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Press Release

Fannie Mae Priced $509.1 Million Multifamily DUS REMIC (FNA 2024-M4) Under Its GeMS Program

April 18, 2024

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $509.1 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 9, 2024. FNA 2024-M4 marks the second Fannie Mae GeMS issuance of 2024.

“We’re excited to announce the pricing of our second GeMS deal for 2024,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. “Despite persistent market challenges, including continued rate volatility, we were pleased with the speed and efficiency of the execution. Investor interest was robust, and we appreciate their continued participation.”

All classes of FNA 2024-M4 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 can be found in the table below:

Class Original Face Weighted Average Life Coupon (%) Coupon Type Spread Offered Price
A1 $25,096,202 6.16 4.791 Fixed Not Available Not Available
A2 $357,000,000 9.44 4.871 Fixed P+89 100.00
A3 $127,000,000 9.57 4.40 Fixed Not Available Not Available
X1 $25,096,202 6.13 0.322 WAC IO Not Offered Not Offered
X2 $357,000,000 8.95 0.242 WAC IO Not Offered Not Offered
X3 $127,000,000 9.07 0.713 WAC IO Not Offered Not Offered
Total $509,096,202          

* The spread on FNA 2024-M4 was priced using the SOFR swap curve

 

Group 1 Collateral

UPB $509,096,202
Collateral 76 Fannie Mae DUS MBS
Geographic Distribution TX (24.30%), FL (11.81%), IL (8.14%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.42x
Weighted Average
Loan-to-Value (LTV)		 58.8%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2024-M4) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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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.