Fannie Mae Priced $879 Million Multifamily DUS REMIC (FNA 2021-M11) Under Its GeMS Program

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Apr 19, 2021, 10:30 ET

WASHINGTON, April 19, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced an $879 million Multifamily DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 14, 2021. FNA 2021-M11 marks the fifth Fannie Mae GeMS issuance of 2021.

"We started the second quarter with an $879 million 10-year fixed-rate GeMS deal, building on the $21.5 billion in DUS issuance in Q1 2021," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "This first quarter saw spreads continue to grind tighter despite the solid volumes; multifamily borrowers have benefitted from approximately a 30-basis-point tightening of spreads from pre-COVID levels, and investors continue to enjoy the strong underwriting of the DUS program. The M11, for example, offered investors a collateral pool with properties from 20 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 2.27 and LTV of 58 percent."

All classes of FNA 2021-M11 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	$41,250,000	6.10	1.270	Fixed	S+8	100
A2	$637,288,684	9.85	1.459	WAC	S+17	97.11
A3	$200,000,000	9.90	1.305	Fixed	Not Available	Not Available
X	$41,250,000	6.08	0.189	WAC IO	Not Offered	Not Offered
X3	$200,000,000	9.40	0.154	WAC IO	Not Offered	Not Offered
Total	$878,538,684

Group 1 Collateral

UPB:	$878,538,684
Collateral:	54 Fannie Mae DUS MBS
Geographic Distribution:	NY (22.58%), NJ (11.21%), CO (10.7%)
Weighted Average Debt Service Coverage Ratio (DSCR):	2.27x
Weighted Average Loan-to-Value (LTV):	58.02%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M11) available on the Fannie Mae GeMS Archive page.

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SOURCE Fannie Mae