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

Commercial Delinquency Worsens

MBA releases 3rd quarter delinquency report

Dec. 9, 2008

By Mortgage Daily staff

Delinquency increased on commercial mortgages held by banks, life insurers and securitizations. But at least one government sponsored enterprise saw late payments on its commercial loans improve.

Loans backing commercial mortgage-backed securities that were at least 30 days past due ended the third quarter at 0.63 percent, the Mortgage Bankers Association reported in its latest Commercial/Multifamily Delinquency Report. CMBS delinquency rose from 0.53 percent in the second quarter and 0.33 percent a year earlier.

At banks and thrifts, delinquency of at least 90 days was 1.38 percent on Sept. 30, up from 1.18 percent on June 30 and 0.72 percent at the end of the third-quarter 2007.

Life insurer commercial mortgage holdings had 60-day delinquency of 0.06 percent at the end of September, doubling from 0.03 percent at the end of June and Sept. 30, 2007.

Fannie Mae reported last month that multifamily delinquency of at least 60 days ended September at 0.16 percent, rising from 0.11 percent on June 30 and 0.08 percent a year earlier.

Freddie Mac reported in October that multifamily delinquency of at least 90 days was 0.01 percent at the end of the third quarter, down from 0.04 percent at the end of the second quarter and 0.06 percent on Sept. 30, 2007. Its 60-day multifamily delinquency rate was reported by MBA at 0.01 percent at the end of the latest quarter, 0.03 percent at the end of the second quarter and 0.06 percent on Sept. 30, 2007.

MBA noted that 80 percent of commercial mortgages are held by CMBS, life insurers, financial institutions and GSEs.

MBA commercial specialist Jamie Woodwell said in the statement that frozen credit markets and a deteriorating economy placed more stress on commercial mortgage performance.

"Commercial/multifamily mortgages have not seen the same kind of deterioration in performance witnessed among other real estate loans, and at the end of the third quarter, delinquency rates for every investor group remained at the lower end of their historical ranges," Woodwell stated. "That being said, delinquency rates for nearly every investor group did see increases during the third quarter, and economic and credit market stress is likely to continue that trend."

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