Fannie Mae - Federal National Mortgage Association

09/14/2021 | Press release | Distributed by Public on 09/14/2021 10:37

Fannie Mae Priced $210 Million Multifamily DUS REMIC (FNA 2021-M18) Under Its GeMS Program

WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $210 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 10, 2021. FNA 2021-M18 marks the ninth Fannie Mae GeMS issuance of 2021.

'We kicked off the fall season with a first for us, the re-securitization of our Hybrid ARM product in the M18,' said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. 'This Hybrid ARM product provides long-term flexible financing for small building owners, and prepayment protection for investors during the fixed-rate period. Although the program is a smaller component of our Multifamily portfolio, it expands opportunity for smaller apartment building owners nationwide, providing them with alternatives to traditional, fixed-rate financing.'

All classes of FNA 2021-M18 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
H5 $57,217,063 3.36 0.942 FLT/AFC S+15 100.50
X1 $57,217,063 7.67 2.453 WAC IO Not Offered Not Offered
H7 $56,746,133 5.00 1.279 FLT/AFC S+25 100.50
X2 $56,746,133 8.02 1.618 WAC IO Not Offered Not Offered
H10 $96,355,804 6.39 1.626 FLT/AFC S+45 100.49
X3 $96,355,804 8.08 1.133 WAC IO Not Offered Not Offered
Total $210,319,000

Group 1 Collateral

UPB $57,217,063
Collateral 30 Fannie Mae DUS MBS
Geographic Distribution CA (17.1%), WA (14.33%), CO (13.44%)
Weighted Average
Debt Service Coverage Ratio (DSCR) 		1.78x
Weighted Average
Loan-to-Value (LTV) 		65.6%

Group 2 Collateral

UPB $56,746,133
Collateral 27 Fannie Mae DUS MBS
Geographic Distribution CA (36.73%), PA (13.62%), WV (12.26%)
Weighted Average
Debt Service Coverage Ratio (DSCR) 		1.93x
Weighted Average
Loan-to-Value (LTV) 		58.8%

Group 3 Collateral

UPB $96,355,805
Collateral 51 Fannie Mae DUS MBS
Geographic Distribution CA (19.07%), IL (14.6%), MD (6.67%)
Weighted Average
Debt Service Coverage Ratio (DSCR) 		1.89x
Weighted Average
Loan-to-Value (LTV) 		64%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M18) available on the Fannie Mae GeMS Archive page.