Fannie Mae Prices Its 100th Multifamily GeMS DUS REMIC ($870 Million FNA 2020-M34)

WASHINGTON, July 17, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its seventh Multifamily DUS® REMIC in 2020 totaling $869.6 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on July 15, 2020.

"The FNA 2020-M34 transaction marks Fannie Mae's 100th GeMS REMIC re-securitization," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "Fannie Mae began using the program's re-securitization execution to create block-sized, geographically diverse, near-par-priced tranches to meet investor demands and increase the liquidity of the Multifamily DUS MBS program. We are grateful to our community of GeMS investors who have been with us through the development of the program, and to our broker-dealer community who have helped grow our Multifamily REMIC program through the 74 ACES deals issued since 2011. The M34 deal, with its two groups of re-REMICed collateral demonstrates the flexibility of Fannie Mae's REMIC execution and its ability to help the community to weather the current rate environment. We look forward to continuing to innovate and increase liquidity in the Agency CMBS space."

All classes of FNA 2020-M34 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

AV1

$8,813,000

3.85

0.535

Fixed

Not Offered

Not Offered

AV2

$148,108,912

6.69

0.861

Fixed

S+42

100

X1

$156,921,912

6.06

1.577

WAC IO

Not Offered

Not Offered

A1

$2,339,000

4.56

0.747

Fixed

Not Offered

Not Offered

A2

$325,241,515

8.68

1.350

Fixed

Not Available

Not Available

X2

$327,580,515

8.15

1.529

WAC IO

Not Offered

Not Offered

3A2

$110,000,000

7.70

0.962

Fixed

S+46

100

X3

$110.000,000

7.21

2.473

WAC IO

Not Offered

Not Offered

APT

$275,094,000

8.27

1.284

Fixed

Not Available

Not Available

X4

$275,094,000

5.39

2.319

WAC IO

Not Offered

Not Offered

Total

$869,596,427






 

Group 1 Collateral 



UPB:

$156,921,913

Collateral: 

25 Fannie Mae DUS MBS

Geographic Distribution: 

CA (42.23%), GA (13.26%), SC (7.32%)

Weighted Average Debt Service Coverage Ratio (DSCR): 

1.86x

Weighted Average Loan-to-Value (LTV): 

63.6%


Group 2 Collateral 

UPB: 

$4,496,161,901

Collateral: 

5 REMIC Certificates and 7 Fannie Mae DUS MBS (309 


Fannie Mae DUS MBS)   

Underlying REMIC Trust/Class 1: 

FNA 2019-M9-A2

Original Principal of Contributed Portion of Class: 

$100,000,000

Underlying REMIC Trust/Class 2: 

FNA 2019-M22-A2

Original Principal of Contributed Portion of Class: 

$75,000,000

Underlying REMIC Trust/Class 3: 

FNA 2019-M5-A2

Original Principal of Contributed Portion of Class: 

$44,190,923

Underlying REMIC Trust/Class 4: 

FNA 2019-M12-A2

Original Principal of Contributed Portion of Class: 

$21,111,232

Underlying REMIC Trust/Class 5: 

FNA 2019-M7-A2

Original Principal of Contributed Portion of Class: 

$20,500,000

Geographic Distribution: 

NC (73.73%), CA (14.94%), TX (6.93%)

Weighted Average Debt Service Coverage Ratio (DSCR): 

1.6x

Weighted Average Loan-to-Value (LTV): 

67.8%


Group 3 Collateral 

UPB: 

$532,943,206

Collateral: 

1 REMIC Certificate (18 Green Fannie Mae DUS MBS)

Underlying REMIC Trust/Class 1: 

FNA 2018-M8-A2

Original Principal of Contributed Portion of Class: 

$110,000,000

Geographic Distribution: 

CA (30.07%), WA (28.55%), MI (8.92%)

Weighted Average Debt Service Coverage Ratio (DSCR): 

2.01x

Weighted Average Loan-to-Value (LTV): 

63%


Group 4 Collateral 

UPB: 

$275,094,000

Collateral: 

10 Fannie Mae DUS MBS

Geographic Distribution: 

CA (40.85%), IL (19.99%), SC (12.26%)

Weighted Average Debt Service Coverage Ratio (DSCR): 

1.83x

Weighted Average Loan-to-Value (LTV): 

68.4%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M34) available on the Fannie Mae GeMS Archive page https://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
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https://www.fanniemae.com/news

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Fannie Mae Resource Center
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Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.

Cision View original content:http://www.prnewswire.com/news-releases/fannie-mae-prices-its-100th-multifamily-gems-dus-remic-870-million-fna-2020-m34-301095520.html

SOURCE Fannie Mae

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