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Fannie Mae Prices $1.18 Billion Multifamily DUS REMIC (FNA 2020-M8) Under Its GeMS Program

WASHINGTON, March 11, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its third Multifamily DUS® REMIC in 2020 totaling $1.18 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on March 10, 2020.

"In a week marked by contagion concerns, record low yields, and dislocation in certain markets, we have been pleased with the way that DUS and GeMS spreads have held." said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "The positive convexity of the call-protected DUS MBS is appealing in a week like this, and the M8 offers investors the opportunity to pick up a low premium, Agency CMBS deal backed by $972 million in 10-year call-protected, fixed-rate collateral."

All classes of FNA 2020-M8 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

A1

$99,260,000

6.46

1.56

Fixed

Not Offered

Not Offered

A2

$633,125,322

9.87

1.82

Fixed

S+79

102

A3

$240,000,000

9.90

1.78

Fixed

S+75

102

X

$732,385,322

8.97

0.70

WAC IO

Not Offered

Not Offered

X3

$240,000,000

9.40

0.71

WAC IO

Not Offered

Not Offered

AL

$208,736,872

14.30

2.01

Fixed

Not Offered

Not Offered

X2

$208,736,872

13.87

0.80

WAC IO

Not Offered

Not Offered

Total

$1,181,122,194






 

Group 1 Collateral


UPB:                                               

$972,385,322

Collateral:                                           

85 Fannie Mae DUS MBS

Geographic Distribution:                   

IN (14.15%), GA (13.57%), TN (11.74%)

Weighted Average


Debt Service Coverage Ratio (DSCR):      

1.51x

Weighted Average


Loan-to-Value (LTV):                              

68.53%



Group 2 Collateral


UPB:                                                   

$208,736,873

Collateral:                                               

19 Fannie Mae DUS MBS

Geographic Distribution:                        

NC (46.33%), FL (17.57%), NV (15.06%)

Weighted Average


Debt Service Coverage Ratio (DSCR):        

1.35x

Weighted Average


Loan-to-Value (LTV):                         

63.6%

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M8) available on the Fannie Mae GeMS Archive page https://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html

About Fannie Mae
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 | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

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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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SOURCE Fannie Mae