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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

CMBS Delinquency Up Despite Hotel, Multifamily Improvement

CMBS 60-day delinquency 9.32% in December

Jan. 22, 2012

By staff

The delinquency rate on securitized hotel loans was down 58 basis points, and the rate on securitized apartment building loans tumbled 43 BPS. But deterioration in other types of securitized commercial mortgages helped push the overall rate higher.

Loans that are part of conduit-fusion commercial mortgage-backed securities had a 60-day delinquency rate of 9.32 percent in December, Moody's Investors Service reported.

Delinquency drifted up from 9.27 percent in November. While $3.5 billion in CMBS loans were resolved or worked out last month, another $3.7 billion became newly delinquent.

The delinquency rate clearly has deteriorated from December 2010, when it stood at 8.79 percent.

Delinquency on multifamily CMBS was 14.44 percent, the highest of any category but a 43-basis-point improvement from November. A year prior, the multifamily rate was 14.38 percent.

At 12.96 percent, delinquency on the hotel sector was the second-worst category but 58 BPS better than November. Hotel lates were much improved from 16.37 in the same month last year.

After that was industrial delinquency, which jumped 59 BPS from the prior month to 12.09 percent; past-due payment on office buildings, which rose 26 BPS to 8.65 percent; and retail loans, with a delinquency rate of 7.22 percent and a 25-basis-point increase from November.

Loans in special servicing had a rate of 11.97 percent, dropping 13 basis points from the previous month.

Overall CMBS loans outstanding were $582.8 billion as of the end of 2011, Moody's said. That was down $4.1 billion from the end of November.

With a CMBS delinquency rate of 20 percent, Nevada had the worst level of late payments.

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