Kelly Follain

Executive Vice President – Multifamily Fannie Mae

Last Reviewed: October 1, 2026

Executive Summary

Kelly Follain has led Fannie Mae’s Multifamily business since March 2025, responsible for its acquisition and servicing standards, liquidity for the multifamily mortgage market, and access to affordable rental housing. She brings more than 25 years in commercial real estate lending, including agency financing, multifamily and CMBS lending. Before Fannie Mae she was Head of Agency Lending at PGIM Real Estate, and earlier worked at Freddie Mac and Wells Fargo. Fannie Mae ranked No. 26 on the 2026 Fortune 500.

Career Highlights

• Executive Vice President – Multifamily of Fannie Mae since March 2025.
• Head of Agency Lending at PGIM Real Estate, 2024 to 2025.
• Chief Operating Officer of Agency Lending at PGIM Real Estate, 2019 to 2024.
• Vice President for Underwriting and Credit at Freddie Mac.

Professional Journey

Follain held management and underwriting positions in Wells Fargo’s Commercial Mortgage Origination division and was Vice President for Underwriting and Credit at Freddie Mac.

At PGIM Real Estate she was Chief Underwriting Officer of Agency Lending, then from 2019 to 2024 Chief Operating Officer of Agency Lending, overseeing operations for Fannie Mae, Freddie Mac, affordable housing and FHA multifamily and healthcare loans. From 2024 she was Head of Agency Lending.

She joined Fannie Mae in March 2025 as Executive Vice President for Multifamily.

Education

No first-party source read for this profile states her education.