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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.

CRE Originations Diminish

Q3 production down 17%

Nov. 13, 2012

By Mortgage Daily staff

Slower business at conduits and life insurers led overall quarterly commercial real estate loan originations lower. A variety of property types were impacted by the slow-down. One factor behind the weaker business was the number of maturing loans.

Third-quarter commercial mortgage originations slowed by 17 percent compared to the second quarter.

Compared to a year earlier, originations have fallen just 7 percent.

The commercial real estate lending statistics were reported Tuesday by the Mortgage Bankers Association in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

A declining number of maturing loans was one factor behind the drop in business.

"A moderate pace of commercial property sales transactions and a continued drop in the volume of commercial mortgages maturing limited the overall amount of commercial mortgage loans originated," MBA Vice President of Commercial Real Estate Research Jamie Woodwell explained in the report.

Using previously reported data from the trade group for 2011 originations and applying the index values from the latest report, commercial real estate loan originations worked out to an estimated $49.9 billion during the three months ended Sept. 30.

Estimated second-quarter CRE production was $60.8 billion, while the number was $53.4 billion for the third-quarter 2011.

Helping drag down third-quarter volume were conduits, which saw CRE loan originations drop 55 percent from the second quarter. Conduit business, however, was unchanged from the same quarter last year.

Life insurance companies funded 37 percent less than in the second quarter and were nearly a third slower than the same period in 2011.

But commercial banks saw a 6 percent increase, while financial institution activity increased 8 percent from a year previous.

Volume was up 14 percent from the prior quarter at Fannie Mae and Freddie Mac and was 30 percent better than the same period in the prior year.

By property type, it was loan originations secured by retail properties that had the biggest tumble: 43 percent. Retail activity was off 35 percent from the same period in 2011.

Production of mortgages secured by office properties was down 29 percent and was nearly a quarter slower than the three months ended Sept. 30, 2011.

Healthcare property fundings followed with a one-quarter drop from the three months ended June 40. But healthcare financing was up 19 percent on a year-over-year basis.

With a 12 percent decline from three months earlier, hotel originations were next. Hotel activity eked out a 4 percent gain from the third-quarter 2011.

The only property type with an increase in originations compared to the second quarter was industrial, which had an 8 percent rise. Industrial mortgage production was up 19 percent from a year earlier.

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