X hits on this document

PDF document

MBA COMMERCIAL REAL ESTATE /MULTIFAMILY FINANCE - page 10 / 12

68 views

0 shares

0 downloads

0 comments

10 / 12

APPENDIX A

SOURCES & MEASURES OF

DELINQUENCIES

Commercial Securities (CMBS)

Mortgage-backed

Source: Wachovia Capital Markets, LLC and Intex Solutions, Inc. The delinquency rate for CMBS loans covers loans 30+ days delinquent, including those in foreclosure, and real estate owned (REO). The CMBS rate is the only one to include

REO in either

the

numerator or

the

denominator.

This

series includes

all

private-label (non-Ginnie Mae, Fannie Mae or Freddie Mac issued) deals that are currently outstanding, including both fixed- and floating-rate deals.

Life Companies Source: American Council of Life Insurers The delinquency rate for life insurance company loans covers loans 60+ days delinquent, including those in foreclosure, and does not include real estate owned

(REO) in either denominator.

the

numerator

or

the

Fannie Mae

Source:

Fannie

Mae

Monthly

Volume

Summary and Office of Federal

Housing

Enterprise Congress

Oversight

Annual

Reports

to

The delinquency rate for multifamily loans either held in portfolio or securitized and guaranteed by the company covers loans 60+ days delinquent, including those in foreclosure, and does not include real estate

owned (REO) denominator.

in either the numerator or the The company was unable to

provide December delinquency the years 2000 to 2004, so quarter numbers presented for

figures for the fourth those years

are

November,

rather

December,

figures.

In January 2011, we revised monthly multifamily delinquency

our 2010 rates for

all periods presented to borrowers who have forbearance agreement

exclude multifamily entered into a and are abiding by

the

terms

of

the

agreement,

but

had

been

previously

included

in our multifamily

delinquency

rates due

to an error.

Freddie Mac

Source:

Freddie

Mac

Monthly

Volume

Summary Enterprise Congress

and Office of Federal Housing Oversight Annual Reports to

The delinquency rate for multifamily loans either held in portfolio or securitized and guaranteed by the company covers loans 60+ days delinquent, including those in foreclosure, and does not include real estate owned (REO) in either the numerator or the denominator. Freddie Mac notes that their

delinquency

rate

“[e]xcludes

mortgage

loans whose

original

contractual

terms have

been

modified

under

an

agreement

with

the

borrower as long with the modified

as the borrower complies contractual terms.” As an

example, after Mac modified a

Hurricane number of

Katrina, Freddie loans affected by

the storms.

In

returned

to

May 2010,

Freddie Mac

reporting

multifamily

delinquencies delinquent.

as

those

loans

60+

days

FDIC-insured Banks & Thrifts

Source: Corporation

Federal

Deposit

Insurance

The delinquency rate for FDIC banks and thrifts covers loans 90+ days delinquent, including those in foreclosure and in non- accrual status, and does not include real estate owned (REO) in either the numerator or the denominator. The universe of loans covered by this series also includes a large number of “owner-occupied” commercial loans – loans supported by the income of the resident business rather than by rent and lease payments. In a 2007 analysis by MBA of the ten banks with the largest commercial mortgage portfolios, approximately half, in dollar volume, of their commercial (non-multifamily) loan portfolio was comprised of these “owner-

occupied” properties.

Data are available for life companies, FDIC- insured banks and thirfts, Fannie Mae and Freddie Mac since 1990 and CMBS since 1997.

Document info
Document views68
Page views68
Page last viewedSat Dec 10 23:16:22 UTC 2016
Pages12
Paragraphs512
Words2481

Comments