News Release

July 18, 2019

Fannie Mae Prices a $802 Million Multifamily DUS REMIC (FNA 2019-M12) Under Its GeMS Program

Matthew Classick

202-752-3662

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced its seventh Multifamily DUS® REMIC in 2019 totaling $802 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on July 16, 2019.

“The M12 marks Fannie Mae’s 90th GeMS deal since Fannie Mae’s trading desk began to market its own REMIC products under the banner in 2011,” said Dan Dresser, Vice President Capital Markets & Pricing. “As much as the GeMS program enables Fannie Mae to customize structures for investors, its sister program, ACES, provides that same opportunity for all DUS market participants – investor and broker-dealer alike. As this low interest rate environment settles in and the market attempts to cope with high premium bonds, Fannie Mae’s Multifamily program offers the flexibility to structure a portfolio solution.”

All classes of FNA 2019-M12 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 $41,300,000 6.87 2.414 FIX S+47 100
A2 $521,111,232 9.71 2.885 FIX S+60 102
A3 $240,000,000 9.85 2.843 FIX S+56 101.96
X $562,411,232 9.04 0.703 WAC IO Not offered Not offered
X3 $240,000,000 9.35 0.711 WAC IO Not offered Not offered
Total $802,411,232          

 

Group 1 Collateral

UPB $802,411,232
Collateral 58 Fannie Mae DUS MBS
Geographic Distribution CA (22.02%), PA (20.16%), VA (11.76%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.53x
Weighted Average
Loan-to-Value (LTV)
67.5%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M12) 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.comand follow us on twitter.com/fanniemae.