Fannie Mae Prices $1.04 Billion Multifamily DUS REMIC (FNA 2017-M1) Under Its GeMS Program

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Jan 23, 2017, 13:56 ET

WASHINGTON, Jan. 23, 2017 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its first Multifamily DUS® REMIC in 2017 totaling $1.04 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on January 18, 2017.

"Agency CMBS has become a recognized asset class, led by Fannie Mae DUS MBS. We issued more than $55 billion in multifamily MBS last year, plus another $10 billion in GeMS new issuance – significantly more than any other securitized multifamily platform," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "FNA 2017-M1 continued the trend – more than 40 investors were involved in the deal, which included 111 loans and was just over $1.0 billion in size. We're looking forward to another market-leading year for the Fannie Mae DUS platform in 2017."

All classes of FNA 2017-M1 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
A1	$125,400,000	5.96	2.416	WAC	S+51	99.49
A2	$916,568,605	9.71	2.416	WAC	S+66	96.06
Total	$1,041,968,605

Group 1 Collateral

UPB:	$1,041,968,605
Collateral:	111 Fannie Mae DUS MBS
Geographic Distribution:	FL (12.0%), NC (11.5%), CA (11.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.58x
Weighted Average
Loan-to-Value (LTV):	68.5%

Settlement Date:	January 31, 2017

Lead Manager:	Morgan Stanley
Co-Managers:	Credit Suisse
	Amherst Pierpont Securities
	Great Pacific Securities

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2017-M1) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.

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