Fannie Mae Prices a $718.5 Million Multifamily DUS REMIC (FNA 2019-M4) Under Its GeMS Program

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Mar 22, 2019, 15:44 ET

WASHINGTON, March 22, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its third Multifamily DUS^® REMIC in 2019 totaling $718.5 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on March 21, 2019.

"In a week marked by heavy new issuance, a rate rally, and end-of-quarter portfolio constraints, we were pleased that so many of our GeMS investors were able to participate in this month's transaction," said Dan Dresser, Vice President, Multifamily Capital Markets & Credit Pricing. "The M4 included a group of ARM 7-6 collateral – a floating-rate product designed for smaller borrowers. Our ability to successfully resecuritize this production ensures access to capital for an important subset of borrowers."

All classes of FNA 2019-M4 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	$200,502,339	6.29	3.041	Floater/AFC	L+56	99.79
FX	$200,502,339	0.55	0.178	WAC IO	Not offered	Not offered
A1	$63,045,500	7.60	2.942	FIX	S+48	100.00
A2	$454,975,000	11.76	3.610	FIX	S+72	102.99
X	$518,020,500	10.82	0.499	WAC/IO	Not offered	Not offered
Total	$718,522,839

Group 1 Collateral

UPB:	$200,502,339
Collateral:	30 Fannie Mae DUS MBS
Geographic Distribution:	IL (20.5%), TX (13.2%), MS (9.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.51x
Weighted Average
Loan-to-Value (LTV):	74.4%

Group 2 Collateral

UPB:	$518,020,500
Collateral:	52 Fannie Mae DUS MBS
Geographic Distribution:	TX (33.4%), OH (15.5%), FL (7.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.33x
Weighted Average
Loan-to-Value (LTV):	70.8%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M4) 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