Why it matters
Trepp covers CMBS. MBA CREF LPS covers everything else — bank, life co, GSE delinquency by property type. Without this, the credit picture is CMBS-only. With it, the full $4.99T CRE debt stock is observable.
How CRE teams consume it
Quarterly — predictable MBA press-release URL pattern. Scrape on release date + 1.
Caveats & limitations
Trailing — reflects loans in default or delinquency, lags the market in turning points. Definitions of "delinquency" differ subtly across capital sources.
Use cases
- Cross-capital-source credit comparison
- Bank CRE stress monitoring
- GSE multifamily performance