The ratings service said a “selective, disciplined, transaction-specific approach” is why its single-asset/single-borrower portfolio outperforms ratings by other firms.

Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)

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.