Fannie Mae Priced $210 Million Multifamily DUS REMIC (FNA 2021-M18) Under Its GeMS Program

WASHINGTON, Sept. 14, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $210 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 10, 2021. FNA 2021-M18 marks the ninth Fannie Mae GeMS issuance of 2021.

"We kicked off the fall season with a first for us, the re-securitization of our Hybrid ARM product in the M18," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "This Hybrid ARM product provides long-term flexible financing for small building owners, and prepayment protection for investors during the fixed-rate period. Although the program is a smaller component of our Multifamily portfolio, it expands opportunity for smaller apartment building owners nationwide, providing them with alternatives to traditional, fixed-rate financing."

All classes of FNA 2021-M18 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

H5

$57,217,063

3.36

0.942

FLT/AFC

S+15

100.50

X1

$57,217,063

7.67

2.453

WAC IO

Not Offered

Not Offered

H7

$56,746,133

5.00

1.279

FLT/AFC

S+25

100.50

X2

$56,746,133

8.02

1.618

WAC IO

Not Offered

Not Offered

H10

$96,355,804

6.39

1.626

FLT/AFC

S+45

100.49

X3

$96,355,804

8.08

1.133

WAC IO

Not Offered

Not Offered

Total

$210,319,000






 

Group 1 Collateral




UPB:       

$57,217,063

Collateral: 

30 Fannie Mae DUS MBS

Geographic Distribution:     

CA (17.1%), WA (14.33%), CO (13.44%)

Weighted Average Debt Service Coverage Ratio (DSCR): 

1.78x

Weighted Average Loan-to-Value (LTV):     

65.6%



Group 2 Collateral




UPB:              

$56,746,133

Collateral:                     

27 Fannie Mae DUS MBS

Geographic Distribution:        

CA (36.73%), PA (13.62%), WV (12.26%)

Weighted Average Debt Service Coverage Ratio (DSCR):     

1.93x

Weighted Average Loan-to-Value (LTV):        

58.8%



Group 3 Collateral




UPB:     

$96,355,805

Collateral: 

51 Fannie Mae DUS MBS

Geographic Distribution:     

CA (19.07%), IL (14.6%), MD (6.67%)

Weighted Average Debt Service Coverage Ratio (DSCR): 

1.89x

Weighted Average Loan-to-Value (LTV): 

64%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M18) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. 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:
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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.

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SOURCE Fannie Mae