DBRS Morningstar Monthly Highlights - September Remittance
DBRS Morningstar presents the Monthly Highlights report, which covers CMBS market activity and performance for conduit and SASB loans (excluding agency loans). In September:-- The delinquency rate set another low since the onset of the pandemic in March 2020, tumbling 22 basis points (bps) to 5.13%.
-- The delinquency rate has declined for 15 consecutive months and is down 395 bps from a year ago.
-- The special-servicing rate fell for the 12th straight month to 7.53%, but still sits well above the low of 2.59% set in February 2020.
-- The volume of both liquidated loans and losses plunged in September, with two large office loans accounting for the bulk of the losses.
-- The payoff rate of maturing commercial mortgage-backed security (CMBS) loans hung above 70% for the second consecutive month on the back of strong mixed use and retail performance.
-- More than $2 billion is scheduled to mature through the end of the year and we expect the payoff rate to finish the year between 55% and 60%, based on a damped outlook for many hotel and retail loans.
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