Market Overview

Fannie Mae Prices $1.3 Billion Multifamily DUS REMIC (FNA 2019-M18) Under Its GeMS Program

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WASHINGTON, Sept. 19, 2019 /PRNewswire/ -- Fannie Mae (OTCQB:FNMA) priced its eighth Multifamily DUS® REMIC in 2019 totaling $1.3 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 18, 2019.

"With the M-18, we were able to join a wave of September issuances that have taken advantage of strong demand in the market for duration," said Dan Dresser, Vice President Capital Markets & Pricing. "In a month full of agency-related news and volatile rates, we were pleased with the focus of our GeMS investor base."

All classes of FNA 2019-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

ASQ1

$28,000,000

3.73

2.008

Fixed

Not offered

Not offered

ASQ2

$127,987,003

4.86

2.032

Fixed

Not offered

Not offered

X1

$155,987,003

4.17

1.035

WAC IO

Not offered

Not offered

A1

$51,200,000

6.32

2.079

Fixed

S+50

100

A2

$551,824,031

9.68

2.469

Fixed

S+60

101.99

A3

$195,000,000

9.87

2.429

Fixed

S+56

102

X

$603,024,031

8.94

0.725

WAC IO

Not offered

Not offered

X3

$195,000,000

9.37

0.732

WAC IO

Not offered

Not offered

3A1

$47,600,000

7.76

2.143

Fixed

Not offered

Not offered

3A2

$315,358,261

11.70

2.577

Fixed

Not available

Not available

XA

$362,958,261

10.75

0.741

WAC IO

Not offered

Not offered

Total

$1,316,969,295






 

Group 1 Collateral


UPB:                                                             

$155,987,003

Collateral:                                                    

9 Fannie Mae DUS MBS

Geographic Distribution:                                 

FL (36.7%), TX (20.3%), CA (17%)

Weighted Average
Debt Service Coverage Ratio (DSCR):  

2.45x

Weighted Average
Loan-to-Value (LTV):                                      

59.6%



Group 2 Collateral


UPB:                                                              

$798,024,032

Collateral:                                                       

72 Fannie Mae DUS MBS

Geographic Distribution:                                 

CA (19.7%), TX (14.6%), MA (13%)

Weighted Average


Debt Service Coverage Ratio (DSCR):  

1.72x

Weighted Average


Loan-to-Value (LTV):                                       

65%



Group 3 Collateral


UPB:                                                              

$362,958,261

Collateral:                                                       

60 Fannie Mae DUS MBS

Geographic Distribution:                               

FL (19.7%), TX (15%), VA (12.8%)

Weighted Average


Debt Service Coverage Ratio (DSCR):  

1.34x

Weighted Average


Loan-to-Value (LTV):                                       

70.9%

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M18) available on the Fannie Mae GeMS Archive page http://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

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