Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program

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Jan 08, 2021, 17:00 ET

WASHINGTON, Jan. 8, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $759 million Multifamily DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on January 8, 2021. FNA 2021-M1 marks the first Fannie Mae GeMS issuance of 2021.

"We opened 2021 by bringing the $759 million M1 transaction to market this week – building on the momentum of last year," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "Fannie Mae's Multifamily business saw a record year of MBS issuance in 2020. In addition, Fannie Mae's re-securitization platform issued over $28 billion in ACES^® and GeMS REMICs – another record level. Despite high volumes and first quarter dislocation, spreads have remained strong and the Agency CMBS investor base continues to grow. We look forward to another strong year in 2021."

All classes of FNA 2021-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 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
FA	$45,283,124	6.06	0.452	Floater/AFC	Not Available	Not Available
FX	$45,283,124	0.32	1.037	WAC IO	Not Offered	Not Offered
A1	$76,500,000	5.94	0.87	Fixed	S+19	100
A2	$497,274,847	9.77	1.39	WAC	S+26	100.57
A3	$140,000,000	9.82	1.38	Fixed/AFC	Not Available	Not Available
X	$76,500,000	5.92	0.52	WAC IO	Not Offered	Not Offered
X3	$140,000,000	9.32	0.01	WAC IO	Not Offered	Not Offered
Total	$759,057,971

Group 1 Collateral

UPB:	$45,283,124
Collateral:	9 Fannie Mae DUS MBS
Geographic Distribution:	KY (22.99%), OK (20.04%), ID (13.25%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.9x
Weighted Average Loan-to-Value (LTV):	63.8%

Group 2 Collateral

UPB:	$713,774,848
Collateral:	112 Fannie Mae DUS MBS
Geographic Distribution:	CA (24.95%), FL (18.22%), TX (9.93%)
Weighted Average Debt Service Coverage Ratio (DSCR):	2.07x
Weighted Average Loan-to-Value (LTV):	61.51%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M1) available on the Fannie Mae GeMS Archive page.

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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.

SOURCE Fannie Mae