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Commercial Mortgage Performance Strong

MBA reports delinquency by investor type

June 11, 2008

By Mortgage Daily staff


Quarterly delinquency on commercial mortgages rose only slightly and remains near all-time lows, according to a new mortgage banking report. Commercial loan performance contrasts rising late payments on residential loans.

Delinquency of at least 30 days, including real estate owned, on loans backing commercial mortgage-backed securities was 0.48 percent at the end of the first quarter, according to the Commercial / Multifamily Mortgage Delinquency Rates for Major Investor Groups released by the Mortgage Bankers Association today.

CMBS delinquency rose from 0.40 percent at the end of the fourth quarter and 0.33 percent a year earlier.

Commercial mortgages held by life insurance companies had a 60-day delinquency rate of 0.01 percent on March 31, 2008, unchanged from Dec. 31, 2007, and down from 0.03 percent on March 31, 2007.

Life insurance companies held 35,192 commercial mortgage for $249 billion, the report said.

At Fannie Mae, 60-day delinquency on its multifamily portfolio rose to 0.09 percent during the first quarter from 0.08 percent the prior quarter but was unchanged from a year earlier. Freddie Mac's first-quarter 60-day rate was 0.04 percent, double the level three months earlier but lower than 0.06 percent 12 months earlier.

Banks and thrifts insured by the Federal Deposit Insurance Corporation had a 90-day delinquency rate of 1.01 percent at the end of the first quarter, rising from 0.80 percent at the end of the fourth quarter and 0.62 percent a year earlier.

FDIC-insured institutions held $1.2 trillion in commercial mortgages, the data indicated.

"Delinquency rates on commercial/multifamily mortgages remain low -- up slightly from the fourth quarter of 2007 but finishing the first quarter of 2008 near record lows for most major investor groups," MBA stated.

Commercial delinquency starkly contrasts residential delinquency.

The rate of residential loans past due at least 30 days or in foreclosure was 8.82 percent at the end of first quarter, rising from 7.86 percent at the end of the fourth quarter and soaring from 6.12 percent at the end of March 2007, MBA reported earlier this month.

The trade group noted that the five commercial mortgage investor groups reported account for 80 percent of commercial mortgages outstanding.

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