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Multifamily Delinquency Plummets

Mortgage News

A huge improvement in multifamily performance helped drive down overall delinquency on securitized commercial real estate loans.

Thirty-day delinquency on loans that are included in commercial mortgage-backed securities closed out January at
4.35 percent.

The rate of late payments on CMBS loans plunged compared to December, when 30-day delinquency stood at just 5.17 percent.

Improvement was even more stark compared to January 2015, when the rate was 5.66 percent.

Trepp LLC delivered the performance statistics
based on securities it rates.

Taking the biggest plunge on a month-over-month basis were multifamily loans, with the 30-day rate nosediving
597 BPS to 2.31 percent as of Jan. 31, 2016.

The massive improvement in multifamily performance was impacted by the removal of $3 billion in delinquent StuyTown loans from the delinquent inventory.

A 55-basis-point decline from December was recorded for office building loans, dragging the 30-day rate down to 5.24 percent.

Thirty-day delinquency on retail property loans tumbled 14 BPS to 5.62 percent as of the end of last month.

There was no month-over-month change in delinquency on lodging loans, leaving the 30-day rate at 2.82 percent as of Jan. 31.

The only category to suffer deterioration in loan performance was industrial properties, with the 30-day rate rising 23 BPS from the end of last year to 5.96 percent.
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