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Fannie Mae - Federal National Mortgage Association

07/22/2021 | Press release | Distributed by Public on 07/22/2021 12:58

Fannie Mae Priced $802 Million Multifamily DUS REMIC (FNA 2021-M17) Under Its GeMS Program

WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced an $802 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on July 21, 2021. FNA 2021-M17 marks the eighth Fannie Mae GeMS issuance of 2021.

'We were grateful that market participants were able to focus on our July GeMS deal, the M17, given the rate volatility this week,' said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. 'Despite mid-summer holidays, recent rate volatility, and spread softening, we were able to execute the M17 at attractive levels. After a long period of one-way spread and yield movement, this week's volatility provided an opportunity for investors and demonstrated the consistent demand for well-diversified, block-sized deals.'

All classes of FNA 2021-M17 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 $66,000,000 6.51 1.141 Fixed S+14 100
A2 $576,125,117 9.79 1.714 Fixed/AFC S+22 102
A3 $160,000,000 9.96 1.44 Fixed Not Available Not Available
X $642,125,117 9.00 0.176 WAC IO Not Offered Not Offered
X3 $160,000,000 9.46 0.392 WAC IO Not Offered Not Offered
Total $802,125,117

Group 1 Collateral

UPB $802,125,118
Collateral 65 Fannie Mae DUS MBS
Geographic Distribution TX (27.77%), CA (16.83%), OH (12.68%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.96x
Weighted Average
Loan-to-Value (LTV)
63.35%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M17) available on the Fannie Mae GeMS Archive page.