MBA Releases 2025 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes
The following firms were the top commercial/multifamily mortgage originators in 2025, according to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association:
• JLL
• JPMorgan Chase & Co.
• Eastdil Secured
• Newmark
• Wells Fargo
• CBRE
• Walker & Dunlop
• KeyBank
• Berkadia
• Bank of America
MBA’s report, Commercial Real Estate/Multifamily Finance Firms – Annual Origination Volumes, is the only one of its kind to present a comprehensive set of listings of 129 different commercial/multifamily mortgage originators, their 2025 volumes, and the different roles they play. The report presents origination volumes in more than 140 categories, including by role, by investor group, by property type, by financing structure type, and by the location of the originating office.
By dollar volume, the top five originators for third parties in 2025 were:
• JLL
• Eastdil Secured
• Newmark
• CBRE
• JPMorgan Chase & Co.
The top five lenders in 2025 were:
• JPMorgan Chase & Co.
• Wells Fargo
• Bank of America
• KeyBank
• Berkadia
Eight different companies were at the top of the 9 lists reporting total originations by investor groups:
• Wells Fargo, Eastdil Secured, JPMorgan Chase & Co., Morgan Stanley, and Goldman Sachs were the top originators for commercial mortgage-backed securities (CMBS)
• Eastdil Secured, Wells Fargo, JPMorgan Chase & Co., KeyBank, and JLL were the top originators for depositories
• JLL, Newmark, New York Life Investments, Apollo Global Management, and CBRE were the top originators for life insurance companies;
• Walker & Dunlop, Wells Fargo, CBRE, Berkadia, and Newmark were the top originators for Fannie Mae
• Berkadia, JLL, Walker & Dunlop, CBRE, and Wells Fargo were the top originators for Freddie Mac
• Greystone, Lument, Berkadia, Dwight Capital LLC, and KeyBank were the top originators for FHA/Ginnie Mae
• JLL, Newmark, Eastdil Secured, Blackstone, and CBRE for investor-driven lenders
• Nuveen Real Estate, Newmark, Barings, Principal Real Estate Investors, and Voya Investment Management LLC were the top originators for pension funds
• JPMorgan Chase & Co., Walker & Dunlop, Newmark, CBRE, and Affinius Capital were the top originators for the “other investors” category
The report is available for purchase through MBA’s Online Store here. Members of the press may request tables from the report by emailing Falen Pitts at fpitts@mba.org.
