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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.

CMBS Delinquency Improvement Tied to Reporting Changes

9.52% delinquency in August

Sept. 2, 2011

By staff

After reaching a record-high in July, delinquency on securitized commercial real estate loans retreated. But much of the improvement was the result of the way defaults are reported.

One-month delinquency on loans included in commercial mortgage-backed securities was 9.52 percent in August. The aggregate balance of delinquent loans was $59.8 billion.

The latest rate was a 36-basis-point improvement from July -- when late payments soared over a half percent.

It was the second-biggest decline in delinquency since the credit crisis began.

The data was reported Wednesday by information provider Trepp LLC.

The improvement, however, was mainly tied to changes in the reporting of delinquency data.

"As with July, a big part of the change in the rate was the result of the way some special servicers have been reporting data," Trepp Managing Director Manus Clancy said in the announcement. "In July, special servicers had started to flag many 'dual-tracked loans,' those in which the special servicer was pursing both a modification and a foreclosure strategy, as having a workout code of 'in foreclosure.'"

The statement went on to say that that many of these re-classifications were "walked back" last month.

Although securitized multifamily mortgages maintained the highest delinquency rate in August -- 16.44 percent -- the rate plummeted 50 BPS from the previous month.

At 13.76 percent, hotel delinquency was next. Lodging loans, however, recorded a 128-basis-point improvement.

The worst-performing CRE sector was industrial property loans, which saw delinquency jump 15 BPS from July to 11.24 percent.

There was no change in office mortgage lates, which were 8.17 percent.

The lowest rate of delinquency could be found with loans secured by retail properties. Retail delinquency was down 47 BPS to 7.38 percent last month.

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