Walker & Dunlop beefing up FHA finance department
Walker & Dunlop (WD) named Dale Brem vice president and deputy chief underwriter of its Federal Housing Administration finance department. The multifamily lender said the hire is part of its process of expanding FHA-backed mortgage originations. Michele Warner, Walker & Dunlop senior vice president, said Brem's 18-plus years of commercial real estate experience and wealth of knowledge underwriting FHA-insured loans would benefit the company. Brem joins a rapidly growing department at Walker & Dunlop. The lender made a few key hires to the department in August. The company posted a $6.1 million profit during the third quarter as loan originations grew 104% year-over-year and had profits of $7.1 million in the same quarter a year earlier. Walker & Dunlop's third-quarter profit was up from $4.4 million a year earlier, on a pro forma basis. Loan originations at the company hit $906.7 million in 3Q, up from $444.4 million a year earlier. Prior to joining Walker & Dunlop, Brem was FHA chief underwriter at KeyBank Real Estate Capital where he managed all underwriting activities for FHA agency loans including multifamily and healthcare properties. Before Key Bank he was a senior underwriter at GMAC Commercial Mortgage and Malone Mortgage Company. Brem has managed more than $1 billion in loan-qualifying and underwriting processes and underwrote more than $245 million in conventional, affordable and healthcare FHA loans throughout the country. Write to Justin T. Hilley. Follow him on Twitter @JustinHilley.