Happy New Year, Happy 30th DUS Anniversary, and thank you for a phenomenal 2017!

We have so much to celebrate and to be proud of as a DUS® platform. The Loan We All Own is a way that we're expressing our unique partnership and the value that we bring to the multifamily market. You'll be seeing it often, because before we teamed up to build 100 million rentals together, we built a better multifamily model -- DUS.

Let's take a few moments to acknowledge our accomplishments this past year. It isn't every day that we achieve the highest production volume in the history of the DUS program -- more than $65 billion to support over 550,000 units of rental housing. We broke production records for Green, Multifamily Affordable Housing, Seniors Housing, and Structured Transactions.

We transformed the market in Green -- we provided the innovation to make Green the new standard in multifamily. We accomplished this by partnering with public agencies and our lenders to do more than $25 billion in green financing in 2017. More importantly, the industry has a new "green" approach with more efficient lighting, low flow toilets, and a host of other products to reduce energy and water.

We not only provided consistent liquidity to the market, but we also delivered tremendous value to investors who bought our DUS MBS and structured securities -- Fannie Mae GeMS™. Investor demand in our securities is a testament to the quality business that we continue to do together to support affordable and workforce rental housing -- business that's profitable for you and for us.

Certainty and speed of execution also were ingredients of success thanks to our continued focus on lender delegation and re-platforming our technology in 2017. They gave us and you the agility needed to better serve and manage customer relationships. In 2018, our innovation momentum will continue in Target State with the introduction of new functionality to make our processes simpler and our applications easy to use.

You can look forward to seeing expanded delegation as components of the CLASS project come on line, which will simplify loan underwriting and delivery. You also can look forward to expansions and improvements to DUS Gateway® and DUS Disclose®, as well as broader implementation of our data and document management programs. We will continue to leverage the DUS Technology Innovation Subcommittee to advance work in data sharing, data standardization, and e-signature.

DUS is a better model, but without the people who bring it to life, day-in-and-day-out, it wouldn't amount to much. That's why we are so committed to putting you at the center of everything we do and providing you with the best service possible. I'm thrilled to say that we had a 56% increase in our Customer Survey response from the previous year and that our results were strong, exceeding industry benchmarks. In 2018, we'll continue to focus on providing high levels of customer service, delivering valuable business information, and enhancing our relationships with you.

None of these accomplishments could have been achieved without you -- thank you again for your partnership. I am certain that 2018 will be another banner year because strong relationships always know the path to success!