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Credit Risk Transfer

A Shared Risk Isn't So Risky

Our Multifamily Credit Risk Transfer (MCRT) program helps Fannie Mae mitigate the credit risk we hold by transferring a portion to reinsurers and investors. These transactions help increase the role of private capital in the multifamily market and enable us to fulfill our mission of providing liquidity fostering affordability. More information on our Multifamily CRT program is available on our Capital Markets page.


Multifamily Explainer Video Series  

Take a deep dive into different segments of our Multifamily business.

DUS® Model Explainer

10 million families and counting.

For more than 30 years we’ve been able to succeed in every market cycle because we can expand and contract to meet market demands thanks to our delegated model.

Multifamily's Industry Leading Credit Risk Management Framework

We are experts at managing risk.

We mitigate the credit risk we hold by transferring a portion to reinsurers and investors.

Fannie Mae partners with private sources of capital to transfer mortgage credit risk, develop broad and liquid markets, and reduce taxpayer risk.

The Multifamily team uses an industry-leading framework to manage credit risk over the full loan lifecycle, from underwriting to maturity/disposition. Click here to view an overview of how Multifamily manages credit risk.

Underwriting Management

We set prudent underwriting standards and regularly reevaluate them to address credit tolerance relative to current market conditions.

Performance Management

We review credit decisions to confirm that credit risk is appropriately managed during loan underwriting, then monitor performance throughout the loan term.

Mitigation Strategies

Our loss mitigation teams aim to identify risks early and develop strategies to minimize potential losses.


Multifamily's credit risk transfer vehicles


Delegated Underwriting and Servicing

Learn more about DUS, our flagship program, that requires lenders to retain some of the credit risk of the loans they sell to us – ensuring a stake in each loan's performance.

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Multifamily Credit Insurance Risk Transfer

Learn more about our MCIRT program, designed to complement our DUS program and transfer risk to reinsurers.

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Multifamily Connecticut Avenue Securities

Learn more about our MCAS program, which leverages our existing credit risk transfer structure to reach a broader and more diverse investor base.

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