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Stories about commercial lending on multifamily, office, retail and industrial properties.

CMBS Delinquency Rate Improves

30-day CMBS delinquency down 21 BPS in August

Sept. 4, 2012

By staff

Quarterly mortgage banking data recently indicated that delinquency on securitized commercial real estate loans was up again. But more recent data reveal that loan performance took a turn for the better last month. Helping the monthly improvement were mortgages secured by multifamily and lodging properties.

Delinquency of at least 30 days on loans included in commercial mortgage-backed securities was 8.97 percent in the second quarter. Late payments worsened from 8.85 percent in the first quarter and have deteriorated for two consecutive quarters.

The past-due rate on CMBS loans, however, has subsided from the second quarter 2011, when delinquency stood at 9.02 percent.

The quarterly data was published in the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report for the second-quarter 2012.

"The delinquency rate for loans in CMBS continues to show higher and more sustained aggregate delinquency rates, much of which is driven by the large share of these loans in foreclosure or REO," MBA Vice President of Commercial Real Estate Research Jamie Woodwell said in a statement.

But CMBS 30-day delinquency has since abated, according to Trepp LLC.

Thirty-day delinquency based on Trepp's data fell 21 basis points from July to 10.13 percent in August.

In contrast to the MBA data, however, Trepp reported that the past-due rate stands above 9.52 percent in August 2011.

Last month's worst-performing category was multifamily, with a 30-day multifamily rate of 14.90 percent. But delinquency on loans secured by apartment buildings fell more than any other category -- from 15.69 percent in July.

Lodging loans had a rate of 12.54 percent, also retreating from July, when loans on hotels had a late payment rate of 13.06 percent.

Office delinquency improved to 10.56 percent from 10.69 percent.

Two categories that deteriorated in last month were industrial property loans, with the 30-day rate increasing to 12.12 percent from July's 11.72 percent, and retail loans, which rose to 8.18 percent in August from 8.03 percent.

MBA reported that life insurance companies saw 60-day delinquency on commercial mortgages inch up to 0.15 percent as of June 30 from 0.14 percent at the end of March and worsen from 0.12 percent in the year-earlier period.

At banks and thrifts, CRE delinquency of at least 90 days fell to 3.11 percent from the prior quarter's 3.45 percent. Financial institutions' CRE delinquency was also down from 3.97 percent in the year-earlier period.

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