Fannie Mae Priced $720 Million Multifamily DUS REMIC (FNA 2022-M10) Under Its GeMS Program

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May 17, 2022, 13:15 ET

WASHINGTON, May 17, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $720 million Multifamily DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 11, 2022. FNA 2022-M10 marks the fifth Fannie Mae GeMS issuance of 2022.

"The M10 provided an opportunity to buy discounted, 10-year cash flows with 100% of any future prepayment premiums on the underlying MBS," said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. "We are pleased that the investor community was able to focus on the deal given recent rate volatility and competing investment opportunities."

All classes of FNA 2022-M10 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	$42,100,000	6.71	2.003	WAC	S+42	92.71
A2	$677,674,679	9.56	2.003	WAC	S+79	87.01
Total	$719,774,679

* The spread on FNA 2022-M10 was priced using the SOFR swap curve

Group 1 Collateral

UPB: $719,774,679
Collateral: 41 Fannie Mae DUS MBS
Geographic Distribution: TX (19.48%), IL (12.75%), NY (10.15%)
Weighted Average Debt Service Coverage Ratio (DSCR): 1.75x
Weighted Average Loan-to-Value (LTV): 66.7%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M10) 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