Guaranteed Mortgage Pass-Through Certificates (Residential Mortgage Loans)

Transcription

1 Supplement to MBS Prospectus dated June 1, 2016 Guaranteed Mortgage Pass-Through Certificates (Residential Mortgage Loans) THE CERTIFICATES AND PAYMENTS OF PRINCIPAL AND INTEREST ON THE CERTIFICATES ARE NOT GUARANTEED BY THE UNITED STATES AND DO NOT CONSTITUTE A DEBT OR OBLIGATION OF THE UNITED STATES OR ANY OF ITS AGENCIES OR INSTRUMENTALITIES OTHER THAN. The Certificates We, the Federal National Mortgage Association, or Fannie Mae, will issue the guaranteed mortgage pass-through certificates, or certificates, which will represent beneficial ownership interests in a distinct pool of fixed-rate residential mortgage loans secured by single-family properties. The certificates are offered by this prospectus supplement and the Prospectus for Fannie Mae Guaranteed Mortgage Pass-Through Certificates (Single-Family Residential Mortgage Loans) dated June 1, 2016 (the MBS Prospectus ). The Pool Statistics section of this prospectus supplement identifies the pool of residential mortgage loans to which the certificates relate and contains statistical information about the pool, including a prefix to the pool number that identifies the specific type of mortgage loan in the pool. REMIC and REIT Eligibility for Pools with CR or CW Prefix If the pool has a prefix of CR or CW, all of the mortgage loans have loan-to-value ratios greater than 125%. As a result, the certificates will not be suitable investments for a REMIC and may not be suitable investments for a REIT. See MATERIAL FEDERAL INCOME TAX CONSEQUENCES FOR POOLS WITH CR OR CW PREFIXES in this prospectus supplement and RISK FACTORS Risks Relating to Investment Decisions and MATERIAL FEDERAL INCOME TAX CONSEQUENCES Special Tax Attributes in the MBS Prospectus. Fannie Mae Guaranty We guarantee to the trust that we will supplement amounts received by the trust as required to permit timely payments of principal and interest on the certificates. We alone are responsible for making payments under our guaranty. The certificates and payments of principal and interest on the certificates are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any of its agencies or instrumentalities other than Fannie Mae. Consider carefully the risk factors section beginning on page 14 of the MBS Prospectus. Unless you understand and are able to tolerate these risks, you should not invest in the certificates. The certificates are exempt from registration under the Securities Act of 1933, as amended, and are exempted securities under the Securities Exchange Act of 1934, as amended. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these certificates or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense. The date of this Prospectus Supplement is the issue date of the certificates specified in the Pool Statistics. Settlement is expected to occur no later than the last business day of the month in which the issue date occurs.

2 FOR POOLS WITH CR OR CW PREFIX: MATERIAL FEDERAL INCOME TAX CONSEQUENCES FOR POOLS WITH CR OR CW PREFIXES See MATERIAL FEDERAL INCOME TAX CONSEQUENCES in the MBS Prospectus for a discussion of certain tax consequences of the purchase, ownership and disposition of the certificates. To the extent that a mortgage loan has a loan-to-value ratio in excess of 100% (that is, the principal balance of the mortgage loan exceeds the fair market value of the real property securing the loan), the interest income on the portion of the mortgage loan in excess of the value of the real property will not be interest on obligations secured by mortgages on real property within the meaning of section 856(c)(3)(B) of the Internal Revenue Code of 1986, as amended (the Code ), and such excess portion will not be a real estate asset within the meaning of section 856(c)(5)(B) of the Code. The excess portion should represent a Government security within the meaning of section 856(c)(4)(A) of the Code. A holder that is a real estate investment trust should consult its tax advisor concerning the appropriate tax treatment of such excess portion. A mortgage loan with a loan-to-value ratio in excess of 125% is not a qualified mortgage within the meaning of section 860G(a)(3) of the Code. Accordingly, the certificates will not be a suitable investment for a real estate mortgage investment conduit ( REMIC ). Moreover, because the certificates may not be a suitable investment for a real estate investment trust ( REIT ), REIT investors should consult their own tax advisors regarding the federal income tax consequences of purchasing, holding and disposing of certificates. For a discussion of other tax considerations applicable to high LTV loans, see MATERIAL FEDERAL INCOME TAX CONSEQUENCES Special Tax Attributes in the MBS Prospectus. 2

3 $34,850, ISSUE DATE SEPTEMBER 01, 2016 SECURITY DESCRIPTION FNMS I4-BF PERCENT PASS-THROUGH RATE POOL NUMBER I4-BF0038 PRINCIPAL AND INTEREST PAYABLE ON THE 25 TH OF EACH MONTH BEGINNING OCTOBER 25, 2016 POOL STATISTICS SELLER MULTIPLE SERVICER MULTIPLE NUMBER OF MORTGAGE LOANS 125 AVERAGE LOAN SIZE $289, MATURITY DATE 07/01/2054 WEIGHTED AVERAGE COUPON RATE % WEIGHTED AVERAGE LOAN AGE 42 mo WEIGHTED AVERAGE LOAN TERM 480 mo WEIGHTED AVERAGE REMAINING MATURITY 435 mo WEIGHTED AVERAGE LTV 71% WEIGHTED AVERAGE CLTV 89% WEIGHTED AVERAGE CREDIT SCORE 715 % WITHOUT CREDIT SCORE 0.00% % WITH INTEREST ONLY FIRST DISTRIBUTION 0.00% % WITH THIRD PARTY ORIGINATION --

4 POOL NUMBER I4-BF0038 POOL STATISTICS PAGE 2 OF 3 QUARTILE DISTRIBUTION Loan Size Coupon Rate LTV Credit Score MAX $506, MAX MAX 104 MAX % 338, % % 83 75% 739 MED 283, MED MED 71 MED % 252, % % 61 25% 688 MIN 178, MIN MIN 27 MIN 556 Loan Term Loan Age Remaining Maturity MAX 480 MAX 61 MAX % % 52 75% 448 MED 480 MED 47 MED % % 31 25% 426 MIN 480 MIN 26 MIN 377 LOAN PURPOSE Type # Of Loans % Of Aggregate PROPERTY TYPE # Of Units # Of Loans % Of Aggregate $34,023, , OCCUPANCY TYPE Type # Of Loans % Of Aggregate Year # Of Loans % Of ORIGINATION YEAR Aggregate Year # Of Loans % Of Aggregate $9,749, $3,585, ,850, ,665,380.56

5 POOL NUMBER I4-BF0038 POOL STATISTICS PAGE 3 OF 3 State # Of Loans % Of GEOGRAPHIC DISTRIBUTION Aggregate State # Of Loans % Of Aggregate ARIZONA $197, NEW JERSEY $3,979, CALIFORNIA ,967, NEW MEXICO , COLORADO , NEW YORK ,923, CONNECTICUT ,001, NORTH CAROLINA ,166, FLORIDA ,124, OHIO , GEORGIA , OREGON , HAWAII , PENNSYLVANIA ,212, ILLINOIS ,628, TENNESSEE , MARYLAND ,695, TEXAS , MASSACHUSETTS , UTAH , MICHIGAN , VIRGINIA , MINNESOTA , WASHINGTON ,363, NEVADA , WISCONSIN , NEW HAMPSHIRE , SERVICER Servicer Name # Of Loans % Of Aggregate NATIONSTAR MORTGAGE, LLC $3,330, REMAINING ,555, BANK OF AMERICA, N.A ,995, WELLS FARGO BANK, N.A ,979, JP MORGAN CHASE BANK, NA ,803, DITECH FINANCIAL LLC ,606, /SETERUS, INC. AS SUBSERVICER ,578,896.78