Commercial and multifamily mortgage loan originations were 52% higher in the first quarter of 2026 compared to a year earlier, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A rise in originations for healthcare, retail, hotel and industrial properties led to an overall increase in lending volumes
MBA reported a 209% year-over-year increase in the dollar volume of loans for healthcare properties, a 148% increase for retail properties, an 85% increase for hotel properties, a 56% increase for industrial properties and a 49% increase for multifamily properties. Office property loan originations decreased slightly.
Among lending sources, the dollar volume of loans originated for investor-driven lenders increased by 133% Y-O-Y. There was an 80% increase in loans by banks, a 38% increase in GSE lending volume, a 9% increase in life company loans and a 14% decrease in CMBS loans.
Compared to Q4 2025, lending volume declined 30%. However, “that slowdown is consistent with typical first-quarter seasonality and does not detract from the broader improvement in market conditions,” said Reggie Boker, MBA’s associate VP of commercial research.
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