Fannie Mae DUS Lenders: The Current List (Oct 2026)

Short answer

As of October 2026, Fannie Mae lists 24 DUS (Delegated Underwriting and Servicing) lenders. Eleven of them also appear on Fannie's Small Loan lender list for loans up to $9 million, along with one non-DUS Small Loan lender, CPC Mortgage Company. You cannot apply to Fannie Mae directly: you apply through one of these lenders.

The current DUS lender list

Fannie Mae's DUS lender page listed 24 DUS lenders when we read it on October 29, 2026. The table below gives each lender's name as Fannie lists it and whether the lender also appears on Fannie's separate Small Loan lenders page. For contacts and the current version, go to Fannie's own DUS lenders page; rosters change.

DUS lender (as listed by Fannie Mae)	On Small Loan lender list
Arbor Commercial Funding I, LLC	Yes
Bellwether Enterprise Real Estate Capital, LLC	Yes
Berkadia Commercial Mortgage, LLC	Yes
Capital One, National Association	No
CBRE Multifamily Capital, Inc.	Yes
Citi Community Capital	No
Colliers Debt and Structured Finance	No
Fifth Third Bank, National Association	Yes
Grandbridge Real Estate Capital, LLC	No
Greystone Servicing Company LLC	Yes
JLL Real Estate Capital, LLC	No
JPMorgan Chase	Yes
KeyBank National Association	No
Lument	Yes
M&T Realty Capital Corporation	No
Newmark	No
NewPoint Real Estate Capital LLC	No
Northmarq	No
PGIM Real Estate	No
PNC Real Estate	No
Regions Real Estate Capital Markets	Yes
Walker & Dunlop, LLC	Yes
Wells Fargo Multifamily Capital	No
Zions Capital Markets	Yes

Two other names appear on Fannie's pages but are not DUS lenders. National Cooperative Bank is listed on the DUS page with a footnote identifying it as a non-DUS lender approved for cooperative properties. CPC Mortgage Company appears on the Small Loan lenders page but not on the DUS roster.

A "No" in the second column means the lender was not on Fannie's Small Loan list on the date we checked. It does not mean the lender will not discuss a smaller loan; it may offer one through another execution or program.

What DUS means for you as a borrower

DUS stands for Delegated Underwriting and Servicing. Fannie Mae approves a limited group of lenders, delegates to them the work of underwriting, closing and servicing loans to Fannie's standards, and in exchange they share in losses if a loan goes bad. Three things follow for you.

You never deal with Fannie Mae directly. The DUS lender is your lender from quote through payoff. It sizes the loan, orders third-party reports, closes it and, in most cases, services it afterward.
The program rules are the same at every DUS lender. Maximum leverage, minimum DSCR and eligibility come from Fannie's guide. What differs between lenders is pricing, how they read your deal within those rules, their appetite for your market, and how they run the process.
Because the lender shares the risk, it underwrites as if it were its own. A DUS lender can decline or resize a loan that technically fits the program.

Program details live on our Fannie Mae DUS loans page.

Small Loans: which DUS lenders to call under $9 million

Fannie Mae Small Loans cover loans up to $9 million. Fannie approves lenders for this channel separately. As of October 2026, 11 of the 24 DUS lenders are on the Small Loan list, plus CPC Mortgage Company as a non-DUS Small Loan lender, for 12 in all. If your loan is under $9 million, those 12 are the Fannie lenders built for it.

Lenders publish their own Small Loan term sheets, and the terms are similar because the program is Fannie's. The differences in published minimum loan sizes are worth noticing: Arbor's term sheet starts at $750,000 and Walker & Dunlop's at $1 million, for example. See our small balance lenders compared table and the Fannie Mae Small Loans program page.

How to use the list

Filter by loan size first. Under $9 million, start with the Small Loan lenders.
Add the Freddie side. Most of these firms are also Freddie Mac Optigo lenders. Check the Optigo roster for Conventional Small, which covers $2 million to $10 million.
Check your eligibility before calling. Occupancy, DSCR, LTV and sponsor tests are the same at every DUS lender. Run them through the eligibility checker.
Get more than one quote on the same numbers. Same program, different lenders, different pricing. Compare them in the term sheet comparison.
Include a non-agency option. A bank or HUD quote tells you whether Fannie is actually the best fit. See Fannie Small Loans vs bank loans.

apartment.loans, run by Janover Capital LLC, is a marketplace that shows a borrower several lenders' terms at once; it is not a DUS lender and is not affiliated with Fannie Mae or any lender listed here.

Frequently asked questions

How many Fannie Mae DUS lenders are there?

Fannie Mae's DUS lender page listed 24 DUS lenders when we checked on October 29, 2026. National Cooperative Bank also appears on that page, footnoted as a non-DUS lender approved for cooperative properties. The roster changes when firms merge, rename or join, so confirm the current list on Fannie Mae's own DUS lenders page before relying on it.

Which DUS lenders do Fannie Mae Small Loans?

As of October 2026, Fannie's Small Loan lender list includes 11 DUS lenders: Arbor, Bellwether Enterprise, Berkadia, CBRE Multifamily Capital, Fifth Third, Greystone, JPMorgan Chase, Lument, Regions, Walker & Dunlop and Zions Capital Markets. It also includes CPC Mortgage Company, which is not a DUS lender. Fannie Mae Small Loans go up to $9 million.

Do all DUS lenders offer the same terms?

They follow the same Fannie Mae program rules, so the maximum leverage, minimum DSCR and eligibility tests are the same. Pricing, fees, how conservatively the lender reads your rent roll and expenses, and how quickly it moves can differ. That is why borrowers get quotes from more than one DUS lender on the same building.

Can I get a Fannie Mae loan from my bank?

Only if your bank, or an affiliate, is a DUS lender or a Small Loan lender. Several banks are on the list, including Capital One, Fifth Third, JPMorgan Chase, KeyBank, PNC, Regions, Wells Fargo and Zions. Many community banks are not, and a loan they make on their own balance sheet is a bank loan, not a Fannie Mae loan.

What does DUS stand for?

DUS stands for Delegated Underwriting and Servicing. Fannie Mae delegates underwriting, closing and servicing to approved lenders, which share in credit losses on the loans they deliver. For a borrower, the DUS lender is the company you apply to, close with and usually make payments to for the life of the loan.