Freddie Mac declared that they have become the country's leading mortgage loan company for the first time. They have a volume of $47.3 billion in load purchases and bond guarantee for its Multifamily business last year, up from $28.3 million in 2014.
According to Multifamily Biz, David Brickman, the executive vice president of Freddie Mac Multifamily, thanked their dedicated Seller/Service network and loyal borrowers that enabled the corporation to reach a historic volume milestone.
"I am very proud of the Freddie Mac team who worked tirelessly all year serving and supporting the market and ensuring that we were able to achieve this significant result," Brickman said. "Our financing is in every corner of the multifamily market and more diverse than ever, reaching into small balance loans, manufactured housing communities, seniors, student and government subsidized properties. We are focused on increasing the availability of mortgage capital, especially to the affordable and workforce housing sectors where demand continues to far outstrip supply."
Of the total new business volume, about $17 billion was not accountable to the Federal Housing Finance Agency loan purchase cap of $30 billion and included a definite loans for affordable housing, seniors housing, smaller multifamily properties and manufactured housing communities, as reported by Rebusiness Online.
"We had very strong growth in our loan purchase business in 2015, and expect our volumes this year to align with the market's overall growth," Brickman added.
Freddie Mac Multifamily buys and securitizes mortgages on apartment building nationwide. The loans ranging from one million to a few billion and around 90 percent support rental units for household with low to moderate income. Most of the loans were securitized, transferring the huge majority of the anticipated credit risk from taxpayers to private investors.
The Congress established the Freddie Mac in 1970 to provide affordability, liquidity and stability to the nation's residential mortgage markets. It supports communities across the country by providing mortgage capital to lenders.
