News Release

September 19, 2019

Fannie Mae Prices $1.3 Billion Multifamily DUS REMIC (FNA 2019-M18) Under Its GeMS Program

Matthew Classick

202-752-3662

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced its eighth Multifamily DUS® REMIC in 2019 totaling $1.3 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 18, 2019.

“With the M-18, we were able to join a wave of September issuances that have taken advantage of strong demand in the market for duration,” said Dan Dresser, Vice President Capital Markets & Pricing. “In a month full of agency-related news and volatile rates, we were pleased with the focus of our GeMS investor base.”

All classes of FNA 2019-M18 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
ASQ1 $28,000,000 3.73 2.008 Fixed Not offered Not offered
ASQ2 $127,987,003 4.86 2.032 Fixed Not offered Not offered
X1 $155,987,003 4.17 1.035 WAC IO Not offered Not offered
A1 $51,200,000 6.32 2.079 Fixed S+50 100
A2 $551,824,031 9.68 2.469 Fixed S+60 101.99
A3 $195,000,000 9.87 2.429 Fixed S+56 102
X $603,024,031 8.94 0.725 WAC IO Not offered Not offered
X3 $195,000,000 9.37 0.732 WAC IO Not offered Not offered
3A1 $47,600,000 7.76 2.143 Fixed Not offered Not offered
3A2 $315,358,261 11.70 2.577 Fixed Not available Not available
XA $362,958,261 10.75 0.741 WAC IO Not offered Not offered
Total $1,316,969,295          

 

Group 1 Collateral

UPB $155,987,003
Collateral 9 Fannie Mae DUS MBS
Geographic Distribution FL (36.7%), TX (20.3%), CA (17%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
2.45x
Weighted Average
Loan-to-Value (LTV)
59.6%

 

Group 2 Collateral

UPB $798,024,032
Collateral 72 Fannie Mae DUS MBS
Geographic Distribution CA (19.7%), TX (14.6%), MA (13%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.72x
Weighted Average
Loan-to-Value (LTV)
65%

 

Group 3 Collateral

UPB $362,958,261
Collateral 60 Fannie Mae DUS MBS
Geographic Distribution FL (19.7%), TX (15%), VA (12.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.34x
Weighted Average
Loan-to-Value (LTV)
70.9%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M18) 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.