Thank you for Joining the Fannie Mae Multifamily Affordable Housing Team

Transcription

1 Angela Kelcher Director of Production Brian Wolf Director of Credit Thank you for Joining the Fannie Mae Multifamily Affordable Housing Team Mid-Year Update to Lenders The information contained herein is current as of the July 6, 2016 and subject to change Fannie Mae. Trademarks of Fannie Mae. 1

2 A RECORD 1 st QUARTER FOR MULTIFAMILY AFFORDABLE HOUSING At Fannie Mae, we mean business when it comes to preserving Multifamily Affordable Housing, and the proof is stacking up. In partnership with our DUS Lenders, we delivered a record amount of Affordable financing in the first quarter of This is a great start to the year and builds on the momentum of 2015 where we delivered over $3 billion in new production, representing almost 50,000 units nationwide. How did we achieve record production levels? 2016 Fannie Mae. Trademarks of Fannie Mae. 2

3 WHAT S NEW FOR MULTIFAMILY AFFORDABLE HOUSING? Long-Term Declining Prepayment Options Small Loans Underwriting for MAH ROAR E-Learning Reduced Pricing for FHA Risk Sharing RAD Tier Fannie Mae. Trademarks of Fannie Mae. 3

4 Long-Term Declining Prepayment Premium Structures: Providing Innovative and Unique Product Enhancements Simplicity in Loan Terms Predictability in Prepayment Competitive Pricing Loan Term Lock-Out Period Declining Prepayment Schedule 5 years N/A years 2 years LO years N/A years N/A years N/A years N/A years N/A Fannie Mae. Trademarks of Fannie Mae. 4

5 Long-Term Declining Prepayment Options: Providing Innovative and Unique Product Enhancements Fixed-Rate Acquisition or Refinance MAH Properties, Manufactured Housing, Green MBS and Small 5-50 units Third-Party Investors or Fannie Mae Capital Markets MBS Disclosure documents available July 11 th. Systems Special Disclosure -Form 4098 Schedule 4 to the Fannie Mae Multifamily Loan and Security Agreement Job Aid can be found : Fannie Mae. Trademarks of Fannie Mae. 5

6 Reduced Pricing for FHA Risk Sharing Loans: Providing Competitive Solutions for MAH Transactions Standard FHA Risk Sharing Tier Tier 2 with Loan Terms 12 years or Greater Minimum Fannie Mae Guaranty Fee or Credit Enhancement Fee (basis points) Lender's Servicing Fee (basis points) Green Preservation Plus Tier and Loan Term Tier 2 with Loan Terms 15 years or Greater Tier 2 with Loan Term of 10 years Minimum Fannie Mae Guaranty Fee or Credit Enhancement Fee (basis points) Lender's Servicing Fee (basis points) Fannie Mae. Trademarks of Fannie Mae. 6

7 Small Loans Underwriting for MAH: Creating Efficiencies of Time and Cost Lower Closing Costs Faster Processing Times Streamlined Underwriting Volume Housing Goals $3 million or $5 million in Eligible and Strong Markets Multifamily Underwriting Standards (4660) MAH All features of Chapter 9, except underwritten NCF, which uses Chapter 7 Approvals on a waiver basis, with loans delegated back, unless there are Pre-Review triggers Fannie Mae. Trademarks of Fannie Mae. 7

8 Rental Assistance Demonstration (RAD) Tier 2: Supporting Affordable Housing Solutions Across the Nation All aspects of the Fannie Mae Multifamily Selling and Servicing Guide, where relevant, apply to RAD Transactions Fannie Mae standards for Property Conditions do not change for RAD Transactions All Component 1 (Public Housing conversions to Section 8 HAP contracts) are Pre-Review Mortgage Loans The most likely Fannie Mae executions for these RAD transactions will be MAH Mod Rehab (Immediate MBS or Immediate BCE) or ROAR (Fannie Mae Balance Sheet), and to a lesser degree, Unfunded Forward executions. Fannie Mae standards for Borrower/KP/Sponsor experience and financial capacity do not change for RAD transactions Fannie Mae. Trademarks of Fannie Mae. 8

9 ROAR E-Learning: Giving You the Tools to Succeed 2016 Fannie Mae. Trademarks of Fannie Mae. 9

10 ROAR E-Learning: Giving You the Tools to Succeed Fannie Mae. Trademarks of Fannie Mae. 10

11 Credit Facilities and M.TEB: Celebrating Success Credit Facilities M.TEB 2016 Fannie Mae. Trademarks of Fannie Mae. 11

12 Credit Facilities: Customized Financing Solutions $500 MAH Existing Credit Facilities ($UPB millions and Year of Production) 10X Growth Since 2013! $450 $400 $350 $300 $250 $200 $150 $100 $50 Mostly BCE Credit Facilities MBS Credit Facilities $ Fannie Mae. Trademarks of Fannie Mae. 12

13 MBS as Tax-Exempt Bond Collateral (M.TEB): Leveraging Our Strengths to Deliver Value Crossings of East Ravenswood Woodland Towers Williamsburg Fullerton Par Amount $19,500,000 $7,400,000 $23,150,000 $21,750,000 Bond Rate / Pass Through Rate: 2.80% 2.85% 3.45% 3.00% Bond Price: 100% 100% 101% (Raising $231,500 in add l proceeds) Term 16 years 16 years 16 years 16 years 100% Settlement/ Closing Date: Spread to 10-year Treasury Spread to 15-year MMD June 24, 2016 June14, 2016 December 9, 2015 January 26, % 1.17% 1.15% 1.13% 1.01% 0.94% 0.80% 0.80% 2016 Fannie Mae. Trademarks of Fannie Mae. 13

14 WHAT DO WE WANT TO SEE? 4% LIHTC Mod-Rehab Preservation, especially M.TEB ROAR Deals Affordable Units, 80% AMI and less Small Loans, especially 5 to 50 units Borrower Outreach 2016 Fannie Mae. Trademarks of Fannie Mae. 14

15 Fannie Mae. Trademarks of Fannie Mae. 15