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CREFC GSE / Multifamily Lenders Forum Update

June 2, 2026 

On May 20, the CREFC GSE / Multifamily Lenders Forum convened an executive roundtable dinner in Washington, D.C. Hosted by CREFC CEO and President Lisa Pendergast, the event brought together prominent business leaders from across the GSE and multifamily sectors for an open-forum exchange.

Senior representatives from Fannie Mae and Freddie Mac — as well as Barclays, Cantor Fitzgerald, CBRE, Citi, JPMorgan Chase, PGIM, Regions Bank, Walker & Dunlop, and Wells Fargo — engaged in high-level discussions on housing affordability and evaluating the market impact of the recently released Basel regulatory capital proposal on agency bond buyers.

GSE Forum leadership is now turning its focus to the upcoming CREFC Annual Conference in New York City starting this Sunday. At the conference, each forum will deliver a comprehensive market briefing of the current state of their market sectors. Today, we focus on the GSE / Multifamily Lenders Forum Panel, scheduled for Monday, June 8, at 11:30 AM EST.

Moderator:

• Lee Green, Managing Director, Wells Fargo

Panelists:

• Yahli Becker, Senior Managing Director, Head of Agency CMBS, Cantor Fitzgerald
• Jeff Berenbaum, Head of CMBS Research, Citigroup Global Markets
• Jason Griest, Vice President, Multifamily Capital Markets Securitization, Freddie Mac
• David Haynes, Head of Agency Trading, CBRE Capital Markets
• Matthew Jones, CFA, Chief Investment Officer – Credit Investments, Harbor Group

Key Discussion Highlights:

• Market Fundamentals: Agency CMBS market trends, supply pipelines, vacancy rates, rent growth trajectories, and the overall NOI outlook.
• Origination Dynamics: Expected loan production volumes and the evolving multifamily lending environment.
• Investor Sentiment: Credit investor and borrower perspectives on asset valuation, market resilience, and current investor sales trends.

To join the CREFC GSE/Multifamily Lenders Forum, please click here.

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CRE/CLO Update

May 5, 2026

Progress on CREFC’s Collateral Manager Data Report (CMDR) and Upcoming June Meeting

CREFC continues to spearhead efforts to enhance transparency and standardization across the CRE CLO landscape. As we approach the mid-year mark, significant strides have been made in the adoption of the Collateral Manager Data Report (CMDR), alongside new opportunities for industry-wide collaboration.

Save the Date: CRE CLO / IRP Joint Meeting

The upcoming CREFC Annual Conference will feature a dedicated in-person joint lunch meeting of the CRE CLO Working Group and the Investor Reporting Package (IRP) Committee. This session is geared for participants to provide comments and suggestions on CRE CLO and IRP reporting.

• When: Monday, June 8, 2026 | 12:30 PM – 1:30 PM
• Registration: Register Here
• Note: Registration for the full CREFC Annual Conference is not required to participate in this specific meeting.

Collateral Manager Data Report (CMDR) Implementation

Adoption of the CMDR is gaining significant momentum. This quarter marks a turning point as several additional firms have begun active reporting. The integration into major data platforms is also moving forward rapidly:

• Intex: Active reporting is underway.
• Trepp: Scheduled to begin reporting by the end of May.
• Bloomberg: Now reviewing requirements to facilitate this reporting in the future.

Furthermore, CREFC is actively developing CMDR v2. Our goal is to circulate this updated version for review by the working group prior to the June Annual meeting, ensuring that the latest feedback from market participants is incorporated into the draft.

What's Next: Advancing CRE CLO Financials Reporting

Streamlining the reporting of financials remains the next top priority for the working group. Recent discussions with a diverse group of Issuers, Investors, and Servicers revealed a variety of perspectives on the most efficient path forward.

Given the importance of achieving a consensus that serves all market participants, we will be hosting a live discussion during the June 8th meeting at the Conference. This will be an essential opportunity to weigh different viewpoints and determine the best strategy for streamlining these critical data sets.

Get Involved 

Your feedback is vital to the success of these initiatives. For any questions or comments regarding these updates, please reach out to Rohit Narayanan at rnarayanan@CREFC.org.

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Shape the Future of CREFC: Call for Forum Chair-Elect Nominations

March 3, 2026 

A vital part of the CRE Finance Council’s mission is driven by our Forums—specialized peer groups that serve as the engines of industry progress. Beyond providing a platform for discussing sector-specific trends and regulatory shifts, these groups are instrumental in tackling systemic issues and driving tangible change in how the industry operates, including the development and widespread adoption of market-leading best practices.

To ensure these groups continue to lead the industry conversation and catalyze meaningful change, we are officially opening nominations for our next class of Forum Chair-Elects.

This is a unique opportunity for members to take a leadership role within the Council, helping to curate programming and advocate for the interests of their specific market segment.

About the Forums

Our Forums are divided by constituency and asset focus to ensure relevant, high-level engagement across the CRE Finance industry. We are currently seeking leadership for the following groups:

• Alternative Lenders and High Yield Investors
• B-Piece Investors 
• GSE/Multifamily Lenders
• Investment-Grade (IG) Bondholders
• Issuers
• Portfolio Lenders – Bank & Insurance Company
• Servicers – Master and Special

Nominee Requirements

To maintain the high caliber of leadership our members expect, we invite nominations for individuals who meet the following criteria:

• Member Alignment: Nominees must be current employees of a CREFC member firm.
• Sector Expertise: Candidates should demonstrate significant professional experience and a proven track record within the specific Forum’s sector.
• Commitment to the Industry: A desire to contribute to the collective voice of the CRE finance community and a willingness to collaborate with fellow industry leaders.

Submit Your Nomination

Whether you are interested in stepping into a leadership role yourself or would like to recommend a colleague who has demonstrated exceptional insight and dedication to the industry, we want to hear from you.

The nomination process is straightforward and can be completed via the link below: SUBMIT A NOMINATION 

For a detailed breakdown of each Forum’s mission and current activities, please visit our Forums Overview page.

Join us in steering the future of CRE finance—nominate a leader today.

Contact Rohit Narayanan (RNarayanan@crefc.org) with any questions.

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Forum Spotlight: Key Takeaways from Miami

January 27, 2026

The CREFC Forums presented their viewpoints and updates at the January 2026 Conference in Miami. The sentiment across the board was constructive, driven by a resurgence in lending and securitization volumes. 

Issuers Forum. The Issuer Forum kicked off the Forum panels on Monday highlighting the ~$150 billion in issuance for 2025 – a nearly 40% improvement over 2024 and the strongest volume since the post-GFC era. Discussion points included the:

• Growing financing of data centers, 
• Today’s interest-rate volatility, 
• The integration of AI, and 
• Market nuances within the office and multifamily sectors.

Alternative Lenders and High Yield Investors Forum. The Forum covered topics ranging from:

• Capital deployment across the capital stack in 2025 vs. expectations for 2026, 
• Structural protections as the primary credit tool, and 
• Refinance assumptions vs reality.

The discussion also drilled down into South Florida real estate—specifically West Palm Beach and Miami—analyzing the market from both borrower and lender perspectives.

Portfolio Lenders Forum. The Forum covered topics ranging from the competitive landscape, pricing dynamics, and underwriting divergence. Panelists also shared their conviction for new investment across industrial, multifamily, retail, office, and other property types, alongside back-leverage options.

B-Piece Investors Forum. Participants focused on conduit issuance trends, noting volumes remain slightly below pre-COVID levels. Other topics included deal size, underwriting standards, and the impact of the cost of debt on acquisitions and refinances. The panel also addressed credit concerns regarding recent-vintage multifamily assets and the hospitality sector outlook.

IG Bondholders Forum. The forum kicked off Tuesday with a spirited panel discussion offering a balanced view that cited strong tailwinds—such as expectations of record issuance to continue into 2026 and improved CRE CLO reporting, as well as headwinds like delinquency upticks and ratings migration. The Forum emphasized that enhanced transparency is critical to maintaining positive market momentum. 

Servicers Forum. The discussion prioritized operational resilience (covering cybersecurity and data privacy), shifting regulatory compliance, and loan workout trends. The panel also explored workforce evolution and talent management in the age of AI.

GSE/Multifamily Lenders Forum. The Forum panel series concluded with a robust discussion on multifamily fundamentals, the macroeconomic environment, and the interest-rate trajectory. The panel provided an outlook on 2026 GSE caps, volume expectations, and the broader capital markets landscape, including the potential impact of deregulation and capital easing.

Please Join Us for an Upcoming Webinar: 

• Meeting of the Seven Families: CREFC Forums Roundup. 
• Did you miss the insights in Miami? Join leaders from all seven CREFC Forums for a cross-disciplinary webinar that synthesizes the common themes for navigating today's markets and offers views on what lies ahead. 
• The Webinar is scheduled for Thursday, February 12, 2026 | 2:00 PM – 3:00 PM EST. Click here for complimentary registration.

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The CRE Finance Council Announces New Chairs for Industry Forums 

New Chairs and Chair-Elects Introduced at Annual June Conference

The CRE Finance Council (CREFC) announced new Chairs for the 2025-2026 industry Forums. The new Forum leadership was elected at CREFC’s Annual June Conference in New York City on Tuesday.

CREFC’s Forums represent specific market constituencies that drive the U.S. commercial real estate finance industry. Forums include:

• Alternative Lenders and High-Yield Investors
• CMBS B-Piece Investors 
• CMBS Investment-Grade Bondholders 
• CMBS Issuers 
• CMBS Servicers 
  • Master Servicers
  • Special Servicers
• GSE/Multifamily Lenders 
• Portfolio Lenders
  • Bank Lenders 
  • Insurance Company Lenders 

Each Forum interacts and addresses issues critical to their business sector, while working to achieve solutions that serve a common purpose. CREFC’s Forums manage disparate and converging market views, advocate a consensus of positions to policymakers and lawmakers, educate members, develop market best practices and standards, and work to improve the entire commercial real estate finance market.
  
The incoming slate of Forum leaders includes:

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Forum Spotlight: GSE/Multifamily Lenders

November 5, 2024

Ahmed Hasan (Forum Chair), David Haynes (Chair-Elect), and Kate Whalen (Past Chair), as well as Jason Griest and Alonzo White (both GSE representatives), form the “Leadership Working Group” of CREFC’s GSE/Multifamily Lenders Forum. This group sets agendas and priorities for the Forum and represents their constituencies on CREFC’s Policy Committee.

Key GSE/Multifamily Lenders Focus Areas:

• Sustained elevated interest-rate environment and the uncertainty of how quickly, or if, long-term interest rates will change
• Investor appetite for increased agency issuances
• Upcoming presidential election and 2025 FHA scorecard/updates that may impact 2025 business

What They Are Saying: The GSE multifamily sector continues to stand out as an area of strong credit despite the challenges of a sustained high-rate environment and the impact inflation has had on property performance.

The GSEs have seen a significant increase in multifamily mortgage originations in the second half of 2024. The uptick is driven by:

• A decrease in U.S. Treasury rates and
• Increased investment sales activity.

Despite the current volatility in economic data and benchmark rates, there is optimism that the momentum will continue and the market expand in 2025.

By the Numbers: CREFC polled the audience at its June 2024 annual conference and found that 56% of participants expected GSE multifamily issuance to end 2024 north of $100 billion. Today, that expectation likely will come to fruition, thanks to a significant increase in originations spurred on by a sharp third-quarter decrease in U.S. Treasury rates.

Key Forum Policy Issue: Tenant Protections

In July 2024, FHFA issued a new policy for multifamily properties financed by the GSEs to include a minimum of a:

1. 30-day notice of a rent increase
2. 30-day notice of a lease expiration
3. Five-day grace period for late rent payments

These standards will go into effect for all new loans on or after February 20, 2025.

What’s Next: CREFC’s DC Symposium on Nov. 13 will feature a conversation between Freddie Mac CEO Diana Reid and Bob Foley, Partner, TPG Real Estate and Chief Financial Officer, TPG RE Finance Trust, Inc. Mr. Foley is also the acting Chair of CREFC’s Board of Governors. Symposium attendees are sure to be keenly interested in the housing agency CEO’s perspectives on key issues impacting the industry and how Freddie Mac provides liquidity, stability, and affordability for housing in communities nationwide.

GSE Forum leaders look forward to presenting CREFC members with an update on their forum at CREFC’s January Conference in Miami, to be held from January 12-15, 2025.

As June 2025 approaches, the chairs will seek nominations for the next Chair Elect to join their leadership slate. To join the GSE/Multifamily Lenders Forum, please register here.

Please contact Rohit Narayanan (RNarayanan@crefc.org) with any questions

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