News Release

September 11, 2018

Fannie Mae Prices $857.2 Million Multifamily DUS REMIC (FNA 2018-M12) Under Its GeMS Program

Matthew Classick

202-752-3662

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its eighth Multifamily DUS® REMIC in 2018 totaling $857.2 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 6, 2018.

“The M12 provides investors with the opportunity to invest in a 12-year, fixed-rate, call-protected tranche,” said Dan Dresser, Vice President, Multifamily Capital Markets, Trading & Credit Pricing. “With the flattening of the yield curve, we have seen more borrower demand for longer-term lending, which has coincided with increased willingness in the investor community to seek higher yields further out on the curve. The flexibility of the DUS program and its product offerings has enabled us to bridge the changing needs of both communities.”

All classes of FNA 2018-M12 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
FA1 $56,691,000 6.17 2.57 Floater/AFC Not offered Not offered
FA2 $31,554,568 6.29 2.57 Floater/AFC Not offered Not offered
FA3 $24,388,993 6.22 2.57 Floater/AFC Not offered Not offered
FX1 $112,634,561 0.38 0.516 WAC IO Not offered Not offered
FA $355,818,855 6.34 2.469 Floater/AFC 40 DM 99.83
FX $355,818,855 0.61 0.354 WAC IO Not offered Not offered
A1 $45,685,000 7.34 3.546 Fixed/AFC S+48 100.99
A2 $343,061,341 9.77 3.639 WAC S+67 100.68
Total $857,199,757          
Offered $744,565,196          

 

Group 1 Collateral

UPB $112,634,561
Collateral 7 Fannie Mae DUS MBS
Geographic Distribution NY (50.3%), CA (28.0%), MI (10.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.21x
Weighted Average
Loan-to-Value (LTV)
73.2%

 

Group 2 Collateral

UPB $355,818,855
Collateral 43 Fannie Mae DUS MBS
Geographic Distribution TX (42.9%), GA (28.3%), NC (6.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.58x
Weighted Average
Loan-to-Value (LTV)
72.7%

 

Group 3 Collateral

UPB $388,746,341
Collateral 42 Fannie Mae DUS MBS
Geographic Distribution TX (20.3%), AZ (11.0%), CA (10.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.41x
Weighted Average
Loan-to-Value (LTV)
64.8%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2018-M12) 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.