Fannie Mae Prices $1.03 Billion Multifamily DUS REMIC (FNA 2017-M3) Under Its GeMS Program

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Mar 21, 2017, 15:28 ET

WASHINGTON, March 21, 2017 /PRNewswire/ -- Fannie Mae (FNMA/OTC) priced its third Multifamily DUS^® REMIC in 2017 totaling $1.03 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on March 16, 2017.

"Investors had to contend with a snowstorm, a Fed rate hike, and their basketball brackets this week," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "We were pleased that more than 30 firms still found time to place orders on this deal, which featured about $200 million in 7-year collateral with a 1.94 DSCR and more than $800 million in 10-year collateral with a 1.64 DSCR."

All classes of FNA 2017-M3 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 are in the table below:

Class	Original Face	Weighted Average Life	Coupon (%)	Coupon Type	Spread	Offered Price
AV1	$19,662,000	3.56	2.614	WAC	S+33	100.88
AV2	$181,686,912	6.79	2.614	WAC	S+42	99.12
A1	$94,226,000	5.90	2.569	WAC	S+45	99.20
A2	$732,938,230	9.68	2.569	WAC	S+65	95.10
Total	$1,028,513,142

Group 1 Collateral

UPB:	$201,348,912
Collateral:	18 Fannie Mae DUS MBS
Geographic Distribution:	FL (48.5%), TN (13.9%), OR (9.4%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.94x
Weighted Average
Loan-to-Value (LTV):	57.1%

Group 2 Collateral

UPB:	$827,164,230
Collateral:	92 Fannie Mae DUS MBS
Geographic Distribution:	CA (22.4%), TX (10.9%), NV (9.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.64x
Weighted Average
Loan-to-Value (LTV):	69.2%


Settlement Date:	March 31, 2017

Lead Manager:	Goldman, Sachs & Co.
Co-Managers:	Amherst Pierpont Securities
	J.P. Morgan
	Drexel Hamilton

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2017-M3) available in the Fannie Mae GeMS Archive.

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