Fannie Mae Prices $1.3 Billion Multifamily DUS REMIC (FNA 2019-M18) Under Its GeMS Program

News provided by

Sep 19, 2019, 11:30 ET

WASHINGTON, Sept. 19, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its eighth Multifamily DUS^® REMIC in 2019 totaling $1.3 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 18, 2019.

"With the M-18, we were able to join a wave of September issuances that have taken advantage of strong demand in the market for duration," said Dan Dresser, Vice President Capital Markets & Pricing. "In a month full of agency-related news and volatile rates, we were pleased with the focus of our GeMS investor base."

All classes of FNA 2019-M18 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 Price
ASQ1	$28,000,000	3.73	2.008	Fixed	Not offered	Not offered
ASQ2	$127,987,003	4.86	2.032	Fixed	Not offered	Not offered
X1	$155,987,003	4.17	1.035	WAC IO	Not offered	Not offered
A1	$51,200,000	6.32	2.079	Fixed	S+50	100
A2	$551,824,031	9.68	2.469	Fixed	S+60	101.99
A3	$195,000,000	9.87	2.429	Fixed	S+56	102
X	$603,024,031	8.94	0.725	WAC IO	Not offered	Not offered
X3	$195,000,000	9.37	0.732	WAC IO	Not offered	Not offered
3A1	$47,600,000	7.76	2.143	Fixed	Not offered	Not offered
3A2	$315,358,261	11.70	2.577	Fixed	Not available	Not available
XA	$362,958,261	10.75	0.741	WAC IO	Not offered	Not offered
Total	$1,316,969,295

Group 1 Collateral
UPB:	$155,987,003
Collateral:	9 Fannie Mae DUS MBS
Geographic Distribution:	FL (36.7%), TX (20.3%), CA (17%)
Weighted Average Debt Service Coverage Ratio (DSCR):	2.45x
Weighted Average Loan-to-Value (LTV):	59.6%

Group 2 Collateral
UPB:	$798,024,032
Collateral:	72 Fannie Mae DUS MBS
Geographic Distribution:	CA (19.7%), TX (14.6%), MA (13%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.72x
Weighted Average
Loan-to-Value (LTV):	65%

Group 3 Collateral
UPB:	$362,958,261
Collateral:	60 Fannie Mae DUS MBS
Geographic Distribution:	FL (19.7%), TX (15%), VA (12.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.34x
Weighted Average
Loan-to-Value (LTV):	70.9%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M18) available on the Fannie Mae GeMS Archive page http://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html.

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.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

SOURCE Fannie Mae