New issuance of MBS backed by income-property mortgages during the second quarter rebounded from a lull in early 2017, according to a new analysis by Inside MBS & ABS. A total of $51.03 billion of commercial mortgages were securitized in the second quarter, a gain of 12.1 percent from the first three months of 2017. That brought year-to-date commercial MBS issuance to $96.54 billion, 12.4 percent ahead of the pace set in 2016. But CMBS production was...[Includes one data table]
Loans collateralized by multifamily properties experienced the biggest increase in the delinquency rate among commercial property types during the month of June, rising 133 basis points to 4.10 percent, according to a new CMBS report from Moody’s Investors Service. But it may not be as bad, sector-wise, as it appears at first glance. “The difference was due mainly to two newly delinquent loans, both multifamily portfolios in the MLMT 2007-C1 transaction,” explained Kevin Fagan, a vice president and senior analyst with the ratings service. “Assuming these loans were current, the multifamily delinquency rate for June would be 2.57 percent.” Delinquency rates increased...
Wells Fargo remained the top producer of first-lien mortgages with a hefty 27.1 percent increase from the first quarter, gaining ground on all of its nearest competitors.
“While originations to-date have been nominal, we expect a ramp-up production from here as we continue to increase marketing and consumer awareness of the Ally Home offering,” Christopher Halmy said.
A number of lenders have experienced a sharp decline in refinance volume without a meaningful increase in purchase-mortgage originations, according to Jonathan Corr, president and CEO of Ellie Mae.
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