Fannie Mae Priced $537 Million Multifamily DUS REMIC (FNA 2023-M4) Under Its GeMS Program

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May 30, 2023, 15:00 ET

WASHINGTON, May 30, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $537 million Multifamily DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 19, 2023. FNA 2023-M4 marks the first Fannie Mae GeMS issuance of 2023.

"We wrapped up last week with a new GeMS deal – the M4 – and were able to capitalize on secondary market demand for call-protected, 10-year fixed-rate DUS MBS collateral," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "The ongoing challenges to the syndicated market seem to have lessened slightly as we head into the summer season, and we appreciate the focus of our investors in these busy months."

All classes of FNA 2023-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	$29,000,000	6.09	3.894	WAC	S+90	97.21
A2	$400,590,080	9.16	3.894	WAC	S+110	95.03
A3	$107,000,000	9.29	3.510	Fixed	Not Available	Not Available
X3	$107,000,000	8.79	0.384	WAC IO	Not Offered	Not Offered
Total	$536,590,080

* The spread on FNA 2023-M4 was priced using the SOFR swap curve

Group 1 Collateral

UPB:	$536,590,080
Collateral:	57 Fannie Mae DUS MBS
Geographic Distribution:	TX (22.01%), CA (17.68%), NY (12.63%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.68x
Weighted Average Loan-to-Value (LTV):	55.05 %

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2023-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