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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 Power Drop in CMBS Delinquency

30-day CMBS rate down 11 BPS in August

Sept. 27, 2013

By Mortgage Daily staff

An improvement in hotel property loans helped pull down the delinquency rate on securitized commercial real estate loans to the lowest level in four years. Loans backed by healthcare properties, however, didn't fare so well.

Commercial mortgage-backed securities had a 30-day delinquency rate of 6.162 percent in August.

Past-due CMBS loans fell from the previous month, when the 30-day rate was 6.274 percent.

Performance has improved substantially from the same month last year, when CMBS delinquency stood at 8.288 percent.

The statistics were reported by Morningstar Credit Ratings LLC based on the $744.28 billion in CMBS it rated as of the end of last month.

"Delinquent activity in August 2013 was again directly impacted by high monthly liquidations totaling $1.203 billion across 94 loans, at an average loss severity of 39.6 percent," Morningstar said.

The dollar amount of past due CMBS loans fell to $45.87 billion -- the lowest level since December 2009's $41.6 billion. Delinquent loans were $46.74 billion in July and $58.59 billion in August 2012.

Leading the improvement were hotel loans, with 30-day delinquency falling 60 basis point from July to 7.1 percent.

A 50-basis-point drop was recorded for industrial loans, with the rate ending August at 11.3 percent.

Also falling was the rate on retail property loans, to 6.2 percent from 6.4 percent in July.

No change from the previous month left multifamily delinquency at 3.4 percent and the office property rate at 9.0 percent.

The only deterioration was on healthcare property loans, with 30-day delinquency climbing 40 BPS to 9.4 percent in August.

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