The volume of outstanding commercial MBS continues to hit record highs and the number of active lenders is near levels seen before the financial crisis. While issuers suggest that the industry is much different than in 2007, there are concerns about looser underwriting. Some $86.48 billion in commercial MBS was issued in 2013, according to the Inside Mortgage Finance MBS Database. And while issuance in the first quarter of 2014 was lower than three of the four quarters in 2013, Standard & Poor’s projected this week that issuance of commercial MBS could hit $90.0 billion this year. The issuance has been prompted...