Fannie Mae - Federal National Mortgage Association
04/19/2021 | Press release | Distributed by Public on 04/19/2021 08:30
Fannie Mae Priced $879 Million Multifamily DUS REMIC (FNA 2021-M11) Under Its GeMS Program
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced an $879 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 14, 2021. FNA 2021-M11 marks the fifth Fannie Mae GeMS issuance of 2021.
'We started the second quarter with an $879 million 10-year fixed-rate GeMS deal, building on the $21.5 billion in DUS issuance in Q1 2021,' said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. 'This first quarter saw spreads continue to grind tighter despite the solid volumes; multifamily borrowers have benefitted from approximately a 30-basis-point tightening of spreads from pre-COVID levels, and investors continue to enjoy the strong underwriting of the DUS program. The M11, for example, offered investors a collateral pool with properties from 20 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 2.27 and LTV of 58 percent.'
All classes of FNA 2021-M11 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 | $41,250,000 | 6.10 | 1.270 | Fixed | S+8 | 100 |
| A2 | $637,288,684 | 9.85 | 1.459 | WAC | S+17 | 97.11 |
| A3 | $200,000,000 | 9.90 | 1.305 | Fixed | Not Available | Not Available |
| X | $41,250,000 | 6.08 | 0.189 | WAC IO | Not Offered | Not Offered |
| X3 | $200,000,000 | 9.40 | 0.154 | WAC IO | Not Offered | Not Offered |
| Total | $878,538,684 |
Group 1 Collateral
| UPB | $878,538,684 |
| Collateral | 54 Fannie Mae DUS MBS |
| Geographic Distribution | NY (22.58%), NJ (11.21%), CO (10.7%) |
|
Weighted Average Debt Service Coverage Ratio (DSCR) |
2.27x |
|
Weighted Average Loan-to-Value (LTV) |
58.02% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M11) available on the Fannie Mae GeMS Archive page.