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Commercial/multifamily mortgage originations spike 89% in 1Q

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The number of commercial and multifamily mortgages originated in the first three months of 2011 grew 89% over the first quarter of last year, the Mortgage Bankers Association said Thursday in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Origination. Origination volumes during the period ending March 31 doubled over the previous year, reaching its highest level since 2002,  the MBA said. The higher origination volume in the first quarter is tied to an uptick in originations in every commercial property type, according to MBA research. The 1Q origination volume included a 465% increase in loans issued for hotel properties. Not to mention, a 194% and 104% increase in loans issued for industrial and multifamily properties, respectively. During the same period, loans on office properties increased 92%, while loans for health care properties and retail properties rose 91% and 13%, respectively. The survey noted a 126% increase in loans for life insurance companies, a 73% rise in loans for commercial bank portfolios and a 59% jump in loans for Fannie Mae and Freddie Mac. The MBA also concluded that "first quarter 2011 originations for conduits for CMBS decreased 58% compared to the fourth quarter of 2010." Write to: Kerri Panchuk.

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