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Fannie Mae Prices $913.6 Million Multifamily DUS REMIC …

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July 15, 2016

Fannie Mae Prices $913.6 Million Multifamily DUS REMIC (FNA 2016-M7) Under Its GeMS Program

Pete Bakel

202-752-2034

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS® REMIC in 2016 totaling $913.6 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on July 12, 2016.

“This was our first 2016 deal to feature 7/4 ARMs (7-year floating rate MBS with a 4% interest rate cap), a product which is exclusively offered for affordable and workforce housing,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “That group was really the highlight of the deal, and it was oversubscribed immediately on being announced. Matching investor demand with borrower needs to fund workforce housing is what this program is about.”

All classes of FNA 2016-M7 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 are in the table below:

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered Price

FA

$190,212,689

6.17

1.118

Floater/AFC

L+67

99.93

FX

$190,212,689

0.56

0.772

WAC IO

Not Offered

Not Offered

AV1

$18,294,000

3.38

1.557

Fixed

S+43

100.50

AV2

$244,482,292

6.75

2.157

Fixed

S+64

102.00

X2

$262,776,292

6.06

1.831

WAC IO

Not Offered

Not Offered

A1

$44,097,000

5.92

2.037

Fixed

S+71

101.00

A2

$361,271,000

9.77

2.499

Fixed

S+100

101.00

AB1

$6,015,000

5.92

1.860

Fixed

S+76

99.75

AB2

$49,262,618

9.77

2.385

Fixed

S+103

99.75

X3

$460,645,618

6.62

0.851

WAC IO

Not Offered

Not Offered

Total

$913,634,599

 

 

 

 

Group 1 Collateral

UPB $190,212,689
Collateral 27 Fannie Mae DUS MBS
Geographic Distribution CO (37.3%), FL (14.8%), WA (12.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.98x
Weighted Average
Loan-to-Value (LTV)
76.4%

Group 2 Collateral

UPB $262,776,292
Collateral 62 Fannie Mae DUS MBS
Geographic Distribution MA (37.3%), TX (20.5%), CA (9.9%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
2.05x
Weighted Average
Loan-to-Value (LTV)
58.8%

Group 3 Collateral

UPB $460,645,618
Collateral 45 Fannie Mae DUS MBS
Geographic Distribution TX (31.6%), AZ (18.5%), ME (15.2%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.48x
Weighted Average
Loan-to-Value (LTV)
71.8%
Settlement Date July 29, 2016
Lead Manager Goldman, Sachs & Co.
Co-Managers Jefferies
KGS-Alpha Capital Markets
Drexel Hamilton

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M7) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.

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