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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 Tumble But Expected to Climb

9.51% delinquency in November

Dec. 1, 2011

By staff

Delinquency on securitized commercial real estate loans sank and would have fallen even more if not for deterioration in mortgages secured by industrial properties. But the outlook is for an increase in the rate during the months ahead.

The level of 30-day delinquency on loans included in commercial mortgage-backed securities was 9.51 percent in November.

That was a 26-basis-point improvement from October, according to Trepp LLC, which reported the delinquency rate on Thursday.

It was also the second-biggest decline of the year. The New York-based information provider noted that CMBS delinquency has fallen during four months this year.

Last month's past-due loans were valued at $58.5 billion, falling from $60.2 billion in October.

But, with five-year balloons originated in 2007 beginning to mature, the improving metrics are expected deteriorate next year. Trepp explained that the 2007 vintage was originated under the "weakest underwriting standards."

"Even if the 2007 vintage is only 'as bad' as the 2006 vintage has been, the rate could easily go up 75 basis points," Trepp Senior Managing Director Manus Clancy said in the report. "So for now, further improvements in the delinquency rate could be elusive."

With delinquency of 16.18 percent, securitized multifamily loans had the highest rate of any property type. But apartment delinquency improved from 16.73 a month prior.

The rate on hotel loans tumbled to 12.28 percent from 14.12 percent.

But delinquency on industrial property loans jumped 61 BPS to 12.20 percent.

Office delinquency declined 19 BPS to 8.76 percent, and retail delinquency fell 9 BPS to 7.52 percent -- the lowest rate of any property type.

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