(to multifamily remic prospectus dated august 1, …prospectus supplement (to multifamily remic...

Prospectus Supplement(To Multifamily REMIC Prospectus dated August 1, 2014)

$926,575,030

Guaranteed Fannie Mae GeMS™ REMIC Pass-Through CertificatesFannie Mae Multifamily REMIC Trust 2016-M2

The Certificates

We, the Federal National Mortgage Association(Fannie Mae), will issue the classes of certificateslisted in the chart on this cover.

Payments to Certificateholders

We will make monthly payments on the certificates.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 may vary fromtime to time. We may not pay principal to certainclasses for long periods of time.

The Fannie Mae Guaranty

We will guarantee that required payments of princi-pal and interest on the certificates are available fordistribution to investors on time. No prepaymentpremiums will be distributed to investors in theGroup 1 Classes. Investors in the Group 2 andGroup 3 Classes will receive prepayment premiumsonly to the extent described in this prospectussupplement.

The Trust and its Assets

The trust will own three groups of Fannie MaeMBS.

The mortgage loans underlying the Group 1 MBSare generally first-lien, multifamily, adjustable-rateloans that provide for balloon payments at maturity.The mortgage loans may be converted to fixed-rateloans during certain specified periods.

The mortgage loans underlying the Group 2 MBSand Group 3 MBS are generally first-lien, multi-family, fixed-rate loans that generally provide forballoon payments at maturity.

Class Group

OriginalClass

BalancePrincipalType(1)

InterestRate

InterestType(1)

CUSIPNumber

FinalDistribution

Date

FA . . . 1 $183,863,467 PT (2) FLT/AFC 3136AQV31 January 2023FX . . . 1 183,863,467(3) NTL (4) WAC/IO 3136AQ4S6 January 2023

AV1 . . . 2 45,639,000 SEQ 1.470% FIX 3136AQ5D8 January 2023AV2 . . . 2 419,454,000 SEQ 2.152 FIX 3136AQ5E6 January 2023ABV1 . . . 2 6,224,000 SEQ 1.443 FIX 3136AQ5F3 January 2023ABV2 . . . 2 57,198,178 SEQ 2.131 FIX 3136AQ5G1 January 2023X2 . . . 2 528,515,178(3) NTL (4) WAC/IO 3136AQ5H9 January 2023

AL . . . 3 214,196,385 PT 3.471 FIX 3136AQ 5 J 5 April 2036X3 . . . 3 214,196,385(3) NTL (4) WAC/IO 3136AQ5K2 April 2036

R . . . 0 NPR 0 NPR 3136AQ5L0 April 2036RL . . . 0 NPR 0 NPR 3136AQ5M8 April 2036

(1) See “Description of the Certificates—ClassDefinitions and Abbreviations” in theMultifamily REMIC Prospectus.

(2) Based on LIBOR and subject to thelimitations described in this prospectussupplement.

(3) Notional principal balances. These classes areinterest only classes. See page S-6 for adescription of how their notional principalbalances are calculated.

(4) Calculated as further described in thisprospectus supplement.

Except as described below, the dealers will offer the certificates from time to time in negotiated trans-actions at varying prices. We expect the settlement date to be February 29, 2016. We expect initiallyto retain certain certificates. See “Plan of Distribution” in this prospectus supplement.

Carefully consider the risk factors starting on page S-8 of this prospectus supplement and starting on page 13 of the Multifamily REMIC Pro-spectus. 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 or obligation of the United States orany 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 the Securities Exchange Act of 1934.

Credit SuisseBofA Merrill Lynch

KGS-Alpha Capital MarketsMulti-Bank Securities Inc.

The date of this Prospectus Supplement is February 23, 2016

TABLE OF CONTENTS

Page

AVAILABLE INFORMATION . . . . . . S- 3SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . S- 5ADDITIONAL RISK FACTORS . . . . . S- 8DESCRIPTION OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . S- 9GENERAL . . . . . . . . . . . . . . . . . . . . . . . . S- 9

Structure . . . . . . . . . . . . . . . . . . . . . . S- 9Fannie Mae Guaranty . . . . . . . . . . . S-10Characteristics of Certificates . . . . . S-10Authorized Denominations . . . . . . . S-11

THE GROUP 1 MBS . . . . . . . . . . . . . . . . S-11General . . . . . . . . . . . . . . . . . . . . . . . . S-11Characteristics of the Mortgage

Loans . . . . . . . . . . . . . . . . . . . . . . . . S-11Applicable Index . . . . . . . . . . . . . . S-11Option to Convert to Fixed

Rate . . . . . . . . . . . . . . . . . . . . . . . S-11Initial Interest Only Periods . . . . S-12ARM Rate Changes . . . . . . . . . . . . S-12ARM Rate Change Caps . . . . . . . . S-12Lifetime Cap and Floor . . . . . . . . S-12Monthly Payments . . . . . . . . . . . . S-12

THE GROUP 2 AND GROUP 3 MBS . . . . S-12DISTRIBUTIONS OF INTEREST . . . . . . . . S-13

General . . . . . . . . . . . . . . . . . . . . . . . . S-13Delay Classes and No-Delay

Classes . . . . . . . . . . . . . . . . . . . . . . S-13The FA Class . . . . . . . . . . . . . . . . . . . S-14The FX Class . . . . . . . . . . . . . . . . . . . S-14The X2 Class . . . . . . . . . . . . . . . . . . . S-14The X3 Class . . . . . . . . . . . . . . . . . . . S-15

Page

No Allocation of PrepaymentPremiums to Certificateholders ofthe Group 1 Classes . . . . . . . . . . . S-15

Allocation of Certain PrepaymentPremiums to the Group 2 andGroup 3 Classes . . . . . . . . . . . . . . . S-16

DISTRIBUTIONS OF PRINCIPAL . . . . . . . S-16STRUCTURING ASSUMPTIONS . . . . . . . . S-17

Pricing Assumptions . . . . . . . . . . . . S-17Prepayment Assumptions . . . . . . . . S-18

ADDITIONAL YIELD CONSIDERATIONS

FOR THE FX, X2 AND X3 CLASSES . . S-18WEIGHTED AVERAGE LIVES OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . . S-18DECREMENT TABLES . . . . . . . . . . . . . . . S-18CHARACTERISTICS OF THE RESIDUAL

CLASSES . . . . . . . . . . . . . . . . . . . . . . . S-21CERTAIN ADDITIONAL FEDERAL

INCOME TAX CONSEQUENCES . . S-21REMIC ELECTIONS AND SPECIAL TAX

ATTRIBUTES . . . . . . . . . . . . . . . . . . . . S-22TAXATION OF BENEFICIAL OWNERS OF

REGULAR CERTIFICATES . . . . . . . . . . S-22TAXATION OF BENEFICIAL OWNERS OF

RESIDUAL CERTIFICATES . . . . . . . . . S-22TAX AUDIT PROCEDURES . . . . . . . . . . . S-23FOREIGN INVESTORS . . . . . . . . . . . . . . . S-23

PLAN OF DISTRIBUTION . . . . . . . . . S-23CREDIT RISK RETENTION . . . . . . . S-24LEGAL MATTERS . . . . . . . . . . . . . . . . S-24EXHIBIT A-1 . . . . . . . . . . . . . . . . . . . . . . A- 1EXHIBIT A-2 . . . . . . . . . . . . . . . . . . . . . . A- 4EXHIBIT A-3 . . . . . . . . . . . . . . . . . . . . . . A-10

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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 1-800-237-8627).

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:

Credit Suisse Securities (USA) LLCProspectus Department11 Madison AvenueNew York, NY 10010-3629(telephone 212-325-2580).

Merrill Lynch, Pierce, Fenner & Smith IncorporatedMortgage Finance DepartmentOne Bryant ParkNew York, New York 10036(telephone 646-855-8340).

KGS-Alpha Capital MarketsProspectus Department601 Lexington Avenue, 44th FloorNew York, NY 10022

Multi-Bank Securities Inc.2400 East Commercial BoulevardSuite 812Ft. Lauderdale, FL 33308

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SUMMARY

This summary contains only limited information about the certificates. Statisticalinformation in this summary is provided as of February 1, 2016. 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.

Assets Underlying Each Group of Classes

Group Assets

1 Group 1 MBS2 Group 2 MBS3 Group 3 MBS

Certain Modeling Assumptions Regarding the Underlying Mortgage Loans

Exhibit A-1, Exhibit A-2 and Exhibit A-3 set forth certain assumed characteristics of themortgage loans underlying each MBS group. Except as otherwise specified, the assumedcharacteristics have been used solely for purposes of preparing the tabular information appearingin this prospectus supplement. The assumed mortgage loan characteristics appearing inExhibit A-1, Exhibit A-2 and Exhibit A-3 are derived from the MBS pools that we expect to beincluded in the trust. The assumed characteristics may not reflect the actual characteristics of theindividual mortgage loans included in the related pools. The actual characteristics of most of therelated mortgage loans may differ, and may differ significantly, from those set forth inExhibit A-1, Exhibit A-2 and Exhibit A-3, as applicable.

Expected Characteristics of the MBS and the Underlying Mortgage Loans

Exhibit A-1, Exhibit A-2 and Exhibit A-3 also contain certain information about theindividual MBS and the related mortgage loans that we expect to be included in the trust. Each ofthe mortgage loans underlying the Group 1 MBS is an adjustable-rate loan that may be convertedto a fixed-rate loan during certain specified conversion periods. The mortgage loans underlyingthe Group 2 MBS and Group 3 MBS are fixed-rate loans. To learn more about the MBS in eachgroup and the related mortgage loans, you should review the related Multifamily MBS ProspectusSupplements, which are available through the Multifamily Securities Locator Service atwww.fanniemae.com.

In addition, Exhibit A-1, Exhibit A-2 and Exhibit A-3 contain certain additional informationregarding the mortgage loans underlying the ten largest MBS in each of Group 1, Group 2 andGroup 3 that we expect to be included as of the issue date.

Prepayment Premiums

The mortgage loans provide for the payment of prepayment premiums as further described inthis prospectus supplement. We will not allocate any of these prepayment premiums to certifi-cateholders of the Group 1 Classes. If any prepayment premiums are included in the distributionsreceived on the Group 2 MBS or the Group 3 MBS with respect to any distribution date, we willallocate these prepayment premiums among the related classes of certificates only to the extentdescribed in this prospectus supplement.

Settlement Date

We expect to issue the certificates on February 29, 2016.

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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.

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 FA, FX, X2 and X3 Classes will bear interest at theapplicable annual rates described under “Description of the Certificates—Distributions of Interest—The FA Class,” “—The FX Class,” “—The X2 Class” and “—The X3 Class,” as applicable, in thisprospectus supplement.

During each interest accrual period, the AV1, AV2, ABV1, ABV2 and AL Classes will bearinterest at the applicable annual interest rates listed on the cover of this prospectus supplement.

Notional Classes

The notional principal balances of the notional classes will equal the percentages of theoutstanding balances specified below immediately before the related distribution date:

Class

FX . . . . . . . . . . . . . . . . . . . . . . 100% of the FA ClassX2 . . . . . . . . . . . . . . . . . . . . . . 100% of the Group 2 MBSX3 . . . . . . . . . . . . . . . . . . . . . . 100% of the Group 3 MBS

Distributions of Principal

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

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Weighted Average Lives (years)*

CPR Prepayment AssumptionNo Prepayments During

Lockout Term†Group 1 Classes 0% 25% 50% 75% 100%

FA and FX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 3.6 2.2 1.5 0.9


Prepayment Premium Term**Prepayments Without Regardto Prepayment Premium Term

Group 2 Classes 0% 25% 50% 75% 100% 0% 25% 50% 75% 100%

AV1 . . . . . . . . . . . . . . . . . . . . . . . 3.4 3.4 3.4 3.4 3.4 3.4 0.6 0.3 0.2 0.1AV2 . . . . . . . . . . . . . . . . . . . . . . . 6.6 6.6 6.6 6.5 6.2 6.6 3.5 1.8 0.9 0.1ABV1 . . . . . . . . . . . . . . . . . . . . . 3.4 3.4 3.4 3.4 3.4 3.4 0.1 0.1 0.1 0.1ABV2 . . . . . . . . . . . . . . . . . . . . . 6.6 6.2 6.1 6.0 5.7 6.6 0.3 0.1 0.1 0.1X2 . . . . . . . . . . . . . . . . . . . . . . . . 6.3 6.3 6.2 6.1 5.8 6.3 2.9 1.4 0.7 0.1


Prepayment Premium Term**Prepayments Without Regardto Prepayment Premium Term

Group 3 Classes 0% 25% 50% 75% 100% 0% 25% 50% 75% 100%

AL and X3 . . . . . . . . . . . . . . . 12.2 6.9 5.5 5.0 4.4 12.2 3.1 1.4 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 to the Group 2and Group 3 Classes” in this prospectus supplement.

† Assuming no prepayment during any applicable lockout term. See “Additional Risk Factors” and “Description of theCertificates—Distributions of Interest” in this prospectus 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 related underlyingmortgage 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 relatedMBS, including prepayments.

The mortgage loans underlying theGroup 1 MBS have a one-year lockout periodand generally provide for the payment of a 1%prepayment premium following the end of thelockout period. Fannie Mae may waive the 1%prepayment premium at our discretion.

The mortgage loans underlying theGroup 2 MBS and Group 3 MBS provide forthe payment of prepayment premiums thatare generally in the form of yield maintenancecharges.

Subject to any lockout period and anyapplicable prepayment premiums, the mortgageloans may be prepaid at any time. Therefore,the rate of principal payments on the mortgageloans is likely to vary over time. It is highlyunlikely that the mortgage loans will prepay

• 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:

Group 1 MBS

Florida . . . . . . . . . . . 16.8%Indiana . . . . . . . . . . 12.4%Texas . . . . . . . . . . . . 11.8%Pennsylvania . . . . . 9.2%Nevada . . . . . . . . . . 8.6%Alabama . . . . . . . . . 7.4%Virginia . . . . . . . . . . 6.9%Georgia . . . . . . . . . . 5.7%Colorado . . . . . . . . . 5.6%

Group 2 MBS

Maryland . . . . . . . . . 24.9%New York . . . . . . . . 15.9%Texas . . . . . . . . . . . . 12.5%California . . . . . . . . 12.1%Washington . . . . . . . 8.3%

Group 3 MBS

California . . . . . . . . 45.4%New York . . . . . . . . 12.0%Pennsylvania . . . . . 10.4%New Jersey . . . . . . . 8.6%Texas . . . . . . . . . . . . 7.1%

Lockout periods and prepayment premiumsmay reduce the prepayment rate of the relatedmortgage loans. The mortgage loans underlyingthe Group 1 MBS have a one-year lockout periodand generally provide for the payment of aprepayment premium of 1% in connection withvoluntary prepayments occurring on or beforethe prepayment premium end date for such loan(generally until 90 days before maturity of therelated mortgage loan).

No prepayment premiums on themortgage loans will be passed through toholders of the Group 1 Classes.

The mortgage loans underlying the Group 2MBS and Group 3 MBS generally provide forthe payment of prepayment premiums inconnection with voluntary prepayments occur-ring on or before the prepayment premium enddate for that loan (in the case of the Group 2MBS, generally until 180 days before maturityof the related mortgage loan, and in the case ofthe Group 3 MBS, generally until fifteen yearsbefore maturity of the related mortgage loan). In

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most cases, this prepayment premium isdetermined based on a yield maintenanceformula. We will allocate to certificateholders ofthe Group 2 Classes and the Group 3 Classesany prepayment premiums that are actuallyreceived on the Group 2 MBS or the Group 3MBS, as applicable.

The mortgage loans underlying the Group 2MBS and Group 3 MBS may also require anadditional premium in connection withprepayments occurring after the applicableprepayment premium end date (but prior to90 days before the loan maturity). Theseprepayment premiums generally will equal 1%of the outstanding principal balance of themortgage loan and are not passed through toholders of the related MBS. Accordingly, the 1%prepayment premiums, even if collected, willnot be allocated to certificateholders.

Prepayment premiums on the relatedmortgage loans will be passed through toholders of the Group 2 and Group 3Classes only to the extent actuallyreceived 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 to theGroup 2 and Group 3 Classes may not fullyoffset the adverse effect on yields of the corre-sponding prepayments. If any prepaymentpremiums are included in the paymentsreceived on the Group 2 MBS or Group 3 MBSwith respect to any distribution date, we willinclude these amounts in the payments to bemade on the Group 2 Classes or Group 3Classes, as applicable, on that distributiondate. We do not, however, guarantee that anyprepayment premiums will in fact be collectedfrom mortgagors or be paid to holders of the

Group 2 MBS or Group 3 MBS or the relatedcertificateholders. Accordingly, holders of theGroup 2 or Group 3 Classes will receiveprepayment premiums only to the extent wereceive them. Moreover, even if we pay theprepayment premiums to the holders of theseclasses, the additional amounts may not fullyoffset the reductions in yield caused by therelated prepayments. We will not pass throughto Group 2 or Group 3 certificateholders anyadditional prepayment premiums received as aresult of a prepayment of a mortgage loan afterthe prepayment premium end date for suchloan.

The prepayment premium end date for anindividual loan can be found on the Schedule ofLoan Information portion of the MultifamilyMBS Prospectus Supplement for the MBSbacked by that 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 about theassumed remaining prepayment premiumterms of loans underlying the related MBSunder the heading “Remaining PrepaymentPremium Term (mos.)” in the first table ofExhibit A-1, Exhibit A-2 or Exhibit A-3, asapplicable, of this prospectus supplement. Youmay find similar data about the individualmortgage loans underlying the related MBSunder the heading “Loan Prepayment PremiumEnd Date” in the second table of Exhibit A-1,Exhibit A-2 or Exhibit A-3, as applicable, of thisprospectus supplement.

You must make your own decisionsabout the various applicable assumptions,including prepayment assumptions, whendeciding whether to purchase thecertificates.

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, 2010

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and a supplement thereto dated as of February 1, 2016 (the “Issue Date”). The trust agreementand supplement 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 three groups of Fannie Mae Guaranteed Mortgage Pass-Through Certificates (the “Group 1 MBS,” “Group 2 MBS” and “Group 3 MBS,” and together, the“MBS”).

Each MBS represents a beneficial ownership interest in one or more multifamily, fixed-rate oradjustable-rate mortgage loans (the “Mortgage Loans”) having the characteristics described in thisprospectus supplement and in the Multifamily REMIC Prospectus, the Multifamily MBS Prospectusand the applicable Multifamily MBS Prospectus Supplement. Substantially all of the MortgageLoans underlying the MBS are first-lien Mortgage Loans.

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”).

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.

No prepayment premiums on the Mortgage Loans will be passed through to Certifi-cateholders of the Group 1 Classes. Certificateholders of the Group 2 and Group 3 Classes areentitled to receive prepayment premiums only to the extent actually received by us in respect of therelated MBS. We do not guarantee that any prepayment premiums will be collected oravailable for distribution to Certificateholders of the Group 2 or Group 3 Classes. See “—Distributions of Interest—No Allocation of Prepayment Premiums to Certificateholders of theGroup 1 Classes” and “—Allocation of Certain Prepayment Premiums to the Group 2 and Group 3Classes” in this prospectus supplement.

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 be

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

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

The Group 1 MBS

General. The Group 1 MBS will have the characteristics described in the Multifamily MBSProspectus and the applicable Multifamily MBS Prospectus Supplements. The Group 1 MBSprovide that principal and interest on the related Mortgage Loans are passed through monthly(except, as applicable, for the Mortgage Loans during their interest only periods). The MortgageLoans underlying the Group 1 MBS are conventional, adjustable-rate mortgage loans purchasedunder our Delegated Underwriting and Servicing (“DUS”) business line, our MFlex business lineand/or our Negotiated Transactions (“NT”) business line, each as described in the MultifamilyMBS Prospectus. Substantially all of the Mortgage Loans underlying the Group 1 MBS aresecured by first liens on multifamily residential properties and provide for balloon payments atmaturity. The Mortgage Loans underlying the Group 1 MBS have original maturities of sevenyears.

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-1 to thisprospectus supplement presents certain characteristics of the Mortgage Loans underlying theGroup 1 MBS as of the Issue Date, as well as certain additional information relating to theMortgage Loans underlying the ten largest MBS in Group 1 (by scheduled principal balance at theIssue Date). Additional information about the underlying Mortgage Loans and the related MBSpools is available through the Multifamily Securities Locator Service at www.fanniemae.com.

Characteristics of the Mortgage Loans

Applicable Index

The interest rate (the “ARM Rate”) for each Mortgage Loan underlying the Group 1 MBS willadjust monthly, based on the One-Month LIBOR Index as available fifteen days prior to therelated interest rate adjustment date. See “The Multifamily Mortgage Loans—Adjustable-RateMortgage Loans (ARM Loans)—ARM Indices” in the Multifamily MBS Prospectus for a descrip-tion of the index. If the index becomes unavailable, an alternative index will be determined inaccordance with the terms of the related mortgage note.

Option to Convert to Fixed Rate

Each Mortgage Loan underlying the Group 1 MBS permits the borrower to convert the loan toa fixed-rate loan during a “conversion term” that generally begins on the first day of the secondloan year and ends on the last day of the fifth loan year. The related Multifamily MBS ProspectusSupplements specify certain criteria that must be met in order for a borrower to exercise itsconversion option. If a borrower exercises the right to convert the loan to a fixed-rate loan, we will

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purchase the loan from the related pool no later than the conversion date. See “Risk Factors—Risks Relating to Yield and Prepayment—ARM and Hybrid Pools—Pools containing ARM loansthat may be converted into fixed-rate loans may have higher rates of prepayment, accelerating therate of principal payment on your certificates,” “Yield, Maturity and Prepayment Considerations—Yield on Hybrid Certificates—Convertible ARM Loans” and “The Multifamily Mortgage Loans—Hybrid Mortgage Loans—Convertible ARM Loans” in the Multifamily MBS Prospectus.

Initial Interest Only Periods

In the case of approximately $92,299,000 of the Group 1 MBS (by principal balance at the IssueDate), the related loan documents provide for scheduled monthly payments representing accruedinterest only for periods ranging from one year to four years from origination. As of the Issue Date,all of the Mortgage Loans underlying the Group 1 MBS with interest only periods remain in theirinterest only periods. Beginning with the first monthly payment following any expiration of theapplicable interest only periods, the loan documents provide that scheduled monthly payments onthe related Mortgage Loans are to increase to an amount sufficient to pay accrued interest at thethen-current rate and to amortize the Mortgage Loans, in most cases, on the basis of a 30-yearschedule with a balloon payment due at maturity. For additional information regarding the interestonly periods of the Mortgage Loans underlying the Group 1 MBS, see Exhibit A-1 to this prospectussupplement.

ARM Rate Changes

The ARM Rate of each Mortgage Loan underlying the Group 1 MBS is re-set monthly, subjectto the caps and floors described below, to equal the sum of (i) the index value plus (ii) a specifiedpercentage amount (the “ARM Margin”) that the lender established when the Mortgage Loan wasoriginated.

ARM Rate Change Caps

On each ARM Rate adjustment date, the ARM Rate may not deviate by more than onepercentage point from the applicable ARM Rate in effect immediately prior to that adjustmentdate.

Lifetime Cap and Floor

The ARM Rate for each Mortgage Loan underlying the Group 1 MBS, when adjusted on itsadjustment date, may not be greater than the maximum ARM Rate (note rate ceiling) or less thanits minimum ARM Rate (lifetime floor), as specified in the related mortgage note.

Monthly Payments

The amount of a borrower’s monthly payment is subject to change at one-month intervals.

Each new monthly payment amount will be calculated to equal an amount necessary to payinterest at the new ARM Rate, adjusted as described above, and, except in the case of any loan thatmay still be in its initial interest only payment period, to fully amortize the outstanding principalbalance of the Mortgage Loan in most cases on the basis of a 30-year schedule from the date oforigination with a balloon payment due at maturity.

The Group 2 and Group 3 MBS

The MBS in Group 2 and Group 3 will have the characteristics described in the MultifamilyMBS Prospectus and the applicable Multifamily MBS Prospectus Supplements. The MBS inGroup 2 and Group 3 provide that principal and interest on the related Mortgage Loans are passedthrough monthly (except, as applicable, for the Mortgage Loans during their interest only periods).The Mortgage Loans underlying the MBS in Group 2 and Group 3 are conventional, fixed-rate

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mortgage loans purchased under our DUS business line, our MFlex business line and/or our NTbusiness line, each as described in the Multifamily MBS Prospectus. The Mortgage Loans under-lying the MBS in Group 2 and Group 3 are generally secured by first liens on multifamily resi-dential properties, in most cases providing for a balloon payment at maturity.

Additionally, in the case of approximately $218,215,010 of the Group 2 MBS and $38,723,084of the Group 3 MBS, measured in each case by principal amount of the related Mortgage Loans atthe Issue Date, the related loan documents provide for scheduled monthly payments representingaccrued interest only for periods ranging from one year to fifteen years from origination. As of theIssue Date, approximately $197,777,800 in initial principal amount of the Mortgage Loansunderlying the Group 2 MBS remain in their interest only periods. None of the Mortgage Loanswith interest only periods underlying the Group 3 MBS remain in their interest only periods atthe Issue Date. Beginning with the first monthly payment following any expiration of the appli-cable interest only periods, the related loan documents provide that scheduled monthly paymentson the related Mortgage Loans are to increase to an amount sufficient to pay accrued interest andto amortize the Mortgage Loans in most cases on the basis of a 30-year schedule with a balloonpayment due at maturity. For additional details about the interest only periods of the MortgageLoans underlying the Group 2 MBS and Group 3 MBS, see Exhibit A-2 and Exhibit A-3,respectively, to this prospectus supplement.

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-2 and Exhibit A-3to this prospectus supplement present certain characteristics of the Mortgage Loans underlyingthe Group 2 MBS and Group 3 MBS, respectively, as of the Issue Date, as well as certain addi-tional information relating to the Mortgage Loans underlying the ten largest MBS in Group 2 andGroup 3 (by scheduled principal balance at the Issue Date). Additional information about theunderlying Mortgage Loans and the related MBS pools is available through the MultifamilySecurities Locator Service at www.fanniemae.com.

Distributions of Interest

General. The Certificates will bear interest at the rates described in this prospectus supple-ment. The Group 1 Classes will bear interest on an actual/360 basis; the Group 2 and Group 3Classes will bear interest on a 30/360 basis. Interest to be paid on each Certificate on aDistribution Date will consist of one month’s interest on the outstanding balance of that Certificateimmediately prior to that Distribution Date.

The FA Class will bear interest at an interest rate based on LIBOR. We currently establishLIBOR on the basis of the “ICE Method” as generally described under “Description of the Certifi-cates—Distributions on Certificates—Interest Distributions—Indices for Floating Rate Classes andInverse Floating Rate Classes” in the Multifamily REMIC Prospectus. For a description of recentdevelopments affecting LIBOR calculations, see “Risk Factors—Intercontinental Exchange BenchmarkAdministration is the new LIBOR administrator” in the Multifamily REMIC Prospectus.

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.

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The FA Class

On each Distribution Date, we will pay interest on the FA Class in an amount equal to onemonth’s interest at an annual rate equal to the lesser of

• LIBOR + 85 basis points

or

• the Weighted Average Group 1 MBS Pass-Through Rate (described below)

(but in no event less than 0%).

The index determination date for the FA Class will be 15 days prior to each related interestrate adjustment date, which is the same as the lookback period for the related Mortgage Loans.See “The Multifamily Mortgage Loans—Adjustable-Rate Mortgage Loans (ARM Loans)” in theMultifamily MBS Prospectus.

The “Weighted Average Group 1 MBS Pass-Through Rate” for any Distribution Date is equalto the weighted average of the pass-through rates of the Group 1 MBS for that Distribution Date(weighted on the basis of the principal balances of the Group 1 MBS after giving effect todistributions of principal made on the immediately preceding Distribution Date). For the avoid-ance of doubt, in no event will the Weighted Average Group 1 MBS Pass-Through Rate be lessthan the lowest MBS margin for any of the Group 1 MBS. The MBS margin for any Group 1 MBSis equal to the applicable ARM Margin less the applicable servicing fee and guarantee fee.

During the initial interest accrual period, the FA Class will bear interest at an annual rate of1.276%.

Our determination of the interest rate for the FA Class for each Distribution Date will befinal and binding in the absence of manifest error. You may obtain each such interest rate bytelephoning us at 1-800-237-8627.

The FX Class

For each Distribution Date, the FX Class will bear interest during the related interest accrualperiod 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 Group 1 MBS for that Distribution Date minus theamount of interest payable on the FA Class on that Distribution Date, and the denomi-nator of which is the notional principal balance of the FX Class immediately precedingthat Distribution Date,

multiplied by

• a fraction, expressed as a percentage, the numerator of which is 360, and the denomi-nator of which is the actual number of days in the related interest accrual period


On the initial Distribution Date, we expect to pay interest on the FX Class at an annual rateof approximately 0.325%.

Our determination of the interest rate for the FX Class for each Distribution Date will befinal and binding in the absence of manifest error. You may obtain each such interest rate bytelephoning us at 1-800-237-8627.

The X2 Class. For each Distribution Date, the X2 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 Group 2 MBS for that Distribution Date minus the

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aggregate amount of interest payable on the AV1, AV2, ABV1 and ABV2 Classes onthat Distribution Date, and the denominator of which is the notional principal balanceof the X2 Class immediately preceding that Distribution Date,

multiplied by

• 12


On the initial Distribution Date, we expect to pay interest on the X2 Class at an annual rateof approximately 1.027%.

For purposes of calculating the aggregate amount of interest distributable on the Group 2MBS in any month, interest accruing on the related Mortgage Loans on an actual/360 basis will beconverted to a 30/360 equivalent rate. In connection with the foregoing, a single day’s net interestaccrued on those Mortgage Loans for each of the months of December and January in each yearwill be allocated to the following February’s accrued interest (except that in a leap year, the singleday’s net interest accrued for the preceding December will not be so allocated).

Our determination of the interest rate for the X2 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 1-800-237-8627.

The X3 Class. For each Distribution Date, the X3 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 Group 3 MBS for that Distribution Date minus theaggregate amount of interest payable on the AL Class on that Distribution Date, andthe denominator of which is the notional principal balance of the X3 Class immediatelypreceding that Distribution Date,

multiplied by

• 12


On the initial Distribution Date, we expect to pay interest on the X3 Class at an annual rateof approximately 1.944%.

For purposes of calculating the aggregate amount of interest distributable on the Group 3MBS in any month, interest accruing on the related Mortgage Loans on an actual/360 basis will beconverted to a 30/360 equivalent rate. In connection with the foregoing, a single day’s net interestaccrued on those Mortgage Loans for each of the months of December and January in each yearwill be allocated to the following February’s accrued interest (except that in a leap year, the singleday’s net interest accrued for the preceding December will not be so allocated).

Our determination of the interest rate for the X3 Class for each Distribution Date will be finaland binding in the absence of manifest error. You may obtain each such interest rate bytelephoning us at 1-800-237-8627.

No Allocation of Prepayment Premiums to Certificateholders of the Group 1 Classes. All ofthe Mortgage Loans underlying the Group 1 MBS provide for the payment of certain prepaymentpremiums, generally in the form of a 1% prepayment premium, until the applicable PrepaymentPremium End Date, which is generally 90 days prior to loan maturity. For additional informationon the prepayment premium terms of the Mortgage Loans underlying the Group 1 MBS, seeExhibit A-1 to this prospectus supplement. We will not pass through any prepaymentpremiums on the Mortgage Loans underlying the Group 1 MBS to Certificateholders ofthe Group 1 Classes. From and after 90 days before loan maturity, the related Mortgage Loansgenerally may be prepaid without any prepayment premium.

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Allocation of Certain Prepayment Premiums to the Group 2 and Group 3 Classes. All of theMortgage Loans underlying the Group 2 MBS and Group 3 MBS provide for the payment ofcertain prepayment premiums, generally in the form of yield maintenance charges, until theapplicable Prepayment Premium End Dates (which generally occur 180 days prior to loan maturityin the case of the Group 2 MBS, and fifteen years prior to loan maturity in the case of the Group 3MBS). For additional information on the prepayment premium terms of the Mortgage Loansunderlying the Group 2 MBS and Group 3 MBS, see Exhibit A-2 and Exhibit A-3, respectively, tothis prospectus supplement. We will pass through to Certificateholders of the Group 2 andGroup 3 Classes any applicable prepayment premiums on the Mortgage Loans under-lying the related MBS only to the extent they are actually received by us.

The Mortgage Loans underlying the Group 2 MBS and Group 3 MBS may also provide for thepayment of additional prepayment premiums (generally equal to 1% of the outstanding principalbalance of the related Mortgage Loan) in connection with prepayments received after the applicablePrepayment Premium End Date. We will not include these additional prepayment premiumsin payments to Certificateholders. From and after 90 days before loan maturity, the MortgageLoans underlying the Group 2 MBS and Group 3 MBS generally may be prepaid without anyprepayment premium.

On each Distribution Date, we will pay any prepayment premiums that are included in theGroup 2 MBS distributions on that date to the AV1, AV2, ABV1, ABV2 and X2 Classes as follows:

• to the ABV1, ABV2, AV1 and AV2 Classes as follows:

— on each Distribution Date prior to the Distribution Date on which the ABV2 Class is retired,to each of the ABV1 and ABV2 Classes, an amount equal to 30% of the related prepaymentpremiums multiplied by the percentage equivalent of a fraction, the numerator of which isthe principal payable to that Class on that date and the denominator of which is theaggregate amount of principal payable to the ABV1 and ABV2 Classes on that date;

— on each Distribution Date beginning with the Distribution Date on which theABV2 Class is retired, to each of the ABV1, ABV2, AV1 and AV2 Classes, an amountequal to 30% of the related prepayment premiums multiplied by the percentage equiv-alent of a fraction, the numerator of which is the principal payable to that Class on thatdate and the denominator of which is the Group 2 Principal Distribution Amount forthat date; and

• to the X2 Class, an amount equal to 70% of the related prepayment premiums for that date.

On each Distribution Date, we will pay any prepayment premiums that are included in theGroup 3 MBS distributions on that date to the AL and X3 Classes as follows:

• to the AL Class, an amount equal to 30% of the related prepayment premiums for thatdate; and

• to the X3 Class, an amount equal to 70% of the related prepayment premiums for that date.

Distributions of Principal

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

• Group 1

⎫⎬⎭The Group 1 Principal Distribution Amount to FA until retired. Pass-ThroughClass

The “Group 1 Principal Distribution Amount” for any Distribution Date is the aggregateprincipal then paid on the Group 1 MBS.

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• Group 2

The Group 2 Principal Distribution Amount as follows:

⎫⎪⎪⎪⎪⎪⎪⎬⎪⎪⎪⎪⎪⎪⎭

O the scheduled principal payments included in the principal distribution foreach Group 2 MBS, on an aggregate basis, as follows:

SequentialPay Classes

— the AB Pro Rata Percentage to ABV1 and ABV2, in that order, until retired,and

— the Non-AB Pro Rata Percentage to AV1 and AV2, in that order, untilretired; and

O the unscheduled principal payments included in the principal distribution foreach Group 2 MBS, on an aggregate basis, to ABV1, ABV2, AV1 and AV2, inthat order, until retired.

The “AB Pro Rata Percentage” for any Distribution Date is equal to the percentage equivalent ofa fraction, the numerator of which is the aggregate principal balance of the ABV1 and ABV2 Classesimmediately before that Distribution Date and the denominator of which is the aggregate principalbalance of the ABV1, ABV2, AV1 and AV2 Classes immediately before that date.

The “Non-AB Pro Rata Percentage” for any Distribution Date is equal to 100% minus theAB Pro Rata Percentage for that date.


• Group 3

⎫⎬⎭The Group 3 Principal Distribution Amount to AL until retired. Pass-ThroughClass


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 in each group have the characteristics specified inthe chart entitled “Assumed Characteristics of the Mortgage Loans Underlying the Group 1MBS,” “Assumed Characteristics of the Mortgage Loans Underlying the Group 2 MBS” and“Assumed Characteristics of the Mortgage Loans Underlying the Group 3 MBS,” inExhibit A-1, Exhibit A-2 and Exhibit A-3, respectively, to this prospectus supplement;

• with respect to each Mortgage Loan underlying the Group 1 MBS, the “mortgage interest rate”and “net mortgage interest rate” for the initial interest accrual period are the rates specified inthe chart entitled “Assumed Characteristics of the Mortgage Loans Underlying the Group 1MBS” in Exhibit A-1 to this prospectus supplement, and the One-Month LIBOR Index value foreach subsequent interest accrual period is 0.426%;

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

• the Mortgage Loans underlying the Group 1 MBS prepay at the percentages of CPR speci-fied in the related tables and no prepayments occur either during the related prepaymentpremium terms or during the related lockout terms, as indicated in the applicable tables*;

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

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• either the Mortgage Loans underlying the Group 2 MBS and Group 3 MBS prepay at thepercentages of CPR specified in the related tables or no prepayments occur during therelated prepayment premium terms, 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 February 29, 2016.

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 Group 2 MBS or the Group 3 MBS.

Additional Yield Considerations for the FX, X2 and X3 Classes

The yields to investors in the FX, X2 and X3 Classes will be very sensitive to the rateof principal payments (including prepayments) of the related Mortgage Loans and tothe weighted average interest rate of the related Mortgage Loans. In addition, the yieldto investors in the FX Class will also be sensitive to the level of LIBOR. It is possiblethat the rate of principal payments (including prepayments) of the related MortgageLoans will vary, and may vary considerably, from pool to pool. In particular, undercertain high prepayment scenarios and, in the case of the FX Class, under certain highLIBOR scenarios, it is possible that investors in the FX, X2 and X3 Classes would losemoney 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.

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 Group 2 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 or notional principalbalances of the specified Classes that would be outstanding after each date shown at the constantpercentages of CPR and the corresponding weighted average lives of those Classes. The tableshave been prepared on the basis 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.

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Percent of Original Principal Balances Outstanding for the FA and FX† Classes

CPR PrepaymentAssumption

No Prepayments DuringLockout Term†††

Date 0% 25% 50% 75% 100%

Initial Percent . . . . . . . . 100 100 100 100 100February 2017 . . . . . . . . 99 93 86 75 0February 2018 . . . . . . . . 98 69 43 18 0February 2019 . . . . . . . . 96 51 21 5 0February 2020 . . . . . . . . 94 37 10 1 0February 2021 . . . . . . . . 92 27 5 * 0February 2022 . . . . . . . . 90 20 2 * 0February 2023 . . . . . . . . 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 6.5 3.6 2.2 1.5 0.9

Percent of Original Principal Balances Outstanding for the AV1 Class



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 100February 2017 . . . . . . . . 87 87 87 87 87 87 0 0 0 0February 2018 . . . . . . . . 73 73 73 73 73 73 0 0 0 0February 2019 . . . . . . . . 57 57 57 57 57 57 0 0 0 0February 2020 . . . . . . . . 41 41 41 41 41 41 0 0 0 0February 2021 . . . . . . . . 24 24 24 24 24 24 0 0 0 0February 2022 . . . . . . . . 5 5 5 5 0 5 0 0 0 0February 2023 . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 3.4 3.4 3.4 3.4 3.4 3.4 0.6 0.3 0.2 0.1

Percent of Original Principal Balances Outstanding for the AV2 Class





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

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100February 2017 . . . . . . . . 100 100 100 100 100 100 93 62 31 0February 2018 . . . . . . . . 100 100 100 100 100 100 69 31 8 0February 2019 . . . . . . . . 100 100 100 100 100 100 51 15 2 0February 2020 . . . . . . . . 100 100 100 100 100 100 38 7 * 0February 2021 . . . . . . . . 100 100 100 100 100 100 28 4 * 0February 2022 . . . . . . . . 100 100 100 100 80 100 20 2 * 0February 2023 . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 6.6 6.6 6.6 6.5 6.2 6.6 3.5 1.8 0.9 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 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.††† For so long as the Redeemable Class remains outstanding, all principal and interest amounts allocable to the Retained

REMIC Class will be paid to the Redeemable Class.

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Percent of Original Principal Balances Outstanding for the ABV1 Class





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


Life (years)** . . . . . . . 3.4 3.4 3.4 3.4 3.4 3.4 0.1 0.1 0.1 0.1

Percent of Original Principal Balances Outstanding for the ABV2 Class





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


Life (years)** . . . . . . . 6.6 6.2 6.1 6.0 5.7 6.6 0.3 0.1 0.1 0.1

Percent of Original Principal Balances Outstanding for the X2† Class





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

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100February 2017 . . . . . . . . 99 99 99 99 99 99 74 49 25 0February 2018 . . . . . . . . 97 97 97 97 97 97 55 24 6 0February 2019 . . . . . . . . 96 96 96 96 96 96 40 12 1 0February 2020 . . . . . . . . 94 94 94 94 94 94 30 6 * 0February 2021 . . . . . . . . 93 93 93 93 93 93 22 3 * 0February 2022 . . . . . . . . 91 89 87 84 63 91 16 1 * 0February 2023 . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 6.3 6.3 6.2 6.1 5.8 6.3 2.9 1.4 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 REMIC Prospectus.†† 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.

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Percent of Original Principal Balances Outstanding for the AL and X3† Classes





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

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100February 2017 . . . . . . . . 97 97 97 97 97 97 73 49 24 0February 2018 . . . . . . . . 95 95 95 95 95 95 53 24 6 0February 2019 . . . . . . . . 92 92 92 92 92 92 39 11 1 0February 2020 . . . . . . . . 89 89 89 89 89 89 28 6 * 0February 2021 . . . . . . . . 85 77 66 53 7 85 20 3 * 0February 2022 . . . . . . . . 82 55 32 13 0 82 15 1 * 0February 2023 . . . . . . . . 78 39 15 3 0 78 10 1 * 0February 2024 . . . . . . . . 74 28 7 1 0 74 7 * * 0February 2025 . . . . . . . . 70 20 3 * 0 70 5 * * 0February 2026 . . . . . . . . 65 14 2 * 0 65 4 * * 0February 2027 . . . . . . . . 61 10 1 * 0 61 3 * * 0February 2028 . . . . . . . . 56 7 * * 0 56 2 * * 0February 2029 . . . . . . . . 50 5 * * 0 50 1 * 0 0February 2030 . . . . . . . . 45 3 * * 0 45 1 * 0 0February 2031 . . . . . . . . 39 2 * * 0 39 1 * 0 0February 2032 . . . . . . . . 32 1 * * 0 32 * * 0 0February 2033 . . . . . . . . 26 1 * 0 0 26 * * 0 0February 2034 . . . . . . . . 19 * * 0 0 19 * * 0 0February 2035 . . . . . . . . 11 * * 0 0 11 * * 0 0February 2036 . . . . . . . . * * * 0 0 * * 0 0 0February 2037 . . . . . . . . 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 12.2 6.9 5.5 5.0 4.4 12.2 3.1 1.4 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 REMIC Prospectus.†In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balanceoutstanding.

††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.

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.

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 federal

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income 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 Classes 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.

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.

S-22

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

In IRS Notice 2015-66, the IRS announced on September 18, 2015 its intention to push backthe start date of FATCA withholding on gross proceeds from the sale or other disposition of anyproperty of a type that can produce interest from U.S. sources. Under this published guidance, a30-percent United States withholding tax (“FATCA withholding”) will apply to gross proceedsfrom the sale or other disposition of a Regular Certificate beginning on January 1, 2019 that arepaid to a non-U.S. entity that is a “financial institution” and fails to comply with certain reportingand other requirements or to a non-U.S. entity that is not a “financial institution” but fails todisclose the identity of its direct or indirect “substantial U.S. owners” or to certify that it has nosuch owners. FATCA withholding currently applies to payments treated as interest on a RegularCertificate paid to such persons. Various exceptions may apply. You should consult your own taxadvisor regarding the potential application and impact of this withholding tax based on yourparticular circumstances. See “Material Federal Income Tax Consequences—Foreign Investors” inthe Multifamily REMIC Prospectus.

PLAN OF DISTRIBUTION

We will assign the MBS to the Trust and will sell certain Certificates of the Group 1, Group 2and Group 3 Classes to Credit Suisse Securities (USA) LLC in exchange for cash proceeds. TheCertificates to be sold to Credit Suisse Securities (USA) LLC are referred to as the “OfferedCertificates.”

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 of the Group 1, Group 2 and Group 3 Classes,and may sell some or all of the retained Certificates at any time in negotiated transactions atvarying prices to be determined at the time of sale.

S-23

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 Credit Suisse Securities (USA) LLC.

S-24

Exhibit A-1

Assumed Characteristics of theMortgage Loans Underlying the Group 1 MBS

As of February 1, 2016*

ApproximatePrincipalBalance

NetMortgageInterestRate (%)

MortgageInterestRate(%)

OriginalAmortizationTerm (mos.)

RemainingTerm toMaturity

(mos.)

LoanAge

(mos.)Margin

(%)

PeriodicCap

Rate (%)

LifetimeNoteRate

Ceiling(%)

LifetimeRateFloor

(%)

Monthsto RateChange

Rate ResetFrequency(in months)

RemainingLockout

Term(mos.)

RemainingPrepayment

PremiumTerm (mos.)†

ScheduledMonthlyPrincipal

andInterest**

InterestAccrualMethod

RemainingInterest

OnlyPeriod(mos.) Index

$17,975,352.06 2.426% 3.866% 360 83 1 3.440% 1.00% 7.440% 3.440% 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY13,571,206.85 1.326 2.966 360 82 2 2.540 1.00 7.640 2.540 1 1 9 78 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY12,700,000.00 1.416 2.886 360 82 2 2.460 1.00 7.470 2.460 1 1 9 78 — Actual/360 22 1 MONTH BRITISH BANKERS LIBOR - DAILY12,679,000.00 1.456 2.946 360 83 1 2.520 1.00 7.490 2.520 1 1 10 79 — Actual/360 35 1 MONTH BRITISH BANKERS LIBOR - DAILY10,513,477.27 1.626 3.266 360 83 1 2.840 1.00 7.640 2.840 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY10,288,000.00 1.636 3.476 360 83 1 3.050 1.00 7.840 3.050 1 1 10 79 — Actual/360 30 1 MONTH BRITISH BANKERS LIBOR - DAILY10,100,000.00 1.416 2.886 360 82 2 2.460 1.00 7.470 2.460 1 1 9 78 — Actual/360 22 1 MONTH BRITISH BANKERS LIBOR - DAILY

9,100,000.00 1.246 3.066 360 82 2 2.640 1.00 7.820 2.640 1 1 9 78 — Actual/360 22 1 MONTH BRITISH BANKERS LIBOR - DAILY8,785,000.00 1.906 3.486 360 83 1 3.060 1.00 7.580 3.060 1 1 10 79 — Actual/360 35 1 MONTH BRITISH BANKERS LIBOR - DAILY8,754,944.25 1.316 3.096 360 82 2 2.670 1.00 7.780 2.670 1 1 9 78 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY8,163,593.39 1.316 3.096 360 82 2 2.670 1.00 7.780 2.670 1 1 9 78 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY7,856,574.48 1.676 3.656 360 83 1 3.230 1.00 7.980 3.230 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY7,000,000.00 1.906 3.486 360 83 1 3.060 1.00 7.580 3.060 1 1 10 79 — Actual/360 35 1 MONTH BRITISH BANKERS LIBOR - DAILY6,650,000.00 1.516 3.296 360 83 1 2.870 1.00 7.780 2.870 1 1 10 79 — Actual/360 23 1 MONTH BRITISH BANKERS LIBOR - DAILY5,850,000.00 1.516 3.296 360 83 1 2.870 1.00 7.780 2.870 1 1 10 79 — Actual/360 23 1 MONTH BRITISH BANKERS LIBOR - DAILY5,800,029.84 1.226 3.006 360 81 3 2.580 1.00 7.780 2.580 1 1 8 77 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY5,347,000.00 1.496 3.476 360 81 2 3.050 1.00 7.980 3.050 1 1 9 77 — Actual/360 46 1 MONTH BRITISH BANKERS LIBOR - DAILY4,816,861.89 1.326 3.006 360 82 2 2.580 1.00 7.680 2.580 1 1 9 78 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY3,800,000.00 2.236 4.016 360 83 1 3.590 1.00 7.780 3.590 1 1 10 79 — Actual/360 11 1 MONTH BRITISH BANKERS LIBOR - DAILY3,458,822.01 1.676 3.456 360 83 1 3.030 1.00 7.780 3.030 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY3,113,079.05 1.486 3.266 360 83 1 2.840 1.00 7.780 2.840 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY2,294,373.20 1.486 3.266 360 83 1 2.840 1.00 7.780 2.840 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY2,014,983.49 1.676 3.456 360 83 1 3.030 1.00 7.780 3.030 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY1,367,860.20 1.676 3.236 360 83 1 2.810 1.00 7.560 2.810 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY1,009,579.62 1.676 3.756 360 83 1 3.330 1.00 8.080 3.330 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY

853,730.02 1.486 3.566 360 83 1 3.140 1.00 8.080 3.140 1 1 10 79 — Actual/360 N/A 1 MONTH BRITISH BANKERS LIBOR - DAILY

* 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.

** The scheduled monthly principal and interest payments are subject to change at one-month intervals.† The remaining prepayment premium term includes the remaining lockout term.

A-1

Certain Characteristics of theExpected Group 1 MBS and the Related Mortgage Loans

As of February 1, 2016

ExpectedPool

NumberOriginal MBS

Balance*

MBS Balancein the LowerTier REMIC

MBSIssueDate

MBSMaturity

Date

LoanNoteRate(%)**

MBSPass-ThruRate

(%)***


LoanOriginal

Amor-tization

Term(mos.)

LoanOriginalTerm toMaturity

(mos.)

LoanRemaining

Term toMaturity

(mos.)

LoanAge

(mos.)Margin

(%)

LoanOriginalInterest

OnlyPeriod(mos.)

LoanRemaining

InterestOnly

Period(mos.)

LoanLockoutEnd Date

LoanOriginal

PrepaymentPremium

Term (mos.)†

LoanPrepayment

PremiumEnd Date

AN0805 $18,000,000.00 $17,975,352.06 01/01/16 01/01/23 3.866% 2.426% Actual/360 360 84 83 1 3.440% N/A N/A 12/31/2016 81 9/30/2022AN0533 13,617,000.00 13,571,206.85 12/01/15 12/01/22 2.966 1.326 Actual/360 360 84 82 2 2.540 N/A N/A 11/30/2016 81 8/31/2022AN0534 12,700,000.00 12,700,000.00 12/01/15 12/01/22 2.886 1.416 Actual/360 360 84 82 2 2.460 24 22 11/30/2016 81 8/31/2022AN0670 12,679,000.00 12,679,000.00 01/01/16 01/01/23 2.946 1.456 Actual/360 360 84 83 1 2.520 36 35 12/31/2016 81 9/30/2022AN0721 10,530,000.00 10,513,477.27 01/01/16 01/01/23 3.266 1.626 Actual/360 360 84 83 1 2.840 N/A N/A 12/31/2016 81 9/30/2022AN0488 10,288,000.00 10,288,000.00 12/01/15 01/01/23 3.476 1.636 Actual/360 360 84 83 1 3.050 31 30 12/31/2016 81 9/30/2022AN0535 10,100,000.00 10,100,000.00 12/01/15 12/01/22 2.886 1.416 Actual/360 360 84 82 2 2.460 24 22 11/30/2016 81 8/31/2022AN0403 9,100,000.00 9,100,000.00 12/01/15 12/01/22 3.066 1.246 Actual/360 360 84 82 2 2.640 24 22 11/30/2016 81 8/31/2022AN0733 8,785,000.00 8,785,000.00 01/01/16 01/01/23 3.486 1.906 Actual/360 360 84 83 1 3.060 36 35 12/31/2016 81 9/30/2022AN0490 8,783,800.00 8,754,944.25 12/01/15 12/01/22 3.096 1.316 Actual/360 360 84 82 2 2.670 N/A N/A 11/30/2016 81 8/31/2022AN0491 8,190,500.00 8,163,593.39 12/01/15 12/01/22 3.096 1.316 Actual/360 360 84 82 2 2.670 N/A N/A 11/30/2016 81 8/31/2022AN0726 7,868,000.00 7,856,574.48 01/01/16 01/01/23 3.656 1.676 Actual/360 360 84 83 1 3.230 N/A N/A 12/31/2016 81 9/30/2022AN0731 7,000,000.00 7,000,000.00 01/01/16 01/01/23 3.486 1.906 Actual/360 360 84 83 1 3.060 36 35 12/31/2016 81 9/30/2022AN0654 6,650,000.00 6,650,000.00 01/01/16 01/01/23 3.296 1.516 Actual/360 360 84 83 1 2.870 24 23 12/31/2016 81 9/30/2022AN0653 5,850,000.00 5,850,000.00 01/01/16 01/01/23 3.296 1.516 Actual/360 360 84 83 1 2.870 24 23 12/31/2016 81 9/30/2022AN0299 5,830,000.00 5,800,029.84 11/01/15 11/01/22 3.006 1.226 Actual/360 360 84 81 3 2.580 N/A N/A 10/31/2016 81 7/31/2022AN0486 5,347,000.00 5,347,000.00 12/01/15 11/01/22 3.476 1.496 Actual/360 360 83 81 2 3.050 48 46 11/30/2016 80 7/31/2022AN0521 4,833,000.00 4,816,861.89 12/01/15 12/01/22 3.006 1.326 Actual/360 360 84 82 2 2.580 N/A N/A 11/30/2016 81 8/31/2022AN0705 3,800,000.00 3,800,000.00 01/01/16 01/01/23 4.016 2.236 Actual/360 360 84 83 1 3.590 12 11 12/31/2016 81 9/30/2022AN0756 3,464,000.00 3,458,822.01 01/01/16 01/01/23 3.456 1.676 Actual/360 360 84 83 1 3.030 N/A N/A 12/31/2016 81 9/30/2022AN0713 3,118,000.00 3,113,079.05 01/01/16 01/01/23 3.266 1.486 Actual/360 360 84 83 1 2.840 N/A N/A 12/31/2016 81 9/30/2022AN0714 2,298,000.00 2,294,373.20 01/01/16 01/01/23 3.266 1.486 Actual/360 360 84 83 1 2.840 N/A N/A 12/31/2016 81 9/30/2022AN0758 2,018,000.00 2,014,983.49 01/01/16 01/01/23 3.456 1.676 Actual/360 360 84 83 1 3.030 N/A N/A 12/31/2016 81 9/30/2022AN0782 1,370,000.00 1,367,860.20 01/01/16 01/01/23 3.236 1.676 Actual/360 360 84 83 1 2.810 N/A N/A 12/31/2016 81 9/30/2022AN0750 1,011,000.00 1,009,579.62 01/01/16 01/01/23 3.756 1.676 Actual/360 360 84 83 1 3.330 N/A N/A 12/31/2016 81 9/30/2022AN0688 855,000.00 853,730.02 01/01/16 01/01/23 3.566 1.486 Actual/360 360 84 83 1 3.140 N/A N/A 12/31/2016 81 9/30/2022

* This may represent all or a portion of the principal balance of the related pool at MBS issuance.** The Index for each Mortgage Loan is 1-Month LIBOR and all rate reset frequencies are 1 month. The Note Rate Floor for each Mortgage Loan is equal to the Margin.

All periodic rate caps are 1.0% and all MBS net lifetime rate caps are 6.0%. All original lockout terms are 12 months.*** The MBS pass-through rates listed in this table are assumed rates. The actual MBS pass-through rates will be published in March 2016.

† The original prepayment premium term includes the entire lockout term.

A-2

Property Characteristics of theExpected Group 1 MBS and the Related Mortgage Loans


ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)

MostRecentlyReported

DSCR

MortgageLoan

Originator

AN0805 Houston TX 77076 Multifamily 626 1965 64.4% 1.84 ARBOR COMMERCIAL FUNDING LLCAN0533 Mountain Brook AL 35213 Multifamily 202 1938 66.8 1.73 CBRE MULTIFAMILY CAPITAL, INC.AN0534 Indianapolis IN 46226 Multifamily 388 1979 61.4 3.45 CBRE MULTIFAMILY CAPITAL, INC.AN0670 Richmond VA 23225 Multifamily 200 1987 78.8 2.95 BERKELEY POINT CAPITAL LLCAN0721 Winter Park FL 32789 Multifamily 156 1981 80.0 1.77 PILLAR MULTIFAMILY, LLCAN0488 Aurora CO 80012 Multifamily 420 1981 69.0 1.98 BERKELEY POINT CAPITAL LLCAN0535 Indianapolis IN 46260 Multifamily 336 1974 63.1 3.44 CBRE MULTIFAMILY CAPITAL, INC.AN0403 Bozeman MT 59718 Seniors 40 2010 63.7 3.92 JONES LANG LASALLE MULTIFAMILY, LLC.AN0733 Las Vegas NV 89119 Multifamily 300 1976 57.2 2.96 ARBOR COMMERCIAL FUNDING LLCAN0490 Lancaster PA 17603 Multifamily 136 1966 79.9 1.74 ARBOR COMMERCIAL FUNDING LLCAN0491 Lancaster PA 17603 Multifamily 125 1967 79.9 1.73 ARBOR COMMERCIAL FUNDING LLCAN0726 Jacksonville FL 32204 Multifamily 257 2001 70.0 1.37 CBRE MULTIFAMILY CAPITAL, INC.AN0731 Las Vegas NV 89119 Multifamily 212 1978 56.0 2.97 ARBOR COMMERCIAL FUNDING LLCAN0654 Atlantic Beach FL 32233 Multifamily 100 1972 74.7 2.83 WELLS FARGO BANK, N.A.AN0653 Jacksonville FL 32217 Multifamily 138 1974 75.0 2.73 WELLS FARGO BANK, N.A.AN0299 Kansas City KS 66102 Multifamily 195 1975 80.0 1.82 PILLAR MULTIFAMILY, LLCAN0486 Ventura CA 93003 Multifamily 272 1989 66.3 1.44 CAPITAL ONE MULTIFAMILY FINANCE, LLCAN0521 Gainesville GA 30504 Multifamily 115 2001 80.0 1.76 ARBOR COMMERCIAL FUNDING LLCAN0705 Houston TX 77078 Multifamily 200 1971 76.0 2.47 ARBOR COMMERCIAL FUNDING LLCAN0756 Savannah GA 31405 Multifamily 100 1974 80.0 1.99 PILLAR MULTIFAMILY, LLCAN0713 Gaffney SC 29340 Multifamily 105 1971 80.0 1.92 PILLAR MULTIFAMILY, LLCAN0714 Vidalia GA 30474 Multifamily 80 1975 80.0 1.80 PILLAR MULTIFAMILY, LLCAN0758 Walterboro SC 29488 Multifamily 64 1969 80.0 1.97 PILLAR MULTIFAMILY, LLCAN0782 New Richmond WI 54017 Multifamily 48 1999 41.8 2.99 DOUGHERTY MORTGAGE, LLCAN0750 Manning SC 29102 Multifamily 48 1974 80.0 1.60 PILLAR MULTIFAMILY, LLCAN0688 Abbeville SC 29620 Multifamily 32 1973 80.0 1.68 PILLAR MULTIFAMILY, LLC

Additional Loan Characteristics of the Ten Largest Group 1 MBSAs of February 1, 2016

ExpectedPool

Number Property Name Property Street Address Property CityProperty

StateZip

Code

MBSBalancein theLowerTier

REMIC

MBS Balance asPercent of

Total AggregateGroup 1

MBS Balance


DSCROriginalLTV (%)

AN0805 La Casita Apartments 200 Sunnyside Street Houston TX 77076 $17,975,352.06 9.78% 1.84 64.4%AN0533 Redmont Gardens 2829 Thornhill Road Mountain Brook AL 35213 13,571,206.85 7.38 1.73 66.8AN0534 Salem at 56 Apartments 7007 Courthouse Drive Indianapolis IN 46226 12,700,000.00 6.91 3.45 61.4AN0670 Newport Manor Apartments 6701 Carnation Street Richmond VA 23225 12,679,000.00 6.90 2.95 78.8AN0721 Calvary Towers 1099 Clay Street Winter Park FL 32789 10,513,477.27 5.72 1.77 80.0AN0488 Grove at City Center Apartments 14304 East Tennessee Avenue Aurora CO 80012 10,288,000.00 5.60 1.98 69.0AN0535 Retreat Northwest Apartments 1130 Racquet Club North Drive Indianapolis IN 46260 10,100,000.00 5.49 3.44 63.1AN0403 Spring Creek Inn 1641 Hunters Way Bozeman MT 59718 9,100,000.00 4.95 3.92 63.7AN0733 Hesperian Falls Apartments 3955 Algonquin Drive Las Vegas NV 89119 8,785,000.00 4.78 2.96 57.2AN0490 Quail Run Apartments 1430 Passey Lane Lancaster PA 17603 8,754,944.25 4.76 1.74 79.9

A-3

Exhibit A-2




Net MortgageInterestRate (%)

MortgageInterestRate (%)

OriginalAmortizationTerm (mos.)**


(mos.)

LoanAge

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest**


RemainingInterest OnlyPeriod (mos.)

$56,500,000.00 5.300% 5.340% 0 78 102 71 N/A Actual/360 7835,956,008.90 2.390 3.740 360 80 4 73 $167,275.98 Actual/360 N/A26,715,000.00 2.510 4.010 360 81 3 74 127,695.56 Actual/360 5725,197,558.02 2.380 4.080 360 81 3 74 121,955.84 Actual/360 N/A22,980,000.00 2.420 3.870 0 80 4 73 N/A Actual/360 8020,839,452.12 2.390 3.740 360 80 4 73 96,950.13 Actual/360 N/A19,954,800.00 2.360 3.360 0 75 9 68 N/A Actual/360 7519,157,778.24 2.410 3.810 360 81 3 74 89,759.76 Actual/360 N/A18,963,304.88 2.390 3.740 360 80 4 73 88,221.84 Actual/360 N/A18,910,609.70 2.390 3.740 360 80 4 73 87,976.69 Actual/360 N/A18,803,000.00 2.360 3.360 0 75 9 68 N/A Actual/360 7517,600,000.00 2.390 3.990 360 81 3 74 83,923.66 Actual/360 5716,826,266.79 2.390 3.740 360 80 4 73 78,279.83 Actual/360 N/A14,016,014.48 2.600 4.740 360 81 5 74 73,467.31 Actual/360 N/A12,680,647.54 2.390 3.740 360 80 4 73 58,993.41 Actual/360 N/A11,286,114.81 5.200 5.400 300 79 101 72 85,138.19 Actual/360 N/A11,040,000.00 2.500 3.890 360 82 2 75 52,008.94 Actual/360 22

7,947,912.72 2.560 3.880 480 76 8 69 32,840.51 Actual/360 N/A7,783,580.28 5.700 6.110 360 82 98 75 53,869.71 30/360 N/A7,582,091.21 2.620 4.560 360 82 2 75 38,779.50 Actual/360 N/A7,490,000.00 2.800 4.540 360 82 2 75 38,128.95 Actual/360 107,390,000.00 2.620 4.290 360 78 6 71 36,527.62 Actual/360 66,864,485.86 5.830 6.630 420 79 101 72 45,829.83 30/360 N/A6,259,328.38 2.590 4.380 360 83 1 76 31,308.69 Actual/360 N/A6,220,561.05 2.800 5.250 360 75 5 68 34,534.82 Actual/360 N/A6,058,862.02 5.450 6.050 300 83 97 76 47,257.37 Actual/360 N/A5,625,025.05 2.850 4.990 360 78 5 71 30,333.44 Actual/360 N/A5,389,080.82 5.660 6.110 360 82 98 75 33,971.89 Actual/360 05,283,699.47 5.750 6.050 360 81 99 74 33,152.29 Actual/360 05,064,670.68 2.790 4.210 360 77 43 70 25,459.25 Actual/360 05,000,000.00 5.230 5.560 0 76 104 72 N/A Actual/360 764,587,359.35 5.670 6.370 420 82 98 75 29,762.52 30/360 N/A4,580,626.76 2.830 4.810 360 83 13 76 24,446.06 Actual/360 N/A4,033,851.04 2.910 5.200 360 78 6 71 22,293.90 Actual/360 N/A

A-4




OriginalAmortizationTerm (mos.)**


(mos.)

LoanAge

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest**



$ 3,376,602.38 5.370% 5.680% 360 75 105 68 $ 22,586.21 Actual/360 N/A3,242,848.18 2.650 4.860 360 75 2 68 17,169.69 Actual/360 N/A3,218,391.37 2.515 4.015 360 80 40 73 15,477.16 Actual/360 02,890,210.81 2.470 4.000 360 81 39 74 14,647.31 Actual/360 N/A2,759,699.34 2.510 3.950 360 80 4 73 13,168.41 Actual/360 N/A2,642,377.63 3.010 4.870 360 76 44 69 14,809.33 Actual/360 N/A2,532,255.69 5.510 5.930 240 80 160 73 38,398.28 30/360 N/A2,509,935.33 2.890 5.030 360 80 4 73 13,579.53 Actual/360 N/A2,482,416.10 2.850 4.790 360 79 6 72 13,101.53 Actual/360 N/A2,378,741.70 5.820 6.170 360 78 102 74 16,484.14 Actual/360 N/A2,200,000.00 2.810 3.960 360 76 44 69 10,452.47 Actual/360 162,162,180.75 3.130 5.110 360 83 15 76 11,958.42 Actual/360 N/A2,150,407.85 2.780 4.300 360 80 4 73 10,696.65 Actual/360 N/A2,073,263.70 5.365 5.635 180 78 102 71 31,806.32 30/360 N/A2,048,681.06 2.930 4.670 360 75 10 68 10,719.18 Actual/360 N/A1,897,265.29 5.900 6.250 480 80 100 76 11,354.79 Actual/360 N/A1,578,434.40 2.910 4.630 360 83 6 76 8,179.58 Actual/360 N/A1,516,543.43 2.940 5.080 360 81 5 74 8,261.25 Actual/360 N/A1,481,368.62 3.000 4.020 360 75 45 68 7,178.54 Actual/360 01,296,976.40 5.430 6.230 360 76 104 69 9,062.65 Actual/360 N/A1,240,774.06 2.780 4.560 360 78 6 71 6,378.21 Actual/360 N/A1,185,944.89 2.360 3.800 300 78 42 71 6,719.14 Actual/360 N/A1,136,064.65 2.645 4.470 360 81 39 74 6,058.85 Actual/360 N/A1,134,303.64 2.380 4.320 360 81 39 74 5,952.56 Actual/360 N/A1,105,000.00 2.780 4.220 360 82 2 75 5,416.55 Actual/360 341,000,000.00 5.740 6.010 360 83 97 76 6,001.94 Actual/360 23

850,480.67 5.305 5.750 180 83 97 76 12,290.07 Actual/360 N/A832,253.84 5.490 6.200 360 82 98 75 5,804.45 30/360 N/A749,650.37 5.450 6.100 360 75 105 68 5,252.22 30/360 N/A701,345.94 5.645 5.935 180 81 99 74 10,529.58 30/360 N/A591,014.17 6.150 6.420 180 80 100 73 9,100.51 30/360 N/A463,459.79 5.645 5.935 180 81 99 74 6,958.09 30/360 N/A359,629.68 6.210 7.120 360 77 103 70 2,693.52 Actual/360 N/A138,966.18 6.040 6.750 300 78 102 71 1,165.57 30/360 N/A


** 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.

A-5



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

388091 $56,500,000.00 $56,500,000.00 10/01/10 08/01/22 5.340% 5.300% Actual/360 0 180 78 102 180 78 174 1/31/2022AM9826 36,164,000.00 35,956,008.90 10/01/15 10/01/22 3.740 2.390 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AM9998 26,715,000.00 26,715,000.00 11/01/15 11/01/22 4.010 2.510 Actual/360 360 84 81 3 60 57 78 4/30/2022AN0101 25,300,000.00 25,197,558.02 11/01/15 11/01/22 4.080 2.380 Actual/360 360 84 81 3 N/A N/A 78 4/30/2022AM9966 22,980,000.00 22,980,000.00 10/01/15 10/01/22 3.870 2.420 Actual/360 0 84 80 4 84 80 78 3/31/2022AM9829 20,960,000.00 20,839,452.12 10/01/15 10/01/22 3.740 2.390 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AM8583 19,954,800.00 19,954,800.00 05/01/15 05/01/22 3.360 2.360 Actual/360 0 84 75 9 84 75 78 10/31/2021AN0055 19,240,000.00 19,157,778.24 11/01/15 11/01/22 3.810 2.410 Actual/360 360 84 81 3 N/A N/A 78 4/30/2022AM9831 19,073,000.00 18,963,304.88 10/01/15 10/01/22 3.740 2.390 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AM9828 19,020,000.00 18,910,609.70 10/01/15 10/01/22 3.740 2.390 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AM8582 18,803,000.00 18,803,000.00 05/01/15 05/01/22 3.360 2.360 Actual/360 0 84 75 9 84 75 78 10/31/2021AN0327 17,600,000.00 17,600,000.00 11/01/15 11/01/22 3.990 2.390 Actual/360 360 84 81 3 60 57 78 4/30/2022AM9832 16,923,600.00 16,826,266.79 10/01/15 10/01/22 3.740 2.390 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AM9957 14,100,000.00 14,016,014.48 09/01/15 11/01/22 4.740 2.600 Actual/360 360 86 81 5 N/A N/A 80 4/30/2022AM9833 12,754,000.00 12,680,647.54 10/01/15 10/01/22 3.740 2.390 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AF1046 12,783,895.00 11,286,114.81 12/01/11 09/01/22 5.400 5.200 Actual/360 300 180 79 101 N/A N/A 174 2/28/2022AN0241 11,040,000.00 11,040,000.00 12/01/15 12/01/22 3.890 2.500 Actual/360 360 84 82 2 24 22 78 5/31/2022AM9238 8,000,000.00 7,947,912.72 06/01/15 06/01/22 3.880 2.560 Actual/360 480 84 76 8 N/A N/A 78 11/30/2021388739 8,518,120.00 7,783,580.28 02/01/11 12/01/22 6.110 5.700 30/360 360 180 82 98 N/A N/A 174 5/31/2022

AN0344 7,600,000.00 7,582,091.21 12/01/15 12/01/22 4.560 2.620 Actual/360 360 84 82 2 N/A N/A 78 5/31/2022AN0458 7,490,000.00 7,490,000.00 12/01/15 12/01/22 4.540 2.800 Actual/360 360 84 82 2 12 10 78 5/31/2022AM9547 7,390,000.00 7,390,000.00 08/01/15 08/01/22 4.290 2.620 Actual/360 360 84 78 6 12 6 78 1/31/2022AF2555 7,068,995.00 6,864,485.86 10/01/13 09/01/22 6.630 5.830 30/360 420 180 79 101 N/A N/A 174 2/28/2022AN0498 6,267,000.00 6,259,328.38 01/01/16 01/01/23 4.380 2.590 Actual/360 360 84 83 1 N/A N/A 78 6/30/2022AM9772 6,254,000.00 6,220,561.05 09/01/15 05/01/22 5.250 2.800 Actual/360 360 80 75 5 N/A N/A 74 10/31/2021388774 6,898,079.00 6,058,862.02 02/01/11 01/01/23 6.050 5.450 Actual/360 300 180 83 97 N/A N/A 174 6/30/2022

AM9730 5,657,000.00 5,625,025.05 09/01/15 08/01/22 4.990 2.850 Actual/360 360 83 78 5 N/A N/A 77 1/31/2022389170 5,600,000.00 5,389,080.82 03/01/11 12/01/22 6.110 5.660 Actual/360 360 180 82 98 60 0 174 5/31/2022AF1187 5,500,000.00 5,283,699.47 02/01/12 11/01/22 6.050 5.750 Actual/360 360 180 81 99 60 0 174 4/30/2022

AM0009 5,200,000.00 5,064,670.68 07/01/12 07/01/22 4.210 2.790 Actual/360 360 120 77 43 24 0 114 12/31/2021AF3588 5,000,000.00 5,000,000.00 02/01/15 06/01/22 5.560 5.230 Actual/360 0 180 76 104 180 76 177 2/28/2022388738 4,864,785.00 4,587,359.35 02/01/11 12/01/22 6.370 5.670 30/360 420 180 82 98 N/A N/A 174 5/31/2022

AM7769 4,654,000.00 4,580,626.76 01/01/15 01/01/23 4.810 2.830 Actual/360 360 96 83 13 N/A N/A 90 6/30/2022AM9539 4,060,000.00 4,033,851.04 08/01/15 08/01/22 5.200 2.910 Actual/360 360 84 78 6 N/A N/A 78 1/31/2022389564 3,692,568.00 3,376,602.38 05/01/11 05/01/22 5.680 5.370 Actual/360 360 180 75 105 N/A N/A 174 10/31/2021

AN0485 3,250,000.00 3,242,848.18 12/01/15 05/01/22 4.860 2.650 Actual/360 360 77 75 2 N/A N/A 71 10/31/2021AM0891 3,236,000.00 3,218,391.37 10/01/12 10/01/22 4.015 2.515 Actual/360 360 120 80 40 36 0 114 3/31/2022AM1194 3,063,624.00 2,890,210.81 12/01/12 11/01/22 4.000 2.470 Actual/360 360 120 81 39 N/A N/A 114 4/30/2022AM9725 2,775,000.00 2,759,699.34 10/01/15 10/01/22 3.950 2.510 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022471752 2,796,554.00 2,642,377.63 07/01/12 06/01/22 4.870 3.010 Actual/360 360 120 76 44 N/A N/A 114 11/30/2021AF2215 3,384,000.00 2,532,255.69 02/01/13 10/01/22 5.930 5.510 30/360 240 240 80 160 N/A N/A 234 3/17/2022AN0034 2,521,000.00 2,509,935.33 10/01/15 10/01/22 5.030 2.890 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022AM9656 2,500,000.00 2,482,416.10 08/01/15 09/01/22 4.790 2.850 Actual/360 360 85 79 6 N/A N/A 79 2/28/2022AF3387 2,437,252.00 2,378,741.70 11/01/14 08/01/22 6.170 5.820 Actual/360 360 180 78 102 N/A N/A 177 4/30/2022471714 2,200,000.00 2,200,000.00 07/01/12 06/01/22 3.960 2.810 Actual/360 360 120 76 44 60 16 114 11/30/2021

A-6

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

AM6961 $ 2,200,000.00 $ 2,162,180.75 11/01/14 01/01/23 5.110% 3.130% Actual/360 360 98 83 15 N/A N/A 92 6/30/2022AN0032 2,161,500.00 2,150,407.85 10/01/15 10/01/22 4.300 2.780 Actual/360 360 84 80 4 N/A N/A 78 3/31/2022388840 3,224,962.00 2,073,263.70 02/01/11 08/01/22 5.635 5.365 30/360 180 180 78 102 N/A N/A 174 1/31/2022

AM8514 2,074,000.00 2,048,681.06 04/01/15 05/01/22 4.670 2.930 Actual/360 360 85 75 10 N/A N/A 79 10/31/2021AF3849 1,905,748.00 1,897,265.29 07/01/15 10/01/22 6.250 5.900 Actual/360 480 180 80 100 N/A N/A 177 6/30/2022

AM9655 1,590,000.00 1,578,434.40 08/01/15 01/01/23 4.630 2.910 Actual/360 360 89 83 6 N/A N/A 83 6/30/2022AM9718 1,525,000.00 1,516,543.43 09/01/15 11/01/22 5.080 2.940 Actual/360 360 86 81 5 N/A N/A 80 4/30/2022471199 1,500,000.00 1,481,368.62 05/01/12 05/01/22 4.020 3.000 Actual/360 360 120 75 45 36 0 114 10/31/2021AF2594 1,349,131.00 1,296,976.40 01/01/14 06/01/22 6.230 5.430 Actual/360 360 180 76 104 N/A N/A 174 11/30/2021

AM9569 1,250,000.00 1,240,774.06 08/01/15 08/01/22 4.560 2.780 Actual/360 360 84 78 6 N/A N/A 78 1/31/2022AM0373 1,300,000.00 1,185,944.89 08/01/12 08/01/22 3.800 2.360 Actual/360 300 120 78 42 N/A N/A 114 1/31/2022AM1405 1,198,411.00 1,136,064.65 12/01/12 11/01/22 4.470 2.645 Actual/360 360 120 81 39 N/A N/A 114 4/30/2022AM0585 1,200,000.00 1,134,303.64 11/01/12 11/01/22 4.320 2.380 Actual/360 360 120 81 39 N/A N/A 114 4/30/2022AN0317 1,105,000.00 1,105,000.00 12/01/15 12/01/22 4.220 2.780 Actual/360 360 84 82 2 36 34 78 5/31/2022AF0177 1,000,000.00 1,000,000.00 09/01/11 01/01/23 6.010 5.740 Actual/360 360 180 83 97 120 23 174 6/30/2022389040 1,267,572.00 850,480.67 03/01/11 01/01/23 5.750 5.305 Actual/360 180 180 83 97 N/A N/A 174 6/30/2022AF3320 855,299.00 832,253.84 10/01/14 12/01/22 6.200 5.490 30/360 360 180 82 98 N/A N/A 174 5/31/2022AF1336 809,783.00 749,650.37 03/01/12 05/01/22 6.100 5.450 30/360 360 180 75 105 N/A N/A 174 10/31/2021AF1672 979,926.00 701,345.94 06/01/12 11/01/22 5.935 5.645 30/360 180 180 81 99 N/A N/A 174 4/30/2022AF0041 864,438.00 591,014.17 09/01/11 10/01/22 6.420 6.150 30/360 180 180 80 100 N/A N/A 174 3/31/2022AF1059 666,051.00 463,459.79 01/01/12 11/01/22 5.935 5.645 30/360 180 180 81 99 N/A N/A 174 4/30/2022AF2706 371,459.00 359,629.68 02/01/14 07/01/22 7.120 6.210 Actual/360 360 180 77 103 N/A N/A 174 12/31/2021AF1438 154,781.00 138,966.18 03/01/12 08/01/22 6.750 6.040 30/360 300 180 78 102 N/A N/A 174 1/31/2022

* 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.



ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


DSCR

MortgageLoan

Originator

388091 New York NY 10162 Multifamily 829 1964 27.0% 2.18 ICM CAPITAL, LLCAM9826 Parkville MD 21234 Multifamily 336 1971 76.9 1.25† BERKADIA COMMERCIAL MORTGAGE LLCAM9998 Kirkland WA 98034 Multifamily 200 1977 65.0 1.26† WALKER AND DUNLOP, LLCAN0101 Hoover AL 35216 Multifamily 321 1974 74.4 1.30† CBRE MULTIFAMILY CAPITAL, INC.AM9966 Scottsdale AZ 85255 Multifamily 538 1999 60.0 1.96† CBRE MULTIFAMILY CAPITAL, INC.AM9829 Parkville MD 21234 Multifamily 181 1965 80.0 1.28† BERKADIA COMMERCIAL MORTGAGE LLCAM8583 San Diego CA 92122 Multifamily 267 1987 68.2 2.08† WELLS FARGO BANK, N.A.AN0055 Hickory Creek TX 75065 Multifamily 190 2013 65.0 1.50† BERKADIA COMMERCIAL MORTGAGE LLCAM9831 Laurel MD 20708 Multifamily 319 1964 76.8 1.25† BERKADIA COMMERCIAL MORTGAGE LLCAM9828 Parkville MD 21234 Multifamily 320 1974 77.6 1.25† BERKADIA COMMERCIAL MORTGAGE LLCAM8582 San Diego CA 92037 Multifamily 116 1979 66.9 2.08† WELLS FARGO BANK, N.A.AN0327 Dallas TX 75204 Multifamily 368 2015 64.0 1.37† CBRE MULTIFAMILY CAPITAL, INC.

A-7

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


DSCR

MortgageLoan

Originator

AM9832 Laurel MD 20708 Multifamily 330 1964 78.4% 1.25† BERKADIA COMMERCIAL MORTGAGE LLCAM9957 Murrieta CA 92562 Multifamily 460 1989 69.7 1.30† KEYBANK NATIONAL ASSOCIATIONAM9833 Hyattsville MD 20782 Multifamily 97 1964 71.3 1.30† BERKADIA COMMERCIAL MORTGAGE LLCAF1046 Oregon City OR 97045 Manufactured Housing 498 1970 50.0 1.93 GRANDBRIDGE REAL ESTATE CAPITAL LLCAN0241 Mount Vernon WA 98274 Multifamily 180 1978 80.0 1.49† BERKADIA COMMERCIAL MORTGAGE LLCAM9238 Jamaica NY 11432 Cooperative 360 1958 26.1 5.25† NATIONAL COOPERATIVE BANK, N.A.

388739 Altamont NY 12009 Multifamily 163 1969 61.3 1.44 GREYSTONE SERVICING CORPORATION INC.AN0344 Charlotte NC 28213 Multifamily 246 1974 74.9 1.40† ARBOR COMMERCIAL FUNDING, LLCAN0458 Baltimore MD 21244 Multifamily 148 1965 61.4 1.35† PILLAR MULTIFAMILY, LLCAM9547 Tampa FL 33617 Multifamily 212 1973 66.6 1.49† WALKER AND DUNLOP, LLCAF2555 Meadows Place TX 77477 Multifamily 182 2005 79.5 1.31 OAK GROVE COMMERCIAL MORTGAGE, LLCAN0498 North Charleston SC 29418 Multifamily 143 1980 79.9 1.44† NORTHMARQ CAPITAL FINANCE, L.L.C.AM9772 New Castle DE 19720 Multifamily 634 1986 70.0 1.47† CAPITAL ONE MULTIFAMILY FINANCE, LLC

388774 Jonesboro AR 72404 Multifamily 208 2005 63.5 1.69 GREYSTONE SERVICING CORPORATION INC.AM9730 Haltom City TX 76137 Multifamily 398 2001 72.6 1.27† WALKER AND DUNLOP, LLC

389170 Saint Cloud MN 56301 Multifamily 120 1986 77.8 1.14 WALKER AND DUNLOP, LLCAF1187 New Brighton MN 55112 Multifamily 117 1967 79.0 1.46 OAK GROVE COMMERCIAL MORTGAGE, LLCAM0009 Chicago IL 60626 Multifamily 110 1930 78.7 1.43† CENTERLINE MORTGAGE CAPITAL INC.AF3588 New York NY 10024 Cooperative 66 1914 16.7 1.50 NATIONAL COOPERATIVE BANK, N.A.388738 Gillette WY 82718 Multifamily 94 1980 84.7 1.21 GREYSTONE SERVICING CORPORATION INC.

AM7769 Durham NC 27705 Multifamily 240 2011 68.7 1.33† WELLS FARGO BANK, N.A.AM9539 Aurora CO 80012 Multifamily 201 1972 74.9 1.34† CENTERLINE MORTGAGE CAPITAL INC.

389564 Lynnwood WA 98037 Multifamily 96 1968 45.0 2.01 M&T REALTY CAPITAL CORPORATIONAN0485 Pearland TX 77584 Multifamily 212 2001 41.4 1.91† GRANDBRIDGE REAL ESTATE CAPITAL LLCAM0891 San Antonio TX 78248 Multifamily 228 1991 79.5 1.34† PRUDENTIAL MULTIFAMILY MORTGAGE, LLCAM1194 Vancouver WA 98684 Multifamily 70 1998 74.3 1.42† ALLIANT CAPITAL LLCAM9725 Napa CA 94558 Multifamily 32 1990 44.2 1.35† PNC BANK, NATIONAL ASSOCIATION

471752 Santa Rosa CA 95404 Manufactured Housing 75 1969 73.6 1.32† BEECH STREET CAPITAL LLCAF2215 Pacific Grove CA 93950 Multifamily 78 1964 53.5 1.21 PNC BANK, NATIONAL ASSOCIATIONAN0034 Syracuse NY 13210 Multifamily 256 1973 67.2 1.75† ARBOR COMMERCIAL FUNDING, LLCAM9656 San Angelo TX 76904 Multifamily 169 1971 57.4 2.21† BERKELEY POINT CAPITAL LLCAF3387 Staten Island NY 10305 Cooperative 120 1966 23.1 1.42 NATIONAL COOPERATIVE BANK, N.A.471714 Creve Coeur MO 63141 Multifamily 152 2005 80.0 1.40† CWCAPITAL

AM6961 Lake Jackson TX 77566 Multifamily 174 1999 63.0 1.69† WELLS FARGO BANK, N.A.AN0032 Dallas TX 75206 Multifamily 97 1929 54.4 2.00† ARBOR COMMERCIAL FUNDING, LLC388840 Tampa FL 33604 Multifamily 194 1975 29.2 1.95 ALLIANT CAPITAL LLC

AM8514 Huntsville TX 77340 Dedicated Student 132 2007 64.9 1.38† KEYBANK NATIONAL ASSOCIATIONAF3849 New York NY 10025 Cooperative 35 1926 11.4 1.20 NATIONAL COOPERATIVE BANK, N.A.AM9655 Huntsville TX 77320 Multifamily 160 1983 55.0 2.01† BERKELEY POINT CAPITAL LLCAM9718 Chicago IL 60626 Multifamily 79 1925 73.6 1.34† BERKADIA COMMERCIAL MORTGAGE LLC

471199 San Pedro CA 90731 Multifamily 295 2009 56.3 1.21† CBRE MULTIFAMILY CAPITAL, INC.AF2594 Anchorage AK 99503 Multifamily 41 1976 67.0 1.40 FIRST NATIONAL BANK ALASKAAM9569 Greensboro NC 27407 Multifamily 60 1970 62.5 1.64† ARBOR COMMERCIAL FUNDING, LLCAM0373 Westlake OH 44145 Multifamily 175 1968 78.9 1.48† ENTERPRISE MORTGAGE INVESTMENTS, LLCAM1405 Shawnee OK 74804 Multifamily 50 1974 72.6 1.89† CENTERLINE MORTGAGE CAPITAL INC.AM0585 Roanoke VA 24014 Seniors 94 2007 69.2 1.72† BERKADIA COMMERCIAL MORTGAGE LLCAN0317 Norfolk VA 23513 Multifamily 36 1983 65.0 1.70† WELLS FARGO BANK, N.A.AF0177 Allston MA 02134 Multifamily 31 1920 36.5 4.91 WELLS FARGO BANK N.A.389040 Chatham NJ 07928 Multifamily 35 1965 22.8 2.68 AMERISPHERE MULTIFAMILY FINANCE LLC

AF3320 Eau Claire WI 54703 Multifamily 32 2001 71.1 1.35 ANCHORBANK FSBAF1336 Eau Claire WI 54701 Multifamily 20 2000 74.3 1.39 ANCHORBANK FSBAF1672 Studio City CA 91604 Multifamily 24 1985 25.1 1.41 JPMORGAN CHASE BANK, NA

A-8

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


DSCR

MortgageLoan

Originator

AF0041 San Francisco CA 94123 Multifamily 18 1956 22.4% 3.41 WELLS FARGO BANK N.A.AF1059 Studio City CA 91602 Multifamily 15 1981 29.8 1.22 JPMORGAN CHASE BANK, NAAF2706 Lowell MA 01852 Multifamily 6 1910 80.0 1.16 CITY NATIONAL BANKAF1438 Jamestown ND 58401 Multifamily 12 1974 74.0 1.76 STATE BANK AND TRUST

† In these cases, the numbers in this column represent “DSCR at Maximum Payment.”


ExpectedPool


StateZip

Code


REMIC



MBS Balance


DSCROriginalLTV (%)

388091 500 East 77th Street 500 E 77TH ST New York NY 10162 $56,500,000.00 10.69% 2.18 27.0%AM9826 Skylark Pointe 9150 Parkland Road Parkville MD 21234 35,956,008.90 6.80 1.25† 76.9AM9998 Vue Kirkland Apartments 11733 NE 131st Place Kirkland WA 98034 26,715,000.00 5.05 1.26† 65.0AN0101 Abbey at Riverchase 3708 Lodge Drive Hoover AL 35216 25,197,558.02 4.77 1.30† 74.4AM9966 Pillar at Scottsdale 17212 North Scottsdale Road Scottsdale AZ 85255 22,980,000.00 4.35 1.96† 60.0AM9829 The Arbors at Edenbridge 8309 Arbor Station Way Parkville MD 21234 20,839,452.12 3.94 1.28† 80.0AM8583 Nobel Court Apartments 3707 Nobel Drive San Diego CA 92122 19,954,800.00 3.78 2.08† 68.2AN0055 The Mansions at Hickory Creek 1021 Point Vista Road Hickory Creek TX 75065 19,157,778.24 3.62 1.50† 65.0AM9831 Hunting Oaks 8800 Hunting Lane Laurel MD 20708 18,963,304.88 3.59 1.25† 76.8AM9828 Revere Park 9150 Parkland Road Parkville MD 21234 18,910,609.70 3.58 1.25† 77.6

† In these cases, the numbers in this column represent “DSCR at Maximum Payment.”

A-9

Exhibit A-3








(mos.)

LoanAge

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest*



$24,407,695.50 5.475% 5.580% 360 236 124 56 $151,995.00 30/360 015,267,380.90 5.090 5.440 360 234 126 53 105,992.56 30/360 N/A12,253,046.34 5.590 5.860 360 231 129 50 88,586.92 30/360 N/A11,382,888.98 5.535 5.945 360 231 129 50 82,846.65 30/360 N/A10,937,852.38 5.555 5.750 360 237 123 56 71,341.78 Actual/360 010,315,253.06 5.530 6.080 360 240 120 59 74,378.53 30/360 N/A

7,780,978.92 5.525 6.075 360 242 118 61 55,844.80 30/360 N/A6,562,325.24 5.280 5.900 360 233 127 52 47,373.81 30/360 N/A5,097,503.09 5.470 5.720 360 237 123 56 35,481.78 Actual/360 N/A5,001,395.38 5.465 6.015 360 238 122 57 36,030.91 30/360 N/A4,520,146.27 5.120 5.670 360 236 124 55 31,817.54 30/360 N/A4,151,492.66 5.850 6.720 360 234 126 53 31,877.64 30/360 N/A4,064,822.09 5.145 5.415 360 235 125 54 28,095.25 30/360 N/A3,670,739.63 5.065 5.335 360 237 123 56 25,086.61 30/360 N/A3,612,072.05 5.540 5.950 360 232 128 51 26,238.95 30/360 N/A3,535,521.62 5.510 5.780 360 240 120 59 24,882.90 30/360 N/A3,390,499.21 5.300 5.750 360 236 124 55 24,019.86 30/360 N/A2,961,968.93 5.215 6.115 360 234 126 53 21,698.96 30/360 N/A2,803,414.97 5.780 6.745 360 238 122 57 21,392.77 30/360 N/A2,677,600.72 5.560 5.960 360 239 121 58 19,163.10 30/360 N/A2,536,378.06 5.860 6.230 360 242 118 61 18,432.51 30/360 N/A2,463,396.03 5.403 5.640 360 236 124 55 17,298.11 30/360 N/A2,422,355.17 5.540 6.880 360 242 118 61 18,534.81 30/360 N/A2,413,720.43 5.070 5.620 360 234 126 53 17,001.32 30/360 N/A2,359,402.54 5.690 6.100 360 242 118 61 16,967.85 30/360 N/A2,348,618.30 5.555 5.750 360 237 123 56 15,318.79 Actual/360 02,064,917.42 5.215 5.765 360 237 123 56 14,613.15 30/360 N/A2,016,560.87 4.965 5.285 360 233 127 52 13,859.34 30/360 N/A1,868,834.17 5.475 6.375 360 239 121 58 13,824.96 30/360 N/A1,867,953.83 5.600 6.150 360 239 121 58 13,573.60 30/360 N/A1,858,424.96 5.215 5.765 360 237 123 56 13,151.84 30/360 N/A1,775,828.88 5.215 5.765 360 237 123 56 12,567.31 30/360 N/A1,654,323.34 5.125 5.575 360 240 120 59 11,450.07 30/360 N/A1,632,575.13 5.700 6.120 360 238 122 57 11,860.32 30/360 N/A

A-10






(mos.)

LoanAge

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest*



$ 1,462,692.38 5.110% 5.380% 360 236 124 55 $ 10,057.08 30/360 N/A1,418,044.41 5.560 5.960 360 239 121 58 10,148.68 30/360 N/A1,332,413.71 5.473 6.140 360 236 124 55 9,737.29 30/360 N/A1,317,962.95 5.600 6.150 360 239 121 58 9,577.07 30/360 N/A1,245,454.30 5.340 5.630 360 241 119 60 8,639.58 30/360 N/A1,195,328.11 5.560 5.960 360 239 121 58 8,554.74 30/360 N/A1,188,930.56 5.325 5.875 360 237 123 56 8,488.57 30/360 N/A1,162,024.35 5.470 6.020 360 236 124 55 8,411.72 30/360 N/A1,154,252.71 5.590 6.100 360 232 128 50 8,483.93 30/360 N/A1,153,505.43 5.290 5.990 360 235 125 54 8,348.77 30/360 N/A1,152,127.22 5.275 5.545 360 238 122 57 7,988.62 30/360 N/A1,137,625.06 5.645 6.345 360 239 121 58 8,395.77 30/360 N/A1,043,263.47 5.490 5.900 360 240 120 59 7,414.21 30/360 N/A1,028,918.41 5.555 5.750 360 237 123 56 6,711.09 Actual/360 01,008,751.29 5.620 6.170 360 240 120 59 7,326.28 30/360 N/A

909,603.49 5.485 5.895 360 240 120 59 6,461.70 30/360 N/A900,496.33 5.465 6.025 360 238 122 57 6,492.51 30/360 N/A892,912.93 5.485 5.895 360 240 120 59 6,343.14 30/360 N/A889,727.88 4.945 5.215 360 235 125 54 6,050.42 30/360 N/A889,309.12 5.750 6.300 360 242 118 61 6,499.21 30/360 N/A868,516.47 5.595 6.295 360 231 129 50 6,495.79 30/360 N/A857,513.41 5.185 5.455 360 234 126 53 5,960.42 30/360 N/A828,869.68 5.340 5.890 360 237 123 56 5,924.97 30/360 N/A825,949.92 5.375 6.075 360 240 120 59 5,953.15 30/360 N/A816,454.17 5.255 5.525 360 235 125 54 5,693.59 30/360 N/A796,600.92 5.375 6.075 360 240 120 59 5,741.62 30/360 N/A771,056.47 5.645 6.345 360 239 121 58 5,690.47 30/360 N/A750,729.52 5.560 5.960 360 239 121 58 5,372.83 30/360 N/A745,983.18 5.340 5.890 360 237 123 56 5,332.47 30/360 N/A712,733.86 5.605 6.155 360 239 121 58 5,181.19 30/360 N/A658,612.13 5.380 5.650 360 237 123 56 4,617.89 30/360 N/A635,545.34 5.185 5.595 360 236 124 55 4,446.67 30/360 N/A609,452.99 5.620 6.170 360 240 120 59 4,426.30 30/360 N/A585,239.47 5.625 6.045 360 239 121 58 4,217.13 30/360 N/A541,614.23 5.430 5.840 360 240 120 59 3,830.47 30/360 N/A502,640.10 5.700 6.120 360 239 121 58 3,643.72 30/360 N/A499,601.81 5.475 5.895 360 239 121 58 3,556.90 30/360 N/A498,917.87 5.425 5.845 360 239 121 58 3,537.73 30/360 N/A477,586.25 5.580 6.620 347 238 109 58 3,562.17 Actual/360 N/A464,145.32 5.640 6.380 360 241 119 60 3,370.66 Actual/360 N/A451,889.20 4.980 5.820 360 234 126 53 3,234.15 30/360 N/A442,529.80 5.595 6.295 360 231 129 50 3,309.76 30/360 N/A

A-11






(mos.)

LoanAge

(mos.)

RemainingPrepayment

PremiumTerm (mos.)


and Interest*



$ 430,409.81 5.260% 6.000% 360 235 125 54 $ 3,117.66 30/360 N/A421,422.27 5.485 5.895 360 240 120 59 2,993.72 30/360 N/A418,029.21 5.625 6.045 360 239 121 58 3,012.23 30/360 N/A413,744.15 5.480 5.750 360 238 122 57 2,917.86 30/360 N/A411,632.80 5.380 5.650 360 237 123 56 2,886.18 30/360 N/A406,220.50 5.170 5.440 360 234 126 53 2,820.15 30/360 N/A402,322.49 5.470 6.310 360 241 119 60 2,906.04 Actual/360 N/A381,131.77 5.750 6.300 360 242 118 61 2,785.38 30/360 N/A315,900.76 5.485 5.755 360 240 120 59 2,218.78 30/360 N/A

92,158.54 6.510 7.460 360 235 95 54 710.41 30/360 N/A




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

AF3285 $25,000,000.00 $24,407,695.50 10/01/14 10/01/35 5.580% 5.475% 30/360 360 360 236 124 60 0 180 10/31/2020AF2637 16,134,844.00 15,267,380.90 01/01/14 08/01/35 5.440 5.090 30/360 360 360 234 126 N/A N/A 180 7/31/2020388206 13,809,007.00 12,253,046.34 11/01/10 05/01/35 5.860 5.590 30/360 360 360 231 129 N/A N/A 180 4/30/2020388049 12,830,743.00 11,382,888.98 10/01/10 05/01/35 5.945 5.535 30/360 360 360 231 129 N/A N/A 180 4/30/2020AF2432 11,457,162.00 10,937,852.38 07/01/13 11/01/35 5.750 5.555 Actual/360 360 360 237 123 36 0 180 10/31/2020388139 11,505,441.00 10,315,253.06 11/01/10 02/01/36 6.080 5.530 30/360 360 360 240 120 N/A N/A 180 1/31/2021388790 8,630,518.00 7,780,978.92 02/01/11 04/01/36 6.075 5.525 30/360 360 360 242 118 N/A N/A 180 3/31/2021389160 7,334,475.00 6,562,325.24 03/01/11 07/01/35 5.900 5.280 30/360 360 360 233 127 N/A N/A 180 6/30/2020388535 5,668,383.00 5,097,503.09 01/01/11 11/01/35 5.720 5.470 Actual/360 360 360 237 123 N/A N/A 180 10/31/2020AF1912 5,406,726.00 5,001,395.38 09/01/12 12/01/35 6.015 5.465 30/360 360 360 238 122 N/A N/A 180 11/30/2020389350 5,049,702.00 4,520,146.27 04/01/11 10/01/35 5.670 5.120 30/360 360 360 236 124 N/A N/A 180 9/30/2020AF2383 4,410,834.00 4,151,492.66 05/01/13 08/01/35 6.720 5.850 30/360 360 360 234 126 N/A N/A 180 7/31/2020389860 4,538,898.00 4,064,822.09 07/01/11 09/01/35 5.415 5.145 30/360 360 360 235 125 N/A N/A 180 8/31/2020AF0736 4,070,005.00 3,670,739.63 11/01/11 11/01/35 5.335 5.065 30/360 360 360 237 123 N/A N/A 180 10/31/2020389859 4,012,157.00 3,612,072.05 07/01/11 06/01/35 5.950 5.540 30/360 360 360 232 128 N/A N/A 180 5/31/2020389198 3,938,017.00 3,535,521.62 03/01/11 02/01/36 5.780 5.510 30/360 360 360 240 120 N/A N/A 180 1/31/2021389510 3,777,437.00 3,390,499.21 05/01/11 10/01/35 5.750 5.300 30/360 360 360 236 124 N/A N/A 180 9/30/2020389014 3,297,817.00 2,961,968.93 03/01/11 08/01/35 6.115 5.215 30/360 360 360 234 126 N/A N/A 180 7/31/2020AF3516 2,868,630.00 2,803,414.97 02/01/15 12/01/35 6.745 5.780 30/360 360 360 238 122 N/A N/A 180 11/30/2020389461 2,968,095.00 2,677,600.72 05/01/11 01/01/36 5.960 5.560 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF3968 2,557,165.00 2,536,378.06 10/01/15 04/01/36 6.230 5.860 30/360 360 360 242 118 N/A N/A 180 3/31/2021

A-12

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

389000 $ 2,757,533.00 $ 2,463,396.03 03/01/11 10/01/35 5.640% 5.403% 30/360 360 360 236 124 N/A N/A 180 9/30/2020AF1189 2,616,851.00 2,422,355.17 02/01/12 04/01/36 6.880 5.540 30/360 360 360 242 118 N/A N/A 180 3/31/2021389861 2,689,390.00 2,413,720.43 07/01/11 08/01/35 5.620 5.070 30/360 360 360 234 126 N/A N/A 180 7/31/2020AF3692 2,407,781.00 2,359,402.54 04/01/15 04/01/36 6.100 5.690 30/360 360 360 242 118 N/A N/A 180 3/31/2021AF2433 2,460,126.00 2,348,618.30 07/01/13 11/01/35 5.750 5.555 Actual/360 360 360 237 123 36 0 180 10/31/2020389862 2,291,269.00 2,064,917.42 07/01/11 11/01/35 5.765 5.215 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF1208 2,231,516.00 2,016,560.87 02/01/12 07/01/35 5.285 4.965 30/360 360 360 233 127 N/A N/A 180 6/30/2020AF2171 1,999,415.00 1,868,834.17 01/01/13 01/01/36 6.375 5.475 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0372 2,053,203.00 1,867,953.83 09/01/11 01/01/36 6.150 5.600 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0043 2,058,897.00 1,858,424.96 08/01/11 11/01/35 5.765 5.215 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF0047 1,967,390.00 1,775,828.88 08/01/11 11/01/35 5.765 5.215 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF0353 1,830,808.00 1,654,323.34 09/01/11 02/01/36 5.575 5.125 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF0265 1,796,343.00 1,632,575.13 09/01/11 12/01/35 6.120 5.700 30/360 360 360 238 122 N/A N/A 180 11/30/2020AF1737 1,599,271.00 1,462,692.38 07/01/12 10/01/35 5.380 5.110 30/360 360 360 236 124 N/A N/A 180 9/30/2020AF3016 1,479,833.00 1,418,044.41 05/01/14 01/01/36 5.960 5.560 30/360 360 360 239 121 N/A N/A 180 12/31/2020388999 1,480,783.00 1,332,413.71 03/01/11 10/01/35 6.140 5.473 30/360 360 360 236 124 N/A N/A 180 9/30/2020AF1209 1,437,795.00 1,317,962.95 02/01/12 01/01/36 6.150 5.600 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0392 1,376,399.00 1,245,454.30 09/01/11 03/01/36 5.630 5.340 30/360 360 360 241 119 N/A N/A 180 2/28/2021AF0248 1,317,055.00 1,195,328.11 09/01/11 01/01/36 5.960 5.560 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0262 1,313,200.00 1,188,930.56 09/01/11 11/01/35 5.875 5.325 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF0533 1,279,956.00 1,162,024.35 10/01/11 10/01/35 6.020 5.470 30/360 360 360 236 124 N/A N/A 180 9/30/2020AF0908 1,269,517.00 1,154,252.71 12/01/11 06/01/35 6.100 5.590 30/360 360 360 232 128 N/A N/A 180 4/30/2020AF0329 1,273,895.00 1,153,505.43 09/01/11 09/01/35 5.990 5.290 30/360 360 360 235 125 N/A N/A 180 8/31/2020AF0046 1,279,220.00 1,152,127.22 08/01/11 12/01/35 5.545 5.275 30/360 360 360 238 122 N/A N/A 180 11/30/2020AF0044 1,249,198.00 1,137,625.06 08/01/11 01/01/36 6.345 5.645 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF2314 1,114,640.00 1,043,263.47 04/01/13 02/01/36 5.900 5.490 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF2434 1,077,769.00 1,028,918.41 07/01/13 11/01/35 5.750 5.555 Actual/360 360 360 237 123 36 0 180 10/31/2020AF0042 1,109,413.00 1,008,751.29 08/01/11 02/01/36 6.170 5.620 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF3418 934,646.00 909,603.49 01/01/15 02/01/36 5.895 5.485 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF0444 990,515.00 900,496.33 10/01/11 12/01/35 6.025 5.465 30/360 360 360 238 122 N/A N/A 180 11/30/2020AF3417 917,496.00 892,912.93 01/01/15 02/01/36 5.895 5.485 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF0668 989,429.00 889,727.88 11/01/11 09/01/35 5.215 4.945 30/360 360 360 235 125 N/A N/A 180 8/31/2020AF2311 946,166.00 889,309.12 04/01/13 04/01/36 6.300 5.750 30/360 360 360 242 118 N/A N/A 180 3/31/2021AF0742 955,115.00 868,516.47 11/01/11 05/01/35 6.295 5.595 30/360 360 360 231 129 N/A N/A 180 4/30/2020AF0535 952,828.00 857,513.41 10/01/11 08/01/35 5.455 5.185 30/360 360 360 234 126 N/A N/A 180 7/31/2020AF0665 912,454.00 828,869.68 11/01/11 11/01/35 5.890 5.340 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF0443 906,774.00 825,949.92 10/01/11 02/01/36 6.075 5.375 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF0534 905,730.00 816,454.17 10/01/11 09/01/35 5.525 5.255 30/360 360 360 235 125 N/A N/A 180 8/31/2020AF0669 873,239.00 796,600.92 11/01/11 02/01/36 6.075 5.375 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF2312 821,146.00 771,056.47 04/01/13 01/01/36 6.345 5.645 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0244 827,180.00 750,729.52 09/01/11 01/01/36 5.960 5.560 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0910 819,907.00 745,983.18 12/01/11 11/01/35 5.890 5.340 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF0903 779,860.00 712,733.86 12/01/11 01/01/36 6.155 5.605 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0727 727,244.00 658,612.13 11/01/11 11/01/35 5.650 5.380 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF1911 690,789.00 635,545.34 09/01/12 10/01/35 5.595 5.185 30/360 360 360 236 124 N/A N/A 180 9/30/2020AF1732 659,208.00 609,452.99 07/01/12 02/01/36 6.170 5.620 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF1052 640,217.00 585,239.47 01/01/12 01/01/36 6.045 5.625 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0260 597,303.00 541,614.23 09/01/11 02/01/36 5.840 5.430 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF2060 540,756.00 502,640.10 11/01/12 01/01/36 6.120 5.700 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0263 550,941.00 499,601.81 09/01/11 01/01/36 5.895 5.475 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0536 549,688.00 498,917.87 10/01/11 01/01/36 5.845 5.425 30/360 360 360 239 121 N/A N/A 180 12/31/2020

A-13

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

AF3517 $ 487,908.00 $ 477,586.25 02/01/15 12/01/35 6.620% 5.580% Actual/360 347 347 238 109 N/A N/A 168 12/31/2020AF1461 499,947.00 464,145.32 03/01/12 03/01/36 6.380 5.640 Actual/360 360 360 241 119 N/A N/A 180 2/28/2021AF0964 498,075.00 451,889.20 12/01/11 08/01/35 5.820 4.980 30/360 360 360 234 126 N/A N/A 180 7/31/2020AF0906 485,897.00 442,529.80 12/01/11 05/01/35 6.295 5.595 30/360 360 360 231 129 N/A N/A 180 4/30/2020AF3615 440,719.00 430,409.81 03/01/15 09/01/35 6.000 5.260 30/360 360 360 235 125 N/A N/A 180 8/31/2020AF0387 464,421.00 421,422.27 09/01/11 02/01/36 5.895 5.485 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF1050 457,299.00 418,029.21 01/01/12 01/01/36 6.045 5.625 30/360 360 360 239 121 N/A N/A 180 12/31/2020AF0745 455,975.00 413,744.15 11/01/11 12/01/35 5.750 5.480 30/360 360 360 238 122 N/A N/A 180 11/30/2020AF0394 456,009.00 411,632.80 09/01/11 11/01/35 5.650 5.380 30/360 360 360 237 123 N/A N/A 180 10/31/2020AF0268 452,234.00 406,220.50 09/01/11 08/01/35 5.440 5.170 30/360 360 360 234 126 N/A N/A 180 7/31/2020AF1463 433,736.00 402,322.49 03/01/12 03/01/36 6.310 5.470 Actual/360 360 360 241 119 N/A N/A 180 2/28/2021AF2310 405,499.00 381,131.77 04/01/13 04/01/36 6.300 5.750 30/360 360 360 242 118 N/A N/A 180 3/31/2021AF0264 348,768.00 315,900.76 09/01/11 02/01/36 5.755 5.485 30/360 360 360 240 120 N/A N/A 180 1/31/2021AF3623 93,616.00 92,158.54 03/01/15 09/01/35 7.460 6.510 30/360 360 330 235 95 N/A N/A 150 8/31/2020

* This may represent all or a portion of the principal balance of the related pool at MBS issuance.



ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


DSCR

MortgageLoan

Originator

AF3285 Whitestone NY 11357 Cooperative 1022 1956 35.3% 1.62 NATIONAL COOPERATIVE BANK, N.A.AF2637 Upland CA 91786 Multifamily 232 1973 77.0 1.31 PNC BANK, NATIONAL ASSOCIATION388206 West New York NJ 07093 Cooperative 284 1964 41.1 1.32 PNC MULTIFAMILY MORTGAGE LLC388049 Mechanicsburg PA 17050 Multifamily 300 2000 61.2 1.82 WELLS FARGO BANK, N.A.

AF2432 Orange CA 92867 Multifamily 176 1964 45.3 1.70 WALKER & DUNLOP, LLC388139 Warren MI 48088 Multifamily 264 1970 79.1 1.65 WALKER & DUNLOP, LLC388790 Longview TX 75604 Multifamily 208 1997 80.0 2.11 GREYSTONE SERVICING CORPORATION, INC389160 Hermitage PA 16148 Multifamily 170 1995 72.5 1.97 RED MORTGAGE CAPITAL, LLC388535 Southaven MS 38671 Multifamily 200 1989 64.8 1.83 DEUTSCHE BANK BERKSHIRE MORTGAGE, INC

AF1912 Long Beach CA 90807 Multifamily 93 1973 58.2 1.22 JPMORGAN CHASE BANK, NA389350 Bowling Green OH 43402 Multifamily 224 1968 77.5 1.59 PNC BANK, NATIONAL ASSOCIATION

AF2383 San Antonio TX 78210 Multifamily 210 2004 80.8 2.47 RED MORTGAGE CAPITAL, LLC389860 Watsonville CA 95076 Multifamily 80 1970 55.0 1.84 JPMORGAN CHASE BANK, NA

AF0736 Passaic NJ 07055 Cooperative 190 1950 28.1 1.16 PNC BANK, NATIONAL ASSOCIATION389859 Inglewood CA 90302 Multifamily 58 1973 51.8 1.88 JPMORGAN CHASE BANK, NA389198 Reading PA 19610 Multifamily 190 1971 51.1 2.93 WALKER & DUNLOP, LLC389510 Van Nuys CA 91405 Multifamily 107 1964 56.4 2.12 PNC BANK, NATIONAL ASSOCIATION389014 Richmond VA 23230 Multifamily 121 1994 87.5 1.46 ENTERPRISE MORTGAGE INVESTMENTS INC.

AF3516 San Antonio TX 78221 Multifamily 152 1969 86.8 2.52 BERKADIA COMMERCIAL MORTGAGE LLC389461 Stockton CA 95207 Multifamily 109 1979 35.1 2.87 CENTERLINE MORTGAGE CAPITAL INC.

AF3968 Indianapolis IN 46241 Cooperative 278 1969 74.4 1.39 ARBOR COMMERCIAL FUNDING LLC389000 Livermore CA 94550 Multifamily 64 1961 44.3 3.22 BERKADIA COMMERCIAL MORTGAGE LLC

AF1189 Oak Harbor WA 98277 Seniors 59 1986 75.0 1.63 OAK GROVE COMMERCIAL MORTGAGE LLC

A-14

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


DSCR

MortgageLoan

Originator

389861 Glendale CA 91205 Multifamily 28 1929 67.9% 1.74 JPMORGAN CHASE BANK, NAAF3692 North Hollywood CA 91601 Multifamily 65 1990 61.0 3.81 PNC BANK, NATIONAL ASSOCIATIONAF2433 Orange CA 92867 Multifamily 56 1964 44.5 2.52 WALKER & DUNLOP, LLC389862 West Hollywood CA 90069 Multifamily 21 1963 58.0 1.78 JPMORGAN CHASE BANK, NA

AF1208 Weehawken NJ 07086 Cooperative 52 1920 31.2 2.95 PNC BANK, NATIONAL ASSOCIATIONAF2171 Buena Park CA 90621 Multifamily 59 1996 64.2 1.71 BERKADIA COMMERCIAL MORTGAGE LLCAF0372 Glendale CA 91205 Multifamily 28 1964 59.7 1.17 PNC BANK, NATIONAL ASSOCIATIONAF0043 Studio City CA 91604 Multifamily 24 1974 48.3 2.00 JPMORGAN CHASE BANK, NAAF0047 Los Angeles CA 90046 Multifamily 21 1964 61.4 2.14 JPMORGAN CHASE BANK, NAAF0353 Los Angeles CA 90046 Multifamily 29 1964 46.5 1.52 PNC BANK, NATIONAL ASSOCIATIONAF0265 Escondido CA 92027 Multifamily 93 1967 23.3 2.88 JPMORGAN CHASE BANK, NAAF1737 San Francisco CA 94108 Multifamily 21 1912 46.0 2.50 JPMORGAN CHASE BANK, NAAF3016 Stockton CA 95219 Multifamily 99 1983 30.4 3.19 CENTERLINE MORTGAGE CAPITAL INC.388999 Lancaster CA 93535 Manufactured Housing 94 1986 65.0 1.70 BERKADIA COMMERCIAL MORTGAGE LLC

AF1209 Glendale CA 91205 Multifamily 20 1974 62.3 1.27 PNC BANK, NATIONAL ASSOCIATIONAF0392 Riverside CA 92503 Multifamily 61 1987 28.3 3.27 JPMORGAN CHASE BANK, NAAF0248 Lodi CA 95240 Multifamily 102 1973 32.2 2.94 CENTERLINE MORTGAGE CAPITAL INC.AF0262 Beverly Hills CA 90210 Multifamily 7 1969 42.2 1.47 JPMORGAN CHASE BANK, NAAF0533 South Pasadena CA 91030 Multifamily 20 1950 52.0 1.95 JPMORGAN CHASE BANK, NAAF0908 Long Beach CA 90803 Multifamily 16 1954 47.3 1.77 JPMORGAN CHASE BANK, NAAF0329 Kent OH 44240 Multifamily 54 2002 82.0 1.39 GREYSTONE SERVICING CORPORATION, INCAF0046 Torrance CA 90503 Multifamily 42 1962 23.5 4.92 JPMORGAN CHASE BANK, NAAF0044 Los Angeles CA 90069 Multifamily 16 1961 54.4 1.55 JPMORGAN CHASE BANK, NAAF2314 San Francisco CA 94109 Multifamily 6 1908 45.9 1.22 JPMORGAN CHASE BANK, NAAF2434 Orange CA 92867 Multifamily 24 1964 46.0 2.47 WALKER & DUNLOP, LLCAF0042 Long Beach, CA 90803 Multifamily 10 1964 48.0 1.71 JPMORGAN CHASE BANK, NAAF3418 New Haven CT 06511 Multifamily 21 1900 61.2 1.55 JPMORGAN CHASE BANK, NAAF0444 Los Angeles CA 90046 Multifamily 10 1989 46.0 1.36 JPMORGAN CHASE BANK, NAAF3417 New Haven CT 06511 Multifamily 16 1891 64.8 2.18 JPMORGAN CHASE BANK, NAAF0668 Philadelphia PA 19115 Multifamily 64 1964 43.1 1.80 JPMORGAN CHASE BANK, NAAF2311 Astoria NY 11103 Multifamily 11 1912 75.0 1.46 JPMORGAN CHASE BANK, NAAF0742 Boston MA 02114 Multifamily 9 1899 58.3 1.81 JPMORGAN CHASE BANK, NAAF0535 Culver City CA 90232 Multifamily 12 1963 42.2 2.06 JPMORGAN CHASE BANK, NAAF0665 Medford OR 97501 Multifamily 18 2004 54.6 1.35 JPMORGAN CHASE BANK, NAAF0443 Westminster CA 92683 Multifamily 11 1984 43.8 1.38 JPMORGAN CHASE BANK, NAAF0534 San Diego CA 92109 Multifamily 12 1965 37.0 1.17 JPMORGAN CHASE BANK, NAAF0669 Westminster CA 92683 Multifamily 8 1984 54.3 1.17 JPMORGAN CHASE BANK, NAAF2312 Sacramento CA 95815 Multifamily 15 1920 56.2 1.56 JPMORGAN CHASE BANK, NAAF0244 Vacaville CA 95688 Multifamily 52 1962 23.1 4.16 CENTERLINE MORTGAGE CAPITAL INC.AF0910 Grants Pass OR 97526 Multifamily 23 1973 61.6 1.42 JPMORGAN CHASE BANK, NAAF0903 Central Point OR 97502 Multifamily 20 1973 70.8 1.49 JPMORGAN CHASE BANK, NAAF0727 Costa Mesa CA 92627 Multifamily 17 1977 21.1 3.45 JPMORGAN CHASE BANK, NAAF1911 Los Angeles CA 90029 Multifamily 16 1955 52.0 2.27 JPMORGAN CHASE BANK, NAAF1732 Long Beach CA 90802 Multifamily 8 1920 56.6 1.95 JPMORGAN CHASE BANK, NAAF1052 Van Nuys CA 91411 Multifamily 15 1988 37.2 2.56 JPMORGAN CHASE BANK, NAAF0260 East Orange NJ 07017 Multifamily 18 1960 62.5 1.22 JPMORGAN CHASE BANK, NAAF2060 Whittier CA 90602 Multifamily 7 1987 40.0 2.05 JPMORGAN CHASE BANK, NAAF0263 Mill Valley CA 94941 Multifamily 8 1950 35.0 2.32 JPMORGAN CHASE BANK, NAAF0536 Encinitas CA 92024 Multifamily 10 1953 24.0 2.74 JPMORGAN CHASE BANK, NAAF3517 San Antonio TX 78221 Multifamily 152 1969 89.0 2.52 BERKADIA COMMERCIAL MORTGAGE LLCAF1461 Santa Monica CA 90405 Multifamily 5 1952 43.0 1.41 CITY NATIONAL BANKAF0964 Los Angeles CA 90019 Multifamily 6 1948 55.0 2.16 PNC BANK, NATIONAL ASSOCIATION

A-15

ExpectedPool

NumberProperty

CityProperty

StateZip

CodeProperty

Type

Numberof

UnitsYearBuilt

OriginalLTV(%)


DSCR

MortgageLoan

Originator

AF0906 Cambridge MA 02141 Multifamily 6 1900 55.0% 2.60 JPMORGAN CHASE BANK, NAAF3615 Glendale CA 91205 Multifamily 9 1964 42.4 1.41 PNC BANK, NATIONAL ASSOCIATIONAF0387 New Haven CT 06511 Multifamily 7 1885 51.0 1.31 JPMORGAN CHASE BANK, NAAF1050 Van Nuys CA 91411 Multifamily 10 1990 37.7 2.02 JPMORGAN CHASE BANK, NAAF0745 Canoga Park CA 91303 Multifamily 10 1985 42.7 1.24 JPMORGAN CHASE BANK, NAAF0394 Los Angeles CA 90005 Multifamily 8 1960 36.4 2.94 JPMORGAN CHASE BANK, NAAF0268 Glendale CA 91201 Multifamily 6 1990 39.0 1.30 JPMORGAN CHASE BANK, NAAF1463 Santa Monica CA 90405 Multifamily 5 1956 43.0 1.78 CITY NATIONAL BANKAF2310 Astoria NY 11102 Multifamily 6 1925 60.0 2.01 JPMORGAN CHASE BANK, NAAF0264 New Haven CT 06511 Multifamily 6 1900 54.3 1.73 JPMORGAN CHASE BANK, NAAF3623 Glendale CA 91205 Multifamily 9 1964 43.9 1.41 PNC BANK, NATIONAL ASSOCIATION


ExpectedPool


StateZip

Code


REMIC



MBS Balance


DSCROriginalLTV (%)

AF3285 Le Harve Owners Corp. 168-68 9th Avenue Whitestone NY 11357 $24,407,695.50 11.40% 1.62 35.3%AF2637 Foothill Ridge Apartments 1334 W. Foothill Blvd. Upland CA 91786 15,267,380.90 7.13 1.31 77.0388206 Versailles Cooperative Apartments 6600 Kennedy BLVD E West New York NJ 07093 12,253,046.34 5.72 1.32 41.1388049 The Brambles 1776 Louisa LN Mechanicsburg PA 17050 11,382,888.98 5.31 1.82 61.2AF2432 Courtyard Apartments 928 North Highland Street Orange CA 92867 10,937,852.38 5.11 1.70 45.3388139 Arlington Manor Apartments 31250 Schoenherr RD Warren MI 48088 10,315,253.06 4.82 1.65 79.1388790 Summer Brook 2300 Bill Owens Parkway Longview TX 75604 7,780,978.92 3.63 2.11 80.0389160 Hermitage Hills Apartments 200 Hermitage Hills BLVD Hermitage PA 16148 6,562,325.24 3.06 1.97 72.5388535 Rocky Creek Apartments 7900 Rocky Creek BLVD Southaven MS 38671 5,097,503.09 2.38 1.83 64.8AF1912 Linden Plaza 3415 Linden Ave Long Beach CA 90807 5,001,395.38 2.33 1.22 58.2

A-16

No one is authorized to give information or to makerepresentations in connection with the Certificatesother than the information and representations con-tained in this Prospectus Supplement and the addi-tional Disclosure Documents. We take noresponsibility for any unauthorized information orrepresentation. This Prospectus Supplement and theadditional Disclosure Documents do not constitute anoffer or solicitation with regard to the Certificates ifit is illegal to make such an offer or solicitation toyou under 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 Commission norany state securities commission has approved ordisapproved the Certificates or determined if thisProspectus Supplement is truthful and complete.Any representation to the contrary is a criminaloffense.

TABLE OF CONTENTS

Page

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

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

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

Additional Risk Factors . . . . . . . . . . . . . . . . . . . . S- 8

Description of the Certificates . . . . . . . . . . . . . . . S- 9

Certain Additional Federal Income TaxConsequences . . . . . . . . . . . . . . . . . . . . . . . . . . S-21

Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . S-23

Credit Risk Retention . . . . . . . . . . . . . . . . . . . . . . S-24

Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-24

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

Exhibit A-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A- 4

Exhibit A-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-10

$926,575,030

Guaranteed Fannie MaeGeMS™ REMIC

Pass-Through Certificates

Fannie Mae MultifamilyREMIC Trust 2016-M2

PROSPECTUS SUPPLEMENT

Credit SuisseBofA Merrill Lynch

KGS-Alpha Capital MarketsMulti-Bank Securities Inc.

February 23, 2016