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Press Release

Fannie Mae Prices a $820.9 Million Multifamily DUS REMIC (FNA 2019-M5) Under Its GeMS Program

April 11, 2019

Matthew Classick

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced its fourth Multifamily DUS® REMIC in 2019 totaling $820.9 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 9, 2019.

“We kicked off the quarter with our second GeMS deal using the A3 structure to create a more call-protected tranche,” said Dan Dresser, Vice President, Multifamily Capital Markets, Trading & Credit Pricing. “In addition, we saw strong demand for our near par, fixed-coupon A2 tranche in a market with little par paper to offer. This offering represented a solid start to the quarter.”

All classes of FNA 2019-M5 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 $51,800,000 5.89 3.009 FIX S+44 100.99
A2 $579,190,923 9.60 3.273 FIX S+62 101.49
A3 $190,000,000 9.78 3.294 FIX S+58 101.99
X $630,990,923 8.84 0.511 WAC Not offered Not offered
X3 $190,000,000 9.28 0.469 WAC Not Offered Not Offered
Total $820,990,923          

 

Group 1 Collateral

UPB $820,990,923
Collateral 86 Fannie Mae DUS MBS
Geographic Distribution CA (16.5%), TX (12.4%), NY (10.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.50x
Weighted Average
Loan-to-Value (LTV)		 64.7%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M5) available on the Fannie Mae GeMS Archive page https://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.com and follow us on twitter.com/FannieMae.