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

CRE Delinquency Improves at Fannie as Freddie, CMBS Deteriorate

First-quarter commercial mortgage delinquency by investor type

June 5, 2012

By staff

Securitized commercial real estate loans saw the worst quarterly performance of any investor type. While delinquency on apartment loans financed by Fannie Mae declined more than any other category, rival Freddie Mac saw its rate of late payments on multifamily loans increase -- and the deterioration is continuing.

Among all commercial mortgage lender types, the worst performance was turned in for commercial mortgage-backed securities.

Delinquency of at least 30 days on CMBS loans climbed to 8.85 percent in the first quarter.

The rate was 8.56 percent in the fourth-quarter 2011, according to the Mortgage Bankers Association. But CMBS delinquency was 1 basis point better than in the first quarter of last year.

The increase in CMBS delinquency is likely the result of maturing five-year CRE loans originated in 2007.

However, Morningstar Credit Ratings LLC reported that 30-day CMBS delinquency declined 7 basis points between the end of the first quarter and April. But Trepp LLC reported that the rate worsened by 24 BPS from April to May -- though Trepp sees CMBS delinquency leveling off in the second half of the year.

Also rising was 60-day multifamily delinquency at Freddie Mac, which increased to 0.23 percent from 0.22 percent. The secondary lender has since reported that delinquency has deteriorated even further -- climbing to 0.25 percent in April.

But Freddie's CRE rate has improved from 0.36 percent in the first-quarter 2011.

The 60-day rate on Fannie Mae multifamily loans, however, has fallen to 0.37 percent from the prior period's 0.59 percent and the year-earlier period's 0.64 percent. The decline continued into April at the Washington, D.C.-based company, with the rate of late payments at 0.35 percent.

Fannie's performance was the best of any category.

The next biggest decline was in the bank-and-thrift category, which saw the 90-day CRE rate fall to 3.44 percent from the fourth quarter's 3.57 percent rate and the first-quarter 2011 rate of 4.21 percent.

A 3-basis-point quarter-over-quarter decline was reported for life insurance companies, with the first-quarter rate at 0.14 percent. Past-due payments at life insurers were unchanged from a year earlier.

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