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


Broad Improvement in CRE Loan Delinquency

Banks see most improvement

Dec. 6, 2012

By Mortgage Daily staff


Delinquency on commercial real estate loans was lower in the third quarter for most investor types, and more recent data indicates that the positive trend is continuing. The best improvement in performance was on commercial mortgages owned by banks, though securitized loans also performed well.

The biggest decline in CRE delinquency was at banks and thrifts, where the 90-day rate tumbled to 2.93 percent in the third quarter from 3.11 percent three months earlier. The past-due rate at U.S. financial institutions was 3.76 percent in the third-quarter 2011.

Thirty-day delinquency, including REO, on commercial mortgage-backed securities was 8.86 percent. The rate dropped from 8.97 percent in the second quarter. At the same point last year, CMBS delinquency was 8.92 percent.

The delinquency data was delivered Thursday in the third-quarter 2012 Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association.

Morningstar Research previously reported that 30-day CMBS delinquency finished the third quarter at 8.103 percent, lower than 8.449 percent at the end of the second quarter. More recently, CMBS 30-day delinquency fell to 7.723 percent in October.

Trepp LLC previously reported a 30-day CMBS delinquency rate of 9.99 percent as of Sept. 30, down from 10.18 percent in June. Trepp said the rate fell to 9.69 percent in October.

"The delinquency rate on bank-held loans is at its lowest level since the beginning of 2009, and the delinquency rate for loans held in commercial mortgage-backed securities -- while still elevated -- continues to stabilize," .Jamie Woodwell, MBA's vice president of commercial real estate research, said in an accompanying announcement. "If one removes the CMBS loans that are in foreclosure or REO, that delinquency rate is at its lowest since late 2009."

At life insurance companies, MBA said the 60-day delinquency rate was 0.12 percent, falling 3 basis points from June and down 7 BPS from Sept. 30, 2011.

Fannie Mae had a 1-basis-point decline from the second quarter to end the third quarter with a 60-day multifamily rate of 0.28 percent. Fannie's delinquency was 29 BPS better than the third-quarter 2011.

Fannie has reported separately that multifamily delinquency was 0.28 percent in October.

At rival government-controlled enterprise Freddie Mac, 60-day multifamily delinquency was 0.27 percent as of Sept. 30, the same as on June 30 but better than 0.33 percent as of the same date last year.

Freddie has separately reported that its multifamily delinquency was just 0.24 percent in October.

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