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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.

Hotel Loans Lead CMBS Delinquency Decline

30-day CMBS rate down 15 BPS

Aug. 27, 2013

By Mortgage Daily staff

Past-due payments on commercial real estate loans that have been securitized fell to the lowest level in years, and hotel loans led the decline.

The rate of delinquency on loans that are included in commercial mortgage-backed securities was 6.274 percent in July.

It was the lowest level of late payments for CMBS loans since at least October 2010 -- the oldest data available. During that month, the rate was 7.771 percent.

Thirty-day CMBS delinquency moved lower from June, when the past-due rate was 6.427 percent.

CRE delinquency has plunged from the same month in 2012, when the 30-day rates was 8.449 percent.

The statistics were based on the $745.02 billion in CMBS rated by Morningstar Credit Ratings LLC.

On a dollar basis, $46.74 billion in Morningstar-rated CMBS were at least a month past due, off from $47.37 billion in June and sinking from $60.06 billion in July 2012.

Hotel loans provided the most support for the improvement, with the 30-day rate falling to 7.7 percent in July from 8.0 percent a month earlier.

A 20-basis-point decline from June left office loan delinquency at 9.0 percent and multifamily delinquency at 3.4 percent. The multifamily rate was the lowest of all categories.

Industrial property loan delinquency was down 10 BPS, though the category still had the highest rate: 11.8 percent.

Also moving 10 BPS lower were mortgages secured by retail properties, leaving July's rate at 6.4 percent.

Delinquency on the volatile category of healthcare property loans soared to 9.0 percent from the prior month's rate of 3.9 percent. However, healthcare delinquency -- which had been as high as 12.8 percent in January -- is impacted by the low amount of loans rated by Morningstar.

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