I hope all of you and your families are well as we continue this year of complex and unexpected challenges. The response to each has been swift and sure – I am so impressed with how everyone across the DUS® network continues to rise to the occasion and serve our customers.
On November 17, 2020, FHFA released new multifamily volume caps for 2021. Each Enterprise will have $70 billion across four quarters – a change from the five-quarter period covered by the previous cap.
As we head into fall and Q4, there are several exciting things happening in the technology space that I want to share with you. But first, let me say that I’m excited to take on the role of interim Multifamily COO. I’ve had the opportunity to work with many of you on our digital transformation over recent years, but as interim COO, I’ll now be working with you in new ways, and I look forward to the partnership.
It’s hard to believe that we’re two-thirds of the way through the year. It’s been a year of constant challenges, making milestones feel extra important. At Fannie Mae, we’re looking back on what we’ve accomplished thus far with the help of your partnership.
I hope you were able to dial into our July Priority Borrower Call. These calls are a great opportunity to hear business updates from Fannie Mae Multifamily, ask questions, and learn insights on industry topics.
As the industry transitions from LIBOR, Fannie Mae’s ARM 7-6, Hybrid ARM, Structured ARM (SARM), and our new ARM 5-5 will be indexed to the 30-day Compound Average SOFR, published by the New York Fed as “30-day Average SOFR,” available on September 1, 2020.
Today, more than ever, Borrowers are looking for flexibility in managing debt across their multifamily portfolio. Fannie Mae’s structured finance products are powerful financing tools that deliver just that.
First, thank you for your partnership as we have all dealt with the market impacts of COVID-19. It’s never been more clear to me why the Delegated Underwriting and Servicing (DUS®) model is so successful – it’s the deep level of care our lenders bring to the business, along with their expertise, and the prudence baked in to our risk-sharing model.
Ten years ago, Fannie Mae launched our Green Financing journey with the idea that together, we could create better quality housing through green property improvements. Every year since, with the help of your passion and partnership, we have made that idea a reality.
As Jeff Hayward wrote in his May blog, the economic effects of the COVID-19 pandemic have deepened the housing affordability crisis. “Now more than ever,” Jeff wrote, “people need access to safe, decent, affordable housing,” and we’ll be here to help fulfill that need through and beyond this difficult time.
Five years ago, we released DUS Gateway®, transforming the way we do business. Now, digital connectivity and operational agility are more important than ever, and the timing is right for DUS Gateway 2.0, which launches today, June 22.