Answer first
In brief
HUD issued 677 multifamily firm commitments ($17.6 billion) and recorded 590 initial endorsements ($16.2 billion) in FY2026, according to its production database (data run October 8, 2026). That is up from FY2024, when initial endorsements fell to 357, and below the FY2021 peak of 1,579.
Activity by fiscal year
| Fiscal year | Firm commitments issued | Commitment amount | Initial endorsements | Endorsed amount |
|---|---|---|---|---|
| FY2016 | 919 | $11.8B | 884 | $10.8B |
| FY2017 | 1,098 | $16.5B | 1,048 | $15.1B |
| FY2018 | 938 | $15.8B | 908 | $15.1B |
| FY2019 | 747 | $13.0B | 696 | $11.5B |
| FY2020 | 1,129 | $21.7B | 991 | $18.9B |
| FY2021 | 1,684 | $31.8B | 1,579 | $29.5B |
| FY2022 | 1,131 | $24.0B | 1,078 | $21.1B |
| FY2023 | 589 | $11.6B | 512 | $9.5B |
| FY2024 | 416 | $8.6B | 357 | $7.2B |
| FY2025 | 567 | $13.9B | 435 | $9.8B |
| FY2026 | 677 | $17.6B | 590 | $16.2B |
Program mix, FY2022 to FY2026
| Program category (HUD) | Loans |
|---|---|
| 223(f) Refi/Purchase Apts | 1,752 |
| FHA NC/SR Apts | 696 |
| HFA Risk Sharing | 366 |
| 223(a)(7) Refi Apts | 92 |
| 241(a) Impvmts Apts | 47 |
| QPE Risk Sharing | 19 |
Most active lenders
| Lender | Loans |
|---|---|
| Lument Real Estate Capital, LLC | 392 |
| Berkadia Commercial Mortgage LLC | 239 |
| Dwight Capital LLC | 215 |
| Greystone Funding Company LLC | 211 |
| Merchants Capital Corp. | 181 |
| Walker & Dunlop LLC | 163 |
72 lenders recorded at least one initial endorsement in the period. Counts reflect HUD’s lender-at-endorsement field.
Scope of this database
HUD’s multifamily production database covers apartment programs: 223(f), 221(d)(4), 223(a)(7), 241(a) and HFA and QPE risk sharing. It does not include Section 232 healthcare loans, which are processed by HUD’s Office of Residential Care Facilities. Fiscal years run October through September, so FY2026 covers October 2025 to September 2026. For Bravo’s own commitment-to-close record, see the HUD Closing Scorecard.
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026); HUD FHA Multifamily Firm Commitments and Endorsements Database (FY2001 to Q4 FY2026, data run October 8, 2026). Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
How many HUD multifamily loans closed in FY2026?
HUD’s production database records 590 multifamily initial endorsements in FY2026 totaling $16.2 billion.
What is the difference between a firm commitment and an initial endorsement?
A firm commitment is HUD’s commitment to insure the loan on stated terms. Initial endorsement is HUD’s endorsement of the note for insurance at closing; for construction loans, final endorsement follows completion.
Does this data include Section 232 healthcare loans?
No. HUD’s multifamily production database covers apartment programs only; Section 232 is tracked separately by the Office of Residential Care Facilities.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.