Fannie Mae 2017-M7...Prospectus Supplement (To Multifamily REMIC Prospectus dated August 1, 2014)...

Prospectus Supplement

(To Multifamily REMIC Prospectus dated August 1, 2014)

$985,330,958

Guaranteed Fannie Mae GeMS™ REMIC Pass-Through CertificatesFannie Mae Multifamily REMIC Trust 2017-M7

The Certificates

We, the Federal National Mortgage Associ-ation (Fannie Mae), will issue the classesof certificates listed in the chart on thiscover.

Payments to Certificateholders

We will make monthly payments on thecertificates. You, the investor, will receive• interest accrued on the balance of your

certificate, and• principal to the extent available for

payment on your class.

We will pay principal at rates that mayvary from time to time. We may not payprincipal to certain classes for long peri-ods of time.

The Fannie Mae Guaranty

We will guarantee that required pay-ments of principal and interest on thecertificates are available for distributionto investors on time. We will not guaran-tee that prepayment premiums will becollected or available for distribution toinvestors.

The Trust and its Assets

The trust will own Fannie Mae MBS.

The mortgage loans underlying the Fan-nie Mae MBS are generally first-lienmultifamily, fixed-rate loans that pro-vide for balloon payments at maturity.

Class

OriginalClass

BalancePrincipal

Type(1)Interest

RateInterestType(1)

CUSIPNumber

FinalDistribution

Date

A1 . . . . . . . $120,800,000 SEQ 2.595% FIX 3136AV7F0 February 2027A2 . . . . . . . 864,530,958 SEQ 2.961(2) FIX/AFC 3136AV7G8 February 2027X . . . . . . . 985,330,958(3) NTL (4) WAC/IO 3136AV7H6 February 2027

R . . . . . . . 0 NPR 0 NPR 3136AV7J2 February 2027RL . . . . . . . 0 NPR 0 NPR 3136AV7K9 February 2027

(1) See “Description of the Certificates—Class Definitions and Abbreviations”in the Multifamily REMICProspectus.

(2) Subject to the limitations described inthis prospectus supplement.

(3) Notional principal balance. This class isan interest only class. See page S-6 for adescription of how its notional principalbalance is calculated.

(4) Calculated as further described in thisprospectus supplement.

Except as described below, the dealers will offer the certificates from time to timein negotiated transactions at varying prices. We expect the settlement date to beJune 30, 2017. We expect initially to retain certain certificates. See “Plan of Dis-tribution” in this prospectus supplement.

Carefully consider the risk factors starting on page S-7 of this prospectus supplement and starting on page 13 of the Multi-family REMIC Prospectus. Unless you understand and are able to tolerate these risks, you should not invest in the certificates.

You should read the Multifamily REMIC Prospectus as well as this prospectus supplement.

The certificates, together with interest thereon, are not guaranteed by the United States and do not constitute a debt orobligation of the United States or any agency or instrumentality thereof other than Fannie Mae.

The certificates are exempt from registration under the Securities Act of 1933 and are “exempted securities” under theSecurities Exchange Act of 1934.

MORGAN STANLEYGoldman Sachs & Co. LLC

J.P.Morgan

Mischler Financial Group

The date of this Prospectus Supplement is June 26, 2017

TABLE OF CONTENTS

Page

AVAILABLE INFORMATION . . . . . . S- 3SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . S- 5ADDITIONAL RISK FACTORS . . . . . S- 7DESCRIPTION OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . S- 8GENERAL . . . . . . . . . . . . . . . . . . . . . . . . S- 8

Structure . . . . . . . . . . . . . . . . . . . . . . S- 8Fannie Mae Guaranty . . . . . . . . . . . S- 9Characteristics of Certificates . . . . . S- 9Authorized Denominations . . . . . . . S- 9

THE MBS . . . . . . . . . . . . . . . . . . . . . . . . S- 9DISTRIBUTIONS OF INTEREST . . . . . . . . S-10

General . . . . . . . . . . . . . . . . . . . . . . . . S-10Delay Classes and No-Delay

Classes . . . . . . . . . . . . . . . . . . . . . . S-10The A2 Class . . . . . . . . . . . . . . . . . . . S-10The X Class . . . . . . . . . . . . . . . . . . . . S-11Allocation of Certain Prepayment

Premiums . . . . . . . . . . . . . . . . . . . . S-11DISTRIBUTIONS OF PRINCIPAL . . . . . . . S-12STRUCTURING ASSUMPTIONS . . . . . . . . S-12

Pricing Assumptions . . . . . . . . . . . . . S-12Prepayment Assumptions . . . . . . . . . S-12

Page

ADDITIONAL YIELD CONSIDERATIONS

FOR THE X CLASS . . . . . . . . . . . . . . . . S-12WEIGHTED AVERAGE LIVES OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . . S-12DECREMENT TABLES . . . . . . . . . . . . . . . S-13CHARACTERISTICS OF THE RESIDUAL

CLASSES . . . . . . . . . . . . . . . . . . . . . . . S-14CERTAIN ADDITIONAL FEDERAL

INCOME TAX CONSEQUENCES . . S-15REMIC ELECTIONS AND SPECIAL TAX

ATTRIBUTES . . . . . . . . . . . . . . . . . . . . S-15TAXATION OF BENEFICIAL OWNERS OF

REGULAR CERTIFICATES . . . . . . . . . . S-15TAXATION OF BENEFICIAL OWNERS OF

RESIDUAL CERTIFICATES . . . . . . . . . S-16TAX AUDIT PROCEDURES . . . . . . . . . . . S-16FOREIGN INVESTORS . . . . . . . . . . . . . . . S-16

ADDITIONAL ERISACONSIDERATIONS . . . . . . . . . . . . . S-17

PLAN OF DISTRIBUTION . . . . . . . . . S-18CREDIT RISK RETENTION . . . . . . . S-18LEGAL MATTERS . . . . . . . . . . . . . . . . S-18EXHIBIT A . . . . . . . . . . . . . . . . . . . . . . . A- 1

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AVAILABLE INFORMATION

You should purchase the certificates only if you have read and understood this prospectussupplement and the following documents (the “Disclosure Documents”):

• our Prospectus for Guaranteed Multifamily REMIC Pass-Through Certificates datedAugust 1, 2014 (the “Multifamily REMIC Prospectus”);

• our Prospectus for Fannie Mae Guaranteed Mortgage Pass-Through Certificates(Multifamily Residential Mortgage Loans) dated

O August 1, 2014, for all MBS issued on or after August 1, 2014,

O November 1, 2012, for all MBS issued on or after November 1, 2012 and prior toAugust 1, 2014,

O October 1, 2010, for all MBS issued on or after October 1, 2010 and prior toNovember 1, 2012, or

O February 1, 2009, for all other MBS

(as applicable, the “Multifamily MBS Prospectus”);

• the Prospectus Supplements for the MBS (collectively, the “Multifamily MBS ProspectusSupplements”); and

• any information incorporated by reference in this prospectus supplement as discussedbelow and under the heading “Incorporation by Reference” in the Multifamily REMICProspectus.

The Multifamily MBS Prospectus and the Multifamily MBS Prospectus Supplements areincorporated by reference in this prospectus supplement. This means that we are disclosinginformation in those documents by referring you to them. Those documents are considered part ofthis prospectus supplement, so you should read this prospectus supplement, and any applicablesupplements or amendments, together with those documents.

You can obtain copies of the Disclosure Documents by writing or calling us at:

Fannie MaeMBS Helpline3900 Wisconsin Avenue, N.W., Area 2H-3SWashington, D.C. 20016(telephone 800-2FANNIE).

In addition, the Disclosure Documents, together with the class factors, are available on ourcorporate Web site at www.fanniemae.com.

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You can also obtain copies of the Multifamily REMIC Prospectus and the Multifamily MBSProspectus by writing or calling the dealers at:

Morgan Stanley & Co. LLCc/o Broadridge Financial SolutionsProspectus Department1155 Long Island AvenueEdgewood, NY 11717

Goldman Sachs & Co. LLCGlobal OperationsMortgage-Backed Securities200 West Street16th FloorNew York, New York 10282(telephone 212-902-8433).

J.P. Morgan Securities LLCc/o Broadridge Financial SolutionsProspectus Department1155 Long Island AvenueEdgewood, NY 11717(telephone 631-274-2635).

Mischler Financial Group1111 Bayside DriveSuite 100Corona Del Mar, CA 92625(telephone 949-720-0640).

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SUMMARY

This summary contains only limited information about the certificates. Statisticalinformation in this summary is provided as of June 1, 2017. You should purchasethe certificates only after reading this prospectus supplement and each of the addi-tional disclosure documents listed on page S-3. In particular, please see the discussionof risk factors that appears in each of those additional disclosure documents.

Certain Modeling Assumptions Regarding the Underlying Mortgage Loans

Exhibit A sets forth certain assumed characteristics of the mortgage loans underlying theMBS. Except as otherwise specified, the assumed characteristics have been used solely forpurposes of preparing the tabular information appearing in this prospectus supplement. Theassumed mortgage loan characteristics appearing in Exhibit A are derived from the MBS poolsthat we expect to be included in the trust. The assumed characteristics may not reflect the actualcharacteristics of the individual mortgage loans included in the related pools. The actualcharacteristics of most of the related mortgage loans may differ, and may differ significantly, fromthose set forth in Exhibit A.

Expected Characteristics of the MBS and the Underlying Mortgage Loans

Exhibit A also contains certain information about the individual MBS and the relatedmortgage loans that we expect to be included in the trust. To learn more about the MBS and therelated mortgage loans, you should review the related Multifamily MBS Prospectus Supplements,which are available through the Multifamily Securities Locator Service at www.fanniemae.com.

In addition, Exhibit A contains certain additional information regarding the mortgage loansunderlying the ten largest MBS that we expect to be included as of the issue date.

Prepayment Premiums

The mortgage loans generally provide for the payment of prepayment premiums as furtherdescribed in this prospectus supplement. If any prepayment premiums are included in thedistributions received on the MBS with respect to any distribution date, we will allocate theseprepayment premiums among the related classes of certificates as described in this prospectussupplement.

Settlement Date

We expect to issue the certificates on June 30, 2017.

Distribution Dates

We will make payments on the classes of certificates on the 25th day of each calendar month,or on the next business day if the 25th day is not a business day.

Record Date

On each distribution date, we will make each monthly payment on the certificates to holdersof record on the last day of the preceding month.

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Book-Entry and Physical Certificates

We will issue the classes of certificates in the following forms:

Fed Book-Entry Physical

All classes other than the R and RL Classes R and RL Classes

Interest Rates

During each interest accrual period, the A1 Class will bear interest at the applicable annualinterest rate listed on the cover of this prospectus supplement.

During each interest accrual period, the A2 and X Classes will bear interest at the applicableannual rates described under “Description of the Certificates—Distributions of Interest—The A2Class” and “—The X Class,” as applicable, in this prospectus supplement.

Notional Class

The notional principal balance of the notional class will equal the percentage of theoutstanding balance specified below immediately before the related distribution date:

Class

X . . . . . . . . . . . . . . . . . . . . . . 100% of the MBS

Distributions of Principal

For a description of the principal payment priorities, see “Description of the Certificates—Distributions of Principal” in this prospectus supplement.

Weighted Average Lives (years)*

CPR Prepayment AssumptionNo Prepayments During

Prepayment Premium Term**Prepayments Without Regardto Prepayment Premium Term

0% 25% 50% 75% 100% 0% 25% 50% 75% 100%

A1 . . . . . . . . . . . . . . . . . . . . . . . . 5.8 5.8 5.8 5.8 5.8 5.8 0.2 0.1 0.1 0.1A2 . . . . . . . . . . . . . . . . . . . . . . . . 9.6 9.5 9.5 9.4 9.1 9.6 3.6 1.6 0.8 0.1X . . . . . . . . . . . . . . . . . . . . . . . . . 9.1 9.1 9.0 9.0 8.7 9.1 3.2 1.5 0.7 0.1

* Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Lives and FinalDistribution Dates” in the Multifamily REMIC Prospectus.

** Assuming no prepayment during any applicable Prepayment Premium Term. See “Additional Risk Factors” and“Description of the Certificates—Distributions of Interest—Allocation of Certain Prepayment Premiums” in thisprospectus supplement.

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ADDITIONAL RISK FACTORS

The rate of principal payments (ornotional principal balance reductions) on thecertificates will be affected by the rate ofprincipal payments on the underlying mort-gage loans. The rate at which you receiveprincipal payments (or notional principalbalance reductions) on the certificates will besensitive to the rate of principal payments onthe mortgage loans underlying the MBS,including prepayments.

The mortgage loans provide for thepayment of prepayment premiums. Themortgage loans generally have prepaymentpremiums that are in the form of yieldmaintenance charges. Subject to any appli-cable prepayment premiums, the mortgageloans may be prepaid at any time. Therefore,the rate of principal payments on the mort-gage loans is likely to vary over time. It ishighly unlikely that the mortgage loans willprepay

• at the prepayment rates we assumed, or

• at a constant prepayment rate untilmaturity.

Defaults may increase the risk of prepay-ment. Multifamily lending is generally viewedas exposing the lender to a greater risk of lossthan single family lending. Mortgage loandefaults may result in distributions of the fullprincipal balance of the related MBS, therebyaffecting prepayment rates.

Concentration of mortgaged properties incertain states experiencing increased delin-quencies could lead to increased borrowerdefaults and prepayment of the related MBSunder our guaranty. As of the issue date, thestates with relatively high concentrations ofmortgaged properties (by principal balance atthe issue date) are:

California . . . . . . . . . . 28.6%Texas . . . . . . . . . . . . . . 17.6%Florida . . . . . . . . . . . . 8.7%New Mexico . . . . . . . . 6.6%

Prepayment premiums may reduce theprepayment rate of the mortgage loans. Themortgage loans generally provide for thepayment of prepayment premiums in

connection with voluntary prepaymentsoccurring on or before the prepaymentpremium end date for that loan. The prepay-ment premium end date is generally 180 daysbefore maturity of the related mortgage loan.In most cases, this prepayment premium isdetermined based on a yield maintenanceformula. We will allocate to certificateholdersany prepayment premiums that are actuallyreceived on the related MBS. The mortgageloans providing for prepayment premiumsbased on a yield maintenance formula alsorequire an additional premium in connectionwith prepayments occurring after the appli-cable prepayment premium end date (butprior to 90 days before the loan maturity).These prepayment premiums generally willequal 1% of the outstanding principal balanceof the mortgage loan and are not passedthrough to holders of the related MBS.Accordingly, the 1% prepayment premiums,even if collected, will not be allocated tocertificateholders.

We will not pass through to certifi-cateholders any prepayment premiums otherthan those that are actually received by us.

In general, mortgage loans with prepay-ment premiums may be less likely to prepaythan mortgage loans without such premiums.

Allocation of prepayment premiums tocertain classes may not fully offset the adverseeffect on yields of the corresponding prepay-ments. If any prepayment premiums areincluded in the payments received on the MBSwith respect to any distribution date, we willinclude these amounts in the payments to bemade on certain classes on that distributiondate. We do not, however, guarantee that anyprepayment premiums will in fact be collectedfrom mortgagors or be paid to holders of theMBS or the related certificateholders. Accord-ingly, holders of the applicable classes willreceive prepayment premiums only to theextent we receive them. Moreover, even if wepay the prepayment premiums to the holdersof these classes, the additional amounts maynot fully offset the reductions in yield causedby the related prepayments. We will not passthrough to certificateholders any additionalprepayment premiums received as a result of

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a prepayment of a mortgage loan after theprepayment premium end date for such loan.The prepayment premium end date for anindividual loan can be found on the Scheduleof Loan Information portion of the MultifamilyMBS Prospectus Supplement for the MBSbacked by such loan. The Multifamily MBSProspectus Supplement for an MBS pool isavailable through the Multifamily SecuritiesLocator Service at www.fanniemae.com. Inaddition, you may find aggregate data aboutthe assumed remaining prepayment premiumterms of loans underlying the MBS under the

heading “Remaining Prepayment PremiumTerm (mos.)” in the first table of Exhibit A ofthis prospectus supplement. You may findsimilar data about the individual mort-gage loans underlying the MBS under theheading “Loan Prepayment Premium EndDate” in the second table of Exhibit A of thisprospectus supplement.

You must make your own decisionsabout the various applicable assump-tions, including prepayment assump-tions, when deciding whether topurchase the certificates.

DESCRIPTION OF THE CERTIFICATES

The material under this heading describes the principal features of the Certificates. You willfind additional information about the Certificates in the other sections of this prospectus supple-ment, as well as in the additional Disclosure Documents and the Trust Agreement. If we use acapitalized term in this prospectus supplement without defining it, you will find the definition ofthat term in the applicable Disclosure Document or in the Trust Agreement.

General

Structure. We will create the Fannie Mae Multifamily REMIC Trust specified on the cover ofthis prospectus supplement (the “Trust”) pursuant to a trust agreement dated as of May 1, 2010and a supplement thereto dated as of June 1, 2017 (the “Issue Date”). The trust agreement andsupplement are collectively referred to as the “Trust Agreement.” We will execute the TrustAgreement in our corporate capacity and as trustee (the “Trustee”). We will issue the GuaranteedREMIC Pass-Through Certificates (the “Certificates”) pursuant to the Trust Agreement.

The assets of the Trust will include certain Fannie Mae Guaranteed Mortgage Pass-ThroughCertificates (the “MBS”).

Each MBS generally represents a beneficial ownership interest in one or more first-lien,multifamily mortgage loans (the “Mortgage Loans”) having the characteristics described in thisprospectus supplement and in the Multifamily REMIC Prospectus, the Multifamily MBSProspectus and the applicable Multifamily MBS Prospectus Supplement.

The Trust will include the “Lower Tier REMIC” and “Upper Tier REMIC” as “real estatemortgage investment conduits” (each, a “REMIC”) under the Internal Revenue Code of 1986, asamended (the “Code”).

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The following chart contains information about the assets, the “regular interests” and the“residual interests” of each REMIC. The Certificates other than the R and RL Classes are collec-tively referred to as the “Regular Classes” or “Regular Certificates,” and the R and RL Classes arecollectively referred to as the “Residual Classes” or “Residual Certificates.”

REMIC Designation Assets Regular InterestsResidualInterest

Lower Tier REMIC . . . . . . . MBS Interests in the Lower TierREMIC other than theRL Class (the “Lower TierRegular Interests”)

RL

Upper Tier REMIC . . . . . . . Lower Tier Regular Interests All Classes of Certificatesother than the R and RLClasses

R

Fannie Mae Guaranty. For a description of our guaranties of the Certificates and the MBS,see the applicable discussions appearing under the heading “Fannie Mae Guaranty” in the Multi-family REMIC Prospectus and the Multifamily MBS Prospectus. Our guaranties are not backedby the full faith and credit of the United States.

We do not guarantee that any prepayment premiums will be collected or available fordistribution to Certificateholders. Accordingly, Certificateholders entitled to receive prepay-ment premiums will receive them only to the extent actually received in respect of the related MBS.

Characteristics of Certificates. Except as specified below, we will issue the Certificates inbook-entry form on the book-entry system of the U.S. Federal Reserve Banks. Entities whosenames appear on the book-entry records of a Federal Reserve Bank as having had Certificatesdeposited in their accounts are “Holders” or “Certificateholders.”

We will issue the Residual Certificates in fully registered, certificated form. The “Holder” or“Certificateholder” of a Residual Certificate is its registered owner. A Residual Certificate can betransferred at the corporate trust office of the Transfer Agent, or at the office of the TransferAgent in New York, New York. U.S. Bank National Association in Boston, Massachusetts will bethe initial Transfer Agent. We may impose a service charge for any registration of transfer of aResidual Certificate and may require payment to cover any tax or other governmental charge. Seealso “—Characteristics of the Residual Classes” below.

Authorized Denominations. We will issue the Certificates in the following denominations:

Classes Denominations

Interest Only Class $100,000 minimum plus whole dollar incrementsAll other Classes (except the R and

RL Classes)$1,000 minimum plus whole dollar increments

The MBS

The MBS will have the characteristics described in the Multifamily MBS Prospectus and theapplicable Multifamily MBS Prospectus Supplements. The MBS provide that principal andinterest on the related Mortgage Loans are passed through monthly (except, as applicable, for theMortgage Loans during their interest only periods). The Mortgage Loans underlying the MBS areconventional, fixed-rate mortgage loans purchased under our Delegated Underwriting andServicing (“DUS”) business line, our MFlex business line and/or our Negotiated Transactions(“NT”) business line, each as described in the Multifamily MBS Prospectus. The Mortgage Loansare generally secured by first liens on multifamily residential properties and provide for balloonpayments at maturity.

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Additionally, in the case of approximately $747,711,600 of the MBS, measured by principalamount of the Mortgage Loans at the Issue Date, the related loan documents provide for sched-uled monthly payments representing accrued interest only for periods ranging from one year toten years from origination. As of the Issue Date, all of the Mortgage Loans with interest onlyperiods remain in their interest only periods. Beginning with the first monthly payment followingany expiration of the applicable interest only periods, the related loan documents provide thatscheduled monthly payments on the related Mortgage Loans are to increase to an amount suffi-cient to pay accrued interest and to amortize the Mortgage Loans in most cases on the basis of a30-year schedule with a balloon payment due at maturity. For additional details about theinterest only periods of the Mortgage Loans underlying the MBS, see Exhibit A to this prospectussupplement.

Relatively high concentrations of mortgaged properties exist in certain states, as set forthunder “Additional Risk Factors—Concentration of mortgaged properties in certain statesexperiencing increased delinquencies could lead to increased borrower defaults and prepayment ofthe related MBS under our guaranty” in this prospectus supplement.

For additional information, see “The Multifamily Mortgage Loan Pools” and “Yield, Maturityand Prepayment Considerations” in the Multifamily MBS Prospectus. Exhibit A to this prospectussupplement presents certain characteristics of the underlying Mortgage Loans as of the IssueDate, as well as certain additional information relating to the Mortgage Loans underlying the tenlargest MBS (by scheduled principal balance at the Issue Date). For additional information aboutthe underlying Mortgage Loans, see the information for the related MBS pools, which is availablethrough the Multifamily Securities Locator Service at www.fanniemae.com.

Distributions of Interest

General. The Certificates will bear interest at the rates specified in this prospectus supple-ment. Interest to be paid on each Certificate on a Distribution Date will consist of one month’sinterest on the outstanding balance of that Certificate immediately prior to that Distribution Date.

Delay Classes and No-Delay Classes. The “Delay” Classes and “No-Delay” Classes are setforth in the following table:

Delay Classes No-Delay Classes

All interest-bearing Classes —

See “Description of the Certificates—Distributions on Certificates—Interest Distributions” in theMultifamily REMIC Prospectus.

The A2 Class

On each Distribution Date, we will pay interest on the A2 Class at an annual rate equal to thelesser of

• 2.961%

or

• the Weighted Average MBS Pass-Through Rate.

The “Weighted Average MBS Pass-Through Rate” for any Distribution Date is equal to theweighted average of the pass-through rates of the MBS for that Distribution Date (weighted onthe basis of the principal balances of the MBS after giving effect to distributions of principal madeon the immediately preceding Distribution Date). For purposes of calculating the WeightedAverage MBS Pass-Through Rate, interest accruing on the Mortgage Loans on an actual/360 basiswill be converted to a 30/360 equivalent rate. In connection with the foregoing, a single day’s net

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interest accrued on those Mortgage Loans for each of the months of December and January ineach year will be allocated to the following February’s accrued interest (except that in a leap year,the single day’s net interest accrued for the preceding December will not be so allocated).

Our determination of the interest rate for the A2 Class for each Distribution Date will be finaland binding in the absence of manifest error. You may obtain each such interest rate by tele-phoning us at 800-2FANNIE.

The X Class. For each Distribution Date, the X Class will bear interest during the relatedinterest accrual period at an annual rate equal to the product of

• a fraction, expressed as a percentage, the numerator of which is the aggregate amountof interest distributable on the MBS for that Distribution Date minus the aggregateamount of interest payable on the A1 and A2 Classes on that Distribution Date, andthe denominator of which is the notional principal balance of the X Class immediatelypreceding that Distribution Date,

multiplied by

• 12

(but in no event less than 0%).

On the initial Distribution Date, we expect to pay interest on the X Class at an annual rate ofapproximately 0.072%.

For purposes of calculating the aggregate amount of interest distributable on the MBS in anymonth, interest accruing on the related Mortgage Loans on an actual/360 basis will be convertedto a 30/360 equivalent rate. In connection with the foregoing, a single day’s net interest accrued onthose Mortgage Loans for each of the months of December and January in each year will be allo-cated to the following February’s accrued interest (except that in a leap year, the single day’s netinterest accrued for the preceding December will not be so allocated).

Our determination of the interest rate for the X Class for each Distribution Date will be finaland binding in the absence of manifest error. You may obtain each such interest rate by tele-phoning us at 800-2FANNIE.

Allocation of Certain Prepayment Premiums. The Mortgage Loans provide for the paymentof certain prepayment premiums, generally in the form of yield maintenance charges, until theapplicable Prepayment Premium End Dates. The Prepayment Premium End Dates are generally180 days prior to loan maturity. For additional information on the prepayment premium terms ofthe Mortgage Loans underlying the MBS, see Exhibit A to this prospectus supplement.

Mortgage Loans having prepayment premiums may also provide for the payment ofadditional prepayment premiums (generally equal to 1% of the outstanding principal balance ofthe related Mortgage Loan) in connection with prepayments received after the applicablePrepayment Premium End Date. We will not include these additional prepaymentpremiums in payments to Certificateholders. From and after 90 days before loan maturity,the Mortgage Loans generally may be prepaid without any prepayment premium.

On each Distribution Date, we will pay any prepayment premiums that are included in theMBS distributions on that date to the A1, A2 and X Classes as follows:

• to each of the A1 and A2 Classes, an amount equal to 30% of the prepayment premiumsmultiplied by the percentage equivalent of a fraction, the numerator of which is theprincipal payable to that Class on that date and the denominator of which is the PrincipalDistribution Amount for that date; and

• to the X Class, an amount equal to 70% of the prepayment premiums for that date.

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Distributions of Principal

On the Distribution Date in each month, we will make payments of principal on the Certifi-cates as described below.

⎫⎬⎭The Principal Distribution Amount to A1 and A2, in that order, until retired. SequentialPay Classes

The “Principal Distribution Amount” for any Distribution Date is the aggregate principal thenpaid on the MBS.

Structuring Assumptions

Pricing Assumptions. Except where otherwise noted, the information in the tables in thisprospectus supplement has been prepared based on the following assumptions (the “PricingAssumptions”):

• the Mortgage Loans underlying the MBS have the characteristics specified in the chartentitled “Assumed Characteristics of the Mortgage Loans Underlying the MBS” inExhibit A to this prospectus supplement;

• we pay all payments (including prepayments) on the Mortgage Loans on the DistributionDate relating to the month in which we receive them;

• either the Mortgage Loans underlying the MBS prepay at the percentages of CPR specifiedin the related tables or no prepayments occur during the related prepayment premiumterms, as indicated in the applicable tables*;

• each Distribution Date occurs on the 25th day of a month;

• no prepayment premiums are received on the MBS; and

• the settlement date for the sale of the Certificates is June 30, 2017.

* Balloon payments at maturity are treated as scheduled payments and not as prepayments.

Prepayment Assumptions. The prepayment model used in this prospectus supplement isCPR. For a description of CPR, see “Yield, Maturity and Prepayment Considerations—Prepayment Models” in the Multifamily REMIC Prospectus. It is highly unlikely that prepay-ments will occur at any constant CPR rate or at any other constant rate. In addition, it is highlyunlikely that no prepayment premiums will be received on the MBS.

Additional Yield Considerations for the X Class

The yield to investors in the X Class will be very sensitive to the rate of principalpayments (including prepayments) of the Mortgage Loans and to the weighted averageinterest rate of the Mortgage Loans. It is possible that the rate of principal payments(including prepayments) of the Mortgage Loans will vary, and may vary considerably,from pool to pool. Under certain high prepayment scenarios in particular, it is possiblethat investors in the X Class would lose money on their initial investments.

Weighted Average Lives of the Certificates

For a description of how the weighted average life of a Certificate is determined, see “Yield,Maturity and Prepayment Considerations—Weighted Average Lives and Final DistributionDates” in the Multifamily REMIC Prospectus.

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In general, the weighted average lives of the Certificates will be shortened if the level ofprepayments of principal of the related Mortgage Loans increases. However, the weighted averagelives will depend upon a variety of other factors, including

• the timing of changes in the rate of principal distributions, and

• the priority sequence of payments of principal of the Classes.

See “Distributions of Principal” above.

The effect of these factors may differ as to various Classes and the effects on any Class mayvary at different times during the life of that Class. Accordingly, we can give no assurance as to theweighted average life of any Class. Further, to the extent the prices of the Certificates representdiscounts or premiums to their original principal balances, variability in the weighted average livesof those Classes of Certificates could result in variability in the related yields to maturity. For anexample of how the weighted average lives of the Classes may be affected at various constantprepayment rates, see the Decrement Tables below.

Decrement Tables

The following tables indicate the percentages of original principal balances of the specifiedClasses that would be outstanding after each date shown at the constant percentages of CPR andthe corresponding weighted average lives of those Classes. The tables have been prepared on thebasis of the Pricing Assumptions.

It is unlikely that the underlying Mortgage Loans will have the characteristics assumed, orthat the Mortgage Loans will prepay at any constant CPR level.

Percent of Original Principal Balances Outstanding for the A1 Class

CPR PrepaymentAssumption


No Prepayments DuringPrepayment Premium Term††

Prepayments WithoutRegard to Prepayment Premium Term

Date 0% 25% 50% 75% 100% 0% 25% 50% 75% 100%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100June 2018 . . . . . . . . . . . . 97 97 97 97 97 97 0 0 0 0June 2019 . . . . . . . . . . . . 92 92 92 92 92 92 0 0 0 0June 2020 . . . . . . . . . . . . 85 85 85 85 85 85 0 0 0 0June 2021 . . . . . . . . . . . . 74 74 74 74 74 74 0 0 0 0June 2022 . . . . . . . . . . . . 63 63 63 63 63 63 0 0 0 0June 2023 . . . . . . . . . . . . 50 50 50 50 50 50 0 0 0 0June 2024 . . . . . . . . . . . . 37 37 37 37 37 37 0 0 0 0June 2025 . . . . . . . . . . . . 22 22 22 22 22 22 0 0 0 0June 2026 . . . . . . . . . . . . 8 6 5 2 0 8 0 0 0 0June 2027 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 5.8 5.8 5.8 5.8 5.8 5.8 0.2 0.1 0.1 0.1

** Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Lives and FinalDistribution Dates” in the Multifamily REMIC Prospectus.

†† Assumes no prepayment during any applicable Prepayment Premium Term. See “Additional Risk Factors” and “Description ofthe Certificates—Distributions of Interest—Allocation of Certain Prepayment Premiums” in this prospectus supplement.

S-13

Percent of Original Principal Balances Outstanding for the A2 Class





Date 0% 25% 50% 75% 100% 0% 25% 50% 75% 100%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100June 2018 . . . . . . . . . . . . 100 100 100 100 100 100 85 57 28 0June 2019 . . . . . . . . . . . . 100 100 100 100 100 100 63 28 7 0June 2020 . . . . . . . . . . . . 100 100 100 100 100 100 47 14 2 0June 2021 . . . . . . . . . . . . 100 100 100 100 100 100 35 7 * 0June 2022 . . . . . . . . . . . . 100 100 100 100 100 100 26 3 * 0June 2023 . . . . . . . . . . . . 100 100 100 100 100 100 19 2 * 0June 2024 . . . . . . . . . . . . 100 100 100 100 100 100 14 1 * 0June 2025 . . . . . . . . . . . . 100 100 100 100 100 100 10 * * 0June 2026 . . . . . . . . . . . . 100 100 100 100 94 100 8 * * 0June 2027 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 9.6 9.5 9.5 9.4 9.1 9.6 3.6 1.6 0.8 0.1

Percent of Original Principal Balances Outstanding for the X† Class





Date 0% 25% 50% 75% 100% 0% 25% 50% 75% 100%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100June 2018 . . . . . . . . . . . . 100 100 100 100 100 100 75 50 25 0June 2019 . . . . . . . . . . . . 99 99 99 99 99 99 56 25 6 0June 2020 . . . . . . . . . . . . 98 98 98 98 98 98 41 12 2 0June 2021 . . . . . . . . . . . . 97 97 97 97 97 97 31 6 * 0June 2022 . . . . . . . . . . . . 95 95 95 95 95 95 23 3 * 0June 2023 . . . . . . . . . . . . 94 94 94 94 94 94 17 1 * 0June 2024 . . . . . . . . . . . . 92 92 92 92 92 92 12 1 * 0June 2025 . . . . . . . . . . . . 90 90 90 90 90 90 9 * * 0June 2026 . . . . . . . . . . . . 89 89 88 88 82 89 7 * * 0June 2027 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 9.1 9.1 9.0 9.0 8.7 9.1 3.2 1.5 0.7 0.1

* Indicates an outstanding balance greater than 0% and less than 0.5% of the original principal balance.** Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Lives and Final

Distribution Dates” in the Multifamily REMIC Prospectus.† In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.†† Assumes no prepayment during any applicable Prepayment Premium Term. See “Additional Risk Factors” and “Description of

the Certificates—Distributions of Interest—Allocation of Certain Prepayment Premiums” in this prospectus supplement.

Characteristics of the Residual Classes

A Residual Certificate will be subject to certain transfer restrictions. See “Description of theCertificates—Special Characteristics of the Residual Certificates” and “Material Federal IncomeTax Consequences—Taxation of Beneficial Owners of Residual Certificates” in the MultifamilyREMIC Prospectus.

Treasury Department regulations (the “Regulations”) provide that a transfer of a “noneconomicresidual interest” will be disregarded for all federal tax purposes unless no significant purpose of thetransfer is to impede the assessment or collection of tax. A Residual Certificate will constitute anoneconomic residual interest under the Regulations. Having a significant purpose to impede theassessment or collection of tax means that the transferor of a Residual Certificate had “improperknowledge” at the time of the transfer. See “Description of the Certificates—Special Characteristics ofthe Residual Certificates” in the Multifamily REMIC Prospectus. You should consult your own taxadvisor regarding the application of the Regulations to a transfer of a Residual Certificate.

S-14

CERTAIN ADDITIONAL FEDERAL INCOME TAX CONSEQUENCES

The Certificates and payments on the Certificates are not generally exempt from taxation.Therefore, you should consider the tax consequences of holding a Certificate before you acquireone. The following tax discussion supplements the discussion under the caption “Material FederalIncome Tax Consequences” in the Multifamily REMIC Prospectus. When read together, the twodiscussions describe the current federal income tax treatment of beneficial owners of Certificates.These two tax discussions do not purport to deal with all federal tax consequences applicable to allcategories of beneficial owners, some of which may be subject to special rules. In addition, thesediscussions may not apply to your particular circumstances for one of the reasons explained in theMultifamily REMIC Prospectus. You should consult your own tax advisors regarding the federalincome tax consequences of holding and disposing of Certificates as well as any tax consequencesarising under the laws of any state, local or foreign taxing jurisdiction.

REMIC Elections and Special Tax Attributes

We will make a REMIC election with respect to each REMIC set forth in the table under“Description of the Certificates—General—Structure.” The Regular Classes will be designated as“regular interests” and the Residual Classes will be designated as the “residual interests” in theREMICs as set forth in that table. Thus, the Certificates generally will be treated as “regular orresidual interests in a REMIC” for domestic building and loan associations, as “real estate assets”for real estate investment trusts, and, except for the Residual Classes, as “qualified mortgages” forother REMICs. See “Material Federal Income Tax Consequences—REMIC Election and SpecialTax Attributes” in the Multifamily REMIC Prospectus.

Taxation of Beneficial Owners of Regular Certificates

The Notional Class will be issued with original issue discount (“OID”), and certain otherClasses of Certificates may be issued with OID. If a Class is issued with OID, a beneficial owner ofa Certificate of that Class generally must recognize some taxable income in advance of the receiptof the cash attributable to that income. See “Material Federal Income Tax Consequences—Taxation of Beneficial Owners of Regular Certificates—Treatment of Original Issue Discount” inthe Multifamily REMIC Prospectus. In addition, certain Classes of Certificates may be treated ashaving been issued at a premium. See “Material Federal Income Tax Consequences—Taxation ofBeneficial Owners of Regular Certificates—Regular Certificates Purchased at a Premium” in theMultifamily REMIC Prospectus.

The Prepayment Assumption that will be used in determining the rate of accrual of OID willbe applied on a pool-by-pool basis. See “Material Federal Income Tax Consequences—Taxation ofBeneficial Owners of Regular Certificates—Daily Portions of Original Issue Discount” in theMultifamily REMIC Prospectus. The Prepayment Assumption that will be used for each pool willbe 0% CPR until the Prepayment Premium End Date for each such pool and 100% CPR thereafter.The Prepayment Premium End Date for each pool can be determined through the MultifamilySecurities Locator Service at www.fanniemae.com. Because the Prepayment Premium End Datefor each pool is not the same, during the period beginning on the earliest Prepayment PremiumEnd Date of the pools and ending on the latest Prepayment Premium End Date of the pools, theeffective Prepayment Assumption will increase, from 0% CPR to 100% CPR, as each pool reachesits Prepayment Premium End Date. No representation is made as to whether the Mortgage Loansunderlying the MBS will prepay at the rate reflected in the Prepayment Assumption or any otherrate. See “Description of the Certificates—Weighted Average Lives of the Certificates” in thisprospectus supplement and “Yield, Maturity and Prepayment Considerations—Weighted AverageLives and Final Distribution Dates” in the Multifamily REMIC Prospectus.

S-15

Taxation of Beneficial Owners of Residual Certificates

The Holder of a Residual Certificate will be considered to be the holder of the “residualinterest” in the related REMIC. Such Holder generally will be required to report its daily portionof the taxable income or net loss of the REMIC to which that Certificate relates. In certainperiods, a Holder of a Residual Certificate may be required to recognize taxable income withoutbeing entitled to receive a corresponding amount of cash. Pursuant to the Trust Agreement, wewill be obligated to provide to the Holder of a Residual Certificate (i) information necessary toenable it to prepare its federal income tax returns and (ii) any reports regarding the ResidualClass that may be required under the Code. See “Material Federal Income Tax Consequences—Taxation of Beneficial Owners of Residual Certificates” in the Multifamily REMIC Prospectus.

Tax Audit Procedures

The Bipartisan Budget Act of 2015, which was enacted on November 2, 2015, repeals andreplaces the rules applicable to certain administrative and judicial proceedings regarding aREMIC’s tax affairs, effective beginning with the 2018 taxable year. Under the new rules, apartnership, including for this purpose a REMIC, appoints one person to act as its solerepresentative in connection with IRS audits and related procedures. In the case of a REMIC, therepresentative’s actions, including the representative’s agreeing to adjustments to taxable income,will bind Residual Owners to a greater degree than would actions of the tax matters partner(“TMP”) under current rules. See “Material Federal Income Tax Consequences—Reporting andOther Administrative Matters” in the Multifamily REMIC Prospectus for a discussion of the TMP.Further, an adjustment to the REMIC’s taxable income following an IRS audit may have to betaken into account by those Residual Owners in the year in which the adjustment is made ratherthan in the year to which the adjustment relates, and otherwise in different and potentially lessadvantageous ways than under current rules. In some cases, a REMIC could itself be liable fortaxes on income adjustments, although it is anticipated that each REMIC will seek to followprocedures in the new rules to avoid entity-level liability to the extent it otherwise may beimposed. The new rules, which will apply to both existing and future REMICs, are complex andlikely will be clarified and possibly revised before going into effect. Residual Owners shoulddiscuss with their own tax advisors the possible effect of the new rules on them.

Foreign Investors

Beginning on January 1, 2019, a 30-percent United States withholding tax (“FATCAwithholding”) will apply to gross proceeds from the sale or other disposition of a Regular Certifi-cate that are paid to a non-U.S. entity that is a “financial institution” and fails to comply withcertain reporting and other requirements or to a non-U.S. entity that is not a “financialinstitution” but fails to disclose the identity of its direct or indirect “substantial U.S. owners” or tocertify that it has no such owners. FATCA withholding currently applies to payments treated asinterest on a Regular Certificate paid to such persons. Various exceptions may apply. You shouldconsult your own tax advisor regarding the potential application and impact of this withholdingtax based on your particular circumstances. See “Material Federal Income Tax Consequences—Foreign Investors” in the Multifamily REMIC Prospectus.

S-16

ADDITIONAL ERISA CONSIDERATIONS

The following discussion supplements the discussion under “ERISA Considerations” in theREMIC Prospectus regarding important considerations for investors subject to ERISA or section4975 of the Code. None of Fannie Mae, the Dealers or any of their respective affiliates(collectively, the “Transaction Parties”) is undertaking to provide impartial investment advice, orto give advice in a fiduciary capacity, in connection with the acquisition of Certificates by any“plan.” In addition, each beneficial owner of Certificates or any interest therein that is a plan,including any fiduciary purchasing the Certificates on behalf of a plan (“Plan Fiduciary”), will bedeemed by its acquisition of the Certificates to represent that:

1. None of the Transaction Parties has provided, and none will provide, advice with respectto the acquisition of the Certificates by the plan, other than to a Plan Fiduciary that isindependent of the Transaction Parties and that is one of the following:

• a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “AdvisersAct”), or a similar institution that is regulated and supervised and subject to periodicexamination by a State or federal agency;

• an insurance carrier that is qualified under the laws of more than one State to performthe services of managing, acquiring or disposing of assets of a plan;

• an investment adviser registered under the Advisers Act or, if not registered as aninvestment adviser under the Advisers Act by reason of paragraph (1) of Section 203Aof the Advisers Act, registered as an investment adviser under the laws of the State inwhich it maintains its principal office and place of business;

• a broker-dealer registered under the Exchange Act; or

• a fiduciary that, for so long as the plan is invested in the Certificates, will have totalassets of at least $50,000,000 under its management or control (provided that thisrequirement will not be satisfied if the Plan Fiduciary is either (i) the owner or a rela-tive of the owner of an investing IRA or (ii) a participant or beneficiary or a relative ofsuch participant or beneficiary of the plan investing in the Certificates in suchcapacity).

2. The Plan Fiduciary is capable of evaluating investment risks independently, both ingeneral and with respect to particular transactions and investment strategies, includingthe acquisition by the plan of the Certificates.

3. The Plan Fiduciary is a “fiduciary” with respect to the plan within the meaning of section3(21) of ERISA or section 4975 of the Code, or both, and is responsible for exercisingindependent judgment in evaluating the plan’s acquisition of the Certificates.

4. None of the Transaction Parties has exercised any authority to cause the plan to invest inthe Certificates or to negotiate the terms of the plan’s investment in the Certificates.

5. The Plan Fiduciary has been informed by the Transaction Parties:

• that none of the Transaction Parties is undertaking to provide impartial investmentadvice or to give advice in a fiduciary capacity in connection with the plan’s acquisitionof the Certificates; and

• of the existence and nature of the Transaction Parties’ financial interests in the plan’sacquisition of the Certificates.

The foregoing representations are intended to comply with the Department of Labor’s Reg.Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997). Ifthese regulations are revoked, repealed or no longer effective, these representations will bedeemed to no longer be in effect.

S-17

PLAN OF DISTRIBUTION

We will assign the MBS to the Trust and intend to sell certain Certificates to Morgan Stanley& Co. LLC in exchange for cash proceeds. The Certificates to be sold to Morgan Stanley & Co. LLCare referred to as the “Offered Certificates.”

The dealers specified on the cover of this prospectus supplement (together, the “Dealers”)propose to offer the Offered Certificates directly to the public from time to time in negotiatedtransactions at varying prices to be determined at the time of sale. The Dealers may effect thesetransactions to or through other dealers.

We expect initially to retain certain Certificates, and may sell some or all of the retainedCertificates at any time in negotiated transactions at varying prices to be determined at the timeof sale.

CREDIT RISK RETENTION

The Certificates satisfy the requirements of the Credit Risk Retention Rule (12 C.F.R.Part 1234) jointly promulgated by the Federal Housing Finance Agency (“FHFA”), the SEC andseveral other federal agencies. In accordance with 12 C.F.R. 1234.8(a), (i) the Certificates are fullyguaranteed as to timely payment of principal and interest by Fannie Mae and (ii) Fannie Mae isoperating under the conservatorship of FHFA with capital support from the United States.

LEGAL MATTERS

Katten Muchin Rosenman LLP will provide legal representation for Fannie Mae. Morgan,Lewis & Bockius LLP will provide legal representation for Morgan Stanley & Co. LLC.

S-18

Exhibit A

Assumed Characteristics of theMortgage Loans Underlying the MBS

As of June 1, 2017*

ApproximatePrincipalBalance

Net MortgageInterestRate (%)

MortgageInterestRate (%)

OriginalAmortizationTerm (mos.)**

RemainingTerm toMaturity

(mos.)Loan Age

(mos.)

RemainingPrepayment

PremiumTerm (mos.)

ScheduledMonthlyPrincipal

and Interest**

InterestAccrualMethod

RemainingInterest OnlyPeriod (mos.)

$64,330,000.00 2.980% 4.020% 360 116 4 109 $307,863.46 Actual/360 5651,590,000.00 2.990 3.900 360 115 5 108 243,333.63 Actual/360 3144,460,000.00 2.530 3.720 0 114 6 107 N/A Actual/360 11435,000,000.00 2.930 4.120 360 115 5 108 169,525.75 Actual/360 3134,021,000.00 3.000 4.570 360 115 5 108 173,797.31 Actual/360 3133,450,000.00 2.480 3.750 0 115 5 108 N/A Actual/360 11531,184,000.00 3.250 4.720 360 115 5 108 162,107.09 Actual/360 730,358,000.00 3.220 4.690 360 115 5 108 157,265.65 Actual/360 1929,425,000.00 3.160 4.410 0 115 5 108 N/A Actual/360 11526,130,000.00 2.400 3.670 360 115 5 108 119,829.00 Actual/360 3125,500,000.00 2.980 4.500 360 115 5 108 129,204.75 Actual/360 3124,055,373.62 3.050 4.300 360 114 6 107 120,006.32 Actual/360 N/A21,432,000.00 2.480 4.150 360 115 5 108 104,181.66 Actual/360 1920,735,000.00 3.370 4.840 360 116 4 109 109,291.25 Actual/360 5620,614,438.48 2.700 4.250 360 115 5 108 102,107.04 Actual/360 N/A19,397,000.00 3.140 4.660 360 116 4 109 100,134.36 Actual/360 3218,413,000.00 2.870 4.540 360 115 5 108 93,734.10 Actual/360 4317,940,000.00 3.040 4.510 360 115 5 108 91,005.97 Actual/360 1917,077,376.99 3.390 5.060 360 115 5 108 92,845.61 Actual/360 N/A15,500,000.00 2.640 4.240 360 115 5 108 76,159.97 Actual/360 1915,440,000.00 2.370 3.640 360 116 4 109 70,544.74 Actual/360 3215,240,000.00 3.190 4.050 360 116 4 109 73,198.08 Actual/360 5614,848,067.98 3.125 4.465 360 115 5 108 75,418.68 Actual/360 N/A13,420,000.00 3.120 4.790 360 115 5 108 70,329.00 Actual/360 713,211,704.40 3.160 4.830 360 115 5 108 69,985.02 Actual/360 N/A12,880,000.00 2.370 3.640 360 116 4 109 58,848.20 Actual/360 3211,638,000.00 3.210 4.780 360 115 5 108 60,919.94 Actual/360 711,500,000.00 3.360 4.680 360 115 5 108 59,505.18 Actual/360 1911,350,000.00 3.260 4.730 0 115 5 108 N/A Actual/360 11511,178,402.86 3.150 4.620 360 115 5 108 57,807.04 Actual/360 N/A10,929,064.52 3.300 4.550 360 115 5 108 56,062.66 Actual/360 N/A10,320,000.00 2.370 3.640 360 116 4 109 47,151.67 Actual/360 3210,075,000.00 3.280 4.950 360 116 4 109 53,777.33 Actual/360 32

8,936,310.06 2.530 4.050 360 115 5 108 43,227.21 Actual/360 N/A

A-1






(mos.)Loan Age

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest**



$8,497,524.80 3.180% 4.980% 360 116 4 109 $45,734.88 Actual/360 N/A8,417,105.38 3.100 4.850 360 115 5 108 44,688.64 Actual/360 N/A8,287,000.00 3.280 4.910 360 116 4 109 44,031.71 Actual/360 208,180,396.56 3.050 4.700 360 115 5 108 42,694.26 Actual/360 N/A8,168,000.00 3.330 4.620 360 115 5 108 41,970.48 Actual/360 558,000,000.00 3.110 4.090 360 116 4 109 38,609.48 Actual/360 207,954,774.48 2.880 3.790 420 115 5 108 34,421.37 Actual/360 N/A7,520,000.00 3.140 4.480 360 115 5 108 38,013.42 Actual/360 197,500,000.00 3.390 4.780 360 115 5 108 39,259.28 Actual/360 317,350,000.00 2.510 3.700 360 115 5 108 33,830.80 Actual/360 557,239,816.61 2.500 3.630 300 116 4 109 37,056.46 Actual/360 N/A6,861,481.92 2.560 4.210 360 116 4 109 33,782.47 Actual/360 N/A6,639,325.92 3.360 5.010 300 115 5 108 39,177.32 Actual/360 N/A6,374,000.00 3.330 4.370 0 116 4 109 N/A Actual/360 1166,187,000.00 3.440 5.200 360 115 5 108 33,973.49 Actual/360 195,677,000.00 3.000 4.750 360 115 5 108 29,613.92 Actual/360 315,640,000.00 3.260 4.650 360 115 5 108 29,081.92 Actual/360 315,628,123.02 3.370 5.420 360 115 5 108 31,847.71 Actual/360 N/A5,500,000.00 3.390 4.820 360 116 4 109 28,923.12 Actual/360 565,325,000.00 3.140 4.430 360 116 4 109 26,759.97 Actual/360 565,264,108.38 3.360 4.750 360 115 5 108 27,631.66 Actual/360 N/A5,100,000.00 3.020 4.300 0 115 5 108 N/A Actual/360 1154,910,000.00 2.990 4.380 360 115 5 108 24,529.39 Actual/360 194,740,915.86 3.380 5.800 360 116 2 109 27,870.77 Actual/360 N/A4,690,016.36 3.470 4.990 360 115 5 108 25,298.42 Actual/360 N/A4,600,000.00 3.360 4.990 360 115 5 108 24,665.69 Actual/360 434,359,455.87 3.420 5.170 360 116 4 109 23,969.95 Actual/360 N/A4,200,000.00 3.370 4.890 360 115 5 108 22,265.00 Actual/360 313,884,784.67 3.200 4.630 360 116 4 109 20,088.84 Actual/360 N/A3,599,205.61 2.580 4.630 360 115 10 108 18,751.29 Actual/360 N/A3,575,583.32 3.240 4.280 360 115 5 108 17,773.12 Actual/360 N/A3,450,000.00 3.210 4.500 360 115 5 108 17,480.64 Actual/360 553,376,000.00 3.160 4.550 360 115 5 108 17,206.14 Actual/360 553,160,883.72 3.290 4.920 360 115 5 108 16,915.79 Actual/360 N/A2,982,586.26 2.950 3.990 360 116 4 109 14,305.17 Actual/360 N/A2,937,473.19 3.470 4.990 360 115 5 108 15,845.02 Actual/360 N/A2,925,000.00 3.240 4.870 360 115 5 108 15,470.46 Actual/360 192,850,000.00 3.190 4.840 360 115 5 108 15,021.95 Actual/360 192,484,856.08 3.230 4.880 360 115 5 108 13,237.79 Actual/360 N/A2,188,528.43 3.040 4.590 360 116 4 109 11,265.03 Actual/360 N/A2,094,625.04 3.430 5.080 300 115 5 108 12,445.18 Actual/360 N/A1,988,944.34 3.225 4.265 360 116 4 109 9,856.37 Actual/360 N/A

A-2






(mos.)Loan Age

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest**



$1,964,600.00 3.370% 4.660% 360 116 4 109 $10,141.98 Actual/360 561,829,692.32 2.900 3.940 360 115 5 108 8,735.13 Actual/360 N/A1,799,690.32 3.360 5.280 360 116 4 109 10,017.46 Actual/360 N/A1,780,000.00 3.410 5.520 360 116 4 109 10,128.99 Actual/360 201,640,584.08 3.570 5.190 360 115 5 108 9,050.14 Actual/360 N/A1,373,974.85 3.310 5.100 360 115 5 108 7,503.57 Actual/360 N/A1,317,110.87 3.450 4.970 360 115 5 108 7,088.61 Actual/360 N/A

811,012.33 3.460 4.940 360 116 4 109 4,345.26 Actual/360 N/A626,039.49 3.260 5.310 360 116 3 109 3,491.21 Actual/360 N/A300,000.00 3.170 4.800 360 115 5 108 1,574.00 Actual/360 19

* The assumed characteristics of the underlying Mortgage Loans are derived from certain MBS pools that we expect to be included in the Trust. The assumedcharacteristics may not reflect the actual characteristics of the individual loans included in the related pools.

** Mortgage Loans that are interest only for their entire terms and have no scheduled interest and principal payment amounts prior to maturity are designated “0” underOriginal Amortization Term (mos.) and “N/A” under Scheduled Monthly Principal and Interest in the above table.

Certain Characteristics of theExpected MBS and the Related Mortgage Loans

As of June 1, 2017

ExpectedPool

Number

OriginalMBS

Balance*

MBSBalancein the

Lower TierREMIC

MBSIssueDate

MBSMaturity

Date

LoanNoteRate(%)

MBSPass-ThruRate(%)


LoanOriginal

Amor-tization

Term(mos.)†

LoanOriginal

Termto

Maturity(mos.)

LoanRemaining

Termto Maturity

(mos.)

LoanAge

(mos.)

LoanOriginalInterest

OnlyPeriod(mos.)

LoanRemaining

InterestOnly Period

(mos.)

LoanOriginal

PrepaymentPremium

Term(mos.)

LoanPrepayment

PremiumEndDate

AN4816 $64,330,000.00 $64,330,000.00 02/01/17 02/01/27 4.020% 2.980% Actual/360 360 120 116 4 60 56 114 7/31/2026AN4543 51,590,000.00 51,590,000.00 01/01/17 01/01/27 3.900 2.990 Actual/360 360 120 115 5 36 31 114 6/30/2026AN3742 44,460,000.00 44,460,000.00 12/01/16 12/01/26 3.720 2.530 Actual/360 0 120 114 6 120 114 114 5/31/2026AN3932 35,000,000.00 35,000,000.00 01/01/17 01/01/27 4.120 2.930 Actual/360 360 120 115 5 36 31 114 6/30/2026AN4158 34,021,000.00 34,021,000.00 01/01/17 01/01/27 4.570 3.000 Actual/360 360 120 115 5 36 31 114 6/30/2026AN3914 33,450,000.00 33,450,000.00 12/01/16 01/01/27 3.750 2.480 Actual/360 0 120 115 5 120 115 114 6/30/2026AN4411 31,184,000.00 31,184,000.00 01/01/17 01/01/27 4.720 3.250 Actual/360 360 120 115 5 12 7 114 6/30/2026AN4318 30,358,000.00 30,358,000.00 01/01/17 01/01/27 4.690 3.220 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4148 29,425,000.00 29,425,000.00 01/01/17 01/01/27 4.410 3.160 Actual/360 0 120 115 5 120 115 114 6/30/2026AN3572 26,130,000.00 26,130,000.00 12/01/16 01/01/27 3.670 2.400 Actual/360 360 120 115 5 36 31 114 6/30/2026AN4129 25,500,000.00 25,500,000.00 01/01/17 01/01/27 4.500 2.980 Actual/360 360 120 115 5 36 31 114 6/30/2026AN4049 24,219,786.00 24,055,373.62 01/01/17 12/01/26 4.300 3.050 Actual/360 360 120 114 6 N/A N/A 114 5/31/2026AN3327 21,432,000.00 21,432,000.00 01/01/17 01/01/27 4.150 2.480 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4490 20,735,000.00 20,735,000.00 02/01/17 02/01/27 4.840 3.370 Actual/360 360 120 116 4 60 56 114 7/31/2026AN3883 20,756,000.00 20,614,438.48 01/01/17 01/01/27 4.250 2.700 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4398 19,397,000.00 19,397,000.00 02/01/17 02/01/27 4.660 3.140 Actual/360 360 120 116 4 36 32 114 7/31/2026AN4166 18,413,000.00 18,413,000.00 01/01/17 01/01/27 4.540 2.870 Actual/360 360 120 115 5 48 43 114 6/30/2026AN3976 17,940,000.00 17,940,000.00 01/01/17 01/01/27 4.510 3.040 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4549 17,177,900.00 17,077,376.99 01/01/17 01/01/27 5.060 3.390 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4022 15,500,000.00 15,500,000.00 01/01/17 01/01/27 4.240 2.640 Actual/360 360 120 115 5 24 19 114 6/30/2026

A-3

ExpectedPool

Number

OriginalMBS

Balance*

MBSBalancein the

Lower TierREMIC

MBSIssueDate

MBSMaturity

Date

LoanNoteRate(%)

MBSPass-ThruRate(%)


LoanOriginal

Amor-tization

Term(mos.)†

LoanOriginal

Termto

Maturity(mos.)

LoanRemaining

Termto Maturity

(mos.)

LoanAge

(mos.)


OnlyPeriod(mos.)

LoanRemaining

InterestOnly Period

(mos.)

LoanOriginal

PrepaymentPremium

Term(mos.)

LoanPrepayment

PremiumEndDate

AN4771 $15,440,000.00 $15,440,000.00 02/01/17 02/01/27 3.640% 2.370% Actual/360 360 120 116 4 36 32 114 7/31/2026AN4745 15,240,000.00 15,240,000.00 02/01/17 02/01/27 4.050 3.190 Actual/360 360 120 116 4 60 56 114 7/31/2026AN3725 14,946,000.00 14,848,067.98 01/01/17 01/01/27 4.465 3.125 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4102 13,420,000.00 13,420,000.00 01/01/17 01/01/27 4.790 3.120 Actual/360 360 120 115 5 12 7 114 6/30/2026AN4313 13,293,000.00 13,211,704.40 01/01/17 01/01/27 4.830 3.160 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4772 12,880,000.00 12,880,000.00 02/01/17 02/01/27 3.640 2.370 Actual/360 360 120 116 4 36 32 114 7/31/2026AN4094 11,638,000.00 11,638,000.00 01/01/17 01/01/27 4.780 3.210 Actual/360 360 120 115 5 12 7 114 6/30/2026AN4419 11,500,000.00 11,500,000.00 01/01/17 01/01/27 4.680 3.360 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4437 11,350,000.00 11,350,000.00 01/01/17 01/01/27 4.730 3.260 Actual/360 0 120 115 5 120 115 114 6/30/2026AN3721 11,250,000.00 11,178,402.86 1/1/2017 1/1/2027 4.620 3.150 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4540 11,000,000.00 10,929,064.52 1/1/2017 1/1/2027 4.550 3.300 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4773 10,320,000.00 10,320,000.00 2/1/2017 2/1/2027 3.640 2.370 Actual/360 360 120 116 4 36 32 114 7/31/2026AN4736 10,075,000.00 10,075,000.00 2/1/2017 02/01/27 4.950 3.280 Actual/360 360 120 116 4 36 32 114 7/31/2026AN2519 9,000,000.00 8,936,310.06 1/1/2017 01/01/27 4.050 2.530 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4663 8,539,000.00 8,497,524.80 2/1/2017 02/01/27 4.980 3.180 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4306 8,468,700.00 8,417,105.38 1/1/2017 01/01/27 4.850 3.100 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4317 8,287,000.00 8,287,000.00 2/1/2017 02/01/27 4.910 3.280 Actual/360 360 120 116 4 24 20 114 7/31/2026AN4126 8,232,000.00 8,180,396.56 1/1/2017 01/01/27 4.700 3.050 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4360 8,168,000.00 8,168,000.00 1/1/2017 01/01/27 4.620 3.330 Actual/360 360 120 115 5 60 55 114 6/30/2026AN4610 8,000,000.00 8,000,000.00 2/1/2017 02/01/27 4.090 3.110 Actual/360 360 120 116 4 24 20 114 7/31/2026AN4101 8,000,000.00 7,954,774.48 1/1/2017 01/01/27 3.790 2.880 Actual/360 420 120 115 5 N/A N/A 114 6/30/2026AN4086 7,520,000.00 7,520,000.00 1/1/2017 01/01/27 4.480 3.140 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4485 7,500,000.00 7,500,000.00 1/1/2017 01/01/27 4.780 3.390 Actual/360 360 120 115 5 36 31 114 6/30/2026AN2541 7,350,000.00 7,350,000.00 1/1/2017 01/01/27 3.700 2.510 Actual/360 360 120 115 5 60 55 114 6/30/2026AN3610 7,300,000.00 7,239,816.61 2/1/2017 02/01/27 3.630 2.500 Actual/360 300 120 116 4 N/A N/A 114 7/31/2026AN3867 6,900,000.00 6,861,481.92 2/1/2017 02/01/27 4.210 2.560 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4463 6,695,000.00 6,639,325.92 1/1/2017 01/01/27 5.010 3.360 Actual/360 300 120 115 5 N/A N/A 114 6/30/2026AN1693 (1) 6,374,000.00 6,374,000.00 2/1/2017 02/01/27 4.370 3.330 Actual/360 0 120 116 4 120 116 114 7/31/2026AN4388 6,187,000.00 6,187,000.00 1/1/2017 01/01/27 5.200 3.440 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4182 5,677,000.00 5,677,000.00 1/1/2017 01/01/27 4.750 3.000 Actual/360 360 120 115 5 36 31 114 6/30/2026AN4305 5,640,000.00 5,640,000.00 1/1/2017 01/01/27 4.650 3.260 Actual/360 360 120 115 5 36 31 114 6/30/2026AN4379 5,659,000.00 5,628,123.02 1/1/2017 01/01/27 5.420 3.370 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4531 5,500,000.00 5,500,000.00 2/1/2017 02/01/27 4.820 3.390 Actual/360 360 120 116 4 60 56 114 7/31/2026AN4595 5,325,000.00 5,325,000.00 2/1/2017 02/01/27 4.430 3.140 Actual/360 360 120 116 4 60 56 114 7/31/2026AN3984 5,297,000.00 5,264,108.38 1/1/2017 01/01/27 4.750 3.360 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4147 5,100,000.00 5,100,000.00 1/1/2017 01/01/27 4.300 3.020 Actual/360 0 120 115 5 120 115 114 6/30/2026AN4125 4,910,000.00 4,910,000.00 1/1/2017 01/01/27 4.380 2.990 Actual/360 360 120 115 5 24 19 114 6/30/2026AN5253 4,750,000.00 4,740,915.86 4/1/2017 02/01/27 5.800 3.380 Actual/360 360 118 116 2 N/A N/A 112 7/31/2026AN4548 4,718,000.00 4,690,016.36 1/1/2017 01/01/27 4.990 3.470 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4432 4,600,000.00 4,600,000.00 1/1/2017 01/01/27 4.990 3.360 Actual/360 360 120 115 5 48 43 114 6/30/2026AN4561 4,380,000.00 4,359,455.87 2/1/2017 02/01/27 5.170 3.420 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4401 4,200,000.00 4,200,000.00 1/1/2017 01/01/27 4.890 3.370 Actual/360 360 120 115 5 36 31 114 6/30/2026AN4644 3,905,000.00 3,884,784.67 2/1/2017 02/01/27 4.630 3.200 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN2276 3,645,000.00 3,599,205.61 8/1/2016 01/01/27 4.630 2.580 Actual/360 360 125 115 10 N/A N/A 119 6/30/2026AN4285 3,600,000.00 3,575,583.32 1/1/2017 01/01/27 4.280 3.240 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4482 3,450,000.00 3,450,000.00 1/1/2017 01/01/27 4.500 3.210 Actual/360 360 120 115 5 60 55 114 6/30/2026AN4137 3,376,000.00 3,376,000.00 1/1/2017 01/01/27 4.550 3.160 Actual/360 360 120 115 5 60 55 114 6/30/2026AN4185 3,180,000.00 3,160,883.72 1/1/2017 01/01/27 4.920 3.290 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4573 3,000,000.00 2,982,586.26 2/1/2017 02/01/27 3.990 2.950 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4547 2,955,000.00 2,937,473.19 1/1/2017 01/01/27 4.990 3.470 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026

A-4

ExpectedPool

Number

OriginalMBS

Balance*

MBSBalancein the

Lower TierREMIC

MBSIssueDate

MBSMaturity

Date

LoanNoteRate(%)

MBSPass-ThruRate(%)


LoanOriginal

Amor-tization

Term(mos.)†

LoanOriginal

Termto

Maturity(mos.)

LoanRemaining

Termto Maturity

(mos.)

LoanAge

(mos.)


OnlyPeriod(mos.)

LoanRemaining

InterestOnly Period

(mos.)

LoanOriginal

PrepaymentPremium

Term(mos.)

LoanPrepayment

PremiumEndDate

AN4347 $2,925,000.00 $2,925,000.00 1/1/2017 01/01/27 4.870% 3.240% Actual/360 360 120 115 5 24 19 114 6/30/2026AN4296 2,850,000.00 2,850,000.00 1/1/2017 01/01/27 4.840 3.190 Actual/360 360 120 115 5 24 19 114 6/30/2026AN4280 2,500,000.00 2,484,856.08 1/1/2017 01/01/27 4.880 3.230 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4546 2,200,000.00 2,188,528.43 2/1/2017 02/01/27 4.590 3.040 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4461 2,112,000.00 2,094,625.04 1/1/2017 01/01/27 5.080 3.430 Actual/360 300 120 115 5 N/A N/A 114 6/30/2026AN4412 2,000,000.00 1,988,944.34 2/1/2017 02/01/27 4.265 3.225 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4645 1,964,600.00 1,964,600.00 2/1/2017 02/01/27 4.660 3.370 Actual/360 360 120 116 4 60 56 114 7/31/2026AN3732 1,843,000.00 1,829,692.32 1/1/2017 01/01/27 3.940 2.900 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4562 1,808,000.00 1,799,690.32 2/1/2017 02/01/27 5.280 3.360 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4681 1,780,000.00 1,780,000.00 2/1/2017 02/01/27 5.520 3.410 Actual/360 360 120 116 4 24 20 114 7/31/2026AN4407 1,650,000.00 1,640,584.08 1/1/2017 01/01/27 5.190 3.570 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4064 1,382,000.00 1,373,974.85 1/1/2017 01/01/27 5.100 3.310 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4486 1,325,000.00 1,317,110.87 1/1/2017 01/01/27 4.970 3.450 Actual/360 360 120 115 5 N/A N/A 114 6/30/2026AN4838 815,000.00 811,012.33 2/1/2017 02/01/27 4.940 3.460 Actual/360 360 120 116 4 N/A N/A 114 7/31/2026AN4999 628,000.00 626,039.49 3/1/2017 02/01/27 5.310 3.260 Actual/360 360 119 116 3 N/A N/A 113 7/31/2026AN4265 300,000.00 300,000.00 1/1/2017 01/01/27 4.800 3.170 Actual/360 360 120 115 5 24 19 114 6/30/2026

* This may represent all or a portion of the principal balance of the related pool at MBS issuance.† Mortgage Loans that are interest only for their entire terms and have no scheduled interest and principal payment amounts prior to maturity are designated “0”

under Loan Original Amortization Term (mos.) in the above table.(1) In this case, three Mortgage Loans with generally similar payment terms back a single MBS.

Property Characteristics of theExpected MBS and the Related Mortgage Loans

As of June 1, 2017

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)

DSCR atMaximumPayment

MortgageLoan

Originator

AN4816 San Ramon CA 94582 Multifamily 293 2012 69.4% 1.25 CITIBANK, N.A.AN4543 San Francisco CA 94102 Multifamily 108 1967 67.7 1.30 CITIBANK, N.A.AN3742 Santa Clara CA 95054 Multifamily 252 1998 57.5 2.20 WALKER & DUNLOP, LLCAN3932 Fitchburg WI 53719 Multifamily 578 1973 76.6 1.43 WALKER & DUNLOP, LLCAN4158 Orlando FL 32803 Multifamily 312 1988 72.2 1.25 GREYSTONE SERVICING CORPORATION INC.AN3914 Houston TX 77077 Multifamily 432 1998 64.7 2.26 CBRE MULTIFAMILY CAPITAL, INC.AN4411 Austin TX 78750 Multifamily 289 2012 69.2 1.25 BARINGS MULTIFAMILY CAPITAL LLCAN4318 San Mateo CA 94403 Multifamily 135 2007 64.9 1.44 CBRE MULTIFAMILY CAPITAL, INC.AN4148 Gilroy CA 95020 Multifamily 170 2007 55.0 2.15 CBRE MULTIFAMILY CAPITAL, INC.AN3572 Albuquerque NM 87111 Multifamily 300 1986 78.0 1.25 CBRE MULTIFAMILY CAPITAL, INC.AN4129 Fredericksburg VA 22407 Multifamily 224 1988 73.9 1.29 GRANDBRIDGE REAL ESTATE CAPITAL LLCAN4049 Seminole FL 33772 Seniors 337 1990 46.6 2.54 GREYSTONE SERVICING CORPORATION INC.AN3327 Herriman UT 84096 Multifamily 134 2015 76.2 1.25 BERKADIA COMMERCIAL MORTGAGE LLCAN4490 Balch Springs TX 75180 Multifamily 484 1983 65.0 1.53 HUNT MORTGAGE CAPITAL, LLCAN3883 Boise ID 83704 Seniors 193 1992 62.1 1.43 WALKER & DUNLOP, LLCAN4398 Bradenton FL 34210 Multifamily 234 1986 70.3 1.25 BERKELEY POINT CAPITAL LLCAN4166 Stockbridge GA 30281 Multifamily 167 2006 80.0 1.26 ARBOR COMMERCIAL FUNDING I, LLCAN3976 Yelm WA 98597 Multifamily 165 2014 67.2 1.30 WELLS FARGO BANK, N.A.AN4549 Ithaca NY 14850 Dedicated Student 57 1987 68.7 1.30 ARBOR COMMERCIAL FUNDING I, LLC

A-5

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


MortgageLoan

Originator

AN4022 Summerville SC 29485 Multifamily 192 2006 74.9% 1.34 WALKER & DUNLOP, LLCAN4771 Albuquerque NM 87102 Multifamily 210 1984 80.0 1.29 CBRE MULTIFAMILY CAPITAL, INC.AN4745 Bakersfield CA 93301 Manufactured Housing 411 1972 55.0 1.90 BERKADIA COMMERCIAL MORTGAGE LLCAN3725 Billings MT 59102 Manufactured Housing 425 1962 72.2 1.25 WELLS FARGO BANK, N.A.AN4102 Lewisville TX 75067 Multifamily 212 1970 77.1 1.33 SUNTRUST BANKAN4313 Syracuse NY 13202 Multifamily 75 2014 73.9 1.25 WALKER & DUNLOP, LLCAN4772 Albuquerque NM 87111 Multifamily 216 1986 80.0 1.27 CBRE MULTIFAMILY CAPITAL, INC.AN4094 Houston TX 77082 Multifamily 255 1982 75.0 1.35 HUNT MORTGAGE CAPITAL, LLCAN4419 Houston TX 77074 Multifamily 356 1972 65.0 1.56 ARBOR COMMERCIAL FUNDING I, LLCAN4437 Greenville SC 29607 Multifamily 212 1974 64.9 1.93 NORTHMARQ CAPITAL FINANCE, L.L.C.AN3721 Lowell IN 46356 Multifamily 192 2004 73.1 1.42 PNC BANK, NATIONAL ASSOCIATIONAN4540 East Lansing MI 48823 Dedicated Student 143 1964 54.7 1.69 ARBOR COMMERCIAL FUNDING I, LLCAN4773 Albuquerque NM 87110 Multifamily 102 1970 80.0 1.31 CBRE MULTIFAMILY CAPITAL, INC.AN4736 Houston TX 77084 Multifamily 180 1982 72.6 1.34 BERKELEY POINT CAPITAL LLCAN2519 Charlottesville VA 22903 Dedicated Student 35 1987 73.8 1.38 NORTHMARQ CAPITAL FINANCE, L.L.C.AN4663 Denton TX 76207 Multifamily 200 1975 69.9 1.25 GREYSTONE SERVICING CORPORATION INC.AN4306 Portland OR 97211 Multifamily 61 2016 65.9 1.25 HOMESTREET CAPITAL CORPORATIONAN4317 Houston TX 77038 Manufactured Housing 293 1973 75.0 1.34 WALKER & DUNLOP, LLCAN4126 Colorado Springs CO 80910 Multifamily 150 1972 63.1 1.25 WELLS FARGO BANK, N.A.AN4360 Los Angeles CA 90019 Multifamily 44 1984 55.6 1.35 NORTHMARQ CAPITAL FINANCE, L.L.C.AN4610 Clayton CA 94517 Manufactured Housing 187 1970 48.3 1.60 GREYSTONE SERVICING CORPORATION INC.AN4101 Mishawaka IN 46545 Multifamily 240 1970 60.6 1.83 WALKER & DUNLOP, LLCAN4086 Cedar Falls IA 50613 Manufactured Housing 325 1968 75.0 1.25 WALKER & DUNLOP, LLCAN4485 Sierra Vista AZ 85635 Manufactured Housing 234 1985 62.5 1.51 WALKER & DUNLOP, LLCAN2541 Bellevue WA 98006 Multifamily 40 1981 58.3 1.36 NORTHMARQ CAPITAL FINANCE, L.L.C.AN3610 Grimes IA 50111 Manufactured Housing 302 1992 47.1 2.08 WELLS FARGO BANK, N.A.AN3867 Boise ID 83712 Multifamily 128 1971 57.1 1.54 HOMESTREET CAPITAL CORPORATIONAN4463 Milledgeville GA 31061 Multifamily 190 1985 65.0 1.36 BELLWETHER ENTERPRISE MORTGAGE INVESTMENAN1693 Orange CA 92867 Multifamily 46 1972 21.5 4.76 PNC BANK, NATIONAL ASSOCIATIONAN1693 Cypress CA 90630 Multifamily 35 1973 27.8 3.25 PNC BANK, NATIONAL ASSOCIATIONAN1693 Cypress CA 90630 Multifamily 38 1971 27.1 3.56 PNC BANK, NATIONAL ASSOCIATIONAN4388 Houston TX 77015 Multifamily 160 1969 75.0 1.41 GREYSTONE SERVICING CORPORATION INC.AN4182 Saraland AL 36571 Multifamily 167 1978 73.7 1.52 GREYSTONE SERVICING CORPORATION INC.AN4305 Tempe AZ 85281 Manufactured Housing 153 1971 62.7 1.35 SUNTRUST BANKAN4379 Glen Allen VA 23059 Multifamily 352 1998 64.7 1.30 WELLS FARGO BANK, N.A.AN4531 Waco TX 76706 Dedicated Student 96 1986 55.0 1.56 HUNT MORTGAGE CAPITAL, LLCAN4595 Portland OR 97203 Multifamily 40 2016 60.5 1.35 SUNTRUST BANKAN3984 South Bloomfield OH 43103 Manufactured Housing 225 1973 65.0 1.53 WALKER & DUNLOP, LLCAN4147 Santa Clara CA 95051 Multifamily 108 1976 12.8 8.47 CBRE MULTIFAMILY CAPITAL, INC.AN4125 Modesto CA 95357 Manufactured Housing 172 1966 64.3 1.35 WELLS FARGO BANK, N.A.AN5253 Aurora CO 80011 Multifamily 461 1973 59.6 1.58 HUNT MORTGAGE CAPITAL, LLCAN4548 Ithaca NY 14850 Dedicated Student 45 1947 70.0 1.36 ARBOR COMMERCIAL FUNDING I, LLCAN4432 Ozark MO 65721 Multifamily 152 1999 63.3 1.38 BERKELEY POINT CAPITAL LLCAN4561 San Antonio TX 78212 Multifamily 135 1981 75.0 1.32 ARBOR COMMERCIAL FUNDING I, LLCAN4401 Gaithersburg MD 20879 Multifamily 48 1986 71.2 1.29 HUNT MORTGAGE CAPITAL, LLCAN4644 Marquette MI 49855 Multifamily 124 1977 55.0 1.97 BELLWETHER ENTERPRISE MORTGAGE INVESTMENAN2276 Fresno CA 93722 Multifamily 248 1988 74.1 1.79† BERKADIA COMMERCIAL MORTGAGE LLCAN4285 Los Angeles CA 90024 Multifamily 24 1974 44.2 1.58 NORTHMARQ CAPITAL FINANCE, L.L.C.AN4482 Portland OR 97227 Multifamily 25 2012 60.5 1.35 SUNTRUST BANKAN4137 Largo FL 33773 Manufactured Housing 119 1960 65.0 1.48 SUNTRUST BANKAN4185 Richmond IN 47374 Manufactured Housing 212 1972 71.6 1.30 WALKER & DUNLOP, LLCAN4573 San Gabriel CA 91776 Multifamily 50 1973 44.1 1.71 PNC BANK, NATIONAL ASSOCIATIONAN4547 Ithaca NY 14850 Multifamily 27 1933 75.0 1.25 ARBOR COMMERCIAL FUNDING I, LLC

A-6

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


MortgageLoan

Originator

AN4347 Lake Alfred FL 33850 Manufactured Housing 97 1960 69.6% 1.25 WALKER & DUNLOP, LLCAN4296 Irving TX 75061 Multifamily 94 1963 64.5 1.61 ARBOR COMMERCIAL FUNDING I, LLCAN4280 Stevensville MI 49127 Multifamily 67 1966 64.4 1.57 ARBOR COMMERCIAL FUNDING I, LLCAN4546 Columbus OH 43220 Multifamily 73 1969 62.9 1.61 PNC BANK, NATIONAL ASSOCIATIONAN4461 Dublin GA 31021 Multifamily 96 1974 65.0 1.39 BELLWETHER ENTERPRISE MORTGAGE INVESTMENAN4412 (North Hollywood Area ) Los Angeles CA 91601 Multifamily 31 1979 34.7 1.64 RED MORTGAGE CAPITAL, LLCAN4645 College Station TX 77840 Dedicated Student 18 2014 54.6 1.35 ARBOR COMMERCIAL FUNDING I, LLCAN3732 Long Beach CA 90802 Multifamily 23 1923 48.2 1.55 GREYSTONE SERVICING CORPORATION INC.AN4562 Arlington TX 76013 Multifamily 56 1982 70.6 1.27 DOUGHERTY MORTGAGE, LLCAN4681 Thunderbolt GA 31404 Multifamily 176 1978 74.7 1.36 BERKELEY POINT CAPITAL LLCAN4407 Nederland TX 77627 Multifamily 74 1974 52.4 2.29 HUNT MORTGAGE CAPITAL, LLCAN4064 Richmond IN 47374 Manufactured Housing 127 1970 73.1 1.30 WALKER & DUNLOP, LLCAN4486 Ocala FL 34470 Multifamily 32 1978 77.0 1.28 ARBOR COMMERCIAL FUNDING I, LLCAN4838 Peekskill NY 10566 Cooperative 123 1965 9.4 11.9 NATIONAL COOPERATIVE BANK, N.A.AN4999 Coon Rapids MN 55433 Multifamily 60 1973 70.0 1.52 DOUGHERTY MORTGAGE, LLCAN4265 Lakeland FL 33803 Manufactured Housing 228 1968 70.8 1.27 WALKER & DUNLOP, LLC

† In this case, the number in this column represents “Most Recently Reported Annual DSCR.”

A-7

Additional Loan Characteristics of the Ten Largest MBSAs of June 1, 2017

ExpectedPool

Number Property Name Property Street Address Property CityProperty

StateZip

Code

MBSBalance

in the LowerTier REMIC

MBS Balanceas Percent of

TotalAggregate

MBS Balance


OriginalLTV (%)

AN4816 Highlands Point Apartments 2311 Ivy Hill Way San Ramon CA 94582 $64,330,000.00 6.53% 1.25 69.4%AN4543 Banneker Homes 765 Fulton Street San Francisco CA 94102 51,590,000.00 5.24 1.30 67.7AN3742 Nantucket Apartments 1610 Nantucket Circle Santa Clara CA 95054 44,460,000.00 4.51 2.20 57.5AN3932 New Fountains 5401 Williamsburg Way Fitchburg WI 53719 35,000,000.00 3.55 1.43 76.6AN4158 Enclave at Lake Underhill 4004 Lake Underhill Road Orlando FL 32803 34,021,000.00 3.45 1.25 72.2AN3914 Chandler Park 1950 Eldridge Parkway Houston TX 77077 33,450,000.00 3.39 2.26 64.7AN4411 Promesa Apartment Homes 9415 McNeil Drive Austin TX 78750 31,184,000.00 3.16 1.25 69.2AN4318 The Villa at San Mateo 4000 S. El Camino Real San Mateo CA 94403 30,358,000.00 3.08 1.44 64.9AN4148 The Vineyards 7936 Westwood Drive Gilroy CA 95020 29,425,000.00 2.99 2.15 55.0AN3572 Spring Park Apartments 5801 Eubank Boulevard NE Albuquerque NM 87111 26,130,000.00 2.65 1.25 78.0

A-8

No one is authorized to give information or tomake representations in connection with theCertificates other than the information andrepresentations contained in this Prospectus Sup-plement and the additional Disclosure Docu-ments. We take no responsibility for anyunauthorized information or representation. ThisProspectus Supplement and the additional Dis-closure Documents do not constitute an offer orsolicitation with regard to the Certificates if it isillegal to make such an offer or solicitation to youunder state law. By delivering this ProspectusSupplement and the additional Disclosure Docu-ments at any time, no one implies that theinformation contained herein or therein is correctafter the date hereof or thereof.

Neither the Securities and Exchange Commissionnor any state securities commission has approvedor disapproved the Certificates or determined ifthis Prospectus Supplement is truthful and com-plete. Any representation to the contrary is acriminal offense.

TABLE OF CONTENTS

Page

Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . S- 2

Available Information . . . . . . . . . . . . . . . . . . . S- 3

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S- 5

Additional Risk Factors . . . . . . . . . . . . . . . . . S- 7

Description of the Certificates . . . . . . . . . . . . S- 8

Certain Additional Federal Income TaxConsequences . . . . . . . . . . . . . . . . . . . . . . . . . . S-15

Additional ERISA Considerations . . . . . . . . S-17

Plan of Distribution . . . . . . . . . . . . . . . . . . . . . S-18

Credit Risk Retention . . . . . . . . . . . . . . . . . . . . S-18

Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . S-18

Exhibit A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A- 1

$985,330,958

Guaranteed Fannie MaeGeMS™ REMIC

Pass-Through CertificatesFannie Mae MultifamilyREMIC Trust 2017-M7

PROSPECTUS SUPPLEMENT

MORGAN STANLEYGoldman Sachs & Co. LLC

J.P.Morgan

Mischler Financial Group

June 26, 2017

Fannie Mae 2017-M7...Prospectus Supplement (To Multifamily REMIC Prospectus dated August 1, 2014)...

Documents

Transcript of Fannie Mae 2017-M7...Prospectus Supplement (To Multifamily REMIC Prospectus dated August 1, 2014)...