News Release

February 23, 2015

Fannie Mae Prices $1.15 Billion Multifamily DUS REMIC (FNA 2015-M3) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its second Multifamily DUS® REMIC in 2015 totaling $1.15 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on February 12, 2015.

"The M3 performed well in this market and we believe it is because of the Fannie Mae Multifamily model," said Josh Seiff Fannie Mae's Vice President of Capital Markets and Trading. "Unlike a conduit, Fannie Mae shares risk with its DUS® lenders through the life of the loans – that model has worked for more than 25 years. We're also the largest Agency multifamily securitization platform. Investors clearly appreciate risk retention and experience. That showed in the way this deal cleared the market. We had more than three dozen investors in the deal, even though the market was crowded with other new issuance."  

All classes of FNA 2015-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 are in the table below:

 

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered

Price

FA

$315,891,089

3.10

0.392

Floater/

WAC Cap

1mL+22

100.00

SA

$315,891,089

2.14

4.777

Inverse IO

Not Offered

Not Offered

A1

$98,113,000

5.44

2.301

Fixed

S+36

101.00

A2

$639,223,000

9.66

2.723

Fixed

S+50

101.00

AB1

$13,380,000

5.44

2.141

Fixed

S+45

99.75

AB2

$87,166,295

9.66

2.625

Fixed

S+55

99.75

X2

$837,882,295

8.66

0.388

WAC IO

Not Offered

Not Offered

Total

$1,153,773,384

 

 

 

 

 

Group 1 Collateral

UPB:                                                                    $315,891,089

Collateral:                                                          54 Fannie Mae DUS MBS
Geographic Distribution:                               CA (58.4%), WA (7.8%), NY (6.4%)
Weighted Average

Debt Service Coverage Ratio (DSCR):         1.79x

Weighted Average
Loan-to-Value (LTV):                                        61.5%

 

Group 2 Collateral

UPB:                                                                      $837,882,295
Collateral:                                                            70 Fannie Mae DUS MBS
Geographic Distribution:                                  CA (15.4%), VA (15.3%), WA (11.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR):           1.74x
Weighted Average
Loan-to-Value (LTV):                                          66.5%

 

Settlement Date:                                                 February 27, 2015

Lead Manager:                                                    Goldman Sachs & Co.
Co-Managers:                                                      Deutsche Bank and Wells Fargo

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M3) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.


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.

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