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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 Expected to Decline Further

30-day rate down 3 BPS in January

Feb. 25, 2014

By Mortgage Daily staff

Despite deterioration in delinquency on four commercial property types, overall performance on commercial mortgage-backed securities managed an improvement last month. The forecast calls for delinquency to decline at least another 130 basis points this year.

Delinquency of at least 30 days on securitized commercial real estate loans closed out January at 5.315 percent.

The rate of past-due CMBS loans showed a slight improvement from the previous month, when it stood at 5.349 percent.

The improvement was far more significant compared to January 2013, when the 30-day rate was 7.319 percent.

CMBS delinquency hasn't been this low since it came in at 5.22 percent in December 2009.

The statistics were based on the $741.10 billion in CMBS rated by Morningstar Credit Ratings LLC, according to a report issued Tuesday.

Morningstar predicts that the CMBS delinquency rate will fall "well below 4 percent" by the end of this year.

"Having decreased for eight straight months and 10 of the past 12 remittance periods through January 2014, the delinquent unpaid balance for CMBS and percentage continue to be impacted by the size and amount of loan liquidations, modifications, extensions and resolutions reported on a monthly basis, and are clearly on a road to recovery," the report stated. "These items, along with continued new issuance growth, should lead to a further decline in delinquency levels in 2014."

Only two categories of CRE loans, multifamily and office, saw an improvement in the 30-day rate -- with delinquency dropping 10 BPS on each. The multifamily rate finished January at 2.9 percent, and the office property delinquency rate was 7.5 percent.

At 6.4 percent, there was no change in the past-due rate on hotel loans.

A 1-basis-point increase left delinquency on loans secured by retail properties at 5.7 percent.

Delinquency on healthcare property loans rose 20 BPS to 9.4 percent.

The 30-day rate on industrial property loans jumped 30 BPS to 10.7 percent. It was the worst deterioration of any category.

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