HUD's multifamily loan programs are some of the most advantageous on the market. Find out more about the top HUD multifamily lenders of 2018 and 2019.
This is our fiscal 2018 and 2019 edition. It is kept as a historical record and has been rebuilt from HUD's current loan-level data. For the current standings, see our ranking of the top HUD lenders in 2025, or the same lenders measured on HUD's fiscal year in our sister site's top 15 HUD multifamily lenders.
HUD’s multifamily loan programs were in a very different place in 2018 and 2019. These were the last two normal years in HUD lending before the pandemic changed everything. HUD issued $20.0 billion in firm commitments in fiscal 2018 and $17.5 billion in fiscal 2019, and then fiscal 2021 came in at $38.1 billion, roughly double either of them.
The more useful thing about looking back at 2018 and 2019 now is what happened to the lenders. Four of the firms we originally wrote about no longer exist as independent businesses, and the HUD lending market today is meaningfully more concentrated than it was. That story is below the tables.
A note on how this page was rebuilt
The original version of this article was assembled in 2019 from whatever was available at the time, and it had real problems. It mixed fiscal 2017 and fiscal 2018 figures in the same list, described several lenders with phrases like "has not published its origination volume," and ranked some firms on estimates. It also said outright that there was not much reason to think the list would change much over the following year, which turned out to be wrong.
HUD now publishes complete loan-level records going back to fiscal 2001, so there is no longer any reason to estimate. Both tables below are built from that file on a single consistent basis: firm commitments issued during the fiscal year, apartments and healthcare together, with affiliates that file under more than one name combined. That is the same basis our current ranking uses, so the three pages can be read against each other.
Some names have moved as a result, and the section after the tables explains why.
The 2018 List of Top 10 FHA Multifamily Lenders
| # | Lender | FY2018 firm commitments | Loans | Units | Share |
|---|---|---|---|---|---|
| 1 | Greystone | $1,950.5M | 104 | 15,916 | 9.7% |
| 2 | Berkadia | $1,522.3M | 82 | 11,954 | 7.6% |
| 3 | Walker & Dunlop | $1,182.3M | 64 | 11,500 | 5.9% |
| 4 | Rockport Mortgage | $1,036.5M | 37 | 7,150 | 5.2% |
| 5 | Dwight Capital | $1,001.5M | 64 | 9,168 | 5.0% |
| 6 | Wells Fargo | $720.9M | 26 | 5,273 | 3.6% |
| 7 | KeyBank | $686.3M | 46 | 2,324 | 3.4% |
| 8 | CBRE | $664.0M | 25 | 5,233 | 3.3% |
| 9 | JLL | $644.8M | 33 | 6,197 | 3.2% |
| 10 | Lancaster Pollard | $604.8M | 67 | 4,626 | 3.0% |
Source: HUD Office of Multifamily Housing, Database of FHA Multifamily Firm Commitments and Initial Endorsements (data run April 7, 2026) and the matching FHA Healthcare database (data run April 23, 2026). Firm commitments issued during fiscal 2018, which ran October 2017 through September 2018, covering apartment and healthcare programs together. Total for the year: $20.03 billion across 1,281 loans. Affiliates filing under more than one name are combined. HUD restates this database every quarter as loans are amended, so these figures differ slightly from the ones published at the time.
The 2019 List of Top 10 FHA Multifamily Lenders
| # | Lender | FY2019 firm commitments | Loans | Units | Share |
|---|---|---|---|---|---|
| 1 | Greystone | $1,575.9M | 81 | 7,209 | 9.0% |
| 2 | Lument* | $1,023.4M | 86 | 5,619 | 5.9% |
| 3 | Berkadia | $1,020.5M | 47 | 6,972 | 5.8% |
| 4 | Walker & Dunlop | $875.1M | 45 | 7,021 | 5.0% |
| 5 | NYC HDC | $780.4M | 10 | 5,093 | 4.5% |
| 6 | Dwight Capital | $744.9M | 47 | 6,229 | 4.3% |
| 7 | KeyBank | $724.6M | 50 | 3,289 | 4.1% |
| 8 | AGM Financial Services | $681.3M | 27 | 5,395 | 3.9% |
| 9 | Lancaster Pollard | $516.1M | 44 | 1,495 | 3.0% |
| 10 | Gershman | $506.4M | 32 | 4,215 | 2.9% |
Source: HUD Office of Multifamily Housing, Database of FHA Multifamily Firm Commitments and Initial Endorsements (data run April 7, 2026) and the matching FHA Healthcare database (data run April 23, 2026). Firm commitments issued during fiscal 2019, which ran October 2018 through September 2019, covering apartment and healthcare programs together. Total for the year: $17.48 billion across 1,077 loans. Affiliates filing under more than one name are combined. HUD restates this database every quarter as loans are amended, so these figures differ slightly from the ones published at the time. *Lument did not exist under that name in 2019. HUD has retroactively relabeled the historical rows filed by ORIX Real Estate Capital and RED Mortgage Capital as Lument, the firm they were folded into, and neither of those names now returns a single row anywhere in the database. The relabeling was selective: Hunt Mortgage Capital and Lancaster Pollard Mortgage Co., which were also absorbed into Lument, still appear under their own names, so the Lument figure here covers the ORIX and RED books only.
What happened to these firms
This is the part worth reading. HUD lending went through a consolidation between 2016 and 2021 that removed several of the best-known names on these lists.
Lancaster Pollard, absorbed into Lument
Lancaster Pollard was the dominant FHA seniors housing and healthcare lender of the 2010s, and it appears in both tables above. ORIX bought it in 2017, combined it with RED Capital Group into ORIX Real Estate Capital in January 2019, and retired the Lancaster Pollard name entirely in October 2020 when everything was rebranded as Lument.
You can watch it happen in HUD's data. Lancaster Pollard did 100 loans for $981 million in fiscal 2017, then 67 loans in 2018, then 44 in 2019, then 7 in fiscal 2020. After that, nothing.
RED Mortgage Capital, erased from the record
Red Mortgage Capital was a major HUD lender for years and was named in our original article. It no longer appears in HUD's database at all, because the department retroactively relabeled every RED row, along with every ORIX Real Estate Capital row, as Lument.
The relabeling was not applied evenly, which is a genuine trap for anyone doing historical HUD research. ORIX and RED were rewritten. Hunt Mortgage Capital and Lancaster Pollard Mortgage Co., which ended up inside the same company, were left under their own names. So a Lument figure for 2018 or 2019 covers the ORIX and RED books but not the Hunt or Lancaster Pollard ones, and adding them together yourself is the only way to see the whole firm.
Love Funding, bought by Dwight Capital
Love Funding, the Washington-based HUD lender that closed our original top ten, was acquired by Dwight Capital in a deal that closed in August 2020. The pattern in the data matches Lancaster Pollard's: 40 loans in fiscal 2018, 22 in 2019, 15 in 2020, then 2 in 2021 and nothing since.
Dwight has been a top-two HUD lender in every year since.
Wells Fargo, still here but much smaller
Wells Fargo placed sixth in fiscal 2018 with $720.9 million across 26 loans. It has not exited HUD lending, but it has largely stepped back from it, doing 5 loans for $136.8 million in fiscal 2025. That is a decline of about 81% from its 2018 volume in a market that is now larger than it was then.
Who is still standing
Greystone, Berkadia Commercial Mortgage, Walker & Dunlop, Dwight, KeyBank and Merchants Capital all appear in these tables and all six were still in HUD's top 15 in fiscal 2025. Greystone in particular has finished first in every fiscal year from 2017 through 2025.
How the market has changed since
Three things are different now in ways that matter to a borrower.
Healthcare is much bigger. Section 232 nursing home and assisted living lending was 18% of HUD's book in fiscal 2018. In fiscal 2025 it was 34%. Several of the largest HUD lenders today, including VIUM Capital and NewPoint, do most or all of their volume on the healthcare side, and neither firm existed in 2018.
Deal sizes are larger and deal counts are lower. HUD issued 1,281 firm commitments in fiscal 2018 and 1,087 in fiscal 2025, on a dollar total that was larger. The average HUD loan has grown substantially over the period.
The streamline refinance has gone quiet. Section 223(a)(7) was a routine part of the business in this era, at $867 million in fiscal 2018. It peaked at 431 apartment-side commitments worth $7.2 billion in fiscal 2021, then collapsed to $21 million in fiscal 2025, all of it on the healthcare side. Rates rose above the coupons on the loans that would have been refinanced, so the trade stopped making sense.
Here is the whole shift in one table.
| Program | FY2018 | Share | FY2025 | Share |
|---|---|---|---|---|
| 223(f) apartment refinance and acquisition | $7,634 M | 38% | $7,139 M | 30% |
| 221(d)(4) construction and substantial rehab | $6,028 M | 30% | $5,158 M | 22% |
| 223(a)(7) streamline refinance | $867 M | 4% | $21 M | 0% |
| Section 232 healthcare | $3,658 M | 18% | $8,046 M | 34% |
| Section 542 risk sharing | $1,169 M | 6% | $2,162 M | 9% |
Firm commitments by program, fiscal 2018 against fiscal 2025. Shares are of each year's combined apartment and healthcare total.
The two apartment programs that defined this era, 223(f) refinancing and 221(d)(4) construction, both shrank in dollar terms between 2018 and 2025 even as HUD's total book grew. Everything that grew was healthcare and risk sharing. A borrower reading the 2018 rankings to find an apartment lender is reading a list built for a market that has since moved on.
The terms have changed too
If you are reading this page for current HUD terms rather than for history, essentially every number in the original article is now superseded.
Mortgage insurance premiums are a flat 0.25% upfront and 0.25% annually for applications submitted or amended on or after October 1, 2025, and the old tiered categories including the Green MIP reduction were eliminated (90 FR 45789). Section 232 healthcare and Section 242 hospitals are not covered by that change and keep their own rates.
Leverage and coverage moved under Mortgagee Letters 2025-03 and 2025-2, both effective January 8, 2025. Market-rate deals now go to 87% LTV or LTC with a 1.15x minimum DSCR, and affordable deals to 90% and 1.11x. That applies to the HUD 223(f) loan and the HUD 221(d)(4) program alike.
Our current overview of FHA and HUD Multifamily Loans carries the full terms. HUD multifamily loans also still work alongside the Low-Income Housing Tax Credit program, https://www.hud.loans/hud-loans-blog/lihtc-program-hud-multifamily-loans, and the Rental Assistance Demonstration program, https://www.hud.loans/hud-loans-blog/rental-assistance-demonstration.
Where to go from here
For current rankings, including breakdowns by deal size, by HUD program and by which lenders actually get their commitments to the closing table, see our ranking of the top HUD lenders in 2025. The same lenders on HUD's fiscal year rather than the calendar year are in our sister site's top 15 HUD multifamily lenders. Our fiscal 2021 edition covers the record year in between.
Related reading
- 5 Myths about HUD-Insured Multifamily Loans
- Multifamily Financing: Your Comprehensive Guide
- How to Purchase an Apartment Property
- HUD/FHA Multifamily Loans
- Multifamily Loans
Current rate benchmarks are published daily by Multifamily.loans and Commercialrealestate.loans.
Related Questions
Who were the top HUD multifamily lenders in 2018 and 2019?
Greystone led both years, with $1,950.5 million in fiscal 2018 and $1,575.9 million in fiscal 2019. Berkadia and Walker and Dunlop placed in the top four in both years. Rockport Mortgage was fourth in 2018, and Lument, then trading as ORIX Real Estate Capital, was second in 2019.
What happened to Lancaster Pollard and Love Funding?
Both were acquired. ORIX bought Lancaster Pollard in 2017 and folded it into what became Lument in October 2020. Dwight Capital acquired Love Funding in a deal that closed in August 2020. Neither name has originated meaningful HUD volume since fiscal 2020, and HUD's data shows both winding down over the two years following their acquisitions.
Are these rankings still accurate?
They are accurate for fiscal 2018 and 2019, which is what this page covers. They are not a guide to who is lending today. Healthcare has grown from about a fifth of HUD's book to more than a third, two of the largest HUD lenders in fiscal 2025 did not exist in 2018, and the terms have changed substantially. See our current ranking for who is active now.