• Dec. 1, 2016, 7:50 AM
    • Walker & Dunlop's (NYSE:WD) interim loan program (ILP) uses the company's own balance sheet to provide short-term loans for those properties not yet qualifying for permanent financing from the GSEs. Since ILP started in 2012, the company has gone on to arrange permanent financing for 87% of the loans it provided.
    • This particular deal was for the acquisition of a North Carolina apartment community, and the amount of Walker & Dunlop's bridge loan was $26M. WD subsequently arranged a 7-year Freddie Mac deal.
    Dec. 1, 2016, 7:50 AM
  • Nov. 7, 2016, 2:49 PM
    • With a 26% gain in multifamily originations in Q3, Fannie Mae and Freddie Mac volumes (currently at $27B) are in danger of hitting the $36.5B cap for the year.
    • The FHFA has already lifted the cap twice in 2016, and could decide to boost it again, suggests the team at Citigroup.
    • Of possible interest to: Walker & Dunlop (WD +1.4%), Ladder Capital (LADR +1.7%), iStar Financial (STAR +0.9%), HFF (HF +1.4%)
    Nov. 7, 2016, 2:49 PM
  • Nov. 2, 2016, 1:01 PM
    Nov. 2, 2016, 1:01 PM
  • Nov. 2, 2016, 12:35 PM
    • Q3 net income of $29.6M or $0.96 per share up 45% from one year ago. Adjusted EBITDA of $36.2M up 17%.
    • Total transaction volume of $5B up 2% Y/Y loan origination volume of $4.2B up 3%; investment sales volume of $788.2M down 4%.
    • Gains from mortgage banking of $100.6M up 42% Y/Y; gains from MSRs of $48.2M up 43%; loan origination fees of $52.4M up 42%.
    • Servicing portfolio of $59.1B up 24%; Servicing fees of $37.1M up 27%.
    • WD +9.7%
    • Walker & Dunlop Earnings Center
    Nov. 2, 2016, 12:35 PM
  • Nov. 2, 2016, 6:05 AM
    • Walker & Dunlop (NYSE:WD): Q3 EPS of $0.96 beats by $0.25.
    • Revenue of $154.79M (+28.1% Y/Y) beats by $25.42M.
    • Press Release
    Nov. 2, 2016, 6:05 AM
  • Nov. 1, 2016, 5:30 PM
  • Oct. 26, 2016, 11:46 AM
    • Established in 1922 and headquartered in California, George Elkins Mortgage Company serves as a direct loan origination arm for a number of life insurance companies, banks, trusts, pension funds, thrifts, and other private capital sources.
    • It has five offices in CA, and averages $800M per year in brokering commercial real estate deals. The acquisition adds 14 originators to Walker & Dunlop's (NYSE:WD) Capita Markets group.
    • As part of the deal, about $1.7B in life insurance company servicing is expected to be added to WD's $57.3B servicing portfolio.
    • Terms of the cash deal were not disclosed.
    Oct. 26, 2016, 11:46 AM
  • Sep. 13, 2016, 7:34 AM
    • Closing its 25th deal of the year, Walker & Dunlop Investment Sales - WD's multifamily investment sales platform - has hit $1.5B in YTD sales as of August 30.
    • Walker & Dunlop also arranged the debt placement for one-third of that sales volume.
    Sep. 13, 2016, 7:34 AM
  • Aug. 25, 2016, 12:20 PM
    • Commercial real estate transaction volumes of $254.25B for year's first seven months, fell 15.4% from the same period in 2015, according to Real Capital Analytics (RCA). In July, $30.08 of deals was down 25% from a year earlier.
    • Cap rates (except for hotels), however, continue to slide.
    • As to whether there's a bubble, CBRE's (NYSE:CBG) Spencer Levy says no. as fundamentals across markets and asset classes remain strong. Levy also cites an influx of foreign buyers, noting their cost of capital is low and they're patient investors (but don't foreigners always pour in at the top?).
    • Canaccord's Ryan Meliker isn't so sure about a non-bubble, noting teeny cap rates are a function of invisible interest rates. If rates can't stay low forever, than cap rates have to rise.
    • One major source of demand has backed off: U.S. REITs' purchase volume fell 64% Y/Y in the first half vs. an 11% increase for institutional investors.
    • RCA's Jim Costello sums up the bull case: Would an investor rather buy European bonds with negative yield, stick money in a bank vault, or buy some apartment towers which may face plenty of competition, but still generate some return on investment.
    • Source: SNL Financial's Tom Yeatts, Jake Mooney and Chris Hudgins
    • Tickers of note: WD, HF, STWD, MMI
    Aug. 25, 2016, 12:20 PM | 7 Comments
  • Aug. 3, 2016, 1:00 PM
    Aug. 3, 2016, 1:00 PM
  • Aug. 3, 2016, 9:11 AM
    • Q2 net income of $32M or $1.05 per share vs. $20.2M and $0.67 one year ago. Revenue of $147.9M gained 30% Y/Y.
    • Total transaction volume of $5.4B up 42% Y/Y. Loan origination volume of $4.8B up 37%, with Fannie Mae loans of $2.4B up 111%. Investment sales volume of $624M up 96%.
    • Gains from mortgage banking activities of $102.5M up 46% Y/Y. Gains attributable to MSRs of $55.6M up 72%; Loan origination fees of $37.6M up 25%.
    • Servicing fees of $32.8M up 17% Y/Y. Servicing portfolio size of $57.3M up 20%.
    • Total expenses of $96.2M up 18%, with personnel costs up 21%. Personnel expense as a percent of revenue of 38% down from 40%.
    • 121K shares bought back for $2.7M during quarter. YTD buybacks of 396K shares for $9.2M.
    • CC is underway
    • Previously: Walker & Dunlop beats by $0.36, beats on revenue (Aug. 3)
    • WD +5.5% in light premarket action.
    Aug. 3, 2016, 9:11 AM
  • Aug. 3, 2016, 6:01 AM
    • Walker & Dunlop (NYSE:WD): Q2 EPS of $1.05 beats by $0.36.
    • Revenue of $147.9M (+29.8% Y/Y) beats by $33.67M.
    • Press Release
    Aug. 3, 2016, 6:01 AM
  • Aug. 2, 2016, 5:30 PM
  • Jun. 29, 2016, 7:54 AM
    • The company has secured $672M in financing for the previously announced acquisition of University Housing Communities Group by a JV of The Scion Group, GIC, and Canada Pension Plan Investment Board.
    • Walker & Dunlop (NYSE:WD) arranged the financing through Fannie Mae's Credit Facility execution.
    Jun. 29, 2016, 7:54 AM
  • Jun. 21, 2016, 8:04 AM
    • The company has completed the purchase of a $3.8B commercial mortgage servicing portfolio from a subsidiary of Oppenheimer Holdings for $44.6M.
    • The portfolio is made up of 480 loans insured by HUD, with a weighted average servicing fee of 17 basis points.
    • WD: "With the addition of this portfolio, the Company will immediately begin interacting with our new customers in the process of servicing their loans and meeting their future financing needs."
    Jun. 21, 2016, 8:04 AM
  • Jun. 20, 2016, 2:57 PM
    • U.S. commercial real estate prices could fall as much as 5% in the next year thanks to tightened regulations, a wave of debt maturities, and property sales from publicly-traded REITs, says Pimco.
    • The shakeout will be a welcome one for those with capital ready to put to work, say portfolio managers John Murray and Anthony Clarke in their report titled, "U.S. Real Estate: A Storm Is Brewing."
    • Commercial real estate prices coming off of a big post-crisis boom have declined 3% in the past three months, according to Moody's and Real Capital Analytics, and real estate deals in NYC are forecast to decline up to 30% this year, according to Cushman & Wakefield.
    • Interested parties include: Walker & Dunlop (NYSE:WD), HFF (NYSE:HF), iStar (NYSE:STAR), Ladder Capital (NYSE:LADR), Resource Capital (NYSE:RSO)
    Jun. 20, 2016, 2:57 PM | 11 Comments