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CMBS Originations Spike

Q3 commercial originations down 11%

November 13, 2008

By MortgageDaily.com staff

Driven by a big decline in conduit activity, hotel production and financing for office properties -- commercial mortgage originations were down by more than half from a year ago. But conduit activity saw a spike from the second quarter, while retail activity is heating up.

Third-quarter commercial mortgage originations were 11 percent lower than the second quarter, according to the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released today.

The decline was driven by commercial bank originations, which sank 55 percent. But conduit originations for commercial mortgage-backed securities were up 67 percent, while life insurance originations were up 27 percent and government-sponsored enterprise activity was up 12 percent.

Originations for loans secured by hotels tumbled 71 percent, health-care property originations were down 42 percent and office property fundings were off 28 percent. But originations for industrial properties were 22 percent higher, while retail property mortgage volume was up 9 percent as was multifamily volume.

"Uncertainty stemming from the credit crunch, and now the deteriorating economy, has led to a continued pull-back among both lenders and borrowers," MBA Vice President of Commercial Real Estate Research Jamie Woodwell said in the statement. "The need among most investor groups to conserve capital, and the uncertainty of how the slowing economy will affect property fundamentals, is fueling a prolonged pause in all aspects of commercial real estate activity."

Compared to the third-quarter 2007, commercial production was down 53 percent.

Loans originated for CMBS were 93 lower than a year earlier, while commercial banks originated 71 percent less and life insurance volume declined 27 percent. GSE volume, however, was up 15 percent over the past 12 months.

Hotel financings were down 87 percent from the third-quarter 2007, office property transactions tumbled 61 percent and health-care mortgage production was down 59 percent. Industrial mortgage originations were down 39 percent, while multifamily and retail loan originations were each down 30 percent.

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

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