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The Minority- and Women-Owned Business Advances Fannie Mae's Commitment to Diversity and Inclusion
WASHINGTON, Nov. 7, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the addition of Basis Multifamily Finance I, LLC ("Basis"), a subsidiary of Basis Investment Group, LLC ("BIG"), a national commercial real estate investment platform, to its network of approved Multifamily Delegated Underwriting and Servicing (DUS®) lenders. The addition of Basis supports Fannie Mae's efforts to ensure liquidity in the multifamily market and reflects its ongoing commitment to fostering economic inclusion.
Basis Investment Group is a certified Minority- and Women-Owned Business (MWBE) based in New York and the only female minority-owned mortgage bank and lender of its size. Basis is authorized to begin underwriting Fannie Mae Multifamily loans effective immediately. Since its inception in 2009, BIG has demonstrated a commitment to enacting and empowering change while embedding Environmental, Social, and Governance (ESG) considerations into its business and investment decisions. BIG has implemented increased due diligence, risk analysis, and ESG reporting processes to provide greater transparency for all BIG clients and stakeholders, further solidifying the company as a forward-looking change agent within the industry.
"Fannie Mae prides itself as an industry leader in diversity, equity, and inclusion, and we're constantly seeking new opportunities for diverse suppliers, vendors, and business partners," said Michele Evans, Executive Vice President and Head of Multifamily at Fannie Mae. "Basis Investment Group is one of the only African American, female majority-owned and -led commercial real estate investment firms in the United States, and they have the right experience, management team, and business strategy to accelerate our efforts to drive equitable access to rental housing across the country. Basis is uniquely positioned to provide Fannie Mae with increased access to diverse networks and borrowers outside of our current DUS lender network."
Fannie Mae is committed to advancing a stronger, fairer, and more sustainable housing finance system for renters, homeowners, and industry participants. Adding Basis as a new DUS lender is a natural progression in Fannie Mae's work to knock down barriers and make quality rental housing and affordable mortgage credit more accessible and inclusive.
"We are excited about our partnership with Fannie Mae; this approval is transformational for Basis," said Tammy K. Jones, BIG CEO and Founder. "We continue to build our multifamily platform and, as a DUS lender, we can significantly add to the financing solutions that we offer to the market."
For over 30 years, Fannie Mae Multifamily has been a reliable source of mortgage capital for the secondary mortgage market. The DUS model is the premier financing platform in the multifamily market, with delegation, risk-sharing, and life-of-loan servicing forming the pillars that support the platform. The DUS model enables Fannie Mae to make workforce rental housing possible in every market every day.
DUS lenders must abide by rigorous credit and underwriting criteria and submit to Fannie Mae's ongoing credit review and monitoring. This select group of approved lenders may underwrite, close, and deliver loans on multifamily properties to Fannie Mae, and they typically retain one-third of the risk on every loan.
Along with Basis, Fannie Mae's DUS lenders include:
Basis Investment Group is a diversified commercial real estate investment platform operating throughout the United States. With representation in New York, Chicago, Dallas, Tampa, and Irvine, CA, Basis has closed over $5 billion in transactions across multiple strategies and asset classes, focusing primarily on investments in the U.S. middle market. For more information, please visit www.basisinvgroup.com.
About Fannie MaeFannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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SOURCE Fannie Mae