Fannie Mae Priced $604 Million Multifamily DUS REMIC (FNA 2022-M13) Under Its GeMS Program
WASHINGTON, Sept. 14, 2022 /PRNewswire/ — Fannie Mae ( OTCQB: FNMA) priced a $604 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 8, 2022. FNA 2022-M13 marks the seventh Fannie Mae GeMS issuance of 2022.
“The new issue market was crowded last week following the summer holidays, so we were pleased that investors were able to focus on the M13 deal with its discount, 10-year call-protected, fixed-rate collateral,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. “The spreads on the DUS MBS, which serves as the collateral backing the GeMS transaction, remained strong relative to other asset classes during this volatile year, and investors appreciate the ability for the market to create larger, well-diversified pools of the DUS MBS through the GeMS resecuritization process.”
All classes of FNA 2022-M13 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 | $50,000,000 | 6.03 | 2.593 | WAC | P+58 | 94.23 |
| A2 | $554,171,233 | 9.57 | 2.593 | WAC | P+93 | 89.20 |
| Total | $604,171,233 |
* The spread on FNA 2022-M13 was priced using the SOFR swap curve
| Group 1 Collateral | |
| UPB: | $604,171,233 |
| Collateral: | 65 Fannie Mae DUS MBS |
| Geographic Distribution: | TX (18.54%), CA (16.99%), FL (7.84%) |
| Weighted Average Debt Service Coverage Ratio (DSCR): | 1.67x |
| Weighted Average Loan-to-Value (LTV): | 61.8 % |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M13) available on the Fannie Mae GeMS Archive page.