News Release

July 19, 2018

Fannie Mae Prices $717.8 Million Multifamily DUS REMIC (FNA 2018-M10) Under Its GeMS Program

Matthew Classick

202-752-3662

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS® REMIC in 2018 totaling $717.8 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on July 18, 2018.

"We started the third quarter with a $717 million 10-year GeMS deal, building on the $25.8 billion in DUS issuance in the first half of 2018," said Dan Dresser, Vice President, Multifamily Capital Markets, Trading & Credit Pricing. "This 10-year, fixed-rate collateral pool reflects the diverse multifamily financing needs that Fannie Mae supports, drawing MBS from five different types of properties in 17 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 1.56 and a weighted average loan-to-value ratio of 64 percent."

All classes of FNA 2018-M10 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 $89,203,000 6.75 3.498 WAC S+36 100.8
A2 $628,597,336 9.77 3.498 WAC S+58 99.2
Total $717,800,336          

 

Group 1 Collateral

UPB $717,800,336
Collateral 56 Fannie Mae DUS MBS
Geographic Distribution CA (26.5%), NC (8.7%), TX (8.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.56x
Weighted Average
Loan-to-Value (LTV)
64.6%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2018-M10) 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.