Mortgage Daily

Published On: October 27, 2015

Performance on loans included in commercial mortgage-backed securities was better last month, and industrial loans improved the most.

Delinquency of at least 30 days on securitized commercial real estate loans finished the month of September at 3.49 percent.

The level of past-due payments on CMBS loans tumbled compared to a month earlier, when the 30-day rate came in at 3.61 percent.

An even larger improvement was made by CMBS loan servicers compared to the same month last year, when the 30-day rate was 4.21 percent.

The CRE loan performance statistics were reported by Morningstar Credit Ratings LLC based on the
$797 billion in CMBS it rates.

“Morningstar expects that the declining delinquency trend will continue into 2016,” the report stated.

The ratings agency reported that the biggest month-over-month decline in delinquency was made with
CMBS loans secured by industrial properties: 24 basis points to 5.36 percent.

Next were CRE loans backed by office buildings, which saw the 30-day rate drop 22 BPS from August to 5.32 percent.

After that were hotel loans, with delinquency declining 15 BPS to 2.89 percent as of last month.

An 11-basis-point reduction from August in multifamily delinquency left
the 30-day rate at 1.82 percent.

Improvement in the rate of late payments worked out to two BPS on securitized health care property loans, putting the 30-day rate at 3.18 percent as of Sept. 30.

The only category to experience deterioration in loan performance was the retail property category, with the 30-day rate rising 15 BPS from a month earlier to 5.11 percent as of the end of last month.

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