With little fanfare or formality, the Federal Housing Finance Agency radically changed how Fannie Mae and Freddie Mac will lend by revising the cap structure on their multifamily business.

The new multifamily loan purchase caps will be $100 billion for each government-sponsored enterprise, or GSE, for the five quarters through the fourth quarter of 2020. Also, the new caps apply to all multifamily business — in other words, no more exclusions are allowed.