Fifth Third Closes Fannie Mae DUS® Acquisition; Strengthens Multifamily Lending Capabilities

Bank is now one of 24 DUS® Lenders.

CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp (NASDAQ: FITB) announced closing of a transaction to acquire Mechanics Bank’s Delegated Underwriting and Servicing (DUS^®) business line, including an experienced lending team, and a $1.8 billion unpaid principal balance servicing portfolio.

Fifth Third joins a group of just 24 lenders nationwide authorized by Fannie Mae to originate, underwrite, close, and service multifamily loans. Fifth Third is currently the ninth-largest U.S. bank, with approximately $297 billion in assets. Multifamily housing is the largest component of its commercial real estate portfolio.

“This will significantly enhance the Bank’s ability to finance multifamily housing across the United States and further strengthens our leadership in commercial real estate finance,” said John Hein, head of Commercial Real Estate at Fifth Third. “This acquisition empowers us to better support our clients and the housing needs in the communities we serve across the country.”

The US continues to face a shortage of housing. According to a U.S. Chamber of Commerce report*, “a severe shortage of over 4.7 million homes has created cascading economic and social challenges, from skyrocketing prices to reduced workforce mobility.” This capability will allow the Bank to facilitate the financing of more housing and be a part of the solution for a problem that spans a wide breadth of the housing sector.

As a cornerstone of Fannie Mae’s multifamily lending platform, the DUS program is designed to provide liquidity and stability to the housing market. Fifth Third gains direct access to Fannie Mae products and a proven servicing model by joining this program and reinforces its commitment to delivering innovative solutions for clients and advancing housing affordability.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.

*U.S. Chamber of Commerce, The State of Housing in America, March 15, 2025