Press Release

April 09, 2020

Fannie Mae Prices $1.07 Billion Multifamily DUS REMIC (FNA 2020-M14) Under Its GeMS Program

WASHINGTON, DC – April 9, 2020 – Fannie Mae (FNMA/OTCQB) priced its fourth Multifamily DUS® REMIC in 2020 totaling $1.07 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 8, 2020.

“We were pleased with the ability of market participants to focus on our April GeMS deal, the M14 this week,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “Following several weeks of rate volatility and spread widening, the appeal of conservatively underwritten, Fannie Mae multifamily collateral was key in getting this deal in and out of the market at attractive levels. Going forward, we remain committed to transparent disclosure for our investors as we navigate the challenges of the current commercial real estate market.”

All classes of FNA 2020-M14 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 $40,400,000 6.60 1.38 Fixed S+70 100
A2 $469,128,838 9.88 1.78 Fixed S+76 102
A3 $115,000,000 9.95 1.74 Fixed Not Offered Not offered
X1 $509,528,838 9.17 0.55 WAC IO Not Offered Not Offered
X3 $115,000,000 9.46 0.56 WAC IO Not Offered Not Offered
2A1 $67,100,000 7.15 1.29 Fixed Not Available Not Available
2A2 $381,229,958 11.50 1.85 Fixed Not Available Not Available
X2 $448,329,958 10.43 0.93 WAC IO Not Offered Not Offered
Total $1,072,858,796          

 

Group 1 Collateral

UPB $624,528,838
Collateral 43 Fannie Mae DUS MBS
Geographic Distribution CA (34.07%), NC (13.86%), WA (10.54%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.87x
Weighted Average
Loan-to-Value (LTV)
64.5%

 

Group 2 Collateral

UPB $448,329,958
Collateral 70 Fannie Mae DUS MBS
Geographic Distribution VA (12%), NY (11.39%), FL (11.03%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.33x
Weighted Average
Loan-to-Value (LTV)
73.1%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M14) available on the Fannie Mae GeMS Archive page https://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html.

About Fannie Mae
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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.