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)
Weighted Average
Loan-to-Value (LTV)

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M11) available on the Fannie Mae GeMS Archive page.