Fannie Mae Priced $509.1 Million Multifamily DUS REMIC (FNA 2024-M4) Under Its GeMS Program

Published

WASHINGTON, April 18, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $509.1 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 9, 2024. FNA 2024-M4 marks the second Fannie Mae GeMS issuance of 2024.

(PRNewsfoto/Fannie Mae)

"We're excited to announce the pricing of our second GeMS deal for 2024," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "Despite persistent market challenges, including continued rate volatility, we were pleased with the speed and efficiency of the execution. Investor interest was robust, and we appreciate their continued participation."

All classes of FNA 2024-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

$25,096,202

6.16

4.791

Fixed

Not Available

Not Available

A2

$357,000,000

9.44

4.871

Fixed

P+89

100.00

A3

$127,000,000

9.57

4.40

Fixed

Not Available

Not Available

X1

$25,096,202

6.13

0.322

WAC IO

Not Offered

Not Offered

X2

$357,000,000

8.95

0.242

WAC IO

Not Offered

Not Offered

X3

$127,000,000

9.07

0.713

WAC IO

Not Offered

Not Offered

Total

$509,096,202

* The spread on FNA 2024-M4 was priced using the SOFR swap curve

Group 1 Collateral

UPB:                                                                                         

$509,096,202

Collateral:                                                                                 

76 Fannie Mae DUS MBS

Geographic Distribution:                                                         

TX (24.30%), FL (11.81%), IL (8.14%)

Weighted Average Debt Service Coverage Ratio (DSCR):   

1.42x

Weighted Average Loan-to-Value (LTV):                                  

58.8 %

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2024-M4) available on the Fannie Mae GeMS Archive page.

About Fannie MaeFannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

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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

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