Commercial and multifamily mortgage originations fell 36% between 4Q12 and 1Q13, but were up 9% 1Q13 over 1Q12, according to the Mortgage Bankers Association.
The index for 1Q13 is 123, compared with 192 in 4Q12 (the best quarter for commercial/multifamily loan originations since 4Q07) and 113 in 1Q12.
At its commercial real estate finance conference in February, MBA had predicted CRE/MF
The investor type with the most originations in 1Q13 was the government-sponsored enterprises—the multifamily units of Fannie Mae and Freddie Mac—with an origination volume index value of 214. This was down 40% from 4Q12 but up 36% from 1Q12.
On a year-over-year basis, the biggest gains by investor type on a percentage basis were seen in the conduit channel, up a whopping 170% to an index value of 63. But this was down 38% from 4Q12’s 102, which was the highest volume in this channel since 4Q07.
Life companies, which had been the channel with the largest share of originations through most of the downturn, lost ground both on a quarter-to-quarter and a year-over-year basis. Its index value of 175 is 31% below 4Q12 and 21% below 1Q12. Life companies had their lowest origination volume since 2Q10 and in that quarter, they were the highest producer among all investor types.
Commercial banks’ index value of 171 was 29% lower than 4Q12 and 8% higher than 1Q12.
