Fannie DUS and Freddie Optigo trade within roughly 5 to 15 basis points of each other on most multifamily loans. The winner on any given quote depends on tier, mission and affordability classification, asset class, and individual lender allocation more than on systematic agency pricing differences.
What drives day-to-day differences?
Both agencies price a fixed-rate loan off the Treasury that matches the term, plus a credit spread. A 5-year uses the 5-year, a 7-year the 7-year, a 10-year the 10-year. Spreads move based on the agency's allocation budget, the deal's mission/affordability scoring, and competition between DUS lenders or Optigo seller-servicers. A pure market-rate Class A in a top market typically prices nearly identically; a workforce-housing deal often favors the agency with more mission appetite that quarter.
How should sponsors source quotes?
Run at least one DUS and one Optigo quote in parallel through a debt advisor or directly through approved lenders. Same loan, same proceeds, same rate-lock window. The 10 to 25 basis point spread differences that surface on identical quotes have nothing to do with sponsor strength and everything to do with that lender's bucket capacity.
Sources
- Delegated Underwriting and Servicing (DUS) program disclosures · Fannie Mae · current
- Optigo lending program disclosures · Freddie Mac Multifamily · current