News Release

July 14, 2017

Fannie Mae Prices $902.3 Million Multifamily DUS REMIC (FNA 2017-M8) Under Its GeMS Program

Matthew Classick

202-752-3662

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS® REMIC in 2017 totaling $902.3 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on July 12, 2017.

“This deal was backed by 118 mortgage-backed securities, which financed nearly 17,000 units in 30 states,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading.  “The GeMS program creates greater liquidity for DUS MBS and helps Fannie Mae meet the needs of multifamily borrowers of all sizes in all markets.”

All classes of FNA 2017-M8 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering are in the table below:

ClassOriginal FaceWeighted Average LifeCoupon (%)Coupon TypeSpreadOffered Price
A1 $115,500,000 5.58 2.654 Fixed/AFC S+45 101.00
A2 $786,826,754 9.70 3.061 Fixed/AFC S+68 101.00
X $902,326,754 8.74 0.248 WAC IO Not Offered Not Offered
Total $902,326,754          

 

Group 1 Collateral

UPB $902,326,754
Collateral 118 Fannie Mae DUS MBS
Geographic Distribution TX (17.7%), CA (13.7%), NC (13.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.43x
Weighted Average
Loan-to-Value (LTV)
68.5%

 

Settlement Date July 28, 2017
Lead Manager Bank of America Merrill Lynch
Co-Managers KGS Alpha Capital Markets, L.P.
Nomura
Ramirez & Co. Inc.

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2017-M8) available on the Fannie Mae GeMS Archive page http://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html.

Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.