Fannie Mae Prices $1.08 Billion Multifamily DUS REMIC (FNA 2016-M11) Under Its GeMS Program

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Oct 12, 2016, 09:00 ET

WASHINGTON, Oct. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its ninth Multifamily DUS® REMIC in 2016 totaling $1.08 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on October 4, 2016.

"Ten-year fixed-rate loans continue to be the workhorse of the Fannie Mae DUS MBS program, for borrowers of all sizes in all markets," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "The $615 million of MBS that made up the collateral for Group 1 had a median loan size of $9.6 million. The loans came from 23 different states, had a loan-to-value ratio of 69 percent, and a debt service coverage ratio of 1.48. The GeMS program helps Fannie Mae provide best-in-class liquidity to our borrowers and quality investment opportunities to a growing group of Agency CMBS investors."

All classes of FNA 2016-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 are in the table below:

Class	Original Face	Weighted Average Life	Coupon (%)	Coupon Type	Spread	Offered Price
A1	$67,857,000	6.01	2.080	Fixed	S+58	101.00
A2	$473,700,000	9.69	2.369	AFC	S+73	101.00
AB1	$9,253,000	6.01	1.886	Fixed	Not Available	Not Available
AB2	$64,595,739	9.69	2.254	Fixed	S+76	99.74
X1	$615,405,739	8.79	0.501	WAC IO	Not Offered	Not Offered
AL	$463,932,612	10.91	2.944	Fixed	S+120	101.50
X2	$463,932,612	3.31	2.727	WAC IO	Not Offered	Not Offered
Total	$1,079,338,351

Group 1 Collateral

UPB:                                                                $615,405,740
Collateral:                                                        56 Fannie Mae DUS MBS
Geographic Distribution:                                  TX (25.5%), CA (16.6%), FL (11.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR):              1.48x
Weighted Average
Loan-to-Value (LTV):                                        69.0%

Group 2 Collateral

UPB:                                                                $463,932,613
Collateral:                                                        102 Fannie Mae DUS MBS
Geographic Distribution:                                  CA (19.5%), PA (14.3%), NY (14.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR):             1.72x
Weighted Average
Loan-to-Value (LTV):                                        63.9%

Settlement Date: October 28, 2016

Lead Manager:                                                 Credit Suisse
Co-Managers:                                                   Amherst Pierpont Securities
                                                                         BofA Merrill Lynch
                                                                         Ramirez & Co.

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M11) 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