Fannie Mae - Federal National Mortgage Association
05/30/2023 | Press release | Distributed by Public on 05/30/2023 12:57
Fannie Mae Priced $537 Million Multifamily DUS REMIC (FNA 2023-M4) Under Its GeMS Program
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $537 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 19, 2023. FNA 2023-M4 marks the first Fannie Mae GeMS issuance of 2023.
"We wrapped up last week with a new GeMS deal - the M4 - and were able to capitalize on secondary market demand for call-protected, 10-year fixed-rate DUS MBS collateral," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "The ongoing challenges to the syndicated market seem to have lessened slightly as we head into the summer season, and we appreciate the focus of our investors in these busy months."
All classes of FNA 2023-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 | $29,000,000 | 6.09 | 3.894 | WAC | S+90 | 97.21 |
| A2 | $400,590,080 | 9.16 | 3.894 | WAC | S+110 | 95.03 |
| A3 | $107,000,000 | 9.29 | 3.510 | Fixed | Not Available | Not Available |
| X3 | $107,000,000 | 8.79 | 0.384 | WAC IO | Not Offered | Not Offered |
| Total | $536,590,080 |
*The spread on FNA 2023-M4 was priced using the SOFR swap curve
Group 1 Collateral
| UPB | $536,590,080 |
| Collateral | 57 Fannie Mae DUS MBS |
| Geographic Distribution | TX (22.01%), CA (17.68%), NY (12.63%) |
|
Weighted Average Debt Service Coverage Ratio (DSCR) |
1.68x |
|
Weighted Average Loan-to-Value (LTV) |
55.05% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2023-M4) available on the Fannie Mae GeMS Archive page.