Multifamily lender Walker & Dunlop’s first quarter 2013 loan originations grew 157% when compared to the first quarter of 2012.
In the company’s first quarter earnings report, loan originations hit $1.73 billion compared to $674 million in the first quart of 2012, contributing to the company’s goal of $10 to $12 billion for all of 2013.
However, the amount of originations still fell short of the first-quarter guidance range of $1.9 million to $2.4 billion. The company explained this was due to a delay in the passage of the federal government's continuing budget resolution, which restricted the Department of Housing and Urban Development’s ability to issue new loan commitments in March.
"The first quarter is traditionally the lightest quarter for loan originations and I am pleased with our 157% year-on-year increase," said Willy Walker, Walker & Dunlop's chairman and CEO.
He added, "With that said, it is disappointing to report quarterly origination volumes below our guidance. Our loan pipeline is very strong and we feel confident in our ability to execute on our annual business plan and originate $10 to $12 billion in loans."