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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.

Office Loan Performance Deteriorates

60-day CMBS delinquency up 2 BPS in March

April 12, 2013

By Mortgage Daily staff

An improvement in the performance securitized commercial real estate loans backed by apartment, industrial, hotel and retail properties wasn't enough to offset an increase in late payments on loans secured by office properties.

A 2-basis-point rise from February left the 60-day delinquency rate on commercial mortgage-backed securities at 7.63 percent in March.

It was the first increase in 10 months for CMBS delinquency. In addition, the latest rate was only 2 BPS higher than the three-year low.

The delinquency level was 8.43 percent in March 2012 based on securities rated by Fitch Ratings.

"CMBS loan resolutions edged out new additions to the index, but a drop in new issuance volume failed to keep pace with the runoff, thus causing the delinquency rate to rise," Fitch stated. "That said, the increase may be short-lived."

Leading last month's deterioration were CMBS loans backed by office properties, with the 60-day rate rising to 8.50 percent from 8.18 percent in February.

Securitized mortgages backed by industrial properties saw delinquency fall to 9.41 percent in March from 9.61 percent.

Delinquency on multifamily loans fell 23 BPS from February to 8.91 percent.

Last month's retail property CMBS rate was down 26 BPS to 7.09 percent.

The biggest drop hit the delinquency rate on CMBS loans secured by hotels, with the 60-day rate tumbling to 7.71 percent in March from 8.32 percent as of Feb. 28.

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