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Tag Archives: CMBS

MBA Ranking Reveals Largest Commercial/Multifamily Servicers

Wells Fargo is the largest servicer of commercial and multifamily mortgages by dollar volume as of the end of June, according to the Mortgage Bankers Association (MBA). The institution is responsible for primary and master servicing duties for $431 billion in commercial and multifamily loans, according to data released Thursday by MBA. PNC Real Estate/Midland Loan Services is the second-largest commercial/multifamily servicer, working with $352.8 billion in loans.

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Commercial and Multifamily Originations Post Increases in Q2

According to a survey from the Bankers Association (MBA), commercial and multifamily loan originations are up both quarterly and over the year. Originations increased by 36 percent from the first quarter to the second quarter, with the greatest increase in activity occurring among hotel properties, which experienced an 89 percent increase over the quarter.

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Fitch: Sale of REO Assets Lowers CMBS Delinquency Rate in June

In June, an increase in the sale of REO properties drove down the CMBS delinquency rate, bringing it to a three-year low, Fitch Ratings reported. At 7.18 percent, the CMBS delinquency rate fell 19 basis points (bps) from the month before in May and is at its lowest level since March 2010. ""The CMBS delinquency rate is likely to improve further in the coming months as other large REO properties are sold, including a slew from ORIX's portfolio,"" said Scott Pritchard, director at Fitch.

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Commercial, Multifamily Debt Declines in Q1

Commercial and multifamily mortgage debt outstanding decreased for the first time in five quarters during the first quarter of this year, according to the Mortgage Bankers Association (MBA). The 0.2 percent decline, which translated to $4.9 billion, left the nation's total commercial and multifamily mortgage debt at $2.41 trillion at the end of the quarter.

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NAR Reveals Forecast for Commercial Sector

Although the multifamily sector leads the commercial real estate market in terms of performance, the National Association of Realtors (NAR) expects the apartment rental market to see its vacancy rate tick up over the next year. The NAR projects the multifamily vacancy rate will rise from 3.9 percent in the second quarter to 4.1 percent during the same quarter in 2014. Though, according to the NAR, a vacancy rate of less than 5 percent makes the sector a landlord's market, where demand justifies increases.

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KeyBank Reveals Commercial Mortgage Servicing Acquisition Deals

KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp, entered into agreements with Bank of America and Berkadia Commercial Mortgage that will lead it to become one of the nation's largest commercial mortgage servicers. According to a company release, the KeyBank agreement with BofA includes a CMBS special servicing portfolio of about $14 billion.

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Cumulative CMBS Default Rate Rises in Q1: Fitch

Fitch Ratings found cumulative U.S. CMBS defaults moved higher in the first quarter as the office sector struggled. The U.S. CMBS cumulative default rate for fixed-rate CMBS rose to 13.6 percent in Q1 2013, up 18 basis points from the previous quarter, according to the rating agency.

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Experts Project Growth in Commercial Real Estate, Housing Starts

A recent industry survey detects rising optimism in the commercial real estate sector and the single-family housing sector over the next few years. The survey, conducted in March by the Urban Land Institute and Ernst & Young, finds a consensus among economists and analysts that the real estate market will improve as transaction volumes rise and vacancies decline. Commercial real estate transactions totaled about $290 billion last year and are expected to rise to $310 billion this year. By 2015, analysts expect volumes of about $360 billion. The single-family market is anticipated to experience a rise in housing starts and a deceleration in price increases.

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