Mortgage Daily

Published On: January 28, 2017

For the third month in a row, the rate of past-due payments on securitized commercial real estate loans was lower. Office building loans led the improvement.

On loans that are included in commercial mortgage-backed securities, the rate of 30-day delinquency concluded September 2017 at 5.40 percent.

CMBS delinquency improved compared to the preceding month, when the 30-day rate was 5.44 percent. The rate has declined each month since June, when it was 5.75 percent.

But late payments worsened from the same point last year, when delinquency was 4.78 percent.

Trepp LLC, which reported the current month’s data Thursday, noted that the volume maturing loans originally made in 2006 and 2007 has subsided.

“The wave of maturities has been reduced to more of a ripple,” the ratings agency explained. “When combined with the continued resolution of distressed loans, the largest monthly rate increases should be behind us.

“In fact, further declines in the overall reading are quite possible in the coming months.”

Leading this month’s improvement from August was office CMBS loans, with the 30-day rate tumbling 21 basis points to 7.10 percent.

Also decreasing was delinquency on securitized retail property loans, with the 30-day rate down 6 BPS to 6.55 percent.

No change from August left the rate on industrial property CMBS loans at 6.55 percent as of the end of September 2017.

A 9-basis-point increase put this month’s 30-day rate on securitized multifamily loans at 3.00 percent.

The worst month-over-month performance was with lodging loans, with delinquency deteriorating 35 BPS to 3.84 percent.

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