News Release

May 21, 2019

Fannie Mae Prices a $900 Million Multifamily DUS REMIC (FNA 2019-M7) Under Its GeMS Program

Matthew Classick

202-752-3662

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced its fifth Multifamily DUS® REMIC in 2019 totaling $900 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 15, 2019.

“We were pleased with the M7 execution given the macroeconomic pressures on the market,” said Dan Dresser, Vice President, Multifamily Capital Markets, Trading & Credit Pricing. “Despite the distraction of low interest rates and tumultuous trade talks, this deal was able to offer a compelling story of call-protected paper backed by performing commercial properties.”

All classes of FNA 2019-M7 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 $78,400,000 6.63 2.939 FIX S+47 101.00
A2 $601,618,694 9.87 3.199 FIX S+60 101.75
A3 $220,000,000 9.92 3.218 FIX S+56 102.00
X $680,018,694 9.05 0.4641 WAC IO Not offered Not offered
X3 $220,000,000 9.42 0.4432 WAC IO Not Offered Not Offered
Total $900,018,694          

 

Group 1 Collateral

UPB $900,018,694
Collateral 65 Fannie Mae DUS MBS
Geographic Distribution PA (22.1%), VA (11.7%), TX (11.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.42x
Weighted Average
Loan-to-Value (LTV)
68.4%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M7) available on the Fannie Mae GeMS Archive page https://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.