FEDERAL NATIONAL MORTGAGE ASSCTN FNNI ME October 17, 2014
Fannie Mae Prices $1.32 Billion Multifamily DUS REMIC (FNA 2014-M12) Under Its Fannie Mae GeMS Program Katie Penote 202-752-2261WASHINGTON, D.C. - Fannie Mae (FNMA/OTC) priced its tenth Multifamily DUS® REMIC in 2014 totaling $1.32 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on October 10, 2014.
"FNA 2014-M12 is our second securitization of ARM 7-6™ collateral. The ARM 7-6 is an innovative product that allows us to provide competitive floating-rate funding to multifamily borrowers of all sizes. The flexibility is great for borrowers, and the deal was well received by investors," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets.
All classes of FNA 2014-M12 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.
Class | Original Face | Weighted Average Life | Coupon (%) | Coupon Type | Spread | Offered Price |
FA | $719,949,655 | 5.67 | 0.453 | Floater/AFC | S+30 | 100.00 |
FX | $719,949,655 | 0.27 | 1.318 | WAC IO | Not Offered | Not Offered |
ASV1 | $53,300,000 | 3.52 | 1.928 | Fixed | S+28 | 101.00 |
ASV2 | $548,180,025 | 6.73 | 2.614 | Fixed/AFC | S+38 | 101.00 |
X2 | $601,480,025 | 5.99 | 0.393 | WAC IO | Not Offered | Not Offered |
Total | $1,321,429,680 |
Group 1 Collateral
UPB: $719,949,655
Collateral: 105 Fannie Mae DUS MBS
Geographic Distribution: TX (32.0%), CA (22.4%), TN (7.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR): 1.93x
Weighted Average
Loan-to-Value (LTV): 70.2%
Group 2 Collateral
UPB: $601,480,025
Collateral: 52 Fannie Mae DUS MBS
Geographic Distribution: IL (20.6%), CA (17.6%), NY (9.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR): 1.73x
Weighted Average
Loan-to-Value (LTV): 67.9%
Settlement Date: October 30, 2014
Lead Manager: Credit Suisse
Co-Managers: Citigroup and Deutsche Bank Securities
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