Fannie Mae Priced $503 Million Multifamily DUS REMIC (FNA 2023-M8) Under Its GeMS Program

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Nov 14, 2023, 16:55 ET

WASHINGTON, Nov. 14, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $503 million Multifamily DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 6, 2023. FNA 2023-M8 marks the third Fannie Mae GeMS issuance of 2023.

"We announced and priced our third deal of 2023, the M8, on Monday of last week. Given the recent rate and spread volatility, we were keen to get the deal up and down as quickly as possible," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "The syndicate process remains challenging, and we were pleased with the level and speed of the deal execution. As always, we appreciate the focus of investors in this challenging operating environment."

All classes of FNA 2023-M8 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
Class	Original Face	Weighted Average Life	Coupon (%)	Coupon Type	Spread*	Price
A1	$29,300,000	6.41	Not Available	WAC	Not Available	Not Available
A2	$348,909,959	9.17	4.471	WAC	P+117	93.49
A3	$125,000,000	9.36	Not Available	Fixed	Not Available	Not Available
X3	$125,000,000	N/A	Not Offered	WAC IO	Not Offered	Not Offered
Total	$503,209,959

* The spread on FNA 2023-M8 was priced using the SOFR swap curve

Group 1 Collateral

UPB:	$503,209,959
Collateral:	61 Fannie Mae DUS MBS
Geographic Distribution:	TX (18.79%), VA (15.13%), GA (13.05%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.43x
Weighted Average Loan-to-Value (LTV):	61.86 %

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2023-M8) available on the Fannie Mae GeMS Archive page.

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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.

SOURCE Fannie Mae