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Press Release

Fannie Mae Priced $721 Million Multifamily DUS REMIC (FNA 2022-M3) Under Its GeMS Program

March 25, 2022

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $721 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on March 16, 2022. FNA 2022-M3 marks the third Fannie Mae GeMS issuance of 2022.

The M3 investors have had to contend with financial markets volatility, macro uncertainty, and a recent Federal Reserve interest rate hike,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. “We were pleased that they were still able to focus on this deal, which provided over $700 million in 10-year collateral with a 2.19x DSCR.”

All classes of FNA 2022-M3 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 $33,309,000 6.28 1.764 WAC S+40 96.50
A2 $687,816,612 9.64 1.764 WAC S+88 90.65
Total $721,125,612          

* The spread on FNA 2022-M3 was priced using the SOFR swap curve.



UPB $721,125,612
Collateral 36 Fannie Mae DUS MBS
Geographic Distribution CA (34.21%), DC (15.09%), FL (14.09%)
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 2022-M3) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
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Christopher Davis

Fannie Mae Newsroom

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