights change hands, so a lender's origination rank and its servicing book can look very different. Each lender page shows both; servicers are ranked on their own page.
Risk-sharing loans (Section 542(c) through state and local housing finance agencies, and 542(b) through qualified participating entities) are in the totals because HUD reports them as multifamily production. Filter them out with the program selector if you want FHA's full-insurance programs only.
Related
Every lender profile, A to Z
Lenders with five or more HUD apartment loans in the last five fiscal years.
- AGM Financial Services, Inc.
- Arbor Agency Lending, LLC
- Bellwether Enterprise Real Estate Capital
- Berkadia Commercial Mortgage LLC
- Berkeley Point Capital LLC
- Bravo Capital LLC
- California Housing Finance Agency
- Cambridge Realty Capital Ltd. of Illinois
- Capital One, N.A.
- CBRE HMF, Inc.
- Centennial Mortgage, Inc.
- Century Health & Housing Capital, LLC
- Churchill Mortgage Investment LLC
- Colliers Mortgage LLC
- Colorado Housing and Finance Authority
- ColumbiaNational Real Estate Finance, LLC
- Davis-Penn Mortgage Co.
- DC Housing Finance Agency
- Department of Housing and Community Development
- Dwight Capital LLC
- Fannie Mae
- First American Capital Group Corp.
- Gershman Investment Corp.
- Grandbridge Real Estate Capital LLC
- Greystone Funding Company LLC
- Greystone Servicing Company LLC
- Harper Capital Partners, LLC
- Highland Commercial Mortgage, LLC
- HOC Mortgage Finance Program
- Illinois Housing Development Authority
- JLL Real Estate Capital, LLC
- KeyBank National Association
- Legacy Capital Mortgage LLC
- Lument Real Estate Capital, LLC
- M&T Realty Capital Corporation
- Mason Joseph Company, Inc.
- Mason Joseph, LLC
- MassHousing
- Merchants Capital Corp.
- Minnesota Housing Finance Agency
- New Hampshire Housing Finance Authority
- New York City Housing Development Corporation
- New York State Housing Finance Agency
- NewPoint Real Estate Capital LLC
- NorthMarq Finance, LLC
- PGIM Real Estate Agency Financing, LLC
- PNC Bank, National Association
- Regions Bank
- Rhode Island Housing and Mortgage Finance Corporation
- Rockport Mortgage Corp.
- Walker & Dunlop, LLC
- Wells Fargo Bank, N.A.
- X-Caliber Capital LLC