Fifth Third closes Fannie Mae DUS acquisition

Fifth Third (FITB) Bancorp announced closing of a transaction to acquire Mechanics Bank’s Delegated Underwriting and Servicing 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 (FNMA) 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.