Fannie Mae Prices Its 100th Multifamily GeMS DUS REMIC ($870 Million FNA 2020-M34)

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Jul 17, 2020, 11:00 ET

WASHINGTON, July 17, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its seventh Multifamily DUS^® REMIC in 2020 totaling $869.6 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on July 15, 2020.

"The FNA 2020-M34 transaction marks Fannie Mae's 100th GeMS REMIC re-securitization," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "Fannie Mae began using the program's re-securitization execution to create block-sized, geographically diverse, near-par-priced tranches to meet investor demands and increase the liquidity of the Multifamily DUS MBS program. We are grateful to our community of GeMS investors who have been with us through the development of the program, and to our broker-dealer community who have helped grow our Multifamily REMIC program through the 74 ACES deals issued since 2011. The M34 deal, with its two groups of re-REMICed collateral demonstrates the flexibility of Fannie Mae's REMIC execution and its ability to help the community to weather the current rate environment. We look forward to continuing to innovate and increase liquidity in the Agency CMBS space."

All classes of FNA 2020-M34 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 Price
AV1	$8,813,000	3.85	0.535	Fixed	Not Offered	Not Offered
AV2	$148,108,912	6.69	0.861	Fixed	S+42	100
X1	$156,921,912	6.06	1.577	WAC IO	Not Offered	Not Offered
A1	$2,339,000	4.56	0.747	Fixed	Not Offered	Not Offered
A2	$325,241,515	8.68	1.350	Fixed	Not Available	Not Available
X2	$327,580,515	8.15	1.529	WAC IO	Not Offered	Not Offered
3A2	$110,000,000	7.70	0.962	Fixed	S+46	100
X3	$110.000,000	7.21	2.473	WAC IO	Not Offered	Not Offered
APT	$275,094,000	8.27	1.284	Fixed	Not Available	Not Available
X4	$275,094,000	5.39	2.319	WAC IO	Not Offered	Not Offered
Total	$869,596,427

Group 1 Collateral

UPB:	$156,921,913
Collateral:	25 Fannie Mae DUS MBS
Geographic Distribution:	CA (42.23%), GA (13.26%), SC (7.32%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.86x
Weighted Average Loan-to-Value (LTV):	63.6%

Group 2 Collateral
UPB:	$4,496,161,901
Collateral:	5 REMIC Certificates and 7 Fannie Mae DUS MBS (309
	Fannie Mae DUS MBS)
Underlying REMIC Trust/Class 1:	FNA 2019-M9-A2
Original Principal of Contributed Portion of Class:	$100,000,000
Underlying REMIC Trust/Class 2:	FNA 2019-M22-A2
Original Principal of Contributed Portion of Class:	$75,000,000
Underlying REMIC Trust/Class 3:	FNA 2019-M5-A2
Original Principal of Contributed Portion of Class:	$44,190,923
Underlying REMIC Trust/Class 4:	FNA 2019-M12-A2
Original Principal of Contributed Portion of Class:	$21,111,232
Underlying REMIC Trust/Class 5:	FNA 2019-M7-A2
Original Principal of Contributed Portion of Class:	$20,500,000
Geographic Distribution:	NC (73.73%), CA (14.94%), TX (6.93%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.6x
Weighted Average Loan-to-Value (LTV):	67.8%

Group 3 Collateral
UPB:	$532,943,206
Collateral:	1 REMIC Certificate (18 Green Fannie Mae DUS MBS)
Underlying REMIC Trust/Class 1:	FNA 2018-M8-A2
Original Principal of Contributed Portion of Class:	$110,000,000
Geographic Distribution:	CA (30.07%), WA (28.55%), MI (8.92%)
Weighted Average Debt Service Coverage Ratio (DSCR):	2.01x
Weighted Average Loan-to-Value (LTV):	63%

Group 4 Collateral
UPB:	$275,094,000
Collateral:	10 Fannie Mae DUS MBS
Geographic Distribution:	CA (40.85%), IL (19.99%), SC (12.26%)
Weighted Average Debt Service Coverage Ratio (DSCR):	1.83x
Weighted Average Loan-to-Value (LTV):	68.4%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M34) available on the Fannie Mae GeMS Archive page https://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html

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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.

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