twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
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 Performance Improves 3 of Last 4 Months

8.064% CMBS delinquency in August

Sept. 28, 2011

By staff

The balance of securitized commercial mortgages that are past due has fallen three out of the past four months -- though the sector is far from being out of the woods. Hotel loans and mortgages backed by properties in two states have excessively high delinquency rates.

The 30-day delinquency rate on loans included in commercial mortgage-backed securities was 8.064 percent in August. The rate improved from July, when it was 8.432 percent.

But CMBS delinquency is still higher than in August of last year, when the rate was 7.932 percent. However, late payments were on an upward trajectory at that point, and last month's rate was the lowest of the past 10 months.

Those were some of the findings from the September 2011 Monthly CMBS Delinquency Report from Morningstar Research.

Total unpaid balances on CMBS loans rated by Morningstar were $730.7 billion, lower than the prior month's $737.1 billion.

Liquidations amounted to 165 loans for $1.3 billion last month. The severity of the liquidations was 47.4 percent.

The unpaid balance of the delinquent loans was $58.9 billion in August. That was down from $62.2 billion in July and $61.4 billion a year earlier.

A decline in delinquent loan balances has occurred in three of the previous four reporting periods, the report said.

The decline from July in delinquent balances was driven by improvements in the 30-day, 90-day and foreclosure categories. The decline would have been larger if not for an increase in the 60-day and real-estate-owned categories.

Morningstar noted that the rate of delinquency was higher on loans seasoned at least a year when excluding agency CMBS deals.

The ratings firm, however, warned that overall CMBS delinquency still has the potential to exceed 9 percent during the rest of this year and next year depending on the credit markets as balloon loans mature.

Hotel loans continue to be an area of concern, with more than a third of such loans on the watchlists of master servicers as of August. Hotel loans account for 15 percent of all CMBS on servicer watchlists.

More than a fifth of all industrial, office and retail loans were also on servicer watchlists.

By geography, states of concern included Florida and Georgia, where 28 percent of CMBS loans were on watchlists. Arizona's 27 percent, Pennsylvania's 25 percent and California's 24 percent were also among the worst states.

The worst metropolitan statistical areas were Philadelphia, where 34 percent of CMBS loans were on watchlists; San Diego's 34 percent; and Atlanta's 31 percent.

In January 2008, just $4.5 billion in CMBS loans were in special servicing. The total ballooned to $90.5 billion as of January 2011 and has since fallen to $84.8 billion.

The rate of special servicing has climbed from 1.71 percent in 2009 to last month's 11.61 percent.

next story

back to current headlines

Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.

CRE news
Commercial real estate news and coverage of how commercial real estate impacts the mortgage industry and commercial mortgage-backed securities.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders