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Federal National Mortgage Association : Fannie Mae Priced $210 Million Multifamily DUS REMIC (FNA 2021-M18) Under Its GeMS Program

09/14/2021 | 12:42pm

WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $210 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 10, 2021. FNA 2021-M18 marks the ninth Fannie Mae GeMS issuance of 2021.

'We kicked off the fall season with a first for us, the re-securitization of our Hybrid ARM product in the M18,' said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. 'This Hybrid ARM product provides long-term flexible financing for small building owners, and prepayment protection for investors during the fixed-rate period. Although the program is a smaller component of our Multifamily portfolio, it expands opportunity for smaller apartment building owners nationwide, providing them with alternatives to traditional, fixed-rate financing.'

All classes of FNA 2021-M18 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
H5 $57,217,063 3.36 0.942 FLT/AFC S+15 100.50
X1 $57,217,063 7.67 2.453 WAC IO Not Offered Not Offered
H7 $56,746,133 5.00 1.279 FLT/AFC S+25 100.50
X2 $56,746,133 8.02 1.618 WAC IO Not Offered Not Offered
H10 $96,355,804 6.39 1.626 FLT/AFC S+45 100.49
X3 $96,355,804 8.08 1.133 WAC IO Not Offered Not Offered
Total $210,319,000

Group 1 Collateral

UPB $57,217,063
Collateral 30 Fannie Mae DUS MBS
Geographic Distribution CA (17.1%), WA (14.33%), CO (13.44%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.78x
Weighted Average
Loan-to-Value (LTV)
65.6%

Group 2 Collateral

UPB $56,746,133
Collateral 27 Fannie Mae DUS MBS
Geographic Distribution CA (36.73%), PA (13.62%), WV (12.26%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.93x
Weighted Average
Loan-to-Value (LTV)
58.8%

Group 3 Collateral

UPB $96,355,805
Collateral 51 Fannie Mae DUS MBS
Geographic Distribution CA (19.07%), IL (14.6%), MD (6.67%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.89x
Weighted Average
Loan-to-Value (LTV)
64%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M18) available on the Fannie Mae GeMS Archive page.

Disclaimer

Fannie Mae - Federal National Mortgage Association published this content on 14 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2021 16:41:08 UTC.

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