Federal National Mortgage Assctn Fnni Me : Fannie Mae Prices $913.6 Million Multifamily DUS REMIC ...
July 16, 2016 at 01:19 am IST
Share
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.
Fannie Mae - Federal National Mortgage Association published this content on 15 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 July 2016 19:48:00 UTC.
Original documenthttp://www.fanniemae.com/portal/about-us/media/financial-news/2016/6411.html
Public permalinkhttp://www.publicnow.com/view/6AC8572C0E43E75E2DACE4A8169DB427446E7DD7
Federal National Mortgage Association is engaged in providing a source of financing for residential mortgages in the United States. The Company is a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and stability to the United States housing market. Its segments include Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating to loans secured by properties containing five or more residential units. It engages in three categories of mortgage securitization transactions: lender swap transactions, portfolio securitization transactions, and structured securitization transactions. It funds its business through the issuance of short-term and long-term debt securities in the domestic and international capital markets.