The Mortgage Bankers Association of America (MBA) yesterday released two commercial mortgage surveys for the second quarter.
On the front end, commercial originations jumped more than $10 billion from the first quarter to $29.5 billion, according to MBA's Commercial Mortgage Banker Origination Survey for the second quarter. During the second quarter of last year, originations were $22.9 billion, the survey said.
About half of the reported originations were multifamily, while office mortgages made up 20% and retail accounted for 15%. The remaining categories were industrial, hotel/motel, health care and other.
Conduits for commercial mortgage-backed securities (CMBS) funded $11.1 billion, life insurance companies funded $5.8 billion, and commercial banks funded $3.9 billion, the report said. Government sponsored housing enterprises Fannie Mae and Freddie Mac collectively funded $5.5 billion in multifamily loans, while FHA loans were $1.1 billion.
Hotel/motel loans were down 50% from the first quarter but up 35% from the same time last year, while health care loans were up 120% from the first quarter and up nearly 200% from last year.
On the back end, MBA released its second quarter rankings for CMBS servicers.
At the top of the list was GMAC Commercial Mortgage Corporation with $66.3 billion in primary servicing volume, according to MBA's Quarterly CMBS Servicing Survey. A close second was Wachovia Securities, with $62.9 billion, followed by Midland Loan Services ($48.6 billion) and CapMark Services L.P. ($24.6 billion). Rounding out the top five was Wells Fargo Commercial Mortgage Servicing with $22.3 billion.
Issuance of U.S. CMBS should reach approximately $70 billion in 2003, Standard & Poor's (S&P) said in an announcement this week. The ratings agency said CMBS issuance in 2002 was approximately $60 billion, while issuance in 2001 was a near-record $74 billion.
S&P said overall performance in the CMBS sector has been "relatively robust."