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Retail Out Front of Higher CMBS Delinquency

Mortgage News

A monthly increase in the level of late payments on securitized commercial real estate loans was reported, and retail property loans deteriorated most.

Thirty-day delinquency, including foreclosures
and real estate owned, on commercial mortgage-backed securities was 3.43 percent as of Dec. 31.

The past-due rate on securitized CRE loans worsened compared to the previous month, when 30-day delinquency on CMBS stood at 3.41 percent.

Morningstar Credit Ratings LLC reported the statistics based on the $793 billion in CMBS it rated as of the end of last year.

The 30-day rate retreated, however, from 3.92 percent at the end of 2014.

“The wave of maturing loans continues to drop, as most 2007-08 loans are refinancing amid the low but rising interest-rate environment,” the report said.

Delinquency on CMBS loans secured by retail properties jumped to 5.35 percent, 17 basis points worse than November and the most month-over-month deterioration.

On hotel loans, the 30-day rate climbed eight BPS to 2.63 percent as of the end of December.

A four-basis-point increase from November left the past-due rate on CMBS loans backed by office buildings at 5.31 percent.

At 2.47 percent as of the end of 2015, delinquency on securitized healthcare property loans was
two BPS higher.

Also rising two BPS from November was multifamily delinquency, which landed at 1.76 percent.

One category — CMBS loans secured by industrial properties — saw the only month-over-month decline: 67 BPS.

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