Kelly Follain

Kelly Follain is Fannie Mae’s Executive Vice President and Head of Multifamily, reporting to the President and Chief Executive Officer. In this role, she is responsible for all Multifamily business functions and is a member of the company’s Management Committee. Fannie Mae’s Multifamily division is the leading source of financing and securitization for quality rental housing in the United States, in every market, for every income level, every day.

With a book of business of more than $500 billion, Fannie Mae Multifamily serves a wide spectrum of the market – including conventional, rent-restricted, seniors, and student housing; cooperatives; and manufactured housing communities – and finances all loan sizes, from a $1 million single-asset loan to a $1 billion structured transaction facility.

Follain is a strategic leader with expertise in agency financing, multifamily real estate, and CMBS lending, including underwriting, credit, loan structuring, and securitization. Prior to joining Fannie Mae in March 2025, she was Head of Agency Lending at PGIM Real Estate, a leading global real estate investor with deep knowledge of local real estate equity and debt markets. In this role, Follain was responsible for establishing and executing vision and long-term strategy for Agency Business, expanding PGIM’s leadership in Multifamily lending, and setting objectives and key measures of success to meet financial goals. She also served as Chief Operating Officer of Agency Lending, responsible for executing business strategy and oversight of operations for Fannie Mae, Freddie Mac, Affordable Housing, and FHA multifamily and healthcare loans. Prior to that, Follain was a Vice President for Underwriting and Credit at Freddie Mac, where she was responsible for the multifamily risk distribution and credit team including large loan approvals and securitization due diligence. With more than 25 years of experience in commercial real estate lending, Follain also held management and underwriting positions within Wells Fargo’s Commercial Mortgage Origination division.

She has a Bachelor of Business Administration, Finance, from the University of Michigan, summa cum laude.