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NetMore America appoints Lisa Schreiber as chief strategy officer

National Mortgage Professional
Aug 21, 2008

MBA: Commercial/multifamily mortgage originations fall in Q2MortgagePress.comMBA, housing statistics, Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, CMBS Commercial and multi-family mortgage loan originations continued to fall on a year-over-year basis in the second quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Second quarter originations were sixty-three percent lower than during the same period last year. The year-over-year decrease was seen across most property types and investor groups. "Commercial/multifamily mortgage originations remained low in second quarter," said Jamie Woodwell, MBA's vice president of Commercial/Multifamily Real Estate Research. "Fannie Mae and Freddie Mac set a new record high; banks, thrifts and life companies are back down from their 2006 and 2007 record paces; and originations for the commercial mortgage backed securities (CMBS) market hit a new record low. The slowdown in originations has come from both a decrease in the supply of capital available and a decrease in the demand for new mortgages. It is likely volumes will remain muted until buyers, sellers, borrowers, lenders and their expectations of rates and terms match closely enough for transaction activity to pick back up." Decreases in total commercial/multifamily mortgage originations were led by a drop in commercial mortgage-backed security (CMBS) conduit loans. These numbers show the impact of the recent credit crunch and other market disruptions. The decrease in commercial/multifamily lending activity during the second quarter was driven by decreases in originations for most property types. When compared to the second quarter of 2007, the overall 63 percent decrease included an 87 percent decrease in loans for hotel properties, a 65 percent decrease in loans for office properties, a 63 percent decrease in loans for retail properties, a 57 percent decrease in loans for industrial properties, a 42 percent decrease in multifamily property loans, and a 66 percent increase in health care loans. Among investor types, conduits for CMBS saw a significant decrease of 98 percent compared to last year's second quarter. There was also a 29 percent decrease in loans for commercial bank portfolios, and a 27 percent decrease in loans for life insurance companies. The dollar volume of loans for Government Sponsored Enterprises (or GSEs - Fannie Mae and Freddie Mac) saw an increase of 66 percent. The level of originations for the GSEs was the highest recorded for a March through June period; while the CMBS market saw the lowest level since the MBA survey began in 2001. Second quarter 2008 mortgage originations were 2 percent lower than originations in the first quarter of 2008. Among investor types, conduits for CMBS saw a decrease in loan volume of 53 percent compared to the first quarter of 2008, loans for commercial bank portfolios saw an increase in loan volume of 27 percent compared to the first quarter of 2008, life insurance companies increased by 8 percent during the same time span, and GSEs volume was essentially unchanged from the first quarter 2008 to second quarter 2008. Compared to the first quarter of 2008, second quarter originations for industrial properties saw a 23 percent decrease. There was a 14 percent decrease for multifamily properties, a 7 percent decrease for retail properties, a 90 percent increase for health care properties, a 33 percent increase for office properties, and a 21 percent increase for hotel properties. To view the report, click here. For more information, visit www.mortgagebankers.org.
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