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Fannie Mae Priced $691 Million Multifamily DUS REMIC (FNA 2021-M13) Under Its GeMS Program

Share this article WASHINGTON, May 17, 2021 /PRNewswire/  Fannie Mae (OTCQB: FNMA) priced a $691 million Multifamily DUS ® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 12, 2021. FNA 2021-M13 marks the sixth Fannie Mae GeMS issuance of 2021. With the M13, Fannie Mae marks another milestone in the market s transition away from LIBOR with its first CMBS backed by Secured Overnight Financing Rate (SOFR)-indexed collateral, said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. The Group 1 collateral comprises our ARM 7-6 capped, floating-rate product, which has been SOFR-based since late 2020. The M13 also includes two fixed-rate groups of collateral and marks another GeMS program first with an A3 tranche backed by 12-year collateral. The A3 tranche offers a more call-protected option for investors requiring a more predictable maturity window. We continue to look for ways to attract new investors to th

Fannie Mae Priced $879 Million Multifamily DUS REMIC (FNA 2021-M11) Under Its GeMS Program

Share this article WASHINGTON, April 19, 2021 /PRNewswire/  Fannie Mae (OTCQB: FNMA) priced an $879 million Multifamily DUS ® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 14, 2021. FNA 2021-M11 marks the fifth Fannie Mae GeMS issuance of 2021. We started the second quarter with an $879 million 10-year fixed-rate GeMS deal, building on the $21.5 billion in DUS issuance in Q1 2021, said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. This first quarter saw spreads continue to grind tighter despite the solid volumes; multifamily borrowers have benefitted from approximately a 30-basis-point tightening of spreads from pre-COVID levels, and investors continue to enjoy the strong underwriting of the DUS program. The M11, for example, offered investors a collateral pool with properties from 20 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 2.27

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