Multifamily MBS

For over 30 years, Fannie Mae Multifamily has been a reliable source of mortgage capital for the secondary mortgage market, primarily through our Delegated Underwriting and Servicing (DUS®) model, the premier financing platform in the multifamily market. Our DUS MBS, backed by a single asset, transforms a mortgage loan into a more liquid asset, which increases available funds in the financial system.

Creating a DUS MBS begins with a multifamily loan made by one of our DUS lenders to a multifamily borrower — generally for-profit corporations, limited liability companies, partnerships, real estate investment trusts, and individuals who invest in real estate for cash flow and equity returns — to finance the purchase or refinance of a multifamily property (property types include conventional multifamily, cooperative housing, dedicated student housing, manufactured housing, and seniors housing).

DUS MBS may be backed by a fixed-rate multifamily loan or an adjustable-rate multifamily loan. When a DUS MBS is issued, we guarantee to make timely payments of principal and interest on the MBS.

Read More: DUS Program Overview

Multifamily MBS may be placed into Megas®, REMICs, or other structured transactions.

DUS Disclose® is a comprehensive source for Fannie Mae Multifamily resources, including disclosures, legal documents, data files, and options to search for MBS, Megas, and REMICs.

Additional data related to Multifamily MBS is available from the tools on the right and the additional links outlined below:

Legal Documents



Data Collections


Fannie Mae guarantees to each MBS trust that it will supplement amounts received by the trust as required to permit timely payments of principal and interest on the certificates.

  • Principal and interest payments on Fannie Mae-issued certificates by are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any of its agencies or instrumentalities other than Fannie Mae.
  • Fannie Mae uses prudent underwriting guidelines to evaluate the credit quality of the loans it guarantees to minimize losses to its investors.
Page last revised: 3/20/24