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Press Release

Fannie Mae Priced $879 Million Multifamily DUS REMIC (FNA 2021-M11) Under Its GeMS Program

April 19, 2021

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced an $879 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 14, 2021. FNA 2021-M11 marks the fifth Fannie Mae GeMS issuance of 2021.

"We started the second quarter with an $879 million 10-year fixed-rate GeMS deal, building on the $21.5 billion in DUS issuance in Q1 2021," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "This first quarter saw spreads continue to grind tighter despite the solid volumes; multifamily borrowers have benefitted from approximately a 30-basis-point tightening of spreads from pre-COVID levels, and investors continue to enjoy the strong underwriting of the DUS program. The M11, for example, offered investors a collateral pool with properties from 20 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 2.27 and LTV of 58 percent."

All classes of FNA 2021-M11 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 $41,250,000 6.10 1.270 Fixed S+8 100
A2 $637,288,684 9.85 1.459 WAC S+17 97.11
A3 $200,000,000 9.90 1.305 Fixed Not Available Not Available
X $41,250,000 6.08 0.189 WAC IO Not Offered Not Offered
X3 $200,000,000 9.40 0.154 WAC IO Not Offered Not Offered
Total $878,538,684          

 

Group 1 Collateral

UPB $878,538,684
Collateral 54 Fannie Mae DUS MBS
Geographic Distribution NY (22.58%), NJ (11.21%), CO (10.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 2.27x
Weighted Average
Loan-to-Value (LTV)		 58.02%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M11) available on the Fannie Mae GeMS Archive page.

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.