|Company's Full Name:||Walker and Dunlop, Inc.|
|Short Name:||Walker and Dunlop|
|Trading Ticker Symbol:||WD|
|Headquarter City/Country:||Maryland, MD|
|Primary Industry Sector:||Finance|
|Seconday Sub-sector:||Consumer Finance Services|
|Main Business Areas:||Finance, Consumer Finance Services, Financial Services, Specialty Finance|
|Dividend Payments:||Dividend History|
|Current Share Price:||$54.96|
|Previous Year's Closing Price:||$43.25|
|Percentage Price Change (YTD):||27.08%|
|Market Cap:||$1.69 billion|
|52-week Price Range:||$37.96 - $60.67|
|Dividend Per Share:||$1.05|
Walker & Dunlop, Inc., incorporated on July 29, 2010, is a holding company, which conducts its operations through Walker & Dunlop, LLC. The Company provides commercial real estate financial products and services primarily to developers and owners of multifamily properties. The Company originates, sells and services a range of multifamily and other commercial real estate financing products, including Multifamily Finance, Federal Housing Administration (FHA) Finance, Capital Markets, and Proprietary Capital. It originates and sells loans through the programs of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the government-sponsored enterprises (GSEs)), the Government National Mortgage Association (Ginnie Mae) and the Federal Housing Administration, a division of the United States Department of Housing and Urban Development (together with Ginnie Mae, HUD).
The Company retains servicing rights and asset management responsibilities on nearly all loans that it originates for GSE and HUD programs. It is a Fannie Mae Delegated Underwriting and Servicing (DUS) lender, a Freddie Mac seller/servicer, a Freddie Mac targeted affordable housing seller/servicer, a HUD Multifamily Accelerated Processing (MAP) lender, a HUD Section 232 LEAN lender and a Ginnie Mae issuer. It is a broker and services loans for a range of life insurance companies, commercial banks, commercial mortgage backed securities (CMBS) issuers, and other institutional investors, in which cases it does not fund the loan but rather act as a loan broker. It also originates and holds interim loans on its balance sheet and offers investment sales brokerage services. The Company focuses primarily on multifamily properties, and offers a range of commercial real estate finance products, including first mortgage loans, second trust loans, supplemental financings, construction loans, mezzanine loans and bridge/interim loans.
The Company participates in Fannie Mae's DUS program for multifamily, manufactured housing communities, student housing, affordable housing and certain seniors housing properties. The Company is a lender approved as a Freddie Mac Program Plus lender under, which it originates and sells to Freddie Mac multifamily, manufactured housing communities, student housing, affordable housing, and seniors housing loans. Under the program, the Company submits its completed loan underwriting package to Freddie Mac and obtains Freddie Mac's commitment to purchase the loan at a specified price after closing. The Company is also contracted by Freddie Mac to service and asset-manage all loans that it originates under its program.
The Company provides construction and permanent loans to developers and owners of multifamily housing, affordable housing, seniors housing and healthcare facilities. The Company submits its completed loan underwriting package to HUD and obtains HUD's approval to originate the loan. It services and asset-manages all loans originated through HUD's various programs.
The Company serves as an intermediary in the placement of commercial real estate debt between institutional sources of capital, such as life insurance companies, investment banks, commercial banks, pension funds, CMBS issuers and other institutional investors, and owners of all types of commercial real estate. The Company advises on capital structure, develops the financing package, facilitates negotiations between its client and institutional sources of capital, coordinates due diligence and assists in closing the transaction. In these instances, the Company acts as a loan broker. It services some of these loans.
The Company's Proprietary Capital products include interim loans. It offers interim loans that provide floating-rate, interest-only loans for terms of up to 3 years to borrowers seeking to acquire or reposition multifamily properties that do not qualify for permanent financing (the Interim Program). It underwrites all loans originated through the Interim Program. In addition, it services and asset-manages loans originated through the Interim Program.
Investment Sales Brokerage Services
The Company offers investment sales brokerage services to owners and developers of multifamily properties that are seeking to sell properties. Its investment sales brokerage services are offered primarily in the southeastern United States. The Company, through Walker & Dunlop Investment Sales, LLC (WDIS), conducts its investment sales operations.
Direct Loan Originators and Correspondent Network
As of December 31, 2016, the Company originated loans through loan originators operating out of 28 offices nationwide. Its loan originators collect and analyze financial and property information, assist the borrowers in submitting information required to complete a loan application, and help the borrower in closing the loan. As of December 31, 2016, it had correspondent agreements with 24 independently owned mortgage banking companies across the country with which the Company had relationships for GSE and HUD loan originations. The Company's correspondents assist it in evaluating loans, including pre-screening the borrowers, key principals and properties for program eligibility, coordinating due diligence, and providing market intelligence.
Underwriting and Risk Management
The Company uses various tools to manage its Fannie Mae risk-sharing exposure. These tools include an underwriting and approval process, evaluating, and modifying its underwriting criteria given the underlying multifamily housing market fundamentals, limiting its geographic, borrower and principal exposures, and using modified risk-sharing under the Fannie Mae DUS program.
The Company's underwriting process begins with a review of suitability for its investors and a detailed review of the borrower, key principals and the property. It reviews a borrower's financial statements for minimum net worth and liquidity requirements, as well as obtaining credit and criminal background checks. It also reviews a borrower's and principals' operating track record, including evaluating the performance of other properties owned by the applicable borrower and key principals. It also considers the borrower's and key principals' bankruptcy and foreclosure history. It reviews the fundamental value and credit profile of the underlying property, including an analysis of regional economic trends, appraisals of the property, and reviews of historical and prospective financials. Third-party vendors are engaged for appraisals, engineering reports, environmental reports, flood certification reports, zoning reports and credit reports.
Servicing and Asset Management
The Company services all loans that it originates for the GSEs, HUD, and its Proprietary Capital products and some of the loans for which it acts as a broker for institutional investors, primarily life insurance companies. It is an approved servicer for Fannie Mae, Freddie Mac, and HUD loans. Its servicing function includes loan servicing and asset management activities, such as carrying out all cashiering functions relating to the loan, including providing monthly billing statements to the borrower and collecting and applying payments on the loan; administering reserve and escrow funds for repairs, tenant improvements, taxes and insurance; obtaining and analyzing financial statements of the borrower and performing periodic property inspections; preparing and providing periodic reports and remittances to the GSEs, investors, master servicers, or other designated persons, and administering lien filings. It also outsources some of its servicing activities to a subservicer.
The Company competes with Wells Fargo, N.A., CBRE Group, Inc., Jones Lang LaSalle Incorporated, Marcus & Millichap, Inc., HFF, Inc., PNC Real Estate, Northmarq Capital, LLC, Berkeley Point Capital and Berkadia Commercial Mortgage, LLC.
7501 Wisconsin Ave Ste 1200E
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