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Delinquency rates on commercial mortgages, including multifamily loans, declined for banks in the first quarter while rising for commercial mortgage-backed securities, an industry trade group said.
The Mortgage Banker's Association noted in a report that the first quarter 2012 delinquency rate for multifamily mortgages held by Freddie Mac increased 0.01 percentage points to 0.23%, while the 60-plus day delinquency rate for multifamily loans held by Fannie Mae declined 0.22 percentage points to 0.37% in 1Q.
In addition, the 60-plus day delinquency rate for commercial and multifamily mortgages held by life insurance companies declined 0.03 percentage points to 0.14% in the first quarter.
Meanwhile, the 90-plus-day delinquency rate for mortgages held by Federal Deposit Insurace Corp.-insured banks and thrifts fell 0.13 percentage points to 3.44%.
The 30-plus-day delinquency rate for loans held in CMBS increased 0.29 percentage points to 8.85%.
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