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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.

Apartment Loan Performance Leads CMBS Improvement

9.30% CMBS delinquency in January

Feb. 21, 2012

By staff

Led by improving multifamily performance, past-due payments on securitized commercial mortgages retreated -- though so did the overall amount outstanding.

Delinquency of at least 60 days on loans that are part of conduit-fusion commercial mortgage-backed securities was 9.30 percent during January.

The level of defaults was 2 basis points better than in December.

The statistics were part of Moody's Investors Service's Delinquency Tracker reported Tuesday.

But late payments on securitized commercial mortgages have worsened from January 2011, when the rate was 9.01 percent.

The multifamily delinquency rate was 13.77 percent, the worst of any property type backing CMBS loans. But apartment loan delinquency tumbled from 14.44 percent previously reported for November after falling 43 BPS that month.

Securitized hotel loans had a 12.95 percent rate, off 1 basis point from the last month of 2011.

After that was an 11.93 percent rate on industrial property loans, then 8.53 percent on office properties and 7.58 percent on retail property mortgages. Retail loans were the only category to increase from December, rising 36 BPS.

Around $6.4 billion in newly delinquent commercial real estate loans were more than offset by $7.2 billion in CRE loans that were resolved.

CMBS loans outstanding fell $6.5 billion -- the biggest decline of any month since May 2009 -- to $576.3 billion as of Jan. 31.

Moody's also reported that the rate of loans in special servicing was up a basis point to 11.98 percent last month.

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