WASHINGTON, DC-- Delinquency rates on commercial/multifamily mortgages remain low - up slightly from the fourth quarter of 2007 but finishing the first quarter of 2008 near record lows for most major investor groups."In con
trast to mortgages for single-family residential properties, commercial/multifamily mortgages continue to perform very well," said Jamie Woodwell, (top right photo) MBA's Senior Director of Commercial/Multifamily Research. "Most investor groups saw delinquency rates rise slightly in the first quarter, but they remain at the low end of their historical range."The 30+ day delinquency rate on loans held in CMBS rose 0.08 percentage points to 0.48 percent. The 60+ day delinquency rate on loans held in life company portfolios remained flat at 0.01 percent.
The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.09 percent. The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac rose 0.02 percentage points to 0.04 percent. The 90+day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.21 percentage points to 1.01 percent.
The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae and Freddie Mac.
Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding.
The analysis incorporates the same measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way, delinquency rates are not comparable from one group to another. (Federal Reserve Bank in Washington, DC is at right)
Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the fou
rth quarter were as follows:
· CMBS: 0.48 percent (30+ days delinquent or in REO);
· Life company portfolios: 0.01 percent (60+days delinquent);
· Fannie Mae: 0.09 percent (60 or more days delinquent)
· Freddie Mac: 0.04 percent (60 or more days delinquent);
· Banks and thrifts: 1.01 percent (90 or more days delinquent or in non-accrual).
To put these numbers in context, of 35,192 commercial/multifamily loans in life company portfolios, with a total unpaid principal balance of $249 billion, only 10 loans with an aggregate UPB of less than $29 million were 60+ days delinquent at the end of the quarter. Of $1.2 trillion of commercial/multifamily loans at FDIC-insured banks and thrifts, only $12 billion was 90+ days delinquent.
The analysis incorporates the same measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way, delinquency rates are not comparable from one group to another. (Federal Reserve Bank in Washington, DC is at right)
Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the fou
rth quarter were as follows:· CMBS: 0.48 percent (30+ days delinquent or in REO);
· Life company portfolios: 0.01 percent (60+days delinquent);
· Fannie Mae: 0.09 percent (60 or more days delinquent)
· Freddie Mac: 0.04 percent (60 or more days delinquent);
· Banks and thrifts: 1.01 percent (90 or more days delinquent or in non-accrual).
To put these numbers in context, of 35,192 commercial/multifamily loans in life company portfolios, with a total unpaid principal balance of $249 billion, only 10 loans with an aggregate UPB of less than $29 million were 60+ days delinquent at the end of the quarter. Of $1.2 trillion of commercial/multifamily loans at FDIC-insured banks and thrifts, only $12 billion was 90+ days delinquent.
CONTACT: Jason Vasquez, (202) 557-2950, jvasquez@mortgagebankers.org
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