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Press Release

Fannie Mae Prices $719.5 Million Multifamily DUS REMIC (FNA 2020-M29) Under Its GeMS Program

June 11, 2020

WASHINGTON, DC – June 11, 2020 – Fannie Mae (FNMA/OTCQB) priced its sixth Multifamily DUS® REMIC in 2020 totaling $719.5 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on June 10, 2020.

"After a few months of softer levels, we were pleased that the M29 wrapped up the second quarter of this challenging year with our A2 spreads back into the 50s," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "Although it is still too early to determine the long-lasting implications of COVID-19 on our portfolio, with the forbearance numbers currently hovering near 1% of the total DUS market, we remain hopeful. As we all continue to navigate this market, Fannie Mae is dedicated to providing support for its borrowers and up-to-date disclosures for our investor base."

All classes of FNA 2020-M29 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 $90,800,000 5.79 0.946 Fixed S+46 100
A2 $513,729,819 9.86 1.492 Fixed/AFC S+51 102
X1 $604,529,819 9.25 0.511 WAC IO Not Offered Not Offered
2A3 $115,000,000 9.79 1.449 Fixed S+47 102
2X3 $115,000,000 9.79 0.295 Fixed/IO Not Offered Not Offered
Total $719,529,819          

 

Group 1 Collateral

UPB $604,529,819
Collateral 98 Fannie Mae DUS MBS
Geographic Distribution TX (17.05%), CA (11.6%), NY (10.06%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.95x
Weighted Average
Loan-to-Value (LTV)		 61%

 

Group 2 Collateral

UPB $115,000,000
Collateral 43 Fannie Mae DUS MBS (Re-REMIC of FNA 2020-M14 A3)
Geographic Distribution CA (34.08%), NC (13.86%), WA (10.53%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.87x
Weighted Average
Loan-to-Value (LTV)		 64.5%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M29) 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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Media Contact
Christopher Davis
202-752-7724

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https://www.fanniemae.com/news

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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.