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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.

Hotels Lead Continued Improvement in CMBS Delinquency

CMBS 30-day rate down 23 BPS in January

Feb. 27, 2013

By Mortgage Daily staff

Last month saw the lowest delinquency in nearly three years for loans backing commercial mortgage-backed securities. Helping to reduce the rate was a healthy improvement in the performance of lodging loans.

The rate of 30-day delinquency was 7.319 percent in January, falling from the previous month, when the CMBS rate was 7.552 percent.

In fact, delinquency has not been this low since at least since May 2010, when the rate was 7.270 percent.

The statistics are based on the $717.96 billion in CMBS rated by Morningstar Credit Ratings LLC.

An even bigger improvement was made compared to a year earlier, when the 30-day rate was 8.209 percent.

The ratings agency noted that total delinquent CMBS fell to $52.55 billion from $54.47 billion in December. The dollar amount has declined each month since June 2012, when $60.49 billion in rated CMBS were delinquent, and has fallen from $59.12 billion in the same month last year

Performance improved most on CMBS backed by hotel properties, with delinquency dropping to 9.2 percent from 10.3 percent in December.

A 40-basis-point decline left multifamily delinquency at 4.8 percent.

Past-due payments on office property CMBS improved to 9.8 percent from 9.9 percent.

No month-over-month change in delinquency left the rate on industrial property loans at 10.1 percent.

Retail property CMBS delinquency was up 20 BPS from the final month of 2012 to 7.3.

Healthcare loans saw the most deterioration, with the 30-day rate doubling to 12.8 percent.

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