Fannie Mae Prices $595 Million Multifamily DUS REMIC (FNA 2020-M53) Under Its GeMS Program
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans.
WASHINGTON, Dec. 4, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $595 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on December 3, 2020. FNA 2020-M53 marks the eleventh Fannie Mae GeMS issuance of 2020.
"We were pleased with the execution of the M53, which was able to take advantage of the tight market spreads heading into year end," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "The M53 is backed by our 12-year, fixed-rate DUS MBS collateral. The 12-year product with 11.5 years of call protection has grown into a benchmark issuance on its own, making up over 15% of our total DUS issuance for the past three years. The M53 was able to leverage this product in order to meet the current strong market demand for duration. With the M53 wrapping up our GeMS issuance for the year, we would like to thank the market stakeholders for their continued support and wish them the best in the coming year."
All classes of FNA 2020-M53 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 |
Coupon (%) |
Coupon |
Spread |
Offered |
|
Price |
||||||
|
A1 |
$88,966,000 |
7.17 |
1.307 |
Fixed |
S+34 |
102 |
|
A2 |
$506,081,250 |
11.56 |
1.684 |
WAC |
S+44 |
102.78 |
|
X |
$88,966,000 |
7.15 |
0.377 |
WAC IO |
Not Offered |
Not Offered |
|
Total |
$595,047,250 |
|
Group 1 Collateral |
|
|
UPB: |
$595,047,250 |
|
Collateral: |
106 Fannie Mae DUS MBS |
|
Geographic Distribution: |
TX (13.18%), MD (10.73%), NY (10.25%) |
|
Weighted Average Debt Service Coverage Ratio (DSCR): |
1.84x |
|
Weighted Average Loan-to-Value (LTV): |
67.47% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M53) available on the Fannie Mae GeMS Archive page.
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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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.
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SOURCE Fannie Mae
