PR Newswire | Jan 8, 2021 05:00PM EST

GeMS Program

01/08 16:00 CST

Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program WASHINGTON, Jan. 8, 2021

WASHINGTON, Jan. 8, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $759 million Multifamily DUS(r) REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS(tm)) program on January 8, 2021. FNA 2021-M1 marks the first Fannie Mae GeMS issuance of 2021.

"We opened 2021 by bringing the $759 million M1 transaction to market this week - building on the momentum of last year," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "Fannie Mae's Multifamily business saw a record year of MBS issuance in 2020. In addition, Fannie Mae's re-securitization platform issued over $28 billion in ACES(r) and GeMS REMICs - another record level. Despite high volumes and first quarter dislocation, spreads have remained strong and the Agency CMBS investor base continues to grow. We look forward to another strong year in 2021."

All classes of FNA 2021-M1 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:

Weighted Average Coupon OfferedClass Original Face Life Coupon (%) Type Spread Price

FA $45,283,124 6.06 0.452 Floater/AFC Not Available Not Available

FX $45,283,124 0.32 1.037 WAC IO Not Offered Not Offered

A1 $76,500,000 5.94 0.87 Fixed S+19 100

A2 $497,274,847 9.77 1.39 WAC S+26 100.57

A3 $140,000,000 9.82 1.38 Fixed/AFC Not Available Not Available

X $76,500,000 5.92 0.52 WAC IO Not Offered Not Offered

X3 $140,000,000 9.32 0.01 WAC IO Not Offered Not Offered

Total $759,057,971

Group 1 Collateral

UPB: $45,283,124

Collateral: 9 Fannie Mae DUS MBS

Geographic Distribution: KY (22.99%), OK (20.04%), ID (13.25%)

Weighted Average Debt Service Coverage Ratio 1.9x(DSCR):

Weighted Average Loan-to-Value 63.8%(LTV):

Group 2 Collateral

UPB: $713,774,848

Collateral: 112 Fannie Mae DUS MBS

Geographic Distribution: CA (24.95%), FL (18.22%), TX (9.93%)

Weighted Average Debt Service Coverage Ratio 2.07x(DSCR):

Weighted Average Loan-to-Value (LTV): 61.51%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M1) available on the Fannie Mae GeMS Archive page.

About Fannie MaeFannie 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:fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

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Fannie Mae Resource Center1-800-2FANNIE

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