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


4-Year Low for CRE Delinquency on Freddie, Bank Loans

CMBS delinquency also lower

June 4, 2013

By Mortgage Daily staff


Quarterly delinquency fell to a more than two-year low on loans included in commercial real estate securitizations, while it was a four-year low for delinquency on Freddie Mac multifamily loans and bank-owned commercial mortgages. But CRE performance was worse on Fannie Mae multifamily loans and life insurer's CRE assets.

The best performance was turned in by banks and thrifts. Ninety-day delinquency on the sector's commercial mortgages finished March at 2.43 percent, falling from 2.62 percent at the end of last year.

Delinquency has plummeted more than a hundred basis points compared to a year earlier, when the 90-rate at financial institutions was 3.45 percent.

The findings, based on current and historical data from the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report, indicate that the last time the delinquency rate was this low for banks and thrifts was the fourth-quarter 2008 -- when the rate was 1.65 percent.

Also posting an improvement was performance on commercial mortgage-backed securities. Delinquency of at least 30 days, including real estate owned assets, was 8.55 percent in the first quarter, lower than 8.72 percent in the fourth-quarter 2012.

CMBS delinquency, which was 8.85 percent as of March 31, 2012, was last this low in the third-quarter 2010, when the rate was 8.52 percent.

Freddie Mac multifamily loans were the only other CRE category to improve. Freddie's 60-day rate declined to 0.16 percent from 0.19 percent at the end of December and 0.23 percent at the same point last year.

It was the lowest quarterly rate for Freddie since the final quarter of 2008, when the multifamily delinquency rate at the secondary lender was 0.01 percent.

Freddie reported last month that its 60-day rate on multifamily loans plummeted to 0.09 percent as of April 30 -- the lowest monthly rate since March 2009.

"The improving economy and property fundamentals are supporting loan payments and fewer loans are maturing this year than did last year or the year before," MBA Vice President of Commercial Real Estate Research Jamie Woodwell explained in an announcement. "With interest rates still low, property incomes improving and property values on the rise, those loans that are maturing are facing an easier environment in which to refinance."

A one-basis-point rise left 60-day delinquency at 0.09 percent on commercial mortgages owned by life insurance companies. The rate was lower, though, than 0.14 percent in the first quarter of last year.

Also worsening was the 60-day rate on Fannie Mae multifamily loans, which rose to 0.39 percent from the fourth quarter's 0.24 percent. Fannie's rate was 2 BPS higher than the same period in 2012.

Fannie has since reported that 60-day multifamily delinquency fell to 0.36 percent in April.

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