- Adjusted net income of $12.9M or $0.40 per share vs. $15.3M and $0.44 one year ago. Adjusted EBITDA of $20.9M vs. $14M.
- Loan originations of $2.4B in Q2 off 7% Y/Y, but CEL Willy Walker notes the commercial loan refinancing market is down 23% and the GSEs' origination volume YTD is down 48%. Loan originations with Frannie up 12% and comprise 65% of all action in Q2.
- Total revenue of $85.3M of 6% Y/Y, with a 17% decline in mortgage banking gains, partially offset by a big boost in net interest income from loans on the balance sheet. Servicing fees of $24M made up 28% of total revenue.
- Gains from mortgage banking of $52.2 down from $63.1M a year ago. Loan origination fees of $29.5M down 15%. Gains from MSRs or $22.8M down 20%.
- WD -2.1%
- Previously: Walker & Dunlop misses by $0.03, misses on revenue
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