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Fannie Mae - Federal National Mortgage Association

10/22/2021 | Press release | Distributed by Public on 10/22/2021 07:29

Fannie Mae Priced $736 Million Multifamily DUS REMIC (FNA 2021-M19) Under Its GeMS Program

WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $736 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on October 19, 2021. FNA 2021-M19 marks the eleventh Fannie Mae GeMS issuance of 2021.

"As we head into the end of the year and portfolio positions are firming up, we were pleased with the investor response and the quick execution of the M19," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "The deal featured more than $730 million in 10-year, call-protected collateral with a weighted average 2.08 debt service coverage ratio (DSCR) representative of the quality of our overall production."

All classes of FNA 2021-M19 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 $50,000,000 6.93 1.510 Fixed S+8 100
A2 $502,264,337 9.81 1.799 WAC S+20 99.59
A3 $184,000,000 9.94 1.640 Fixed Not Available Not Available
X $50,000,000 6.86 0.289 WAC IO Not Offered Not Offered
X3 $184,000,000 9.44 0.159 WAC IO Not Offered Not Offered
Total $736,264,337

Group 1 Collateral

UPB $736,264,337
Collateral 52 Fannie Mae DUS MBS
Geographic Distribution CA (15.43%), FL (14.75%), TN (10.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
2.08x
Weighted Average
Loan-to-Value (LTV)
60.4%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M19) available on the Fannie Mae GeMS Archive page.