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Understanding CMBS Industry Delinquency Trends and Cumulative Losses by Property Type

This overview examines the trends in CMBS (Commercial Mortgage-Backed Securities) industry delinquency, focusing on delinquency rates by property type and cumulative losses by vintage. It highlights a significant 24% decrease in LNR's “named SS” portfolio by balance, reducing from $176.1 billion at year-end 2011 to $133.6 billion at year-end 2012. The report offers insights into monthly special servicing inventory and the overall state of CMBS, emphasizing the changes in delinquency over the past years.

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Understanding CMBS Industry Delinquency Trends and Cumulative Losses by Property Type

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  1. CMBS Industry Delinquency
  2. CMBS Delinquency by Property Type
  3. Cumulative Losses by Vintage
  4. Monthly SS Inventory Year over year, LNR’s “named SS” portfolio has seen a 24% decrease by balance and a 20% decrease by count; $133.6 billion at YE 2012 from $176.1 billion at YE 2011 Year over year, LNR’s current SS/REO inventory has seen a 34% decrease by balance and a 23% decrease by count; $20.0 billion at YE 2012 versus $27.0 billion at YE 2011
  5. Transfer In & Out of Special Servicing During 4Q 2012: Transfers in totaled $1.85 billion, comprised of 200 loans Resolutions totaled $3.0 billion, consisting of 246 loans, which is lower than the 2012 quarterly average of $3.8 billion
  6. Shift to REO In 2012, LNR’s portfolio shifted towards an increased amount of REO properties – from 339 REO Properties as of 12/31/11 to 458 REO properties as of 12/31/12 There were 188 REO loans sold in 2011 with a gross sales price of $1.21Bn. In 2012, there were 213 REO loans sold with a gross sales price of $1.62Bn Reasons for shift include: Foreclosures commenced in 2010/11 in slow foreclosure states are now resolving Selling less non-performing loans as LNR has achieved a better execution through an REO sale
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