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Walker & Dunlop profit boosted by servicing fees

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Walker & Dunlop (WD) announced a third quarter 2013 revenues of $73.7 million, a 5% increase from $70.1 million in the third quarter 2012.

Revenue growth was primarily driven by a 72% increase in servicing fees.

"Walker & Dunlop's third quarter loan origination volumes did not meet expectations due to our two largest lending partners, Fannie Mae and Freddie Mac, reducing their origination volumes by 40% year over year to comply with FHFA's 2013 lending caps. As well, HUD ran out of commitment authority in mid-September. Yet even in a quarter where our three largest lending partners struggled, Walker & Dunlop originated $1.8 billion of loans, saw revenues increase by 5%, achieved 142% growth in our Capital Markets business, and originated $101 million of new loans for our balance sheet, up 657% from the prior year," stated Willy Walker, Walker & Dunlop's Chairman and Chief Executive Officer. "Our $39 billion servicing portfolio showed its value, producing $23 million in revenue or 31% of our total revenue for the quarter.

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