Commercial and multifamily mortgage originations in the third quarter were almost double what they were for the same period last year, according to the Mortgage Bankers Association.
Jamie Woodwell, MBA's vice president of commercial real estate research, commented "Mortgage originations by life company portfolios hit another new record in the third quarter, and lending by bank portfolios and Fannie Mae and Freddie Mac also picked-up. Mortgage originations for the CMBS market, which was caught up in the global economic uncertainty of recent months, declined from last quarter, but were higher than last year's Q3 level."
Banks had the largest increase in activity, up 433% over the previous year, while commercial mortgage-backed securities conduits were up 169%, life companies increased originations by 69% and Fannie Mae and Freddie Mac were up 47%.
However, when compared with the second quarter, only the CMBS conduits saw a decline in activity, falling by nearly half.
