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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 Lates Lower Despite Deterioration in Office, Retail

60-day CMBS delinquency down 9 BPS

Sept. 17, 2012

By staff

Delinquency on securitized commercial real estate loans was lower last month even though the rate on mortgages secured by office properties and retail properties took a turn for the worse.

Loans that are owned by commercial mortgage-backed securities had a cumulative 60-day delinquency rate of 8.39 percent during August.

The rate of past-due payments fell from July, when 8.48 percent of rated CMBS loans were delinquent.

Fitch Ratings previously reported that CMBS delinquency was 8.37 percent at the end of 2011.

Last month's decline reflected $2 billion in resolved loans and $1.7 billion in newly delinquent loans.

Hotel loans had last month's highest delinquency rate at 10.82 percent. But late payments in the sector improved from 11.46 percent in July.

Multifamily loans saw the biggest decline from July: 71 basis points. That left the August multifamily delinquency rate at 10.18 percent.

The rate on industrial property loans fell to 8.54 percent from July's 8.68 percent.

Two categories -- office and retail -- saw deterioration in August.

Sixty-day delinquency on office property loans worsened to 8.72 percent from 8.43 percent in July. Around 29 BPS of the deterioration was from a $678 million office portfolio in Falls Church, Va., that joined the ranks of delinquent assets during the latest month. A loan modification is being negotiated on that Virginia portfolio.

Retail delinquency climbed to 7.43 percent in August from 7.40 percent.

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