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Fannie Mae Prices a $1.19 Billion Multifamily DUS REMIC (FNA 2019-M25) Under Its GeMS Program

November 18, 2019 GMT

WASHINGTON, Nov. 18, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its tenth Multifamily DUS® REMIC in 2019 totaling $1.19 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 15, 2019.

“The M25 brings the total 2019 GeMS issuance to $9.6 billion and marks the 93rd GeMS issuance since the 2011 kick-off of the GeMS program,” said Dan Dresser, Vice President Capital Markets & Pricing. “This year has been a banner year for ACES issuance, as well, with 15 deals totaling $5.6 billion already in the market. The ability of investors and broker-dealers to structure REMICs with their own DUS collateral has been helpful to liquidity, particularly considering this year’s volatile rate environment. As we head into December, we would like to express our appreciation for the support of our GeMS investor community and the broker-dealer network in 2019.”

All classes of FNA 2019-M25 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

AV1

$26,465,000

3.48

2.050

Fixed

S+42

100

AV2

$430,143,568

6.27

2.266

Fixed

S+54

100.5

X1

$456,608,568

6.10

1.051

WAC IO

Not Offered

Not Offered

A1

$65,000,000

6.35

2.142

Fixed/AFC

S+50

100

A2

$448,467,055

9.85

2.330

Fixed/AFC

S+60

100

A3

$220,000,000

9.93

2.210

Fixed

S+56

99.28

X

$513,467,055

8.97

0.149

WAC IO

Not Offered

Not Offered

X3

$220,000,000

9.43

0.245

WAC IO

Not Offered

Not Offered

Total

$1,190,075,623






Group 1 Collateral

UPB:

$456,608,568


Collateral:

55 Fannie Mae DUS MBS


Geographic Distribution:

CA (29.8%), DC (24.4%), VA (7.1%)


Weighted Average



Debt Service Coverage Ratio (DSCR):

1.72x


Weighted Average



Loan-to-Value (LTV):

61.1%


Group 2 Collateral

UPB:

$733,467,055


Collateral:

88 Fannie Mae DUS MBS


Geographic Distribution:

CA (18.8%), VA (13.3%), FL (10.9%)


Weighted Average



Debt Service Coverage Ratio (DSCR):

1.89x


Weighted Average



Loan-to-Value (LTV):

62%


For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M25) 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.

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SOURCE Fannie Mae