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CMBS Lates Down, GSE CRE Delinquency Up

Delinquency on securitized commercial real estate loans fell. But CRE performance deteriorated at the government-sponsored enterprises.

Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities finished last year at 4.73 percent.

The past-due rate on CMBS loans has not been that low since the third-quarter 2009, when it came in at an upwardly revised 4.07 percent.

The Mortgage Bankers Association delivered the data in its Commercial/Multifamily Mortgage Delinquency Rates for Major Investor Groups | Q4 2015.

The CMBS past-due rate was 4.84 percent as of the third-quarter 2015 and 5.36 percent as of the fourth-quarter 2014.

Trepp LLC reported this week that CMBS 30-day delinquency fell
another 102 basis points from the end of last year through the end of last month.

MBA’s report indicated that 60-day CRE loan delinquency at life insurance companies was 0.04 percent as of the fourth-quarter 2015, no different that three months earlier but four BPS better than a year earlier.

At banks and thrifts, CRE 90-day delinquency
fell to 0.73 percent from 0.82 percent as of Sept. 30, 2015. The 90-day rate at financial institutions was 1.14 percent as of Dec. 31, 2014.

Fannie Mae’s 60-day multifamily delinquency closed out 2015 at 0.07 percent, up two BPS from the prior quarter and the year-earlier quarter.

Washington-based Fannie reported that its multifamily delinquency rate has since risen to 0.08 percent as of Jan. 31, 2016.

At rival Freddie Mac, 90-day multifamily delinquency was 0.02 percent as of the end of last year, up from 0.01 percent at the end of the third-quarter 2015 but lower than
0.04 percent at the end of 2014.

Multifamily delinquency at McLean, Virginia-based Freddie climbed to 0.04 percent as of January 2016.

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