Hotel Delinquency Leads CMBS Rate Down
The rate of delinquency on securitized commercial mortgages tumbled during April. While most categories of commercial real estate experienced a decline in delinquency, it was the hotel property category that saw the biggest drop.
New Kids on the Block
Since early March, at least 20 mortgage companies saw executive-level management changes. Over a dozen of the changes involved senior-level executives -- including two high-level company departures. The majority of appointments involved new hires as just one person was promoted.
Acquisition Shakes Up CRE Servicer Standings
Two deals announced this week will create a new No. 3 servicer of commercial real estate loans and substantially reduce the CRE servicing portfolio of a mega-bank.
Record Earnings, Improved Performance at Fannie
Thirty-day delinquency at Fannie Mae continued lower for the ninth consecutive quarter as earnings soared to the highest level on record. The company made progress on some of its litigation, and now that Bank of America Corp. has settled it repurchases requests -- outstanding requests have plummeted. The secondary lender reported who its biggest servicers and mortgage insurers are.
Banks Expect to Trim Non-Agency MBS Holdings
Mortgage demand is holding up for bank loan officers, while approval requirements have changed little. Banks expect to reduce their holdings of private-label mortgage-backed securities over the next year.
MBS Issuance Picks Up at Ginnie
Increased guarantees of mortgage-backed securities by the Government National Mortgage Association was driven last month by stronger residential activity, as multifamily issuance was lower.
Hotels, Multifamily Lead CMBS Delinquency Decline
Delinquency on commercial mortgage-backed securities hasn't been this low in more than two years, and the degree of improvement was the best on record. While past-due payments in every property category were lower, it was loans secured by hotel properties that had the biggest improvement.
Business Slows at Fannie
It was the slowest month for new business at the Federal National Mortgage Association in eight months. The good news, however, is that home-loan delinquency fell again and stands at the lowest level in more than four years.
Hotels, Industrial Properties Pull Down CRE Originations
Commercial real estate loan originations tumbled on a quarter-over-quarter basis thanks to plunging production on hotel and industrial loans. Agency apartment loans also took a big hit.