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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.

CMBS Delinquency Resumes Improvement

30-day rate declines 7 BPS in April

May 23, 2012

By staff

The rate of delinquency on loans included in commercial mortgage-backed securities was lower last month. Contributing to the improvement were loans secured by hotels, retail properties and apartment buildings. But late payments on healthcare properties shot up 150 basis points.

As of April 30, there were $58.37 billion in CMBS loans that were past-due at least 30 days.

A month earlier the total was $59.18 billion, while the collective CMBS balance was $63.34 billion a year earlier.

The drop in delinquent loans pulled down the 30-day delinquency rate to 8.190 percent from 8.258 percent in March, according to the report from Morningstar Credit Ratings LLC.

The improvement followed a 26-basis-point uptick in late CMBS loans from February, though the rate had improved each of the prior four months.

Delinquency on securitized commercial real estate loans was 8.372 percent during April 2011.

Last month's improvement came despite a continued decline in total outstanding CMBS to $712.64 billion from March's $716.72 billion. Aggregate U.S. CMBS outstandings have been in runoff mode since September 2011, when the balance was $735.99 billion.

Defaults on securitized hotel loans helped pull down the overall rate, falling 40 BPS from March to 9.1 percent. Also lower was delinquency on retail property loans, which declined 30 BPS to 7.6 percent, and multifamily delinquency, which was off 20 BPS to 7.2 percent.

Mortgages on healthcare properties surged 150 BPS to 6.9 percent -- the worst April performance of any category. Still, healthcare delinquency was 200 BPS better than in April 2011.

The second-worst performer was the office loan category, which jumped 50 BPS to 9.6 percent. Industrial property delinquency rose 10 BPS to 11.5 percent.

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