{"id":1004027933,"date":"2011-03-22T06:08:57","date_gmt":"2011-03-22T14:08:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004027933"},"modified":"2022-12-08T06:41:38","modified_gmt":"2022-12-08T14:41:38","slug":"fitch-special-servicing-for-cmbs-loans-on-downswing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fitch-special-servicing-for-cmbs-loans-on-downswing\/","title":{"rendered":"Fitch: Special Servicing for CMBS Loans on Downswing"},"content":{"rendered":"<p>March 21, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004027934\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004027934\" data-attachment-id=\"1004027934\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fitch-special-servicing-for-cmbs-loans-on-downswing\/chrisdlugosz-16\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"chrisdlugosz\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user chrisdlugosz&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg\" alt=\"\" title=\"chrisdlugosz\" width=\"300\" height=\"225\" class=\"size-medium wp-image-1004027934\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004027934\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user chrisdlugosz<\/p><\/div>\n<p>Fitch Ratings is seeing a new trend in commercial mortgage-backed securities loans in the U.S., as noted in the global rating agency&#8217;s latest newsletter. The pace and quantity of CMBS loans transferring into special servicing has started to decline.<\/p>\n<p>&#8220;There is more liquidity in the market than there was last year at this time,&#8221; Mary MacNeill, managing director with Fitch, told <em>CPE<\/em>. <\/p>\n<p>The closing of the first quarter is still a week away, but numbers up to this point already tell the story. As of mid-March, approximately 200 loans have transferred this year, marking a dramatic descent from the 631 loans in the first quarter of 2010. Signs of the pattern emerged last year. A total of 2,162 loans valued at $37.5 billion went into special servicing in 2009, but in 2010, the volume dropped by approximately 25 percent to 1,646 loans totaling $28.4 billion. <\/p>\n<p>The sizable decline in loans moving to special servicing, however, is not expected to continue at the same rate. &#8220;We don&#8217;t think we&#8217;ll see it stay at this level,&#8221; MacNeill said. &#8220;There are still some loans that are underperforming that will be transferred.&#8221; The retail and office sectors are particularly susceptible, she noted, with many leases due to roll over next year and some leases not being renewed, especially in the office market, because some businesses just don&#8217;t need the space.<\/p>\n<p>Still, improvement will continue. &#8220;This year, there are more lenders out there and it doesn&#8217;t take as long to refinance or do modifications. Not everything that goes into special servicing goes into delinquency.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of mid-March, approximately 200 loans have transferred this year, marking a dramatic descent from the 631 loans in the first quarter of 2010. <\/p>\n","protected":false},"author":936,"featured_media":1004027934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,37753,21742],"tags":[],"class_list":["post-1004027933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-research-center-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch: Special Servicing for CMBS Loans on Downswing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fitch-special-servicing-for-cmbs-loans-on-downswing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch: Special Servicing for CMBS Loans on Downswing\" \/>\n<meta property=\"og:description\" content=\"As of mid-March, approximately 200 loans have transferred this year, marking a dramatic descent from the 631 loans in the first quarter of 2010.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fitch-special-servicing-for-cmbs-loans-on-downswing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-03-22T14:08:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:41:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/chrisdlugosz1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Fitch: Special Servicing for CMBS Loans on Downswing\",\"datePublished\":\"2011-03-22T14:08:57+00:00\",\"dateModified\":\"2022-12-08T14:41:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/\"},\"wordCount\":283,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/03\\\/chrisdlugosz1.jpg\",\"articleSection\":[\"Featured\",\"Finance\",\"Finance (Research Center)\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fitch-special-servicing-for-cmbs-loans-on-downswing\\\/\",\"name\":\"Fitch: Special Servicing for CMBS Loans on Downswing - 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