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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.

Multifamily, Hotel Delinquency Lead CMBS Delinquency Lower

CMBS delinquency 9.02% in June

July 20, 2011

By staff

A big drop in delinquency on hotel loans and multifamily mortgages helped to pull down the rate of late payments on securitized commercial real estate loans.

In a report released Tuesday, Moody's Investors Service said that delinquency on loans included in commercial mortgage-backed securities conduit-fusion transactions was 9.02 percent in June. The total delinquent CMBS loans outstanding last month was $54.7 billion, while total outstandings -- including current and delinquent loans -- was $606 billion.

The delinquency rate fell from 9.18 percent in May. But CMBS defaults have soared since June 2010, when the rate stood at 7.71 percent.

The improvement from May reflected $4.1 billion in CMBS loans that were cured and $3.1 billion in loans that became newly delinquent.

The New York-based ratings agency said that the rate of loans in special servicing was 12.35 percent last month, 27 BPS lower than in May and down for the second consecutive month.

However, Moody's CRE Research Director Tad Philipp explained in the statement that "the 333 basis point spread to the delinquency rate
indicates a likely continuation of elevated delinquency levels."

The highest level of delinquency was with hotel mortgages, which had a default rate of 15.76 percent. But hotel lates were 59 BPS better than in May.

Next was multifamily loan delinquency, which declined 63 BPS to 15.13 percent.

Industrial property loans followed, rising 17 BPS to 11.27 percent.

Retail property mortgage lates were down 15 BPS to 7.16 percent, and office delinquency was up 17 BPS to 7.04 percent.

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