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Press Release

Fannie Mae Priced $537 Million Multifamily DUS REMIC (FNA 2023-M4) Under Its GeMS Program

May 30, 2023

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $537 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 19, 2023. FNA 2023-M4 marks the first Fannie Mae GeMS issuance of 2023.

“We wrapped up last week with a new GeMS deal – the M4 – and were able to capitalize on secondary market demand for call-protected, 10-year fixed-rate DUS MBS collateral,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. “The ongoing challenges to the syndicated market seem to have lessened slightly as we head into the summer season, and we appreciate the focus of our investors in these busy months.”

All classes of FNA 2023-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 $29,000,000 6.09 3.894 WAC S+90 97.21
A2 $400,590,080 9.16 3.894 WAC S+110 95.03
A3 $107,000,000 9.29 3.510 Fixed Not Available Not Available
X3 $107,000,000 8.79 0.384 WAC IO Not Offered Not Offered
Total $536,590,080          

*The spread on FNA 2023-M4 was priced using the SOFR swap curve


Group 1 Collateral

UPB $536,590,080
Collateral 57 Fannie Mae DUS MBS
Geographic Distribution TX (22.01%), CA (17.68%), NY (12.63%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2023-M4) available on the Fannie Mae GeMS Archive page.

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Christopher Davis

Fannie Mae Newsroom

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