Commercial MBS

Double Pledging Remains Major Concern for ABS Investors

jdohnert@imfpubs.com — Thu, 09 Apr 2026 16:21:16 -0400

Originator collateral misrepresentation and servicer reporting fraud also received a notable portion of votes for the most concerning schemes in a new survey from the Structured Finance Association.

CMBS Market Sees Potential Increase in Rating Shopping

sclark@imfpubs.com — Thu, 26 Mar 2026 16:56:22 -0400

Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.

Grapevine: SEC Rule 15c2-11 Proposal; SFR Securitization

bivey@imfpubs.com — Thu, 19 Mar 2026 17:03:05 -0400

SEC proposes to exempt MBS, ABS from Rule 15c2-11; Amherst offering single-family rental securitization; Morningstar offers “bring your own loan” rating analysis; subprime MBS from 1999 downgraded.

Saluda Grade Charts Expansion Beyond Residential Assets

jdohnert@imfpubs.com — Thu, 26 Feb 2026 16:43:55 -0500

Saluda Grade has appointed a new co-chief investment officer to navigate its expansion into new investments in non-residential assets.

Investors See Opportunities With Agency CMBS

jdohnert@imfpubs.com — Thu, 19 Feb 2026 15:54:46 -0500

Asset managers believe agency commercial MBS is an attractive investment option following President Trump’s directive to the GSEs to buy $200 million in agency MBS.

SFA Launches Fraud Mitigation Task Force

jdohnert@imfpubs.com — Thu, 19 Feb 2026 15:52:50 -0500

Recent cases involving subprime auto lender Tricolor and auto parts manufacturer First Brands prompted the initiative.

CRE Securitization Rises in 2025 With Agency MF Boost

jbancroft@imfpubs.com — Thu, 12 Feb 2026 16:37:00 -0500

Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

CMBS Delinquency Rate Rises, Maturities Refinanceable

azimmardi@imfpubs.com — Thu, 05 Feb 2026 16:10:35 -0500

The commercial MBS delinquency rate climbed in December. Record CMBS issuance as well as a fading maturity wall are expected in 2026.

Commercial MBS Facing Maturity Pressure, Downgrades

bivey@imfpubs.com — Thu, 15 Jan 2026 16:09:34 -0500

More than $100 billion of loans in commercial MBS have maturity dates this year. Refinancing the loans could be difficult given interest rate movements and declining revenues from commercial properties.

SFR Securitization at Risk With Trump’s Planned Ban

bivey@imfpubs.com — Thu, 08 Jan 2026 17:47:14 -0500

President Trump this week said he plans to ban large institutional investors from acquiring single-family homes. SFR securitization volume hit $8.65 billion last year.

Cross River Bank Issues Its First Commercial MBS

jdohnert@imfpubs.com — Thu, 11 Dec 2025 16:24:31 -0500

The $288 million deal is focused on multifamily properties. To this point, the bank’s securitization activity has solely been ABS.

Blackstone Powers Up Largest CMBS Deal of 2025

jdohnert@imfpubs.com — Wed, 26 Nov 2025 10:06:35 -0500

The $3.46 billion issuance is one of the largest-ever commercial MBS. The data center deal has 10 co-originators including Citi Real Estate Funding, which funded 15.00% of loans in the CMBS.

Longmark to Issue Its First SFR Securitization

jdohnert@imfpubs.com — Wed, 26 Nov 2025 10:01:45 -0500

The real estate investment and property management firm’s securitization is sized at $282.4 million.

SEC Asked to Rescind Disclosures for Unsolicited Ratings

bivey@imfpubs.com — Thu, 20 Nov 2025 16:21:46 -0500

The request came from the CRE Finance Council, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association. The groups said the disclosure requirements have negatively impacted the commercial MBS market.

CMBS Special Servicing Rate Hits Record High in October

jdohnert@imfpubs.com — Thu, 13 Nov 2025 16:05:39 -0500

The special servicing rate for office and mixed-use property loans held in commercial MBS saw the largest monthly deterioration.

Prolonged Shutdown Could Impact CMBS Market

jdohnert@imfpubs.com — Thu, 06 Nov 2025 16:05:53 -0500

A strong pipeline should help keep momentum going for commercial MBS issuance in the fourth quarter. But long-term challenges remain due to the government shutdown.

Non-Agency CMBS Surges in 3Q25, Agency MF Steady

jbancroft@imfpubs.com — Thu, 30 Oct 2025 16:35:07 -0400

Big increases in securitization of mortgages on office properties, retail and lodging fueled a 30% increase in non-agency CMBS issuance in the third quarter. Agency multifamily MBS volume was up 4% from the second quarter. (Includes two data tables.)

Grapevine: Fed Holds Steady on MBS; BlackRock, Hoplon Partner

bivey@imfpubs.com — Thu, 16 Oct 2025 17:21:31 -0400

Fed still working toward a Treasury-only balance sheet; BlackRock, Hoplon units partner to bring in new ABS issuers; ABS East set for record attendance; CREFC adjusts plans for DC symposium.

Investors Seeing High Returns in Residual Pieces

bivey@imfpubs.com — Thu, 09 Oct 2025 17:20:36 -0400

Residuals from securitizations can generate close to 20% in returns though the asset class carries significant risks. Nonbanks are showing a strong appetite for the asset, but there is limited liquidity.

CMBS Issuance Set for Strong Fourth Quarter

jdohnert@imfpubs.com — Thu, 09 Oct 2025 17:11:46 -0400

Issuance of commercial MBS in 2025 is poised to surpass last year’s volume. It’s been a strong year for CMBS across asset types except office space.

Curtailments of CMBS Servicer Advances Increase

sclark@imfpubs.com — Thu, 21 Aug 2025 14:33:13 -0400

Commercial MBS servicers are utilizing appraisal reduction amounts and nonrecoverable advance determinations more often as servicer advances increase.

CMBS Issuance Sags in 2Q25 Despite Agency Surge

jbancroft@imfpubs.com — Thu, 14 Aug 2025 16:30:00 -0400

The first-quarter CMBS market was a tough act to follow, and non-agency securitization fell off sharply in the April-June cycle. Multifamily was a bright spot, including a big increase in Fannie issuance. (Includes two data tables.)

Federal Government Lease Terminations Hitting CMBS

dhollier@imfpubs.com — Thu, 07 Aug 2025 16:25:26 -0400

Researchers say the avalanche of lease cancellations initiated by DOGE in the first half of 2025 has reduced cash flows and lowered the price of the first-loss tranches of CMBS.

Multifamily CRT Deal From Freddie Receives Ratings

dhollier@imfpubs.com — Thu, 10 Jul 2025 16:39:08 -0400

To this point, Freddie has issued multifamily risk-sharing transactions without ratings. The Morningstar DBRS rating could open these multifamily CRT deals to institutions that only invest in rated transactions.

Non-Agency CMBS Issuance Rises in 1Q25, Agency Fades

jbancroft@imfpubs.com — Thu, 15 May 2025 16:20:19 -0400

A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)

Risk Retention a Poor Measure of CMBS Quality

dhollier@imfpubs.com — Thu, 15 May 2025 16:09:30 -0400

CMBS securitizers can exploit an exemption in risk retention rules to unload riskier tranches. Researchers said this may signal lower loan quality to investors.

Grapevine: Prefunded HELOC ABS; CMBS Servicer Downgraded

bivey@imfpubs.com — Thu, 01 May 2025 15:38:29 -0400

First-of-its-kind HELOC ABS from Figure; Morningstar downgrades assessment of Torchlight Loan Services; ABS roundup.

Legal Issues Drag Down 2015 CMBS Deal

sclark@imfpubs.com — Thu, 24 Apr 2025 16:04:56 -0400

Litigation involving the Aloft Houston by the Galleria loan is causing ratings issues for a decade-old commercial MBS deal.

Grapevine: New Leader at Ginnie? Crypto Shift for MF Vendor

ewilley@imfpubs.com — Thu, 10 Apr 2025 16:33:32 -0400

Joe Gormley is rumored to be leading Ginnie Mae ahead of his potential official nomination for Ginnie president; new leadership at multifamily securitization vendor putting emphasis on decentralized finance.

Switch Lights Up CMBS and ABS Data Center Issuance

jdohnert@imfpubs.com — Thu, 03 Apr 2025 16:56:20 -0400

Switch’s CMBS is the second-largest securitization ever completed in the data center securities space.