Walker & Dunlop is a commercial real estate finance and services company focused primarily on the multifamily sector. Its core business is originating, selling, and servicing multifamily loans through Fannie Mae, Freddie Mac, and HUD/Ginnie Mae programs — Walker & Dunlop is Fannie Mae's largest DUS lending partner and a top-five Freddie Mac Optigo lender. In the GSE model, Walker & Dunlop originates multifamily loans, sells them to the agencies, and retains the servicing rights, earning both an upfront origination fee and a mortgage servicing right (MSR) — the capitalized value of future servicing income — at closing. Walker & Dunlop also operates a debt brokerage business, placing loans with life insurers, banks, and other institutional lenders, and a property sales brokerage business through its Walker & Dunlop Investment Sales subsidiary. The company serves multifamily owners, developers, and investors through roughly 225 bankers and brokers, supported by a correspondent network of 23 independent originators. Walker & Dunlop reports two segments: Capital Markets, which includes agency lending, debt brokerage, property sales, appraisals, and investment banking; and Servicing & Asset Management, which generates recurring fees from a roughly $144B servicing portfolio, placement fees on borrower escrow deposits, and investment management fees from its roughly $2.7B AUM real estate investment management platform and its affordable housing LIHTC syndication business. The servicing portfolio provides a stable, recurring earnings base that offsets the more cyclical transaction-oriented businesses.