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Commercial Delinquency Remains Low

MBA reports Q2 CMBS 30-days at 0.53%

Sept. 10, 2008

By Mortgage Daily staff


Overall quarterly delinquency on loans backed by commercial real estate crept higher, though it still remains relatively low. But commercial delinquency at banks was up significantly.

Delinquency of at least 30 days was 0.53 percent as of June 30 for loans backing commercial mortgage-backed securities, a report today from the Mortgage Bankers Association indicated. Late payments rose from 0.48 percent on March 31.

The trade group noted delinquency is calculated based on principal balances.

Commercial mortgages financed by life insurance companies saw 60-day delinquency of 0.03 percent in the second quarter, three times the 0.01 percent in the prior quarter. The latest delinquency at life insurers works out to 23 loans for $69 million.

Life insurance companies reportedly held 35,276 commercial mortgages for $252 billion at the end of June.

Multifamily loans held by Fannie Mae had a 60-day delinquency rate of 0.11 percent, up from 0.90 percent on March 31. At Freddie Mac, multifamily delinquency fell to 0.03 percent on June 30 from 0.04 percent at the end of the first quarter.

Commercial mortgages delinquency of at least 90 days at banks insured by the Federal Deposit Insurance Corporation was 1.18 percent at the end of the second quarter, jumping from 1.01 percent at the end of March. The aggregate principal balances of delinquent loans at banks totaled $15 billion.

FDIC-insured banks held $1.2 trillion in commercial mortgages as of June 30.

MBA said commercial mortgages from all four groups account for 80 percent of commercial mortgage debt outstanding.

Commercial delinquency sharply contrast delinquency on residential mortgages. As of June 30, MBA reported seasonally adjusted delinquency of at least 30 days was 6.41 percent.

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