Lending

The weighted average seasoning is 34 months, well above that of prior Invictus-sponsored deals on the Verus shelf that are typically new originations under 10 months.

Mortgage applications increased 16.7% from one week earlier to their highest level in 10 months, although rates rose in expectation of additional government pandemic relief, according to the Mortgage Bankers Association.

Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.

While distressed mortgage rates continued the fall’s short-term slide, serious delinquencies are three times higher than the year-ago total, according to CoreLogic.

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Fitch and Trepp reported that overall commercial mortgage-backed security delinquencies were down, while the MBA reported a slight increase.

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A slowdown in the increase of loans exiting forbearance “implies that those who were able to absorb the shock of the pandemic and get back on their feet, may have already done so,” said Andy Walden, Black Knight economist.

The transaction features a pool of non-qualified mortgages with a higher-than-average delinquency rate driven by COVID-19 relief plans.

The survey period runs through Feb. 19, so don't dally!