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Mixed Commercial Performance

Originations and delinquency up, issuance and outstandings down

Dec. 21, 2010

By MortgageDaily.com staff


Commercial real estate lending improved on a quarterly and annual basis but has a long way to go before returning to the levels reached three years ago. As the country's aggregate commercial mortgage portfolio diminished, so did the performance and issuance of securitized loans.

Commercial mortgage originations increased 15 percent from the second quarter based on the Mortgage Bankers Association's Commercial Real Estate-Multifamily Finance Quarter Data Book for the third quarter. Commercial real estate financing was up nearly a third from the third-quarter 2009.

But business remains miniscule when compared to the peak reach in the second quarter of 2007 -- when volume was five times what is was in the third quarter of this year.

The issuance of commercial mortgage-backed securities fell to $1.93 billion from the second quarter's $2.91 billion. CMBS issuance was $1.79 billion in the second-quarter 2009.

As of the third quarter, outstanding commercial mortgage debt was $3.203 trillion, lower than $3.244 trillion three months earlier.

Commercial banks owned $1.428 trillion of the latest total, while another $0.640 trillion was held in CMBS, collateralized-debt obligations and other asset-backed securities. Agency holdings were $0.317 trillion, and life insurers owned another $0.299 trillion.

On CMBS, delinquency of at least 30 days was 8.58 percent, rising from the second quarter' 8.22 percent. Late payments in this category were just 4.08 percent a year prior.

Ratings agency Moody's Investors Service reported that CMBS delinquency increased 24 basis points in November to 8.63 percent.

"As has been the case in recent months, the resolution and liquidation of
troubled loans has helped to largely offset the increase in delinquent balance," Moody's Managing Director Nick Levidy said in the statement.

MBA's report indicated that commercial real estate delinquency of at least 60 days at life insurance companies fell to 0.22 percent from the second quarter's 0.29 percent, while banks and thrifts saw delinquency of at least three months rise to 4.41 percent from 4.26 percent.

Multifamily 60-day delinquency at Fannie Mae declined to 0.65 percent in the third quarter from 0.80 percent. Freddie Mac's 60-day multifamily delinquency rose to 0.35 percent from 0.28 percent and was more recently reported at 0.44 percent in October.

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