Walker & Dunlop more than doubled its 2013 first-quarter revenue, which soared to $69.2 million compared to $34.4 million for the same period a year earlier.
The spike in revenue is attributed to a 157% increase in loan originations and a 118% rise in the servicing portfolio, the company said in its first-quarter earnings.
Meanwhile, GAAP net income hit $7.7 million, or 23 cents a share, up 32% from a year ago, while adjusted net income reached $8.5 million, or 25 cents a share, an increase of 46% from year earlier levels.
“Walker & Dunlop’s year-on-year growth continued at triple digit levels during the first quarter thanks to our fantastic origination team and the continued strength of the commercial real estate financing markets,” said Willy Walker, Walker & Dunlop’s chairman and CEO.
He explained, “Our industry grew loan originations 9% during the first quarter while Walker & Dunlop increased originations 157% due to our acquisition of CWCapital and strong organic origination growth.”
Additionally, gains from mortgage banking activities hit $42.9 million, compared to $19.8 million the same period a year earlier.
Loan origination fees also doubled to $22.3 million, elevating 117% from $10.3 million the same period last year.
Meanwhile, the finance company’s servicing portfolio grew 118%, increasing to $36.8 billion from $16.9 billion on March 31, 2012.
With the giant leap in revenue, the company’s total expenses also soared to $56.9 million from $24.9 million.
However, this increase is attributed to the company’s continued investment in the firm’s origination platform and expenses tied to the addition of 14 new offices and 254 full-time employees in the past year.