Delinquency rates for mortgages backed by commercial and multifamily properties held steady in June, according to the Mortgage Bankers Association's (MBA) latest monthly CREF Loan Performance Survey. The survey was developed to better understand the ways the COVID-19 pandemic is impacting commercial mortgage loan performance.
"Commercial and multifamily mortgage delinquencies continue to be driven by loans backed by hotel and retail properties that ran into trouble during the pandemic and are now more than 90 days late," said Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research. "We expect these late-stage delinquencies to wane as the economy continues to open and there is less uncertainty surrounding the prospects of these and many other property types."
Key Findings from MBA's CREF Loan Performance Survey for June 2021: