In one sentence
The Delegated Underwriting and Servicing program through which approved lenders originate and service multifamily loans that Fannie Mae purchases.
The longer version
Under DUS, approved lenders underwrite to Fannie Mae's standards and share risk on loans Fannie buys, giving the agency scale and lenders delegated authority. It is a dominant channel for conventional multifamily.
DUS lenders carry loss-sharing, so their underwriting files and servicing records are held to a standard that assumes future scrutiny.
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