News Release

November 15, 2018

Fannie Mae Prices a $803 Million Multifamily DUS REMIC (FNA 2018-M14) Under Its GeMS Program

Katie Penote

202-752-2261

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its tenth Multifamily DUS® REMIC in 2018 totaling $803 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 7, 2018.

“We were pleased to get the M14 done in a week crowded with competing issuances across asset classes,” said Dan Dresser, Vice President, Multifamily Capital Markets, Trading & Pricing. “In a saturated new issuance market, we appreciate the flexibility of the DUS program to issue both single-loan, single-security MBS and multi-class REMICs.”

All classes of FNA 2018-M14 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:

Class Original Face Weighted Average Life Coupon (%) Coupon Type Spread Offered Price
A1 $37,125,000 6.27 3.577 WAC S+39 100.2
A2 $765,887,243 9.70 3.577 WAC S+66 97.8
Total $803,012,243          

Group 1 Collateral

UPB $803,012,243
Collateral 52 Fannie Mae DUS MBS
Geographic Distribution CA (44.24%), FL (9.57%), MD (8.07%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.80x
Weighted Average
Loan-to-Value (LTV)
58.3%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2018-M14) 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.