Fannie Mae Priced $509.1 Million Multifamily DUS REMIC (FNA 2024-M4) Under Its GeMS Program

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Apr 18, 2024, 11:30 ET

WASHINGTON, April 18, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $509.1 million Multifamily DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 9, 2024. FNA 2024-M4 marks the second Fannie Mae GeMS issuance of 2024.

"We're excited to announce the pricing of our second GeMS deal for 2024," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "Despite persistent market challenges, including continued rate volatility, we were pleased with the speed and efficiency of the execution. Investor interest was robust, and we appreciate their continued participation."

All classes of FNA 2024-M4 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	$25,096,202	6.16	4.791	Fixed	Not Available	Not Available
A2	$357,000,000	9.44	4.871	Fixed	P+89	100.00
A3	$127,000,000	9.57	4.40	Fixed	Not Available	Not Available
X1	$25,096,202	6.13	0.322	WAC IO	Not Offered	Not Offered
X2	$357,000,000	8.95	0.242	WAC IO	Not Offered	Not Offered
X3	$127,000,000	9.07	0.713	WAC IO	Not Offered	Not Offered
Total	$509,096,202

* The spread on FNA 2024-M4 was priced using the SOFR swap curve

Group 1 Collateral

UPB:	$509,096,202
Collateral:	76 Fannie Mae DUS MBS
Geographic Distribution:	TX (24.30%), FL (11.81%), IL (8.14%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.42x
Weighted Average Loan-to-Value (LTV):	58.8 %

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2024-M4) 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