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Stories about commercial lending on multifamily, office, retail and industrial properties.

Delinquency Down from Q2 on CMBS Loans, Bank CRE Loans

Mixed results on commercial mortgage delinquency compared to year earlier

Dec. 7, 2011

By staff

The rate of delinquency on commercial real estate loans that are owned by financial institutions has tumbled 65 basis points over the past year, while the rate on securitized CRE loans shot up 40 BPS during the same period. But compared to the previous quarter, late payments on commercial mortgages in both categories have improved.

Delinquency of at least one month on loans included in commercial mortgage-backed securities was 8.92 percent in the third quarter.

The figure was reported this week by the Mortgage Bankers Association. The report reflected past-due commercial mortgage data by investor group.

The CMBS rate fell from 9.02 percent in the second quarter. MBA Vice President of Commercial Real Estate Research Jamie Woodwell explained in the report that the improvement came as loans made in the first-half 2011 were added to the base.

But performance on securitized CRE loans has deteriorated from the third quarter of last year, when delinquency stood at 8.52 percent.

At banks and thrifts, 90-day delinquency also declined from three months earlier to 3.75 percent from the second quarter's 3.94 percent. However, the CRE rate additionally improved from the third-quarter 2010, when it stood at 4.40 percent.

Quarter-over-quarter delinquency of at least 60 days was up 7 BPS at life insurance companies to 0.19 percent. But life insurers managed to improve from 0.22 percent in the same period last year.

On their multifamily portfolios, both Fannie Mae and Freddie Mac saw an increase in 60-day delinquency from midyear. At Fannie the rate was up 11 BPS to 0.57, while Freddie's rate climbed to 0.33 percent from the second quarter's 0.31 percent.

But the two secondary lenders diverged in their year-over-year performance, with Washington, D.C.-based Fannie seeing an 8-basis-point improvement and McLean, Va.-based Freddie climbing 2 BPS.

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