Happy New Year! Thank you for another outstanding year and for continuing to rely on Fannie Mae Multifamily as your partner. Together, we provided liquidity, affordability, and stability to the multifamily market with more than $65 billion in 2018, while continuing to build a profitable and sustainable book of business with solid credit quality.

We're all staffed up and ready to go in 2019! We remain committed to providing you with the dedication you want and the expertise and support that you need to serve your customers. We will be increasing lender delegation so that you can make faster decisions and provide quicker loan closings for your borrowers. Simplifying our Multifamily Selling and Servicing Guide and Contracts through our CLASS initiative is laying the foundation for even greater lender delegation, and the new Guide tool that's being developed will provide faster and more precise search and access capabilities.

Finding more efficient ways of doing business — whether through enhancements to technology applications such as DUS Gateway®, use of Application Programming Interface (API) software to minimize data entry, sharing operating information on comparable properties in our portfolio, or leveraging a third-party vendor to capture energy and water usage data — reinforces our commitment to enhancing your experience with Fannie Mae.

A big thinker once said, "Do not follow where the path may lead. Go instead where there is no path and leave a trail." We have taken this to heart and thanks to your partnership, Fannie Mae is part of the global movement to transform rental housing to be healthier for residents and to help reduce energy and water consumption at the properties we finance. Our Green Program started as an idea eight years ago and is now the industry standard. We will be publishing our first Green Bond Impact Report in January which will provide valuable metrics to attract even more investors to our Green MBS.

Access to affordable housing in America continues to be a challenge for many people. To that end, we will maintain our focus on meeting our Housing Goals and Duty to Serve requirements and increasing equity investments through the LIHTC program to address the shortage of affordable units. The Sustainable Communities Innovation Challenge also is generating innovative ideas to further support our broad mission of creating housing opportunities that are sustainable and affordable.

Building additional Credit Risk Transfer capabilities in the new year will make the DUS® platform even stronger by allowing greater competitiveness in a variety of market environments and by attracting more private capital and new investors to multifamily.

I'm grateful for your business and I look forward to another year of partnership to better serve customers and the multifamily market.