MBA: Q3 Rise in Commercial/Multifamily Mortgage Debt Outstanding

Dec 12, 2017

The outstanding debt on commercial and multifamily mortgages increased by $45.4 billion, or 1.5 percent, to $3.11 trillion in the third quarter from the second quarter, according to new data from the Mortgage Bankers Association (MBA). In a separate measurement, the MBA added that the multifamily mortgage debt outstanding rose to $1.2 trillion, an increase of $24.9 billion, or 2.1 percent, from the second of quarter.

Commercial banks held the largest share of commercial/multifamily mortgages ($1.3 trillion, or 40 percent of the total), followed by agency and government-sponsored enterprise portfolios and mortgage-backed securities ($573 billion, or 18 percent), life insurance companies ($454 billion, or 15 percent), and commercial mortgage-backed securities (CMBS), collateralized debt obligations and asset-backed securities issues ($431 billion, or 14 percent).

MBA Vice President of Commercial Real Estate Research Jamie Woodwell noted that the balance of CMBS, which has declined on a quarterly basis with only a few exceptions since 2008, recorded its greatest increase in outstanding debt in a decade.

“With the so-called ‘wall of maturities’ behind us, and a vibrant market for new originations, we are once again seeing more new loans being originated for CMBS than we are seeing in old loans paying off and paying down,” Woodwell said. “The result is the largest increase in outstanding CMBS mortgages since the end of 2007.”

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Phil Hall

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Dec 12, 2017

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