Commercial and Multi-Family Mortgage Arrest Firm – RISMedia |

0
29

[ad_1]

The Mortgage Bankers Association (MBA) monthly CREF Loan Performance Survey found that overdue mortgages on commercial and multi-family properties were held by the firm in June. The MBA designed the survey to better understand how the COVID-19 pandemic is affecting the performance of commercial mortgages.

Details:

– 95.2% of outstanding loan balances remained unchanged since May
– 3.0% were more than 900 days overdue or REO, up from 3.1% in the previous month
– 0.2% had a payment delay of 60-90 days, unchanged from the previous month
– 0.6% were late in payments within 30-60 days, up from 0.5% in the previous month
– 1.1% were less than 30 days late in payments, up from 1.0% in the previous month

What does it mean:

“Delays on commercial and multi-family mortgages continue to be caused by loans secured by hotel and retail properties that ran into trouble during the pandemic and are now more than 90 days late,” said Jamie Woodwell, MBA vice president of commercial real estate research. … “We expect these late-stage delays to diminish as the economy continues to open and there is less uncertainty about the outlook for these and many other types of property.”



[ad_2]

Source link