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Fannie Mae - Federal National Mortgage Association

02/11/2021 | Press release | Distributed by Public on 02/12/2021 04:44

Fannie Mae Prices $1.07 Billion Multifamily DUS REMIC (FNA 2021-M4) Under Its GeMS Program

WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $1.07 billion Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 10, 2021. FNA 2021-M4 marks the third Fannie Mae GeMS issuance of 2021.

'This week's M4 is backed by call-protected DUS 10-year fixed-rate collateral and offered investors a tight window, low premium investment opportunity,' said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. 'As Agency CMBS spreads continue to grind tighter this year, we were pleased with the diversity of investors in the order book.'

All classes of FNA 2021-M4 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 $110,358,000 6.52 0.959 Fixed S+14 100
A2 $855,978,728 9.87 1.466 WAC S+20 100.77
A3 $100,000,000 9.92 1.386 Fixed/AFC Not Available Not Available
X $110,358,000 6.49 0.507 WAC IO Not Offered Not Offered
X3 $100,000,000 9.42 0.08 WAC IO Not Offered Not Offered
Total $1,066,336,728

Collateral

UPB $1,066,336,728
Collateral 120 Fannie Mae DUS MBS
Geographic Distribution TX (19.69%), CA (16.68%), FL (13.62%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.8x
Weighted Average
Loan-to-Value (LTV)
64%

For additional information on this transaction, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M4) available on the Fannie Mae GeMS Archive page. For additional information on Fannie Mae's social bonds, please refer to our website.