Recursion Data Cited in Commercial Mortgage Alert Article on Fannie Mae Pullback from 35-Year Multifamily Mortgages
An article published in Commercial Mortgage Alert on June 9 stated that:“Fannie Mae will no longer offer 35-year amortization schedules on loans financing market-rate multifamily properties.”
They went on to state:“Loans with 35-year amortization schedules accounted for 26.5% of Fannie multifamily loans in May, the highest portion on record and up from 6.1% in the same month a year ago, according to data from Recursion Co., which has amortization data dating to 2016. The research firm also reported that Fannie notched $4.25 billion of multifamily business in May, down 14% from last year.”
The new policy takes effect on June 12. Loans with 35-year schedules providing support to affordable projects will continue to be offered.
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