Walker & Dunlop (WD) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Jan. 31, 2016	Jun. 30, 2015
Document And Entity Information
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
Entity Registrant Name	Walker & Dunlop, Inc.
Entity Central Index Key	1,497,770
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 717.9
Entity Common Stock, Shares Outstanding		30,916,667

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 136,988	$ 113,354
Restricted cash	5,306	13,854
Pledged securities, at fair value	72,190	67,719
Loans held for sale, at fair value	2,499,111	1,072,116
Loans held for investment, net	231,493	223,059
Servicing fees and other receivables, net	23,844	23,234
Derivative assets	11,678	14,535
Mortgage servicing rights	412,348	375,907
Goodwill and other intangible assets	91,488	76,586
Other assets	30,545	29,026
Total assets	3,514,991	2,009,390
Liabilities
Accounts payable and other liabilities	67,684	60,635
Performance deposits from borrowers	5,112	13,668
Derivative liabilities	1,333	4,877
Guaranty obligation, net of accumulated amortization	27,570	24,975
Allowance for risk-sharing obligations	5,586	3,904
Deferred tax liabilities, net	101,425	84,506
Warehouse notes payable	2,649,470	1,214,279
Note payable	164,462	169,095
Total liabilities	3,022,642	1,575,939
Equity
Common stock, $0.01 par value. Authorized 200,000; issued and outstanding 29,466 shares at December 31, 2015 and 31,822 shares at December 31, 2014	295	318
Additional paid-in capital	215,575	224,164
Retained earnings	272,030	208,969
Total stockholders' equity	487,900	433,451
Noncontrolling interests	4,449
Total equity	$ 492,349	$ 433,451
Commitments and contingencies (Note 11)
Total liabilities and equity	$ 3,514,991	$ 2,009,390

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Preferred shares, authorized	50,000	50,000
Preferred shares, issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	200,000	200,000
Common stock, issued	29,466	31,822
Common stock, outstanding	29,466	31,822

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Gains from mortgage banking activities	$ 290,466	$ 221,983	$ 203,671
Servicing fees	114,757	98,414	90,215
Escrow earnings and other interest income	4,473	4,526	4,008
Other	34,542	18,355	13,700
Total revenues	468,198	360,772	319,039
Expenses
Personnel	184,590	149,374	133,667
Amortization and depreciation	96,193	79,367	72,876
Amortization of intangible assets	1,980	771	3,079
Provision for credit losses	1,644	2,206	1,322
Interest expense on corporate debt	9,918	10,311	3,743
All other	38,507	34,831	37,565
Total expenses	332,832	276,860	252,252
Income from operations before income taxes	135,366	83,912	66,787
Income tax expense	52,771	32,490	25,257
Net income before noncontrolling interests	82,595	51,422	41,530
Net income from noncontrolling interests	467
Walker & Dunlop net income	$ 82,128	$ 51,422	$ 41,530
Basic earnings per share	$ 2.76	$ 1.60	$ 1.23
Diluted earnings per share	$ 2.65	$ 1.58	$ 1.21
Basic weighted average shares outstanding	29,754	32,210	33,764
Diluted weighted average shares outstanding	30,949	32,624	34,336
Loans Held for Sale
Revenues
Warehouse interest income	$ 37,675	$ 24,615	$ 17,576
Net warehouse interest income	14,541	11,343	6,214
Loans Held for Investment
Revenues
Net warehouse interest income	$ 9,419	$ 6,151	$ 1,231

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In CapitalRestricted Shares	Additional Paid-In Capital	Retained Earnings	Noncontrolling Interests	Restricted Shares	Total
Balance at the beginning of the period at Dec. 31, 2012	$ 336		$ 236,823	$ 116,017			$ 353,176
Balance at the beginning of the period (in shares) at Dec. 31, 2012	33,568
Change in Stockholders' Equity
Walker & Dunlop net income				41,530			41,530
Stock-based compensation			8,764				8,764
Issuance of common stock in connection with equity compensation plans	$ 6		1,133				1,139
Issuance of common stock in connection with equity compensation plans (in shares)	593
Repurchase and retirement of common stock	$ (2)		(3,023)				(3,025)
Repurchase and retirement of common stock (in shares)	(161)
Tax benefit from vesting of restricted shares			1,257				1,257
Balance at the end of the period at Dec. 31, 2013	$ 340		244,954	157,547			402,841
Balance at the end of the period (in shares) at Dec. 31, 2013	34,000
Change in Stockholders' Equity
Walker & Dunlop net income				51,422			51,422
Stock-based compensation			9,063				9,063
Issuance of common stock in connection with equity compensation plans	$ 4		1,832				1,836
Issuance of common stock in connection with equity compensation plans (in shares)	403
Issuance of unvested restricted common stock in connection with acquisitions		$ 5,920				$ 5,920
Repurchase and retirement of common stock	$ (26)		(37,567)				(37,593)
Repurchase and retirement of common stock (in shares)	(2,581)
Tax benefit from vesting of restricted shares			(38)				(38)
Balance at the end of the period at Dec. 31, 2014	$ 318		224,164	208,969			$ 433,451
Balance at the end of the period (in shares) at Dec. 31, 2014	31,822						31,822
Change in Stockholders' Equity
Walker & Dunlop net income				82,128			$ 82,128
Net income from noncontrolling interests					$ 467		467
Stock-based compensation			13,428				13,428
Issuance of common stock in connection with equity compensation plans	$ 8		5,653				5,661
Issuance of common stock in connection with equity compensation plans (in shares)	815
Issuance of unvested restricted common stock in connection with acquisitions		$ 1,892				$ 1,892
Repurchase and retirement of common stock	$ (31)		(31,163)	(19,067)			(50,261)
Repurchase and retirement of common stock (in shares)	(3,171)
Tax benefit from vesting of restricted shares			1,410				1,410
Noncontrolling interest acquired					4,339		4,339
Other			191		(357)		(166)
Balance at the end of the period at Dec. 31, 2015	$ 295		$ 215,575	$ 272,030	$ 4,449		$ 492,349
Balance at the end of the period (in shares) at Dec. 31, 2015	29,466						29,466

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income before noncontrolling interests	$ 82,595	$ 51,422	$ 41,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains attributable to the fair value of future servicing rights, net of guaranty obligation	(133,631)	(96,515)	(91,972)
Change in the fair value of premiums and origination fees (NOTE 2)	1,959	2,059	9,457
Amortization and depreciation	98,173	80,138	75,955
Amortization and depreciation	96,193	79,367	72,876
Stock compensation-equity and liability classified	14,084	9,994	9,194
Provision for credit losses	1,644	2,206	1,322
Deferred tax expense	16,919	10,260	18,211
Originations of loans held for sale	(12,111,553)	(8,103,452)	(5,818,792)
Sales of loans to third parties	10,688,356	7,326,908	6,616,515
Amortization of deferred loan fees and costs	(1,775)	(1,273)	(200)
Amortization of debt issuance costs and debt discount	3,756	4,174	3,036
Origination fees received from loans held for investment	1,429	2,145	691
Tax shortfall (benefit) from vesting of equity awards	(1,410)	38	(1,257)
Cash paid to settle risk-sharing obligations	(795)	(2,138)	(5,290)
Changes in:
Restricted cash and pledged securities	4,268	(26,495)	(14,467)
Servicing fees and other receivables	(623)	1,943	9,746
Other assets	(2,217)	(11,759)	6,755
Accounts payable and other liabilities	7,739	12,415	(19,257)
Performance deposits from borrowers	(8,556)	8,434	(4,269)
Net cash provided by (used in) operating activities	(1,339,638)	(729,496)	836,908
Cash flows from investing activities
Capital expenditures	(1,413)	(2,525)	(4,519)
Acquisitions, net of cash acquired	(12,767)	(23,417)
Originations of loans held for investment	(180,375)	(339,802)	(147,820)
Principal collected on loans held for investment	172,323	250,104	21,700
Net cash provided by (used in) investing activities	(22,232)	(115,640)	(130,639)
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	1,423,911	774,935	(797,275)
Borrowings of interim warehouse notes payable	137,397	248,024	102,755
Repayments of interim warehouse notes payable	(125,542)	(179,941)	(16,912)
Borrowings of note payable			173,258
Repayments of note payable	(4,819)	(1,750)	(80,925)
Proceeds from issuance of common stock	7,553	7,756	1,139
Repurchase of common stock	(50,261)	(37,593)	(3,025)
Secured borrowings			22,050
Repayments of secured borrowings		(22,050)
Debt issuance costs	(4,145)	(1,416)	(3,055)
Tax benefit (shortfall) from vesting of equity awards	1,410	(38)	1,257
Net cash provided by (used in) financing activities	1,385,504	787,927	(600,733)
Net increase (decrease) in cash and cash equivalents	23,634	(57,209)	105,536
Cash and cash equivalents at beginning of period	113,354	170,563	65,027
Cash and cash equivalents at end of period	136,988	113,354	170,563
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	32,854	23,950	14,813
Cash paid for taxes	$ 34,832	$ 18,481	$ 881

Organization

Organization	12 Months Ended
	Dec. 31, 2015
ORGANIZATION
Organization	NOTE 1 —ORGANIZATIO N These financial statements represent the consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “we,” “us,” “our,” “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies . Walker & Dunlop, Inc. is a holding company and conducts substantially all of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate finance companies in the United States. The Company originates, sells, and services a range of multifamily and other commercial real estate financing products and provides multifamily investment sales brokerage services. The Company originates and sells loans pursuant to the programs of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”), the Government National Mortgage Association (“Ginnie Mae”) and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD”). The Company also offers proprietary loan programs offering interim loans and loans for a Commercial Mortgage Backed Securities (“CMBS”) execution and multifamily investment sales brokerage services.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 2 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —The consolidated financial statements include the accounts of the Company and all of its consolidated entities. All intercompany transactions have been eliminated. The Company has evaluated all subsequent events. The Company offers a CMBS lending program (“CMBS Program”) through a partnership with a large institutional investor, in which the Company owned a 40% interest at December 31, 2015 (“CMBS Partnership”). The CMBS Partnership began operations in 2014. During the second quarter of 2015, the Company increased its ownership percentage from 20% to 40% . During 2015 and 2014, the Company accounted for its ownership interest under the equity method of accounting. The increase in ownership percentage has not had a material impact on the Company’s financial results. Effective January 1, 2016, the Company increased its ownership percentage in the CMBS Partnership to 100% , making the CMBS Partnership a wholly owned subsidiary of the Company. Consequently, the Company began to consolidate the CMBS Partnership’s balances beginning with the first quarter of 2016. Use of Estimates —The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, including guaranty obligations, allowance for risk-sharing obligations, allowance for loan losses, capitalized mortgage servicing rights, derivative instruments, and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates. Gains from Mortgage Banking Activities — Gains from mortgage banking activities income is recognized when the Company records a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of any co-broker fees, and the estimated fair value of the expected net cash flows associated with the servicing of the loan, net of the estimated net future cash flows associated with any risk-sharing obligations. For loans the Company brokers, gains from mortgage banking activities are recognized when the loan is closed and represent the origination fee earned by the Company. The co-broker fees for the years ended December 31, 2015, 2014, and 2013 were $18.0 million, $15.9 million and $23.0 million, respectively. Transfer of financial assets is reported as a sale when (a) the transferor surrenders control over those assets, (b) the transferred financial assets have been legally isolated from the Company’s creditors, (c) the transferred assets can be pledged or exchanged by the transferee, and (d) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company has determined that all loans sold have met these specific conditions and accounts for all transfers of mortgage loans and mortgage participations as completed sales. When a mortgage loan is sold, the Company retains the right to service the loan and initially recognizes the mortgage servicing right (“MSR”) at fair value. Subsequent to the initial measurement date, MSRs are amortized using the interest method over the period that servicing inc ome is expected to be received. Note 4 contains additional explanation of the Company’s accounting policies related to MSRs. Guaranty Obligation and Allowance for Credit Losses— When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. The recognized guaranty obligation is the greater of the fair value of the Company’s obligation to stand ready to perform over the term of the guaranty (the noncontingent guaranty) and the fair value of the Company’s obligation to make future payments should those triggering events or conditions occur (contingent guaranty). Historically, the fair value of the contingent guaranty at inception has been de minimis; therefore, the fair value of the noncontingent guaranty has been recognized. In determining the fair value of the guaranty obligation, the Company considers the risk profile of the collateral, historical loss experience, and various market indicators. Generally, the estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan (historically three to five basis points per year) discounted using a 12 - 15 percent discount rate. The discount rate used is consistent with what is used for the calculation of the MSR for each loan. The estimated life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method, unless, as discussed more fully below, the loan defaults or management determines that the loan’s risk profile is such that amortization should cease. The Company evaluates the allowance for risk-sharing obligations by monitoring the performance of each risk-sharing loan for events or conditions which may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a specific loan is determined to be probable and estimable (as the loan is probable of foreclosure or in foreclosure), the Company records a liability for the estimated allowance for risk-sharing (a “specific reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision for credit losses in the Consolidated Statements of Income, along with a write-off of the associated loan-specific MSR. The amount of the allowance considers the Company’s assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan’s risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves on all applicable loans and update loss estimates as current information is received. In addition to the specific reserves discussed above, the Company also records an allowance for risk-sharing obligations related to risk-sharing loans on its watch list (“general reserves”). Such loans are not probable of foreclosure but are probable of loss as the characteristics of these loans indicate that it is probable that these loans include some losses even though the loss cannot be attributed to a specific loan. For all other risk-sharing loans not on our watch list, the Company continues to carry a guaranty obligation. The Company calculates the general reserves based on a migration analysis of the loans on its historical watch lists, adjusted for qualitative factors. When the Company places a risk-sharing loan on its watch list, the Company ceases to amortize the guaranty obligation and transfers the remaining unamortized balance of the guaranty obligation to the general reserves. The Company recognizes a provision for risk-sharing obligations to the extent the calculated general reserve exceeds the remaining unamortized guaranty obligation. If a risk-sharing loan is subsequently removed from the watch list due to improved financial performance or other factors, the Company transfers the unamortized balance of the guaranty obligation back to the guaranty obligation classification on the balance sheet and amortizes the remaining unamortized balance evenly over the remaining estimated life. Loans Held for Investment, net — The Company offers an interim loan program for floating-rate, interest-only loans for terms of up to three years to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent GSE or HUD financing (the “Interim Program”). These loans are classified as held for investment on the Company’s consolidated balance sheet during such time that they are outstanding. The loans are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs, and net of any allowance for loan losses. Interest income is accrued based on the actual coupon rate, adjusted for the amortization of net deferred fees and costs, and is recognized as revenue when earned and deemed collectible. All loans held for investment are multifamily loans with similar risk characteristics with no geographic concentration. The Company uses the interest method to determine an effective yield to amortize the loan fees and costs on real estate loans held for investment. All loans held for investment are floating-rate loans; therefore, the Company uses the initial coupon interest rate of the loans (without regard to future changes in the underlying indices) and anticipated principal payments, if any, to determine periodic amortization. As of December 31, 2015 , Loans held for investment, net consisted of $233.4 million of unpaid principal balance less $1.1 million of net unamortized deferred fees and costs and $0.8 million of allowance for loan losses. As of December 31, 2014 , Loans held for investment, net consisted of $225.3 million of unpaid principal balance less $1.4 million of net unamortized deferred fees and costs and $0.9 million of allowance for loan losses. The Company will reclassify loans held for investment as loans held for sale if it determines that the loans will be sold or transferred to third parties. To date, the Company has not sold any of its loans held for investment. The allowance for loan losses is the Company’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The Company has established a process to determine the appropriateness of the allowance for loan losses that assesses the losses inherent in the portfolio. That process includes assessing the credit quality of each of the loans held for investment by monitoring the financial condition of the borrower and the financial trends of the underlying property. The allowance levels are influenced by the outstanding portfolio balance, delinquency status, historic loss experience, and other conditions influencing loss expectations, such as economic conditions. The allowance for loan losses is estimated collectively for loans with similar characteristics and for which there is no evidence of impairment. The allowance for loan losses recorded as of December 31, 2015 and December 31, 2014 is based on the Company’s collective assessment of the portfolio. Loans held for investment are placed on non-accrual status when full and timely collection of interest or principal is not probable. Loans held for investment are considered past due when contractually required principal or interest payments have not been made on the due dates and are charged off when the loan is considered uncollectible. The Company evaluates all loans held for investment for impairment. A loan is considered impaired when the Company believes that the facts and circumstances of the loan suggest that the Company will not be able to collect all contractually due principal and interest. Delinquency status and property financial condition are key components of the Company’s consideration of impairment status. None of the loans held for investment was delinquent, impaired , or on non-accrual status as of December 31, 2015 or December 31, 2014 . Additionally, we have not experienced any delinquencies related to these loans or charged off any loan held for investment since the inception of the Interim Program. Provision for Credit Losses — The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations within Provision for credit losses in the Consolidated Statements of Income. Provision for credit losses consisted of the following activity for the years ended December 31, 2015, 2014, and 2013 : (in thousands) 2015 2014 2013 Provision for loan losses $ $ $ Provision for risk-sharing obligations Provision for credit losses $ $ $ Business Combinations — The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the assets acquired, identifiable intangible assets and liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustment to goodwill in the reporting period in which the adjustment is identified. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income. Goodwill — The Company does not amortize goodwill; instead, it evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company currently has only one reporting unit; therefore, all goodwill is allocated to that one reporting unit. The Company performs its impairment testing annually as of October 1. The annual impairment analysis begins by comparing the Company’s market capitalization to its net assets. If the market capitalization exceeds the net asset value, further analysis is not required, and goodwill is not considered impaired. As of the date of our latest annual impairment test, October 1, 2015, the Company’s market capitalization exceeded its net asset value by $355.1 million, or 76.8% . As of December 31, 2015, there have been no events subsequent to that analysis that are indicative of an impairment loss. Derivative Assets and Liabilities — Certain loan commitments and forward sales commitments meet the definition of a derivative and are recorded at fair value in the Consolidated Balance Sheets. The estimated fair value of loan commitments includes the fair value of loan origination fees and premiums on anticipated sale of the loan, net of co-broker fees, and the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the risk-sharing obligation. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Adjustments to the fair value are reflected as a component of income within Gains on mortgage banking in the Consolidated Statements of Income. Loans Held for Sale —Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company initially measures all originated loans at fair value. Subsequent to initial measurement, the Company measures all mortgage loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status at December 31, 2015 and 2014 . Share-Based Payment — The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock, restricted stock units, and employee stock options based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors, for which the fair value of the award was calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards are granted principally to executive officers, with an exercise price equal to the closing price of the Company’s common stock on the date of the grant, and are granted with a ten -year exercise period, vesting ratably over three years dependent solely on continued employment. To estimate the grant-date fair value of stock options, the Company uses the Black-Scholes pricing model. The Black-Scholes model estimates the per share fair value of an option on its date of grant based on the following inputs: the option’s exercise price, the price of the underlying stock on the date of the grant, the estimated option life, the estimated dividend yield, a “risk-free” interest rate, and the expected volatility. For each of the years presented, the Company used the simplified method to estimate the expected term of the options as the Company did not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term. The Company uses an estimated dividend yield of zero as the Company has not historically issued dividends and does not currently pay dividends. For the “risk-free” rate, the Company uses a U.S. Treasury strip due in a number of years equal to the option’s expected term. The expected volatility was calculated based on the following methodologies for the years ended December 31, 2015, 2014, and 2013 . For stock option awards granted in 2013, the Company used a blended volatility rate based on the historical volatility of its own common stock and common stock of a group of peer companies. For stock option awards granted in 2014 and beyond, the Company used the historical volatility of its own common stock. The Company issues new shares from the pool of authorized but not yet issued shares when an employee exercises stock options. In 2013 and 2014, the Company offered a performance share plan (“PSP”) for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the first year of the performance period. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs. If the performance targets are not met or the participant is no longer employed by the Company, the participant forfeits the RSUs. The performance targets are based on meeting adjusted earnings per share and total revenues goals. The Company records compensation expense for the PSP in an amount proportionate to the service time rendered by the participant when it is probable that the achievement of the goals will be met. The Company did not meet the performance targets specific to the 2013 PSP and thus recorded no compensation expense related to this plan. The Company has concluded that it is probable that it will meet the two performance targets related to the 2014 PSP at varying levels. Accordingly, the Company recognized $3.9 million and $1.0 million of compensation expense related to the 2014 PSP plan for the years ended December 31, 2015 and 2014, respectively. Generally, the Company’s stock option and restricted stock awards for its officers and employees vest ratably over a three -year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year. Compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Forfeiture assumptions are evaluated annually and updated as necessary. Compensation is recognized within the income statement as Personnel , the same expense line as the cash compensation paid to the respective employees. Net Warehouse Interest Income— The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Substantially all loans that are held for sale are financed with matched borrowings under our warehouse facilities incurred to fund a specific loan held for sale. A portion of all loans that are held for investment is financed with matched borrowings under our warehouse facilities. The portion of loans held for investment not funded with matched borrowings is financed with the Company’s own cash. Warehouse interest expense is incurred on borrowings used to fund loans solely while they are held for sale or for investment. Warehouse interest income and expense are earned or incurred on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income and expense are earned or incurred on loans held for investment after a loan is closed and before a loan is repaid. Included in Net warehouse interest income for the years ended December 31, 2015, 2014, and 2013 are the following components: For the year ended December 31, (in thousands) 2015 2014 2013 Warehouse interest income - loans held for sale $ $ $ Warehouse interest expense - loans held for sale Net warehouse interest income - loans held for sale $ $ $ Warehouse interest income - loans held for investment $ $ $ Warehouse interest expense - loans held for investment Net warehouse interest income - loans held for investment $ $ $ Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivatives when a loan intended to be sold is rate locked and records the related income within Gains from mortgage banking activitie s within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end. The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount. Income Taxes — The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. The Company had no accruals for tax uncertainties as of December 31, 2015 and 2014 . Comprehensive Income— For the years ended December 31, 2015, 2014, and 2013 , comprehensive income equaled Net income before noncontrolling interests ; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements. Pledged Securities —As collateral against its Fannie Mae risk-sharing obligations ( Note s 5 and 11), certain securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. The balance of securities pledged against Fannie Mae risk-sharing obligations and included as a component of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2015 and 2014 was $70.9 million and $63.1 million, respectively. Additionally, the Company has pledged an immaterial amount of cash as collateral against its risk-sharing obligations with Fannie Mae and Freddie Mac. The pledged securities as of December 31, 2015 and 2014 consist primarily of a highly liquid investment valued using quoted market prices from recent trades. Cash and Cash Equivalents —The term cash and cash equivalents, as used in the accompanying consolidated financial statements, includes currency on hand, demand deposits with financial institutions, and short-term, highly liquid investments purchased with an original maturity of three months or less. The Company had no cash equivalents as of December 31, 2015 and 2014 . Restricted Cash —Restricted cash represents primarily good faith deposits from borrowers. The Company records a corresponding liability for these good faith deposits from borrowers within Performance deposits from borrowers within the Consolidated Balance Sheets. Servicing Fees and Other Receivables, Net —Servicing fees and other receivables, net represents amounts currently due to the Company pursuant to contractual servicing agreements, investor good faith deposits held in escrow by others, general accounts receivable, and advances of principal and interest payments and tax and insurance escrow amounts if the borrower is delinquent in making loan payments, to the extent such amounts are determined to be reimbursable and recoverable. Advances related to Fannie Mae at-risk loans may be used to reduce the amount of cash required to settle loan losses under the Company’s risk-sharing obligation with Fannie Mae. Concentrations of Credit Risk —Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, loans held for sale, and derivative financial instruments. The Company places the cash and temporary investments with high-credit-quality financial institutions and believes no significant credit risk exists. The counterparties to the loans held for sale and funding commitments are owners of residential multifamily properties located throughout the United States. Mortgage loans are generally transferred or sold within 60 days from the date that a mortgage loan is funded. There is no material counterparty risk with respect to the Company's funding commitments as each potential borrower must make a non-refundable good faith deposit when the funding commitment is executed. The counterparty to the forward sale is generally an investment bank. There is a risk that the purchase price agreed to by the investor will be reduced in the event of a late delivery. The risk for non-delivery of a loan primarily results from the risk that a borrower does not close on the funding commitment in a timely manner. This risk is generally a risk mitigated by the non-refundable good faith deposit. Recently Adopted Accounting Pronouncements —In April 2015, Accounting Standards Update 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs , was issued. ASU 2015-03 requires that debt issuance costs related to a note be presented in the balance sheet as a direct deduction from the face amount of that note. Previous GAAP required that debt issuance costs be presented as an asset. As disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, the Company early adopted ASU 2015-03 during the second quarter of 2015 and retrospectively applied the ASU to prior-period balances as required by the ASU. The adoption of ASU 2015-03 had the following impact on the December 31, 2014 balances reported in the Consolidated Balance Sheets. (in thousands) December 31, 2014 As previously reported under GAAP applicable at the time Other assets Warehouse notes payable Note payable As currently reported under ASU 2015-03 Other assets Warehouse notes payable Note payable In April 2015, Accounting Standards Update 2015-05 (“ASU 2015-05”), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , was issued. ASU 2015-05 provides entities with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. ASU 2015-05 is effective for the annual and interim periods beginning January 1, 2016, with early adoption permitted. Entities may select retrospective or prospective adoption of ASU 2015-05. The Company prospectively adopted ASU 2015-05 in the first quarter of 2016. There was no impact to the Company as none of the Company’s cloud computing arrangements permits the Company the contractual right to take possession of the software. In September 2015, Accounting Standards Update 2015-16 (“ASU 2015-16”), Simplifying the Accounting for Measurement-Period Adjustments , was issued. ASU 2015-16 eliminates the requirement to restate prior-period financial statements for measurement-period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for the annual and interim periods beginning January 1, 2016, with early adoption permitted. The Company early adopted ASU 2015-16 in the fourth quarter of 2015, with no impact to the Company’s financial results. Recently Announced Accounting Pronouncement s —In August 2015, Accounting Standard Update 2015 ‑14 (“ASU 2015-14”), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , was issued. ASU 2015 ‑14 deferred the effective date of Accounting Standards Update 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers , by one year. The new effective date applicable to the Company for ASU 2014-09 is January 1, 2018. The Company is still in the process of selecting a transition method and evaluating the impact ASU 2014-09 will have on its financial statements; however, the Company does not believe ASU 2014-09 will have a material impact on its reported financial results. In January 2016, Accounting Standards Update 2016-01 (“ASU 2016-01”), Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Financial Liabilities , was issued. The guidance requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principl

Gains from Mortgage Banking Act

Gains from Mortgage Banking Activities	12 Months Ended
	Dec. 31, 2015
GAINS FROM MORTGAGE BANKING ACTIVITIES
Gains from mortgage banking activities	NOTE 3 —GAINS FROM MORTGAGE BANKING ACTIVITIES Gains from mortgage banking activities consist of the following activity for each of the years ended December 31, 2015, 2014, and 2013 : Year Ended December 31, (in thousands) 2015 2014 2013 Contractual loan origination related fees, net $ $ $ Fair value of expected net cash flows from servicing recognized at commitment Fair value of expected guaranty obligation recognized at commitment Total gains from mortgage banking activities $ $ $

Mortgage Servicing Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2015
MSRs
MSRs
Mortgage Servicing Rights	NOTE 4 —MORTGAGE SERVICING RIGHTS MSRs represent the carrying value of the servicing rights retained by the Company for mortgage loans originated and sold. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with the servicing rights. Subsequent to initial capitalization, the Company amortizes the MSRs using the interest method over the period of time the service fees are expected to be received. The following describes the principal assumptions used in calculating each loan's MSR: Discount rate —Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were 10% to 15% for each of the periods presented. Estimated Life —The estimated life of the MSRs is derived based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and may be reduced by 6 to 12 months based upon the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. The Company’s historical experience is that the prepayment provisions typically do not provide a significant deterrent to a borrower’s paying off the loan within 6 to 12 months of the expiration of the prepayment provisions. Servicing Cost —The estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows. The fair values of the MSRs at December 31, 2015 and December 31, 2014 were $510.6 million and $469.9 million, respectively. The Company uses a discounted static cash flow valuation approach and the key economic assumption is the discount rate. For example, see the following sensitivities: The impact of a 100 basis point increase in the discount rate at December 31, 2015 is a decrease in the fair value of $16.0 million. The impact of a 200 basis point increase in the discount rate at December 31, 2015 is a decrease in the fair value of $30.9 million. These sensitivities are hypothetical and should be used with caution. These estimates do not include interplay among assumptions and are estimated as a portfolio rather than individual assets. Activity related to capitalized MSRs for each of the years ended December 31, 2015 and 2014 follows: As of and for the year ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Additions, following the sale of loan Additions, acquisitions — Amortization Pre-payments and write-offs Ending balance $ $ The following summarizes the components of the net carrying value of the Company’s acquired and originated MSRs as of December 31, 2015 and 2014 : As of December 31, 2015 Gross Accumulated Net (in thousands) carrying value amortization carrying value Acquired MSRs $ $ $ Originated MSRs Total $ $ $ As of December 31, 2014 Gross Accumulated Net (in thousands) carrying value amortization carrying value Acquired MSRs $ $ $ Originated MSRs Total $ $ $ The expected amortization of MSRs recorded as of December 31, 2015 is shown in the table below. Actual amortization may vary from these estimates. Originated MSRs Acquired MSRs Total MSRs (in thousands) Amortization Amortization Amortization Year Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total $ $ $ The MSRs are amortized using the interest method over the period that servicing income is expected to be received. The Company recorded write-offs of MSRs related to loans that were repaid prior to the expected maturity and loans that defaulted. These write-offs are included as a component of Amortization and depreciation in the accompanying Consolidated Statements of Income and the MSR roll forward shown above. Prepayment fees totaling $15.0 million, $9.3 million, and $2.4 million were collected for 2015, 2014, and 2013, respectively, and are included as a component of Other revenues in the Consolidated Statements of Income. Management reviews the capitalized MSRs for temporary impairment quarterly by comparing the aggregate carrying value of the MSR portfolio to the aggregate estimated fair value of the portfolio. Additionally, MSRs related to Fannie Mae loans where the Company has risk-sharing obligations are assessed for permanent impairment on an asset-by-asset basis, considering factors such as debt service coverage ratio, property location, loan-to-value ratio, and property type. Except for defaulted or prepaid loans, no temporary or permanent impairment was recognized for the years ended December 31, 2015, 2014, and 2013 . The weighted average remaining life of the aggregate MSR portfolio is 6.9 years.

Guaranty Obligation and Allowan

Guaranty Obligation and Allowance for Risk-Sharing Obligations	12 Months Ended
	Dec. 31, 2015
Guaranty Obligation and Allowance for Risk-Sharing Obligations
Guaranty Obligation and Allowance for Risk-Sharing Obligations	NOTE 5 —GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS When a loan is sold under the Fannie Mae DUS program, the Company typically agrees to guarantee a portion of the ultimate loss incurred on the loan should the borrower fail to perform. The compensation for this risk is a component of the servicing fee on the loan. No guaranty is provided for loans sold under the Freddie Mac or HUD loan programs. A summary of the Company’s guaranty obligation as of and for the years ended December 31, 2015 and 2014 follows: As of and for the year ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Additions, following the sale of loan Amortization Other — Ending balance $ $ The Company evaluates the allowance for risk-sharing obligations by monitoring the performance of each loan for triggering events or conditions that may signal a potential default. In situations where payment under the guaranty is probable and estimable on a specific loan, the Company records an allowance for the estimated risk-sharing obligation through a charge to the provision for risk-sharing obligations, which is a component of Provision for credit losses in the Consolidated Statements of Income, along with a write-off of the loan-specific MSR. The amount of the provision reflects our assessment of the likelihood of payment by the borrower, the estimated disposition value of the underlying collateral, the level of risk sharing, and any remaining unamortized balance of the guaranty obligation. A summary of the Company’s allowance for risk-sharing obligations for the contingent portion of the guaranty obligation as of and for the years ended December 31, 2015 and 2014 follows: As of and f or the year ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Provision for risk-sharing obligations Write-offs Other — Ending balance $ $ When the Company places a loan for which it has a risk-sharing obligation on its watch list, the Company ceases to amortize the guaranty obligation and transfers the remaining unamortized balance of the guaranty obligation to the allowance for risk-sharing obligations. This transfer of the unamortized balance of the guaranty obligation from a noncontingent classification to a contingent classification is presented in the guaranty obligation and allowance for risk-sharing obligations tables above as ‘Other.’ Prior to 2015, the Company did not record such transfers; instead, it wrote off the guaranty obligation at the time of default. If the Company had recorded such transfers at December 31, 2014, the transfer amount would have been approximately $1.0 million. As of both December 31, 2015 and 2014 , the maximum quantifiable contingent liability associated with the Company’s guarantees under the Fannie Mae DUS agreement was $4.1 billion. The maximum quantifiable contingent liability is not representative of the actual loss the Company would incur. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

Servicing

Servicing	12 Months Ended
	Dec. 31, 2015
Loans and Other Servicing Accounts
Servicing
Servicing	NOTE 6 —SERVICING The total unpaid principal balance of loans the Company was servicing for various institutional investors was $50.2 billion as of December 31, 2015 compared to $44.0 billion as of December 31, 2014. As of both December 31, 2015 and 2014 , custodial escrow accounts relating to loans serviced by the Company totaled $1.1 billion. These amounts are not included in the accompanying consolidated balance sheets as such amounts are not Company assets. Certain cash deposits at other financial institutions exceed the Federal Deposit Insurance Corporation insured limits. The Company places these deposits with major financial institutions where it believes the risk of loss to be minimal.

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt
Warehouse Notes Payable	NOTE 7 —DEBT At December 31, 2015 , to provide financing to borrowers under GSE and HUD programs, the Company has arranged for warehouse lines of credit in the amount of $3.3 billion with certain national banks and a $0.5 billion uncommitted facility with Fannie Mae (collectively, the “Agency Warehouse Facilities”). In support of these Agency Warehouse Facilities, the Company has pledged substantially all of its loans held for sale under the Company's approved programs. Additionally, at December 31, 2015 , the Company has arranged for warehouse lines of credit in the amount of $0.4 billion with certain national banks to assist in funding loans held for investment under the Interim Program (“Interim Warehouse Facilities”). The Company has pledged substantially all of its loans held for investment against these Interim Warehouse Facilities. The maximum amount and outstanding borrowings under the warehouse notes payable at December 31, 2015 and 2014 follow: December 31, 2015 (dollars in thousands) Maximum Outstanding Loan Type Facility Amount Balance Funded (1) Interest rate Agency warehouse facility #1 $ $ LHFS 30-day LIBOR plus 1.40% or 1.75% Agency warehouse facility #2 LHFS 30-day LIBOR plus 1.40% Agency warehouse facility #3 LHFS 30-day LIBOR plus 1.40% Agency warehouse facility #4 — LHFS 30-day LIBOR plus 1.40% Fannie Mae repurchase agreement, uncommitted line and open maturity LHFS 30-day LIBOR plus 1.15% Total agency warehouse facilities $ $ Interim warehouse facility #1 $ $ LHFI 30-day LIBOR plus 1.90% Interim warehouse facility #2 LHFI 30-day LIBOR plus 2.00% Interim warehouse facility #3 LHFI 30-day LIBOR plus 2.00% to 2.50% Total interim warehouse facilities $ $ Debt issuance costs — Total warehouse facilities $ $ December 31, 2014 (dollars in thousands) Maximum Outstanding Loan Type Facility Amount Balance Funded (1) Interest rate Agency warehouse facility #1 $ $ LHFS 30-day LIBOR plus 1.50% Agency warehouse facility #2 LHFS 30-day LIBOR plus 1.50% Agency warehouse facility #3 LHFS 30-day LIBOR plus 1.40% Fannie Mae repurchase agreement, uncommitted line and open maturity LHFS 30-day LIBOR plus 1.15% Total agency warehouse facilities $ $ Interim warehouse facility #1 $ $ LHFI 30-day LIBOR plus 2.00% Interim warehouse facility #2 LHFI 30-day LIBOR plus 2.00% Interim warehouse facility #3 LHFI 30-day LIBOR plus 2.00% to 2.50% Total interim warehouse facilities $ $ Debt issuance costs — Total warehouse facilities $ $ (1) Type of loan the borrowing facility is used to fully or partially fund – loans held for sale (“LHFS”) or loans held for investment (“LHFI”). 30 -day LIBOR was 0.43% as of December 31, 2015 and 0.17% as of December 31, 2014 . Interest expense under the warehouse notes payable for the years ended December 31, 2015, 2014, and 2013 aggregated to $29.2 million, $18.2 million, and $13.7 million, respectively. Included in interest expense in 2015, 2014, and 2013 are facility fees of $ 4.5 million , $3.4 million, and $2.7 million, respectively. The warehouse notes payable are subject to various financial covenants, and the Company was in compliance with all such covenants at December 31, 2015 . Warehouse Facilities Agency Warehouse Facilities To provide financing to borrowers under GSE and HUD programs, the Company has five warehouse credit facilities that it uses to fund substantially all of its loan originations. As of December 31, 2015 , the Company had four committed warehouse lines of credit in the aggregate amount of $3.3 billion with certain national banks and a $0.5 billion uncommitted facility with Fannie Mae. Consistent with industry practice, four of these facilities are revolving commitments the Company expects to renew annually and the other facility is provided on an uncommitted basis without a specific maturity date. The Company’s ability to originate mortgage loans depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. Agency Warehouse Facility #1 : The Company has a Warehousing Credit and Security Agreement with a national bank for a $685.0 million committed warehouse line that is scheduled to mature on October 31, 2016 . The total commitment amount of $685.0 million as of December 31, 2015 consists of a base committed amount of $425.0 million and a temporary increase of $260.0 million, as more fully described below. The Warehousing Credit and Security Agreement provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance and borrowings under this line bear interest at the 30 -day London Interbank Offered Rate (“LIBOR”) plus 140 basis points. The Warehousing Credit and Security Agreement contains certain affirmative and negative covenants that are binding on the Company’s operating subsidiary, Walker & Dunlop, LLC (which are in some cases subject to exceptions), including, but not limited to, restrictions on its ability to assume, guarantee, or become contingently liable for the obligation of another person, to undertake certain fundamental changes such as reorganizations, mergers, amendments to the Company’s certificate of formation or operating agreement, liquidations, dissolutions or dispositions or acquisitions of assets or businesses, to cease to be directly or indirectly wholly owned by the Company, to pay any subordinated debt in advance of its stated maturity or to take any action that would cause Walker & Dunlop, LLC to lose all or any part of its status as an eligible lender, seller, servicer or issuer or any license or approval required for it to engage in the business of originating, acquiring or servicing mortgage loans. In addition, the Warehousing Credit and Security Agreement requires compliance with certain financial covenants, which are measured for the Company and its subsidiaries on a consolidated basis, as follows: · tangible net worth of the Company of not less than (i) $200.0 million plus (ii) 75% of the net proceeds of any equity issuances by the Company or any of its subsidiaries after the closing date, · compliance with the applicable net worth and liquidity requirements of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, and HUD, · liquid assets of the Company of not less than $15.0 million, · maintenance of aggregate unpaid principal amount of all mortgage loans comprising the Company’s consolidated servicing portfolio of not less than $20.0 billion or (ii) all Fannie Mae DUS mortgage loans comprising the Company’s consolidated servicing portfolio of not less than $10.0 billion, exclusive in both cases of mortgage loans which are 60 or more days past due or are otherwise in default or have been transferred to Fannie Mae for resolution, · aggregate unpaid principal amount of Fannie Mae DUS mortgage loans within the Company’s consolidated servicing portfolio which are 60 or more days past due or otherwise in default not to exceed 3.5% of the aggregate unpaid principal balance of all Fannie Mae DUS mortgage loans within the Company’s consolidated servicing portfolio, and · maximum indebtedness (excluding warehouse lines) to tangible net worth of 2.25 to 1.0, The Warehousing Credit and Security Agreement contains customary events of default , which are in some cases subject to certain exceptions, thresholds, notice requirements and grace periods. During the third quarter of 2015, the Company executed a temporary commitment increase agreement to the warehousing credit and security agreement. The agreement provides a temporary $260.0 million increase in the maximum borrowing capacity to allow the Company to fund a specific portfolio of loans. The temporary increase may be used only to fund the specific portfolio of loans and matures on the earlier of (i) February 16, 2016 and (ii) delivery of the specific portfolio of loans to the investor, at which time the maximum borrowing capacity returns to $425.0 million. Additionally, the borrowings under the temporary increase bear interest at LIBOR plus 175 basis points. All borrowings under the original warehousing and credit security agreement bear interest at LIBOR plus 140 basis points. During the fourth quarter of 2015, the Company executed the tenth amendment to the credit and security agreement that extended the maturity date to October 31, 2016 . Also during the fourth quarter of 2015, the Company executed the 11 th amendment to the credit and security agreement that reduced the interest rate to LIBOR plus 140 basis points. No other material modifications were made to the agreement during 2015. Agency Warehouse Facility #2 : The Company has a Warehousing Credit and Security Agreement with a syndicate of national banks for a $1.9 billion committed warehouse line that is scheduled to mature on June 22, 2016 . The total commitment amount of $1.9 billion as of December 31, 2015 consists of a base committed amount of $650.0 million and a temporary increase of $1.3 billion, as more fully described below. The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD and FHA loans. Advances are made at 100% of the loan balance, and borrowings under this line bear interest at LIBOR plus 140 basis points. During the second quarter of 2015, the Company executed the fourth amendment to the amended and restated credit and security agreement that extended the maturity date to June 22, 2016. During the fourth quarter of 2015, the Company executed the fifth amendment to the amended and restated credit and security agreement that reduced the interest rate to LIBOR plus 140 basis points. Additionally, the fifth amendment changed the warehousing advance due date to February 15, 2016 for warehousing advances made in connection with Freddie Mac loan originations closed prior to the end of 2015. The Company also executed the sixth and seventh amendments that provided for a temporary increase to the maximum borrowing capacity in the amount of $1.3 billion (for a total maximum borrowing capacity of $1.9 billion) that matures on February 29, 2016 , at which time the maximum borrowing capacity returns to $650.0 million. No other material modifications were made to the agreement during 2015. The negative and financial covenants of the amended and restated warehouse agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above, with the exception of the leverage ratio covenant, which is not included in the warehouse agreement for Agency Warehouse Facility #2. Agency Warehouse Facility #3 : The Company has a $490.0 million committed warehouse credit and security agreement with a national bank. The total commitment amount of $490.0 million as of December 31, 2015 consists of a base committed amount of $240.0 million and a temporary increase of $250.0 million, as more fully described below. The committed warehouse facility provides us with the ability to fund Fannie Mae, Freddie Mac, HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of LIBOR plus 140 basis points. During the second quarter of 2015, the Company executed the second amendment to the credit and security agreement that increased the maximum borrowing capacity to $240.0 million and extended the maturity date to April 30, 2016 . During the fourth quarter of 2015, the Company executed the third amendment to the warehousing credit and security agreement that provides a temporary $250.0 million increase in the maximum borrowing capacity that matures on February 29, 2016 , at which time the maximum borrowing capacity returns to $240.0 million. Additionally, the third amendment provides for extended warehouse advance periods on all loan types financed under the credit and security agreement as long as the advance will be repaid prior to the expiration of the temporary increase. No other material modifications were made to the agreement during 2015. The negative and financial covenants of the warehouse agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above. Agency Warehouse Facility #4 : On December 21, 2015, the Company executed a Mortgage Warehousing Loan and Security Agreement that established Agency Warehouse Facility #4. The committed warehouse facility provides us with the ability to fund Fannie Mae, Freddie Mac, HUD and FHA loans. The warehouse agreement provides for a maximum borrowing amount of $250.0 million and is scheduled to mature on December 20, 2016 . The borrowings under the warehouse agreement bear interest at a rate of 30 -day LIBOR plus 140 basis points. The negative and financial covenants of the warehouse agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above, with the exception of the leverage ratio covenant, which is not included in the warehouse agreement for Agency Warehouse Facility #4. Uncommitted Agency Warehouse Facility: The Company has a $450.0 million uncommitted facility with Fannie Mae under its ASAP funding program. After approval of certain loan documents, Fannie Mae will fund loans after closing and the advances are used to repay the primary warehouse line. Fannie Mae will advance 99% of the loan balance, and borrowings under this program bear interest at LIBOR plus 115 basis points, with a minimum LIBOR rate of 35 basis points. There is no expiration date for this facility. Interim Warehouse Facilities To assist in funding loans held for investment under the Interim Program, the Company has three warehouse facilities in the aggregate amount of $0.4 billion with certain national banks. Consistent with industry practice, one of these facilities is a revolving commitment the Company expects to renew annually and two are revolving commitments the Company expects to renew every two years. The Company’s ability to originate loans held for investment depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. Interim Warehouse Facility #1 : The Company has an $85.0 million committed warehouse line agreement that is scheduled to mature on April 30, 2016 . The facility provides the Company with the ability to fund first mortgage loans on multifamily real estate properties for periods of up to three years, using available cash in combination with advances under the facility. Borrowings under the facility are full recourse to the Company. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement . During the second quarter of 2015 , the Company executed the fifth amendment to the credit and security agreement. The amendment extended the maturity date to April 30, 2016 , increased the maximum borrowing capacity to $85.0 million, and reduced the interest rate applicable under the facility to LIBOR plus 190 basis points. No other material modifications were made to the agreement during 2015. The facility agreement requires the Company’s compliance with the same financial covenants as Agency Warehouse Facility #1, described above, and also includes the following additional financial covenant: · minimum rolling four-quarter EBITDA, as defined, to total debt service ratio of 2.00 to 1.0 Interim Warehouse Facility #2 : The Company has a $200.0 million committed warehouse line agreement that is scheduled to mature on December 13, 2017 . The agreement provides the Company with the ability to fund first mortgage loans on multifamily real estate properties for periods of up to three years, using available cash in combination with advances under the facility. Borrowings under the facility are full recourse to the Company. All borrowings originally bear interest at LIBOR plus 200 basis points. The lender retains a first priority security interest in all mortgages funded by such advances on a cross-collateralized basis. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement. During the second quarter of 2015, the Company executed the second amendment to the credit and security agreement that increased the maximum borrowing capacity to $200.0 million. During the fourth quarter of 2015, the Company executed the third amendment to the credit and security agreement that, among other things, extended the maturity date to December 13, 2017 . No other material modifications were made to the agreement during 2015. The credit agreement, as amended and restated, requires the borrower and the Company to abide by the same financial covenants as Agency Warehouse Facility #1, described above, with the exception of the leverage ratio covenant, which is not included in the warehouse agreement for Interim Warehouse Facility #2. Additionally, Interim Warehouse Facility #2 has the following additional financial covenants: · rolling four-quarter EBITDA, as defined, of not less than $35.0 million and · debt service coverage ratio, as defined, of not less than 2.75 to 1.0 Interim Warehouse Facility #3 : The Company has a $75.0 million repurchase agreement with a national bank that is scheduled to mature on May 19, 2016 . The agreement provides the Company with the ability to fund first mortgage loans on multifamily real estate properties for periods of up to three years, using available cash in combination with advances under the facility . Borrowings under the facility are full recourse to the Company. The borrowings under the agreement bear interest at a rate of LIBOR plus 2.00% to 2.50% (“the spread”). The spread varies according to the type of asset the borrowing finances. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement . During the fourth quarter of 2015, the Company executed the first amendment to the repurchase agreement that increased the maximum borrowing capacity to $75.0 million. No other material modifications were made to the agreement during 2015. The Repurchase Agreement requires the borrower and the Company to abide by the following financial covenants: · tangible net worth of the Company of not less than (i) $200.0 million plus (ii) 75% of the net proceeds of any equity issuances by the Company or any of its subsidiaries after the closing date, · liquid assets of the Company of not less than $15.0 million, · leverage ratio, as defined, of not more than 3.0 to 1.0, and · debt service coverage ratio, as defined, of not less than 2.75 to 1.0. The agreements above contain cross-default provisions, such that if a default occurs under any of the Company’s debt agreements, generally the lenders under the other debt agreements could also declare a default. As of December 31, 2015, we were in compliance with all of our warehouse line covenants. As noted previously, the Company increased its ownership interest in the CMBS Partnership to 100% effective January 1, 2016. The CMBS Partnership has two master repurchase agreements with national banks with a combined maximum borrowing capacity of $200.0 million. The CMBS Partnership uses these warehouse lines and its own cash to fund loans held for sale under the CMBS Program. Note Payable On December 20, 2013, the Company entered into a $175.0 million senior secured term loan credit agreement (the “Term Loan Agreement”). At any time, the Company may also elect to request the establishment of one or more incremental term loan commitments to make up to three additional term loans in an aggregate principal amount not to exceed $60.0 million. The term loan was issued at a discount of 1.0% , and the Company used approximately $ 77.5 million of the term loan proceeds to repay in full a prior senior secured term loan and to pay certain transaction costs incurred in connection with the term loan. In connection with the repayment of the prior loan, the Company recognized a $1.2 million loss on extinguishment of debt related to unamortized debt issuance costs, which is included in Other operating expenses in the Consolidated Statements of Income, The Company is obligated to repay the aggregate outstanding principal amount of the term loan in consecutive quarterly installments equal to $0.4 million on the last business day of each of March, June, September, and December commencing on March 31, 2014. The term loan also requires certain other prepayments in certain circumstances pursuant to the terms of the Term Loan Agreement. In April of 2015, the Company made a mandatory prepayment of $3.6 million. In connection with the mandatory prepayment, the Company’s quarterly principal installments were reduced to $0.3 million, beginning with the June 30, 2015 principal payment. The final principal installment of the term loan is required to be paid in full on December 20, 2020 (or, if earlier, the date of acceleration of the term loan pursuant to the terms of the Term Loan Agreement) and will be in an amount equal to the aggregate outstanding principal of the term loan on such date (together with all accrued interest thereon). At the Company’s election, the term loan will bear interest at either (i) the “Base Rate” plus an applicable margin or (ii) the London Interbank Offered Rate (“LIBOR Rate”) plus an applicable margin, subject to adjustment if an event of default under the Term Loan Agreement has occurred and is continuing with a minimum LIBOR Rate of 1.0% . The “Base Rate” means the highest of (a) the Agent’s “prime rate,” (b) the federal funds rate plus 0.50% and (c) LIBOR for an interest period of one month plus 1% . In each case, the applicable margin is determined by the Company’s Consolidated Corporate Leverage Ratio (as defined in the Term Loan Agreement). If such Consolidated Corporate Leverage Ratio is greater than 2.50 to 1.00 , the applicable margin will be 4.50% for LIBOR Rate loans and 3.50% for Base Rate loans, and if such Consolidated Corporate Leverage Ratio is less than or equal to 2.50 to 1.00 , the applicable margin will be 4.25% for LIBOR Rate loans and 3.25% for Base Rate loans. The calculated Consolidated Corporate Leverage Ratio dropped to below 2.50 in 2014 . Consequently, the applicable margin is 4.25% for LIBOR Rate loans and 3.25% for Base Rate loans as of December 31, 2015. The obligations of the Company under the Term Loan Agreement are guaranteed by Walker & Dunlop Multifamily, Inc.; Walker & Dunlop, LLC; Walker & Dunlop Capital, LLC; and W&D BE, Inc., each of which is a direct or indirect wholly owned subsidiary of the Company (together with the Company, the “Loan Parties”), pursuant to a Guarantee and Collateral Agreement entered into on December 20, 2013 among the Loan Parties and the Agent (the “Guarantee and Collateral Agreement”). Subject to certain exceptions and qualifications contained in the Term Loan Agreement, the Company is required to cause any newly created or acquired subsidiary, unless such subsidiary has been designated as an Excluded Subsidiary (as defined in the Term Loan Agreement) by the Company in accordance with the terms of the Term Loan Agreement, to guarantee the obligations of the Company under the Term Loan Agreement and become a party to the Guarantee and Collateral Agreement. The Company may designate a newly created or acquired subsidiary as an Excluded Subsidiary so long as certain conditions and requirements provided for in the Term Loan Agreement are met. The Term Loan Agreement contains certain affirmative and negative covenants that are binding on the Loan Parties, including, but not limited to, restrictions (subject to specified exceptions and qualifications) on the ability of the Loan Parties to incur indebtedness, to create liens on their property, to make investments, to merge, consolidate or enter into any similar combination, or enter into any asset disposition of all or substantially all assets, or liquidate, wind-up or dissolve, to make asset dispositions, to declare or pay dividends or make related distributions, to enter into certain transactions with affiliates, to enter into any negative pledges or other restrictive agreements, to engage in any business other than the business of the Loan Parties as of the date of the Term Loan Agreement and business activities reasonably related or ancillary thereto, to amend certain material contracts or to enter into any sale leaseback arrangements. In addition, the Term Loan Agreement requires the Company to abide by certain financial covenants calculated for the Company and its subsidiaries on a consolidated basis as follows: · As of the last day of any fiscal quarter ending during the periods specified below, permit the Consolidated Corporate Leverage Ratio (as defined in the Term Loan Agreement) to be greater than the corresponding ratio set forth below: Maximum Ratio Closing Date through December 31, 2014 to 1.0 January 1, 2015 through December 31, 2015 to 1.0 January 1, 2016 to December 31, 2016 to 1.0 January 1, 2017 and thereafter to 1.0 · As of the last day of any fiscal quarter permit the Consolidated Corporate Interest Coverage Ratio (as defined in the Term Loan Agreement) to be less than 2.75 to 1.00. · As of the last day of any fiscal quarter permit the Asset Coverage Ratio (as defined in the Term Loan Agreement) to be less than 1.50 to 1.00. The Term Loan Agreement contains customary events of default (which are in some cases subject to certain exceptions, thresholds, notice requirements and grace periods), including, but not limited to, non-payment of principal or interest or other amounts, misrepresentations, failure to perform or observe covenants, cross-defaults with certain other indebtedness or material agreements, certain change in control events, voluntary or involuntary bankruptcy proceedings, failure of the Term Loan Agreement or other loan documents to be valid and binding, and certain ERISA events and judgments. The following table shows the components of the note payable as of December 31, 2015 and 2014 : (in thousands, unless otherwise specified) December 31, Lender 2015 2014 Interest rate and repayments Institutional Investors - $175.0 million term loan due December 20, 2020 $ $ Interest rate varies - see below for further details; quarterly principal payments of $0.3 million Unamortized debt discount Unamortized debt issuance costs Carrying balance $ $ The scheduled maturities, as of December 31, 2015 , for the aggregate of the warehouse notes payable and the note payable is shown below. The warehouse notes payable obligations are incurred in support of the related loans held for sale and loans held for investment. Amounts advanced under the warehouse notes payable for loans held for sale are included in the subsequent year as the amounts are usually drawn and repaid within 60 days. The amounts included below related to the note payable include only the quarterly and final principal payments required by the related credit agreement (i.e., the non-contingent payments) and do not include any principal payments that are contingent upon Company cash flow, as defined in the credit agreement (i.e., the contingent payments). The maturities below are in thousands . Year Ending December 31, Maturities 2016 $ 2017 2018 2019 2020 Thereafter — Total $ All of the debt instruments, including the warehouse facilities, are senior obligations of the Company. All warehouse notes payable balances associated with loans held for sale and outstanding as of December 31, 2015 were repaid in 2016.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2015
Business Combinations
Business Combinations	NOTE 8—BUSINESS COMBINATIONS On April 21, 2015, the Company completed its purchase of 75% of certain assets and assumption of certain liabilities of Engler Financial Group, LLC (“EFG”) for an agreed-upon price of $13.0 million payable in $11.1 million cash and 112,761 shares of the Company’s common stock issued in a private placement with a three -year graded vesting period that began on the acquisition date. The stock, while unvested, is prohibited from being transferred to another third party. The fair value of the stock consideration, inclusive of the adjustment for the security-specific transfer restriction, was estimated to be $1.9 million as of the acquisition date. The net assets purchased from EFG were contributed to a newly formed subsidiary, Walker & Dunlop Investment Sales, LLC (“WDIS”), through which the Company conducts its investment sales business. Prior to the acquisition, EFG was an investment advisory and investment sales brokerage firm serving the multifamily market. Its primary activity was brokering investment sales of multifamily properties with a focus in the Southeast. The acquisition allows the Company to enter the multifamily investment sales market. The following table presents the purchase price allocation recorded as of the acquisition date: Purchase Price Allocation (in thousands) April 21, 2015 Assets acquired and liabilities assumed Cash $ Other assets Investment sales pipeline intangible asset Accounts payable Noncontrolling interests Goodwill Consideration paid $ The fair value of consideration transferred was allocated to the tangible and intangible assets acquired, liabilities assumed, and noncontrolling interests based on their estimated fair values at the acquisition date, with the remaining unallocated amount recognized as goodwill. The fair value assigned to the identifiable intangible assets acquired and noncontrolling interests was determined using the market and income approaches. The Company consolidates WDIS and records the unowned portion of WDIS within Noncontrolling interests in the Consolidated Balance Sheets. Additionally, the Company records EFG’s portion of WDIS’ net income within Net income from noncontrolling interests in the Consolidated Statements of Income. The recognized goodwill of $15.7 million is attributed to the value of the assembled workforce and EFG’s multifamily investment sales platform. The portion of goodwill attributable to the Company, $11.8 million, is expected to be tax deductible over 15 years. The total revenues and income (loss) from operations of WDIS since the acquisition date and included in the accompanying Consolidated Statements of Income for the three and 12 months ended December 31, 2015, were $2.6 million and $(0.5) million and $9.3 million and $1.9 million, respectively. The revenues and earnings of the combined entity, as though the acquisition had occurred as of January 1, 2014, for the years ended December 31, 2015 and 2014 are as follows: For the year ended December 31, Supplementary pro forma information 2015 2014 (in thousands, except per share data) Revenues $ $ Income from operations $ $ Walker & Dunlop net income (1) $ $ Diluted earnings per share $ $ Weighted average diluted shares outstanding (1) Includes pro forma adjustments related to additional tax expense as a result of the increased combined earnings. Pro forma adjustments increasing tax expense by $0.1 million and $0.8 million are included in the supplementary pro forma information presented for 2015 and 2014, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill
Goodwill	NOTE 9 —GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the Company’s goodwill as of and for the year ended December 31, 2015 and 2014 follows: As of and for the Year Ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Additions from acquisitions Retrospective adjustments — Impairment — — Ending balance $ $ On September 25, 2014 , the Company executed a purchase agreement to acquire certain assets and assume certain liabilities of Johnson Capital Group, Inc. (“Johnson Capital”). The acquisition of Johnson Capital closed on November 1, 2014 (the “JC acquisition”). The Company provisionally allocated the purchase price to the assets acquired, separately identifiable intangible assets, and liabilities assumed related to the JC acquisition based on their estimated acquisition date fair values. A change to the provisional amounts recorded for assets acquired, identifiable intangible assets, and liabilities assumed during the measurement period affects the amount of the purchase price allocated to goodwill. Such changes to the purchase price allocation during the measurement period are recorded as retrospective adjustments to the consolidated financial statements. During the year ended December 31, 2015 , the Company identified immaterial adjustments to certain of the provisional amounts recorded totaling $0.1 million as shown in the table above. The adjustments were recorded based on information obtained subsequent to the acquisition date that related to information that existed as of the acquisition date. The Company has completed the accounting for the JC acquisition as the Company has obtained all of the information it was seeking about facts and circumstances that existed as of the acquisition date. The addition from acquisitions shown in the table above relates to the EFG acquisition as more fully described in Note 8. The Company has completed the accounting for the EFG acquisition as the Company has obtained all of the information it was seeking about facts and circumstances that existed as of the acquisition date. As of December 31, 2015, the Company has fully amortized the intangible assets acquired in the JC and EFG acquisitions.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Fair Value Measurements	NOTE 10 —FAIR VALUE MEASUREMENTS The Company uses valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach to measure assets and liabilities that are measured at fair value. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: · Level 1 —Financial assets and liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2 —Financial assets and liabilities whose values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. · Level 3 —Financial assets and liabilities whose values are based on inputs that are both unobservable and significant to the overall valuation. The Company's MSRs are measured at fair value on a nonrecurring basis. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The Company's MSRs do not trade in an active, open market with readily observable prices. While sales of multifamily MSRs do occur, precise terms and conditions vary with each transaction and are not readily available. Accordingly, the estimated fair value of the Company’s MSRs was developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. MSRs are carried at the lower of amortized cost or fair value. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company's assets and liabilities carried at fair value: · Derivative Instruments —The derivative positions consist of interest rate lock commitments and forward sale agreements. These instruments are valued using a discounted cash flow model developed based on changes in the U.S. Treasury rate and other observable market data. The value was determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company, and are classified within Level 3 of the valuation hierarchy. · Loans Held for Sale —The loans held for sale are reported at fair value. The Company determines the fair value of the loans held for sale using discounted cash flow models that incorporate quoted observable prices from market participants. Therefore, the Company classifies these loans held for sale as Level 2. · Pledged Securities —The pledged securities are valued using quoted market prices from recent trades. Therefore, the Company classifies pledged securities as Level 1. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 , segregated by the level of the valuation inputs within the fair value hierarchy used to measure fair value: Quoted Prices in Significant Significant Active Markets Other Other For Identical Observable Unobservable Assets Inputs Inputs Balance as of (in thousands) (Level 1) (Level 2) (Level 3) Period End December 31, 2015 Assets Loans held for sale $ — $ $ — $ Pledged securities — — Derivative assets — — Total $ $ $ $ Liabilities Derivative liabilities $ — $ — $ $ Total $ — $ — $ $ December 31, 2014 Assets Loans held for sale $ — $ $ — $ Pledged securities — — Derivative assets — — Total $ $ $ $ Liabilities Derivative liabilities $ — $ — $ $ Total $ — $ — $ $ There were no transfers between any of the levels within the fair value hierarchy during the year ended December 31, 2015 . Derivative instruments (Level 3) are outstanding for short periods of time (generally less than 60 days). A roll forward of derivative instruments is presented below: Fair Value Measurements Using Significant Unobservable Inputs: Derivative Instruments (in thousands) December 31, 2015 Derivative assets and liabilities, net Beginning balance December 31, 2014 $ Settlements Realized gains recorded in earnings (1) Unrealized gains recorded in earnings (1) Ending balance December 31, 2015 $ Fair Value Measurements Using Significant Unobservable Inputs: Derivative Instruments (in thousands) December 31, 2014 Derivative assets and liabilities, net Beginning balance December 31, 2013 $ Settlements Realized gains (losses) recorded in earnings (1) Unrealized gains (losses) recorded in earnings (1) Ending balance December 31, 2014 $ (1) Realized and unrealized gains from derivatives are recognized in Gains from mortgage banking activities in the Consolidated Statements of Income . The following table presents information about significant unobservable inputs used in the measurement of the fair value of the Company’s Level 3 assets and liabilities as of December 31, 2015 : Quantitative Information about Level 3 Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Value (1) Derivative assets $ Discounted cash flow Counterparty credit risk — Derivative liabilities $ Discounted cash flow Counterparty credit risk — (1) Significant increases in this input may lead to significantly lower fair value measurements. The carrying amounts and the fair values of the Company's financial instruments as of December 31, 2015 and 2014 are presented below: December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (in thousands) Amount Value Amount Value Financial assets: Cash and cash equivalents $ $ $ $ Restricted cash Pledged securities Loans held for sale Loans held for investment, net Derivative assets Total financial assets $ $ $ $ Financial liabilities: Derivative liabilities $ $ $ $ Warehouse notes payable Note payable Total financial liabilities $ $ $ $ The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents and Restricted Cash —The carrying amounts, at face value or cost plus accrued interest, approximate fair value because of the short maturity of these instruments (Level 1). Pledged Securities —Consist of highly liquid investments in commercial paper of AAA rated entities, investments in money market accounts invested in government securities, and investments in government guaranteed securities. Investments typically have maturities of 90 days or less and are valued using quoted market prices from recent trades. Loans Held For Sale —Consist of originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded and are valued using discounted cash flow models that incorporate observable prices from market participants. Loans Held For Investment —Consist of originated interim loans which the Company expects to hold for investment for the term of the loan, which is three years or less, and are valued using discounted cash flow models that incorporate primarily observable inputs from market participants and also credit-related adjustments, if applicable (Level 3). As of December 31, 2015 and 2014 , no credit-related adjustments were required. Derivative Instruments —Consist of interest rate lock commitments and forward sale agreements. These instruments are valued using discounted cash flow models developed based on changes in the U.S. Treasury rate and other observable market data. The value is determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company. Warehouse Notes Payable —Consist of borrowings outstanding under warehouse line agreements. The borrowing rates on the warehouse lines are based upon 30-day LIBOR plus a margin. The unpaid principal balance of warehouse notes payable approximates fair value because of the short maturity of these instruments and the monthly resetting of the index rate to prevailing market rates (Level 2). Note Payable —Consists of borrowings outstanding under a term note agreement. The borrowing rate on the note payable is based upon 30-day LIBOR plus an applicable margin. The Company estimates the fair value by discounting the future cash flows at market rates (Level 2). Fair Value of Derivative Instruments and Loans Held for Sale —In the normal course of business, the Company enters into contractual commitments to originate and sell multifamily mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by the Company. All mortgagors are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company's policy is to enter into a sale commitment with the investor simultaneous with the rate lock commitment with the borrower. The sale contract with the investor locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for the closing of the loan and processing of paperwork to deliver the loan into the sale commitment. Both the rate lock commitments to borrowers and the forward sale contracts to buyers are undesignated derivatives and, accordingly, are marked to fair value through Gains on mortgage banking activities in the Consolidated Statements of Income. The fair value of the Company's rate lock commitments to borrowers and loans held for sale and the related input levels includes, as applicable: · the assumed gain/loss of the expected resultant loan sale to the investor (Level 2); · the expected net cash flows associated with servicing the loan (Level 2); · the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and · the nonperformance risk of both the counterparty and the Company (Level 3). The fair value of the Company's forward sales contracts to investors considers effects of interest rate movements between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. The assumed gain/loss considers the amount that the Company has discounted the price to the borrower from par for competitive reasons, if at all, and the expected net cash flows from servicing to be received upon securitization of the loan (Level 2). The fair value of the expected net cash flows associated with servicing the loan is calculated pursuant to the valuation techniques described previously for mortgage servicing rights (Level 2). To calculate the effects of interest rate movements, the Company uses applicable published U.S. Treasury prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount (Level 2). The fair value of the Company's forward sales contracts to investors considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. The fair value of the Company’s interest rate lock commitments and forward sales contracts is adjusted to reflect the risk that the agreement will not be fulfilled. The Company’s exposure to nonperformance in rate lock and forward sale contracts is represented by the contractual amount of those instruments. Given the credit quality of our counterparties, the short duration of interest rate lock commitments and forward sale contracts, and the Company’s historical experience with the agreements, the risk of nonperformance by the Company’s counterparties is not significant (Level 3). The following table presents the components of fair value and other relevant information associated with the Company’s derivative instruments and loans held for sale as of December 31, 2015 and 2014. Fair Value Adjustment Components Balance Sheet Location Fair Value Notional or Assumed Interest Rate Total Adjustment Principal Gain Movement Fair Value Derivative Derivative To Loans (in thousands) Amount on Sale Effect Adjustment Assets Liabilities Held for Sale December 31, 2015 Rate lock commitments $ $ $ $ $ $ — $ — Forward sale contracts — — Loans held for sale — — Total $ $ — $ $ $ $ December 31, 2014 Rate lock commitments $ $ $ $ $ $ — $ — Forward sale contracts — — Loans held for sale — — Total $ $ — $ $ $ $

Litigation, Commitments, and Co

Litigation, Commitments, and Contingencies	12 Months Ended
	Dec. 31, 2015
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Litigation, Commitments, and Contingencies	NOTE 11 —LITIGATION, COMMITMENTS, AND CONTINGENCIES Fannie Mae DUS Related Commitments —Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. As discussed in Note 10, the Company accounts for these commitments as derivatives recorded at fair value. The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level and considers the balance of the loan, the risk level of the loan, the age of the loan, and the level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, which is funded over a 48 -month period that begins upon delivery of the loan to Fannie Mae. Restricted liquidity held in the form of money market funds holding U.S. Treasuries is discounted 5% for purposes of calculating compliance with the restricted liquidity requirements. As of December 31, 2015 , the Company held substantially all of its restricted liquidity in money market funds holding U.S. Treasuries. Additionally, substantially all of the loans for which the Company has risk sharing are Tier 2 loans. The Company is in compliance with the December 31, 2015 collateral requirements as outlined above. As of December 31, 2015 , reserve requirements for the December 31, 2015 DUS loan portfolio will require the Company to fund $46.4 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within the at risk portfolio. Fannie Mae periodically reassesses the DUS Capital Standards and may make changes to these standards in the future. The Company generates sufficient cash flow from its operations to meet these capital standards and does not expect any future changes to have a material impact on its future operations; however, any future changes to collateral requirements may adversely impact the Company’s available cash. Fannie Mae has established benchmark standards for capital adequacy, and reserves the right to terminate the Company's servicing authority for all or some of the portfolio if at any time it determines that the Company's financial condition is not adequate to support its obligations under the DUS agreement. The Company is required to maintain acceptable net worth as defined in the agreement, and the Company satisfied the requirements as of December 31, 2015 . The net worth requirement is derived primarily from unpaid balances on Fannie Mae loans and the level of risk sharing. At December 31, 2015 , the net worth requirement was $111.0 million, and the Company's net worth was $454.9 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of December 31, 2015 , the Company was required to maintain at least $21.3 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae . As of December 31, 2015 , the Company had operational liquidity of $149.8 million , as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC . Other Commitments— Under certain limited circumstances, the Company may make preferred equity investments in entities controlled by certain of its borrowers that will assist those borrowers to acquire and reposition properties. The terms of such investments are negotiated with each investment. As of December 31, 2015, the Company has made commitments to fund such preferred equity investments in monthly installments totaling $42.8 million, none of which has been funded. The Company expects to fund these commitments over the next 18 to 36 months, beginning in the first quarter of 2016. Litigation — Capital Funding Litigatio n —On February 17, 2010, Capital Funding Group, Inc. (“Capital Funding”) filed a lawsuit in the Circuit Court for Montgomery County, Maryland (the “Circuit Court”) against Walker & Dunlop, LLC, our wholly owned operating subsidiary, for alleged breach of contract, unjust enrichment and unfair competition arising out of an alleged agreement that Capital Funding had with Column Guaranteed, LLC (“Column”) to refinance a large portfolio of senior healthcare facilities located throughout the United States (the “Golden Living Facilities”). On November 17, 2010, Capital Funding filed an amended complaint adding Credit Suisse Securities (USA) LLC (“Credit Suisse”) and its affiliates Column and Column Financial, Inc. as defendants. In December 2010, Column assumed the defense of Walker & Dunlop, LLC pursuant to an indemnification agreement. Capital Funding alleges that a contract existed between it and Column (and its affiliates) whereby Capital Funding allegedly had the right to perform the HUD refinancing for the Golden Living Facilities and according to which Capital Funding provided certain alleged proprietary information to Column and its affiliates relating to the acquisition of the Golden Living Facilities on a confidential basis. Capital Funding further alleges that Walker & Dunlop, LLC, as the alleged successor by merger to Column, is bound by Column’s alleged agreement with Capital Funding, and breached the agreement by taking for itself the opportunity to perform the HUD refinancing for the Golden Living Facilities. Capital Funding further claims that Column and its affiliates and Walker & Dunlop, LLC breached the contract, were unjustly enriched, and committed unfair competition by using Capital Funding’s alleged proprietary information for certain allegedly unauthorized purposes. Capital Funding also asserts a separate unfair competition claim against Walker & Dunlop, LLC in which it alleges that Walker & Dunlop, LLC is improperly “taking credit” on its website for certain work actually performed by Capital Funding. Capital Funding seeks damages in excess of $30.0 million on each of the three claims asserted against all defendants, and an unspecified amount of damages on the separate claim for unfair competition against Walker & Dunlop, LLC. Capital Funding also seeks injunctive relief in connection with its unjust enrichment and unfair competition claims. Pursuant to an agreement, dated January 30, 2009 (the “Column Transaction Agreement”), among Column, Walker & Dunlop, LLC, W&D, Inc. and Green Park Financial Limited Partnership, Column generally agreed to indemnify Walker & Dunlop, LLC against liability arising from Column’s conduct prior to Column’s transfer of assets to Walker & Dunlop, LLC. However, pursuant to the Column Transaction Agreement, Column’s indemnification obligation arises only after Column receives a claim notice following the resolution of the litigation that specifies the amount of Walker & Dunlop, LLC’s claim. To provide for greater certainty regarding Column’s indemnification obligations before the resolution of this litigation and to cap our total loss exposure, the Company secured a further agreement from Column in November 2010 confirming that it will indemnify the Company for any liabilities that arise as a result of this litigation. As part of this further indemnification agreement, in the event Column is required to pay the Company for any liabilities under the Capital Funding litigation that it otherwise would not have been obligated to pay under the Column Transaction Agreement, the Company will indemnify Column for an amount up to $3.0 million. Also as part of this further indemnification agreement, William Walker, our Chairman and Chief Executive Officer, and Mallory Walker, former Chairman and current stockholder, in their individual capacities, agreed that if Column is required to indemnify the Company under this agreement and otherwise would not have been obligated to pay such amounts under the Column Transaction Agreement, Messrs. William Walker and Mallory Walker will pay any such amounts in excess of $3.0 million but equal to or less than $6.0 million. As a result of this agreement, the Company will have no liability or other obligation for any damage amounts in excess of $3.0 million arising out of this litigation. Although Column has assumed defense of the case for all defendants, and is paying applicable counsel fees, as a result of the indemnification claim procedures described above, the Company could be required to bear the significant costs of the litigation and any adverse judgment unless and until the Company is able to prevail on its indemnification claims. The Company believes that it will fully prevail on its indemnification claims against Column, and that the Company ultimately will incur no material loss as a result of this litigation, although there can be no assurance that this will be the case. Accordingly, we have not recorded a loss contingency for this litigation. On July 19, 2011, the Circuit Court issued an order granting the defendants’ motion to dismiss the case, without prejudice. After the initial case was dismissed without prejudice, Capital Funding filed an amended complaint. In November 2011, the Circuit Court rejected the defendants’ motion to dismiss the amended complaint. Capital Funding filed a Second Amended Complaint that did not alter the claims at issue but revised their alleged damages. Defendants moved for summary judgment on all claims, including two counts of breach of contract, two counts of promissory estoppel, two counts of unjust enrichment, and two counts of unfair competition. On April 30, 2013, the Circuit Court issued an Opinion and Order which granted the motion to dismiss as to the promissory estoppel counts and one count of unjust enrichment. The Circuit Court denied the motion as to all remaining claims. A two -week jury trial was held in July 2013. In the course of the trial, all but two of Capital Funding’s remaining claims were dismissed. The jury awarded Capital Funding (i) a $1.8 million judgment against defendants on Capital Funding’s breach of contract claim and (ii) a $10.4 million judgment against Credit Suisse on Capital Funding’s unjust enrichment claim. Because the two claims arise from the same facts, Capital Funding agreed it may only collect on one of the judgments; following the verdict, Capital Funding “elected” to collect the $10.4 m illion judgment against Credit Suisse. The defendants filed a post judgment motion to reduce or set aside the judgment. On January 31, 2014 the Circuit Court ruled that the $10.4 million unjust enrichment judgment is vacated, and awarded Capital Funding the $1.8 million breach of contract judgment. On February 10, 2014, Capital Funding filed a motion with the Circuit Court seeking a new trial. On March 13, 2014, the Circuit Court denied Capital Funding’s motion for a new trial. Capital Funding filed an appeal with Maryland’s Court of Special Appeals. Following briefing, the Court of Special Appeals heard oral arguments on December 10, 2014. On December 17, 2015, the Court of Special Appeals issued its opinion affirming the decision of the Circuit Court. Capital Funding did not seek reconsideration or further appeal of the decision of the Court of Special Appeals, and the time to do so has passed. Credit Suisse has paid Capital Funding the amount of the judgment entered by the Circuit Court, and the litigation has concluded. Litigation — CA Funds Group Litigation —In March 2012, the Company’s wholly owned operating subsidiary, Walker & Dunlop Investment Advisory Services, LLC (“IA Services”) engaged CA Funds Group, Inc. (“CAFG”) to provide, among other things, consulting services in connection with expanding the Company’s investment advisory services business. The engagement letter was supplemented in June 2012 to retain CAFG to engage in certain capital raising activities, primarily with respect to a potential commingled, open-ended Fund (“Fund”). The Fund was never launched by the Company. However, the Company independently formed a large loan bridge program (the “Bridge Program”), which is focused primarily on making floating-rate loans of up to three years of $25.0 million or more to experienced owners of multifamily properties. CAFG filed a breach of contract action captioned CA Funds Group, Inc. v. Walker & Dunlop Investment Advisory Services, LLC and Walker & Dunlop, LLC in Illinois State Court, which was then transferred to the United States District Court for the Northern District of Illinois, Eastern Division, seeking a placement fee in the amount of $5.1 million (plus interest and the costs of the suit) based upon the $380.0 million allegedly obtained for the Bridge Program. The Company filed a motion to dismiss the complaint on January 3, 2014. CAFG filed a response to the motion on January 31, 2014, and on March 21, 2014, the Court denied the Company’s motion to dismiss the complaint. Both the Company and CA Funds filed motions for summary judgment in June 2015. On January 27, 2016, the Court issued its opinion granting the Company’s motion for summary judgment, and denying CAFG’s motion for summary judgment. On February 9, 2016, the Company filed a motion with the Court seeking recovery of its legal fees, pursuant to the terms of the engagement letter. On February 18, 2016 CAFG filed a notice that it will appeal the summary judgment order to the U.S. Court of Appeals for the Seventh Circuit. The Company has not recorded a loss reserve for the aforementioned litigation as the Company does not believe that a loss is probable in either case. The Company cannot predict the outcome of any pending litigation and may be subject to consequences that could include fines, penalties, and other costs, and the Company’s reputation and business may be impacted. The Company believes that any liability that could be imposed on the Company in connection with the disposition of any pending lawsuits would not have a material adverse effect on its business, results of operations, liquidity or financial condition. In the normal course of business, the Company may be party to various other claims and litigation, none of which the Company believes is material. Lease Commitments —In the normal course of business, the Company enters into lease arrangements for all of its office space. All such lease arrangements are accounted for as operating leases. Rent expense related to these lease agreements is recognized on the straight-line basis over the term of the lease. Rent expense was $5.9 million , $5.1 million, and $6.1 million for the years ended December 31, 2015, 2014, and 2013 , respectively. Minimum cash basis operating lease commitments follow (in thousands): Year Ending December 31, 2016 $ 2017 2018 2019 2020 Thereafter Total $

Share-Based Payment

Share-Based Payment	12 Months Ended
	Dec. 31, 2015
SHARE-BASED PAYMENT
Share-Based Payment	NOTE 12—SHARE-BASED PAYMENT During 2015, the Company registered 3 million shares under the 2015 Equity Incentive Plan, which constitutes an amendment to and restatement of the 2010 Equity Incentive Plan. As a result of the registration, there are 8.5 million shares of stock authorized for issuance under the 2015 Equity Incentive Plan to directors, officers, and employees. During 2015 , 2014 , and 2013 , the Company granted stock options to executive officers under the 2015 Equity Incentive Plan, as amended, with an exercise price equal to the closing price of the Company’s common stock on the date of grant. The stock options have a 10 -year exercise period and vest ratably over periods of three years dependent solely on continued employment. In addition, the Company granted restricted shares, under the 2015 Equity Incentive Plan, to officers, employees, and non-employee directors, without cost to the grantee. The restricted share awards granted to officers and employees typically vest ratably over three years dependent on continued employment, performance conditions, or some combination thereof. Restricted share awards to non-employee directors fully vest one year from the date of grant. During 2015, 2014 , and 2013 , the Company also granted zero , 0.4 million, and 0.3 million RSUs, respectively, to the officers and certain other employees in connection with PSPs. The Company granted the RSUs at the maximum performance thresholds. The RSUs cliff vest after three years based on continued employment and the Company’s achievement of specified performance targets. If either of the conditions is not met, the RSUs are forfeited. As of December 31, 2015 , all of the RSUs are unvested and outstanding. However, the RSUs related to the 2013 PSP totaling 0.3 million were forfeited during the first quarter of 2016 as the Company did not meet the performance targets associated with this PSP. At December 31, 2015 , an additional 3.6 million shares remain available for grant under the 2015 Equity Incentive Plan. The following table provides additional information regarding the Company’s share-based payment plan for the year ended December 31, 2015 : Weighted- Weighted- Weighted- Average Average Average Remaining Aggregate Grant-date Options/ Exercise Contract Life Intrinsic Fair (In thousands, except share and per share amounts) Shares Price (Years) Value Value Restricted Shares Nonvested at beginning of period $ Granted Vested Forfeited Nonvested at end of period Stock Options Outstanding at beginning of period $ Granted Exercised Forfeited Expired — — Outstanding at end of period $ $ Exercisable at end of period $ $ The fair value of stock option awards granted during 2015, 2014, and 2013 were estimated on the grant date using the Black-Scholes option pricing model, based on the following inputs: 2015 2014 2013 Estimated option life 6.00 years 6.00 years 6.00 years Risk free interest rate % % % Expected volatility % % % Expected dividend rate % % % Weighted average grant date fair value per share of options granted $ $ $ The fair value of restricted share awards granted during the periods presented was estimated using the closing price on the date of grant. The weighted average grant date fair values of restricted shares granted in 2014 and 2013 were $16.60 per share and $18.40 per share, respectively. The fair values of the restricted shares that vested during the years ended December 31, 2015, 2014, and 2013 were $9.6 million, $6.2 million, and $9.1 million, respectively. The total intrinsic value of the stock options exercised during the years ended December 31, 2015, 2014, and 2013 was $2.6 million, less than $0.1 million, and $0.3 million, respectively. For the years ended December 31, 2015, 2014, and 2013 , share based payment expense was $14.1 million, $10.0 million, and $9.2 million, respectively. For the year ended December 31, 2015, the excess tax benefit recognized on the vesting events was $1.4 million. For the year ended December 31, 2014, the excess tax expense recognized on the vesting events was less than $0.1 million. For the year ended December 31, 2013, the excess tax benefit recognized on the vesting events was $1.3 million. As of December 31, 2015 , the total unrecognized compensation cost for outstanding restricted shares and options was $19.1 million. As of December 31, 2015 , the weighted-average period over which the unrecognized compensation cost will be recognized is 3.3 years .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share
Earnings Per Share	NOTE 13 —EARNINGS PER SHARE The following weighted average shares and share equivalents are used to calculate basic and diluted earnings per share for years ended December 31, 2015, 2014, and 2013 : For the year ended December 31, (in thousands) 2015 2014 2013 Weighted average number of shares outstanding used to calculate basic earnings per share Dilutive securities Unvested restricted shares — — Stock options Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs and excess tax benefits associated with the awards. The following table presents any average outstanding options to purchase shares of common stock and average restricted shares that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive (the exercise price of the options or the grant date market price of the restricted shares was greater than the average market price of the Company’s shares during the periods presented). For the year ended December 31, (in thousands) 2015 2014 2013 Average options — Average restricted shares — — Under the 2015 Equity Incentive Plan, subject to the Company’s approval, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing the Company to withhold and purchase the shares of stock otherwise issuable to the grantee. For the years ended December 31, 2015, 2014, and 2013 , the Company repurchased and retired 0.2 million, 0.1 million, and 0.2 million restricted shares at a weighted average market price of $20.11 , $15.53 , and $17.64 , upon grantee vesting, respectively. In the first quarter of 2014, the Company repurchased 2.5 million shares of the Company’s common stock from one of its largest stockholders at a price of $14.50 per share, which was below the quoted price at the time, and immediately retired the shares, reducing stockholders’ equity by approximately $35.5 million. In the first quarter of 2015, the Company repurchased 3.0 million shares of its common stock at a price of $15.60 per share, which was below the quoted price at the time, and immediately retired the shares, reducing stockholders’ equity by $46.8 million. During the first quarter of 2016, the Company’s Board of Directors authorized the Company to repurchase up to $75.0 million of its common stock over the next 12 months.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
INCOME TAXES
INCOME TAXES	NOTE 14—INCOME TAXES Income Tax Expense The Company calculates its provision for federal and state income taxes based on current tax law. The reported tax provision differs from the amounts currently receivable or payable because some income and expense items are recognized in different time periods for financial reporting purposes than for income tax purposes. The following is a summary of the provision for income taxes: For the year ended December 31, (in thousands) 2015 2014 2013 Current Federal $ $ $ State Total $ $ $ Deferred Federal $ $ $ State Total $ $ $ Items charged or credited directly to stockholders' equity Federal $ $ $ State Total $ $ $ Income tax expense $ $ $ A reconciliation of the statutory federal tax expense to the income tax expense in the accompanying statements of income follows: For the year ended December 31, (in thousands) 2015 2014 2013 Statutory federal expense ( 35% ) $ $ $ Statutory state income tax expense, net of federal tax benefit Other Income tax expense $ $ $ Deferred Tax Assets/Liabilities The tax effects of temporary differences between reported earnings and taxable earnings consisted of the following : As of December 31, (in thousands) 2015 2014 Deferred Tax Assets: Compensation related $ $ Credit losses Acquisition related (1) Other Total deferred tax assets $ $ Deferred Tax Liabilities: Mark-to-market of derivatives and loans held for sale $ $ Mortgage servicing rights related Depreciation Total deferred tax liabilities $ $ Deferred tax liabilities, net $ $ (1) Acquisition-related deferred tax assets consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions, acquisition-related costs capitalized for tax purposes, and book-to-tax differences in intangible asset amortization. The Company believes it is more likely than not that it will generate sufficient taxable income in future periods to realize the deferred tax assets. Tax Uncertainties The Company periodically assesses its liabilities and contingencies for all periods open to examination by tax authorities based on the latest available information. Where the Company believes it is more likely than not that a tax position will not be sustained, management records its best estimate of the resulting tax liability, including interest, in the consolidated financial statements. As of December 31, 2015 , based on all known facts and circumstances and current tax law, management believes that there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease over the next 12 months, producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition, or cash flows.

Segments

Segments	12 Months Ended
	Dec. 31, 2015
Segments
Segments	NOTE 15—SEGMENTS The Company is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. The Company originates a range of multifamily and other commercial real estate loans that are sold to the GSEs or HUD or placed with institutional investors. The Company also services nearly all of the loans it sells to the GSEs and HUD and many of the loans that it places with institutional investors. Substantially all of the Company’s operations involve the delivery and servicing of loan products for its customers. Management makes operating decisions and assesses performance based on an ongoing review of these integrated operations, which constitute the Company's only operating segment for financial reporting purposes. The Company evaluates the performance of its business and allocates resources based on a single-segment concept. No one borrower/key principal accounts for more than 3% of our total risk-sharing loan portfolio. An analysis of the product concentrations and geographic dispersion that impact the Company’s servicing revenue is shown in the following tables. This information is based on the distribution of the loans serviced for others. The principal balance of the loans serviced for others, by product, as of December 31, 2015 , 2014 , and 2013 follows: As of December 31, (in thousands) 2015 2014 2013 Fannie Mae $ $ $ Freddie Mac Ginnie Mae-HUD Life insurance companies and other Total $ $ $ The percentage of unpaid principal balance of the loans serviced for others as of December 31, 2015 , 2014 , and 2013 by geographical area, is as shown in the following table. No other state accounted for more than 5% unpaid principal balance and related servicing revenues in any of the years presented. The Company does not have any operations outside of the United States. Percent of Total UPB as of December 31, 2015 2014 2013 California % % % Florida % % % Texas % % % Maryland % % % Virginia % % % All other states % % % Total % % %

Other Operating Expenses

Other Operating Expenses	12 Months Ended
	Dec. 31, 2015
OTHER OPERATING EXPENSES
Other Operating Expenses	NOTE 16—OTHER OPERATING EXPENSES The following is a summary of the major components of other operating expenses for the years ended December 31, 2015, 2014, and 2013 For the year ended December 31, (in thousands) 2015 2014 2013 Professional fees $ $ $ Travel and entertainment Rent Marketing and preferred broker Office expenses All other Total $ $ $

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
QUARTERLY RESULTS (UNAUDITED)
Quarterly Results (Unaudited)	NOTE 17—QUARTERLY RESULTS (UNAUDITED) The following table sets forth unaudited selected financial data and operating information on a quarterly basis as of and for the years ended December 31, 2015 and 2014 : As of and for the year ended December 31, 2015 (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Gains from mortgage banking activities $ $ $ $ Servicing fees Total revenues Personnel Amortization and depreciation Total expenses Income from operations Walker & Dunlop net income Diluted earnings per share $ $ $ $ Total transaction volume $ $ $ $ Servicing portfolio $ $ $ $ As of and for the year ended December 31, 2014 (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Gains from mortgage banking activities $ $ $ $ Servicing fees Total revenues Personnel Amortization and depreciation Total expenses Income from operations Walker & Dunlop net income Diluted earnings per share $ $ $ $ Total transaction volume $ $ $ $ Servicing portfolio $ $ $ $

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation —The consolidated financial statements include the accounts of the Company and all of its consolidated entities. All intercompany transactions have been eliminated. The Company has evaluated all subsequent events. The Company offers a CMBS lending program (“CMBS Program”) through a partnership with a large institutional investor, in which the Company owned a 40% interest at December 31, 2015 (“CMBS Partnership”). The CMBS Partnership began operations in 2014. During the second quarter of 2015, the Company increased its ownership percentage from 20% to 40% . During 2015 and 2014, the Company accounted for its ownership interest under the equity method of accounting. The increase in ownership percentage has not had a material impact on the Company’s financial results. Effective January 1, 2016, the Company increased its ownership percentage in the CMBS Partnership to 100% , making the CMBS Partnership a wholly owned subsidiary of the Company. Consequently, the Company began to consolidate the CMBS Partnership’s balances beginning with the first quarter of 2016.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, including guaranty obligations, allowance for risk-sharing obligations, allowance for loan losses, capitalized mortgage servicing rights, derivative instruments, and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates.
Gains from Mortgage Banking Activities	Gains from Mortgage Banking Activities — Gains from mortgage banking activities income is recognized when the Company records a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of any co-broker fees, and the estimated fair value of the expected net cash flows associated with the servicing of the loan, net of the estimated net future cash flows associated with any risk-sharing obligations. For loans the Company brokers, gains from mortgage banking activities are recognized when the loan is closed and represent the origination fee earned by the Company. The co-broker fees for the years ended December 31, 2015, 2014, and 2013 were $18.0 million, $15.9 million and $23.0 million, respectively. Transfer of financial assets is reported as a sale when (a) the transferor surrenders control over those assets, (b) the transferred financial assets have been legally isolated from the Company’s creditors, (c) the transferred assets can be pledged or exchanged by the transferee, and (d) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company has determined that all loans sold have met these specific conditions and accounts for all transfers of mortgage loans and mortgage participations as completed sales. When a mortgage loan is sold, the Company retains the right to service the loan and initially recognizes the mortgage servicing right (“MSR”) at fair value. Subsequent to the initial measurement date, MSRs are amortized using the interest method over the period that servicing income is expected to be received. Note 4 contains additional explanation of the Company’s accounting policies related to MSRs.
Guaranty Obligation and Allowance for Credit Losses	Guaranty Obligation and Allowance for Credit Losses— When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. The recognized guaranty obligation is the greater of the fair value of the Company’s obligation to stand ready to perform over the term of the guaranty (the noncontingent guaranty) and the fair value of the Company’s obligation to make future payments should those triggering events or conditions occur (contingent guaranty). Historically, the fair value of the contingent guaranty at inception has been de minimis; therefore, the fair value of the noncontingent guaranty has been recognized. In determining the fair value of the guaranty obligation, the Company considers the risk profile of the collateral, historical loss experience, and various market indicators. Generally, the estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan (historically three to five basis points per year) discounted using a 12 - 15 percent discount rate. The discount rate used is consistent with what is used for the calculation of the MSR for each loan. The estimated life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method, unless, as discussed more fully below, the loan defaults or management determines that the loan’s risk profile is such that amortization should cease. The Company evaluates the allowance for risk-sharing obligations by monitoring the performance of each risk-sharing loan for events or conditions which may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a specific loan is determined to be probable and estimable (as the loan is probable of foreclosure or in foreclosure), the Company records a liability for the estimated allowance for risk-sharing (a “specific reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision for credit losses in the Consolidated Statements of Income, along with a write-off of the associated loan-specific MSR. The amount of the allowance considers the Company’s assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan’s risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves on all applicable loans and update loss estimates as current information is received. In addition to the specific reserves discussed above, the Company also records an allowance for risk-sharing obligations related to risk-sharing loans on its watch list (“general reserves”). Such loans are not probable of foreclosure but are probable of loss as the characteristics of these loans indicate that it is probable that these loans include some losses even though the loss cannot be attributed to a specific loan. For all other risk-sharing loans not on our watch list, the Company continues to carry a guaranty obligation. The Company calculates the general reserves based on a migration analysis of the loans on its historical watch lists, adjusted for qualitative factors. When the Company places a risk-sharing loan on its watch list, the Company ceases to amortize the guaranty obligation and transfers the remaining unamortized balance of the guaranty obligation to the general reserves. The Company recognizes a provision for risk-sharing obligations to the extent the calculated general reserve exceeds the remaining unamortized guaranty obligation. If a risk-sharing loan is subsequently removed from the watch list due to improved financial performance or other factors, the Company transfers the unamortized balance of the guaranty obligation back to the guaranty obligation classification on the balance sheet and amortizes the remaining unamortized balance evenly over the remaining estimated life.
Loans Held for Investment, net	Loans Held for Investment, net — The Company offers an interim loan program for floating-rate, interest-only loans for terms of up to three years to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent GSE or HUD financing (the “Interim Program”). These loans are classified as held for investment on the Company’s consolidated balance sheet during such time that they are outstanding. The loans are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs, and net of any allowance for loan losses. Interest income is accrued based on the actual coupon rate, adjusted for the amortization of net deferred fees and costs, and is recognized as revenue when earned and deemed collectible. All loans held for investment are multifamily loans with similar risk characteristics with no geographic concentration. The Company uses the interest method to determine an effective yield to amortize the loan fees and costs on real estate loans held for investment. All loans held for investment are floating-rate loans; therefore, the Company uses the initial coupon interest rate of the loans (without regard to future changes in the underlying indices) and anticipated principal payments, if any, to determine periodic amortization. As of December 31, 2015 , Loans held for investment, net consisted of $233.4 million of unpaid principal balance less $1.1 million of net unamortized deferred fees and costs and $0.8 million of allowance for loan losses. As of December 31, 2014 , Loans held for investment, net consisted of $225.3 million of unpaid principal balance less $1.4 million of net unamortized deferred fees and costs and $0.9 million of allowance for loan losses. The Company will reclassify loans held for investment as loans held for sale if it determines that the loans will be sold or transferred to third parties. To date, the Company has not sold any of its loans held for investment. The allowance for loan losses is the Company’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The Company has established a process to determine the appropriateness of the allowance for loan losses that assesses the losses inherent in the portfolio. That process includes assessing the credit quality of each of the loans held for investment by monitoring the financial condition of the borrower and the financial trends of the underlying property. The allowance levels are influenced by the outstanding portfolio balance, delinquency status, historic loss experience, and other conditions influencing loss expectations, such as economic conditions. The allowance for loan losses is estimated collectively for loans with similar characteristics and for which there is no evidence of impairment. The allowance for loan losses recorded as of December 31, 2015 and December 31, 2014 is based on the Company’s collective assessment of the portfolio. Loans held for investment are placed on non-accrual status when full and timely collection of interest or principal is not probable. Loans held for investment are considered past due when contractually required principal or interest payments have not been made on the due dates and are charged off when the loan is considered uncollectible. The Company evaluates all loans held for investment for impairment. A loan is considered impaired when the Company believes that the facts and circumstances of the loan suggest that the Company will not be able to collect all contractually due principal and interest. Delinquency status and property financial condition are key components of the Company’s consideration of impairment status. None of the loans held for investment was delinquent, impaired , or on non-accrual status as of December 31, 2015 or December 31, 2014 . Additionally, we have not experienced any delinquencies related to these loans or charged off any loan held for investment since the inception of the Interim Program.
Provision for Credit Losses	Provision for Credit Losses — The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations within Provision for credit losses in the Consolidated Statements of Income. Provision for credit losses consisted of the following activity for the years ended December 31, 2015, 2014, and 2013 : (in thousands) 2015 2014 2013 Provision for loan losses $ $ $ Provision for risk-sharing obligations Provision for credit losses $ $ $
Business Combinations	Business Combinations — The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the assets acquired, identifiable intangible assets and liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustment to goodwill in the reporting period in which the adjustment is identified. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income.
Goodwill	Goodwill — The Company does not amortize goodwill; instead, it evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company currently has only one reporting unit; therefore, all goodwill is allocated to that one reporting unit. The Company performs its impairment testing annually as of October 1. The annual impairment analysis begins by comparing the Company’s market capitalization to its net assets. If the market capitalization exceeds the net asset value, further analysis is not required, and goodwill is not considered impaired. As of the date of our latest annual impairment test, October 1, 2015, the Company’s market capitalization exceeded its net asset value by $355.1 million, or 76.8% . As of December 31, 2015, there have been no events subsequent to that analysis that are indicative of an impairment loss.
Derivative Assets and Liabilities	Derivative Assets and Liabilities — Certain loan commitments and forward sales commitments meet the definition of a derivative and are recorded at fair value in the Consolidated Balance Sheets. The estimated fair value of loan commitments includes the fair value of loan origination fees and premiums on anticipated sale of the loan, net of co-broker fees, and the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the risk-sharing obligation. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Adjustments to the fair value are reflected as a component of income within Gains on mortgage banking in the Consolidated Statements of Income.
Loans Held for Sale	Loans Held for Sale —Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company initially measures all originated loans at fair value. Subsequent to initial measurement, the Company measures all mortgage loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status at December 31, 2015 and 2014 .
Share-Based Payment	Share-Based Payment — The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock, restricted stock units, and employee stock options based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors, for which the fair value of the award was calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards are granted principally to executive officers, with an exercise price equal to the closing price of the Company’s common stock on the date of the grant, and are granted with a ten -year exercise period, vesting ratably over three years dependent solely on continued employment. To estimate the grant-date fair value of stock options, the Company uses the Black-Scholes pricing model. The Black-Scholes model estimates the per share fair value of an option on its date of grant based on the following inputs: the option’s exercise price, the price of the underlying stock on the date of the grant, the estimated option life, the estimated dividend yield, a “risk-free” interest rate, and the expected volatility. For each of the years presented, the Company used the simplified method to estimate the expected term of the options as the Company did not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term. The Company uses an estimated dividend yield of zero as the Company has not historically issued dividends and does not currently pay dividends. For the “risk-free” rate, the Company uses a U.S. Treasury strip due in a number of years equal to the option’s expected term. The expected volatility was calculated based on the following methodologies for the years ended December 31, 2015, 2014, and 2013 . For stock option awards granted in 2013, the Company used a blended volatility rate based on the historical volatility of its own common stock and common stock of a group of peer companies. For stock option awards granted in 2014 and beyond, the Company used the historical volatility of its own common stock. The Company issues new shares from the pool of authorized but not yet issued shares when an employee exercises stock options. In 2013 and 2014, the Company offered a performance share plan (“PSP”) for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the first year of the performance period. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs. If the performance targets are not met or the participant is no longer employed by the Company, the participant forfeits the RSUs. The performance targets are based on meeting adjusted earnings per share and total revenues goals. The Company records compensation expense for the PSP in an amount proportionate to the service time rendered by the participant when it is probable that the achievement of the goals will be met. The Company did not meet the performance targets specific to the 2013 PSP and thus recorded no compensation expense related to this plan. The Company has concluded that it is probable that it will meet the two performance targets related to the 2014 PSP at varying levels. Accordingly, the Company recognized $3.9 million and $1.0 million of compensation expense related to the 2014 PSP plan for the years ended December 31, 2015 and 2014, respectively. Generally, the Company’s stock option and restricted stock awards for its officers and employees vest ratably over a three -year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year. Compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Forfeiture assumptions are evaluated annually and updated as necessary. Compensation is recognized within the income statement as Personnel , the same expense line as the cash compensation paid to the respective employees.
Net Warehouse Interest Income	Net Warehouse Interest Income— The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Substantially all loans that are held for sale are financed with matched borrowings under our warehouse facilities incurred to fund a specific loan held for sale. A portion of all loans that are held for investment is financed with matched borrowings under our warehouse facilities. The portion of loans held for investment not funded with matched borrowings is financed with the Company’s own cash. Warehouse interest expense is incurred on borrowings used to fund loans solely while they are held for sale or for investment. Warehouse interest income and expense are earned or incurred on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income and expense are earned or incurred on loans held for investment after a loan is closed and before a loan is repaid. Included in Net warehouse interest income for the years ended December 31, 2015, 2014, and 2013 are the following components: For the year ended December 31, (in thousands) 2015 2014 2013 Warehouse interest income - loans held for sale $ $ $ Warehouse interest expense - loans held for sale Net warehouse interest income - loans held for sale $ $ $ Warehouse interest income - loans held for investment $ $ $ Warehouse interest expense - loans held for investment Net warehouse interest income - loans held for investment $ $ $
Statement of Cash Flows	For the year ended December 31, (in thousands) 2015 2014 2013 Warehouse interest income - loans held for sale $ $ $ Warehouse interest expense - loans held for sale Net warehouse interest income - loans held for sale $ $ $ Warehouse interest income - loans held for investment $ $ $ Warehouse interest expense - loans held for investment Net warehouse interest income - loans held for investment $ $ $ Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivatives when a loan intended to be sold is rate locked and records the related income within Gains from mortgage banking activitie s within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end. The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount.
Income Taxes	Income Taxes — The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. The Company had no accruals for tax uncertainties as of December 31, 2015 and 2014 .
Comprehensive Income	Comprehensive Income— For the years ended December 31, 2015, 2014, and 2013 , comprehensive income equaled Net income before noncontrolling interests ; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements.
Pledged Securities	Pledged Securities —As collateral against its Fannie Mae risk-sharing obligations ( Note s 5 and 11), certain securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. The balance of securities pledged against Fannie Mae risk-sharing obligations and included as a component of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2015 and 2014 was $70.9 million and $63.1 million, respectively. Additionally, the Company has pledged an immaterial amount of cash as collateral against its risk-sharing obligations with Fannie Mae and Freddie Mac. The pledged securities as of December 31, 2015 and 2014 consist primarily of a highly liquid investment valued using quoted market prices from recent trades.
Cash and Cash Equivalents	Cash and Cash Equivalents —The term cash and cash equivalents, as used in the accompanying consolidated financial statements, includes currency on hand, demand deposits with financial institutions, and short-term, highly liquid investments purchased with an original maturity of three months or less. The Company had no cash equivalents as of December 31, 2015 and 2014 .
Restricted Cash	Restricted Cash —Restricted cash represents primarily good faith deposits from borrowers. The Company records a corresponding liability for these good faith deposits from borrowers within Performance deposits from borrowers within the Consolidated Balance Sheets.
Servicing Fees and Other Receivables, Net	Servicing Fees and Other Receivables, Net —Servicing fees and other receivables, net represents amounts currently due to the Company pursuant to contractual servicing agreements, investor good faith deposits held in escrow by others, general accounts receivable, and advances of principal and interest payments and tax and insurance escrow amounts if the borrower is delinquent in making loan payments, to the extent such amounts are determined to be reimbursable and recoverable. Advances related to Fannie Mae at-risk loans may be used to reduce the amount of cash required to settle loan losses under the Company’s risk-sharing obligation with Fannie Mae.
Concentrations of Credit Risk	Concentrations of Credit Risk —Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, loans held for sale, and derivative financial instruments. The Company places the cash and temporary investments with high-credit-quality financial institutions and believes no significant credit risk exists. The counterparties to the loans held for sale and funding commitments are owners of residential multifamily properties located throughout the United States. Mortgage loans are generally transferred or sold within 60 days from the date that a mortgage loan is funded. There is no material counterparty risk with respect to the Company's funding commitments as each potential borrower must make a non-refundable good faith deposit when the funding commitment is executed. The counterparty to the forward sale is generally an investment bank. There is a risk that the purchase price agreed to by the investor will be reduced in the event of a late delivery. The risk for non-delivery of a loan primarily results from the risk that a borrower does not close on the funding commitment in a timely manner. This risk is generally a risk mitigated by the non-refundable good faith deposit.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements —In April 2015, Accounting Standards Update 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs , was issued. ASU 2015-03 requires that debt issuance costs related to a note be presented in the balance sheet as a direct deduction from the face amount of that note. Previous GAAP required that debt issuance costs be presented as an asset. As disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, the Company early adopted ASU 2015-03 during the second quarter of 2015 and retrospectively applied the ASU to prior-period balances as required by the ASU. The adoption of ASU 2015-03 had the following impact on the December 31, 2014 balances reported in the Consolidated Balance Sheets. (in thousands) December 31, 2014 As previously reported under GAAP applicable at the time Other assets Warehouse notes payable Note payable As currently reported under ASU 2015-03 Other assets Warehouse notes payable Note payable In April 2015, Accounting Standards Update 2015-05 (“ASU 2015-05”), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , was issued. ASU 2015-05 provides entities with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. ASU 2015-05 is effective for the annual and interim periods beginning January 1, 2016, with early adoption permitted. Entities may select retrospective or prospective adoption of ASU 2015-05. The Company prospectively adopted ASU 2015-05 in the first quarter of 2016. There was no impact to the Company as none of the Company’s cloud computing arrangements permits the Company the contractual right to take possession of the software. In September 2015, Accounting Standards Update 2015-16 (“ASU 2015-16”), Simplifying the Accounting for Measurement-Period Adjustments , was issued. ASU 2015-16 eliminates the requirement to restate prior-period financial statements for measurement-period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for the annual and interim periods beginning January 1, 2016, with early adoption permitted. The Company early adopted ASU 2015-16 in the fourth quarter of 2015, with no impact to the Company’s financial results. Recently Announced Accounting Pronouncement s —In August 2015, Accounting Standard Update 2015 ‑14 (“ASU 2015-14”), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , was issued. ASU 2015 ‑14 deferred the effective date of Accounting Standards Update 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers , by one year. The new effective date applicable to the Company for ASU 2014-09 is January 1, 2018. The Company is still in the process of selecting a transition method and evaluating the impact ASU 2014-09 will have on its financial statements; however, the Company does not believe ASU 2014-09 will have a material impact on its reported financial results. In January 2016, Accounting Standards Update 2016-01 (“ASU 2016-01”), Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Financial Liabilities , was issued. The guidance requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principles that permitted available-for-sale classification with unrealized holding gains and losses recorded in other comprehensive income for equity securities will no longer be applicable. The guidance is not applicable to debt securities and loans and requires minor changes to the disclosure and presentation of financial instruments. The effective date of ASU 2016-01 for the Company is January 1, 2018. The Company does not believe that ASU 2016-01 will have a material impact on its reported financial results. There were no other accounting pronouncements issued during 2015 or 2016 that have the potential to impact the Company’s consolidated financial statements.
Reclassifications	Reclassifications — The Company has made certain immaterial reclassifications to prior-year balances to conform to current-year presentation.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Schedule of Provision for Credit Losses	(in thousands) 2015 2014 2013 Provision for loan losses $ $ $ Provision for risk-sharing obligations Provision for credit losses $ $ $
Schedule of Net Warehouse Interest Income	For the year ended December 31, (in thousands) 2015 2014 2013 Warehouse interest income - loans held for sale $ $ $ Warehouse interest expense - loans held for sale Net warehouse interest income - loans held for sale $ $ $ Warehouse interest income - loans held for investment $ $ $ Warehouse interest expense - loans held for investment Net warehouse interest income - loans held for investment $ $ $
Summary of Impact on Balances Reported in Condensed Consolidated Balance Sheets	(in thousands) December 31, 2014 As previously reported under GAAP applicable at the time Other assets Warehouse notes payable Note payable As currently reported under ASU 2015-03 Other assets Warehouse notes payable Note payable

Gains from Mortgage Banking A26

Gains from Mortgage Banking Activities (Tables)	12 Months Ended
	Dec. 31, 2015
GAINS FROM MORTGAGE BANKING ACTIVITIES
Schedule of Gains from Mortgage Banking Activities	Year Ended December 31, (in thousands) 2015 2014 2013 Contractual loan origination related fees, net $ $ $ Fair value of expected net cash flows from servicing recognized at commitment Fair value of expected guaranty obligation recognized at commitment Total gains from mortgage banking activities $ $ $

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2015
Mortgage Servicing Rights
Schedule of Activity Related to Capitalized MSRs	As of and for the year ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Additions, following the sale of loan Additions, acquisitions — Amortization Pre-payments and write-offs Ending balance $ $
Summary of Components of Net Carrying Value of Acquired and Originated MSRs	As of December 31, 2015 Gross Accumulated Net (in thousands) carrying value amortization carrying value Acquired MSRs $ $ $ Originated MSRs Total $ $ $ As of December 31, 2014 Gross Accumulated Net (in thousands) carrying value amortization carrying value Acquired MSRs $ $ $ Originated MSRs Total $ $ $
Schedule of Expected Amortization of MSRs	Originated MSRs Acquired MSRs Total MSRs (in thousands) Amortization Amortization Amortization Year Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total $ $ $

Guaranty Obligation and Allow28

Guaranty Obligation and Allowance for Risk-Sharing Obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Guaranty Obligation and Allowance for Risk-Sharing Obligations
Schedule of Activity Related to Guaranty Obligation	As of and for the year ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Additions, following the sale of loan Amortization Other — Ending balance $ $
Summary of Allowance for Risk-Sharing Obligations	As of and f or the year ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Provision for risk-sharing obligations Write-offs Other — Ending balance $ $

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt
Schedule of Consolidated Corporate Leverage Ratio	Maximum Ratio Closing Date through December 31, 2014 to 1.0 January 1, 2015 through December 31, 2015 to 1.0 January 1, 2016 to December 31, 2016 to 1.0 January 1, 2017 and thereafter to 1.0
Schedule of Maturities	Year Ending December 31, Maturities 2016 $ 2017 2018 2019 2020 Thereafter — Total $
Warehouse Facilities
Debt
Schedule of Debt Obligations	December 31, 2015 (dollars in thousands) Maximum Outstanding Loan Type Facility Amount Balance Funded (1) Interest rate Agency warehouse facility #1 $ $ LHFS 30-day LIBOR plus 1.40% or 1.75% Agency warehouse facility #2 LHFS 30-day LIBOR plus 1.40% Agency warehouse facility #3 LHFS 30-day LIBOR plus 1.40% Agency warehouse facility #4 — LHFS 30-day LIBOR plus 1.40% Fannie Mae repurchase agreement, uncommitted line and open maturity LHFS 30-day LIBOR plus 1.15% Total agency warehouse facilities $ $ Interim warehouse facility #1 $ $ LHFI 30-day LIBOR plus 1.90% Interim warehouse facility #2 LHFI 30-day LIBOR plus 2.00% Interim warehouse facility #3 LHFI 30-day LIBOR plus 2.00% to 2.50% Total interim warehouse facilities $ $ Debt issuance costs — Total warehouse facilities $ $ December 31, 2014 (dollars in thousands) Maximum Outstanding Loan Type Facility Amount Balance Funded (1) Interest rate Agency warehouse facility #1 $ $ LHFS 30-day LIBOR plus 1.50% Agency warehouse facility #2 LHFS 30-day LIBOR plus 1.50% Agency warehouse facility #3 LHFS 30-day LIBOR plus 1.40% Fannie Mae repurchase agreement, uncommitted line and open maturity LHFS 30-day LIBOR plus 1.15% Total agency warehouse facilities $ $ Interim warehouse facility #1 $ $ LHFI 30-day LIBOR plus 2.00% Interim warehouse facility #2 LHFI 30-day LIBOR plus 2.00% Interim warehouse facility #3 LHFI 30-day LIBOR plus 2.00% to 2.50% Total interim warehouse facilities $ $ Debt issuance costs — Total warehouse facilities $ $ (1) Type of loan the borrowing facility is used to fully or partially fund – loans held for sale (“LHFS”) or loans held for investment (“LHFI”).
Notes Payable
Debt
Schedule of Debt Obligations	(in thousands, unless otherwise specified) December 31, Lender 2015 2014 Interest rate and repayments Institutional Investors - $175.0 million term loan due December 20, 2020 $ $ Interest rate varies - see below for further details; quarterly principal payments of $0.3 million Unamortized debt discount Unamortized debt issuance costs Carrying balance $ $

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations
Summary of Purchase Price Allocation	Purchase Price Allocation (in thousands) April 21, 2015 Assets acquired and liabilities assumed Cash $ Other assets Investment sales pipeline intangible asset Accounts payable Noncontrolling interests Goodwill Consideration paid $
Summary of Revenue and Earnings of Combined Entity	For the year ended December 31, Supplementary pro forma information 2015 2014 (in thousands, except per share data) Revenues $ $ Income from operations $ $ Walker & Dunlop net income (1) $ $ Diluted earnings per share $ $ Weighted average diluted shares outstanding Includes pro forma adjustments related to additional tax expense as a result of the increased combined earnings. Pro forma adjustments increasing tax expense by $0.1 million and $0.8 million are included in the supplementary pro forma information presented for 2015 and 2014, respectively.

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill
Schedule of Goodwill	As of and for the Year Ended December 31, (in thousands) 2015 2014 Beginning balance $ $ Additions from acquisitions Retrospective adjustments — Impairment — — Ending balance $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	Quoted Prices in Significant Significant Active Markets Other Other For Identical Observable Unobservable Assets Inputs Inputs Balance as of (in thousands) (Level 1) (Level 2) (Level 3) Period End December 31, 2015 Assets Loans held for sale $ — $ $ — $ Pledged securities — — Derivative assets — — Total $ $ $ $ Liabilities Derivative liabilities $ — $ — $ $ Total $ — $ — $ $ December 31, 2014 Assets Loans held for sale $ — $ $ — $ Pledged securities — — Derivative assets — — Total $ $ $ $ Liabilities Derivative liabilities $ — $ — $ $ Total $ — $ — $ $
Schedule of Roll Forward of Derivative Instruments	Fair Value Measurements Using Significant Unobservable Inputs: Derivative Instruments (in thousands) December 31, 2015 Derivative assets and liabilities, net Beginning balance December 31, 2014 $ Settlements Realized gains recorded in earnings (1) Unrealized gains recorded in earnings (1) Ending balance December 31, 2015 $ Fair Value Measurements Using Significant Unobservable Inputs: Derivative Instruments (in thousands) December 31, 2014 Derivative assets and liabilities, net Beginning balance December 31, 2013 $ Settlements Realized gains (losses) recorded in earnings (1) Unrealized gains (losses) recorded in earnings (1) Ending balance December 31, 2014 $ (1) Realized and unrealized gains from derivatives are recognized in Gains from mortgage banking activities in the Consolidated Statements of Income .
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities	Quantitative Information about Level 3 Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Value (1) Derivative assets $ Discounted cash flow Counterparty credit risk — Derivative liabilities $ Discounted cash flow Counterparty credit risk — (1) Significant increases in this input may lead to significantly lower fair value measurements.
Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments	December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (in thousands) Amount Value Amount Value Financial assets: Cash and cash equivalents $ $ $ $ Restricted cash Pledged securities Loans held for sale Loans held for investment, net Derivative assets Total financial assets $ $ $ $ Financial liabilities: Derivative liabilities $ $ $ $ Warehouse notes payable Note payable Total financial liabilities $ $ $ $
Schedule of Fair Value of Derivative Instruments and Loans Held for Sale	Fair Value Adjustment Components Balance Sheet Location Fair Value Notional or Assumed Interest Rate Total Adjustment Principal Gain Movement Fair Value Derivative Derivative To Loans (in thousands) Amount on Sale Effect Adjustment Assets Liabilities Held for Sale December 31, 2015 Rate lock commitments $ $ $ $ $ $ — $ — Forward sale contracts — — Loans held for sale — — Total $ $ — $ $ $ $ December 31, 2014 Rate lock commitments $ $ $ $ $ $ — $ — Forward sale contracts — — Loans held for sale — — Total $ $ — $ $ $ $

Litigation, Commitments, and 33

Litigation, Commitments, and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Schedule of Future Minimum Lease Payments	Year Ending December 31, 2016 $ 2017 2018 2019 2020 Thereafter Total $

Share-Based Payment (Tables)

Share-Based Payment (Tables)	12 Months Ended
	Dec. 31, 2015
SHARE-BASED PAYMENT
Schedule of Share-Based Equity Compensation	Weighted- Weighted- Weighted- Average Average Average Remaining Aggregate Grant-date Options/ Exercise Contract Life Intrinsic Fair (In thousands, except share and per share amounts) Shares Price (Years) Value Value Restricted Shares Nonvested at beginning of period $ Granted Vested Forfeited Nonvested at end of period Stock Options Outstanding at beginning of period $ Granted Exercised Forfeited Expired — — Outstanding at end of period $ $ Exercisable at end of period $ $
Schedule of Stock Options Valuation Assumptions	2015 2014 2013 Estimated option life 6.00 years 6.00 years 6.00 years Risk free interest rate % % % Expected volatility % % % Expected dividend rate % % % Weighted average grant date fair value per share of options granted $ $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share
Schedule of Weighted Average Shares and Share Equivalents that are Used to Calculate Basic and Diluted Earnings Per Share	For the year ended December 31, (in thousands) 2015 2014 2013 Weighted average number of shares outstanding used to calculate basic earnings per share Dilutive securities Unvested restricted shares — — Stock options Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share
Schedule of Outstanding Options to Purchase Shares of Common Stock and Average Restricted Shares that were not Included in Computation of Diluted Earnings per Share	For the year ended December 31, (in thousands) 2015 2014 2013 Average options — Average restricted shares — —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
INCOME TAXES
Summary of Provision for Income Taxes	For the year ended December 31, (in thousands) 2015 2014 2013 Current Federal $ $ $ State Total $ $ $ Deferred Federal $ $ $ State Total $ $ $ Items charged or credited directly to stockholders' equity Federal $ $ $ State Total $ $ $ Income tax expense $ $ $
Schedule of Reconciliation of the Statutory Federal Tax Provision to Income Tax Provision	For the year ended December 31, (in thousands) 2015 2014 2013 Statutory federal expense ( 35% ) $ $ $ Statutory state income tax expense, net of federal tax benefit Other Income tax expense $ $ $
Schedule of Deferred Tax Assets and Liabilities	As of December 31, (in thousands) 2015 2014 Deferred Tax Assets: Compensation related $ $ Credit losses Acquisition related (1) Other Total deferred tax assets $ $ Deferred Tax Liabilities: Mark-to-market of derivatives and loans held for sale $ $ Mortgage servicing rights related Depreciation Total deferred tax liabilities $ $ Deferred tax liabilities, net $ $ (1) Acquisition-related deferred tax assets consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions, acquisition-related costs capitalized for tax purposes, and book-to-tax differences in intangible asset amortization.

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2015
Segments
Schedule of loans serviced for others, by product	As of December 31, (in thousands) 2015 2014 2013 Fannie Mae $ $ $ Freddie Mac Ginnie Mae-HUD Life insurance companies and other Total $ $ $
Schedule of percentage of unpaid principal balance of the loans serviced for others	Percent of Total UPB as of December 31, 2015 2014 2013 California % % % Florida % % % Texas % % % Maryland % % % Virginia % % % All other states % % % Total % % %

Other Operating Expenses (Table

Other Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
OTHER OPERATING EXPENSES
Summary of Major Components of Other Operating Expenses	For the year ended December 31, (in thousands) 2015 2014 2013 Professional fees $ $ $ Travel and entertainment Rent Marketing and preferred broker Office expenses All other Total $ $ $

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
QUARTERLY RESULTS (UNAUDITED)
Schedule of Unaudited Selected Financial Data and Operating Information on a Quarterly Basis	As of and for the year ended December 31, 2015 (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Gains from mortgage banking activities $ $ $ $ Servicing fees Total revenues Personnel Amortization and depreciation Total expenses Income from operations Walker & Dunlop net income Diluted earnings per share $ $ $ $ Total transaction volume $ $ $ $ Servicing portfolio $ $ $ $ As of and for the year ended December 31, 2014 (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Gains from mortgage banking activities $ $ $ $ Servicing fees Total revenues Personnel Amortization and depreciation Total expenses Income from operations Walker & Dunlop net income Diluted earnings per share $ $ $ $ Total transaction volume $ $ $ $ Servicing portfolio $ $ $ $

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Principles of Consolidation (Details)	Jan. 01, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015
CMBS
Consolidation
Percentage of ownership	100.00%	40.00%	40.00%	20.00%

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Mortgage Banking and Guaranty Obligations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gains from Mortgage Banking Activities
Co-broker fees from mortgage banking activities	$ 18	$ 15.9	$ 23
Fannie Mae DUS program | Minimum
Guaranty Obligation and Allowance for Credit Losses
Average expected cash flows (as a percent)	0.03%
Discount rate (as a percent)	12.00%
Fannie Mae DUS program | Maximum
Guaranty Obligation and Allowance for Credit Losses
Average expected cash flows (as a percent)	0.05%
Discount rate (as a percent)	15.00%
Maximum delinquency period of loans at which initial loss recognition occurs	60 days

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Loans Held-for-Investment, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Loans Held-for-Investment, Net
Unpaid principal balance of loans held for investment	$ 233,400	$ 225,300
Net unamortized deferred fees and costs	1,100	1,400
Allowance for loan losses	$ 800	900
Floating Rate Loans | Maximum
Loans Held-for-Investment, Net
Loan term (in years)	3 years
Loans Held for Investment
Loans Held-for-Investment, Net
Loans held for investment, delinquent	$ 0	0
Loans held for investment, impaired	0	0
Loans, non-accrual status	$ 0	$ 0

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Schedule of Provision for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Provision for Credit Losses
Provision for loan losses	$ (36)	$ 423	$ 441
Provision for risk-sharing obligations	1,680	1,783	881
Provision for credit losses	$ 1,644	$ 2,206	$ 1,322

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Goodwill (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015segment	Oct. 01, 2015USD ($)
Summary of Significant Accounting Policies
Number of reporting units | segment	1
Market capitalization in excess net asset value | $		$ 355.1
Market capitalization in excess net asset value, percentage		76.80%

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Loans Held-for-Sale (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Loans Held-for-Sale
Loans held for sale carried at lower of cost or market.	$ 0	$ 0
Loans Held for Sale
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days
Loans, non-accrual status	$ 0	$ 0

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Share-Based Payment (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)
Stock options
Fair value assumptions, Black-Scholes
Expiration period	10 years
Vesting period	3 years
Expected dividend yield	0.00%	0.00%	0.00%
Stock options | Officers And Employees
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Officers And Employees
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Non-Employee Directors
Fair value assumptions, Black-Scholes
Vesting period	1 year
PSP | RSUs | Officers And Employees
Fair value assumptions, Black-Scholes
Expiration period	3 years	3 years	3 years
2013 PSP | RSUs
Fair value assumptions, Black-Scholes
Vesting period	3 years
Share based payment expense	$ 0	$ 0	$ 0
2014 PSP | RSUs
Fair value assumptions, Black-Scholes
Vesting period	3 years
Number of performance targets | item	2	2
Share based payment expense	$ 3,900	$ 1,000

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Schedule of Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loans Held for Sale
Interest Income Expense Net Line Items
Warehouse interest income	$ 37,675	$ 24,615	$ 17,576
Warehouse interest expense	(23,134)	(13,272)	(11,362)
Net warehouse interest income	14,541	11,343	6,214
Loans Held for Investment
Interest Income Expense Net Line Items
Warehouse interest income	15,456	11,092	3,583
Warehouse interest expense	(6,037)	(4,941)	(2,352)
Net warehouse interest income	$ 9,419	$ 6,151	$ 1,231

Summary of Significant Accoun48

Summary of Significant Accounting Policies - Income Taxes and Pledged Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Tax Uncertainties
Accruals for tax uncertainties	$ 0	$ 0
Pledged Securities
Pledged securities, at fair value	72,190	67,719
Fannie Mae DUS program
Pledged Securities
Pledged securities, at fair value	$ 70,900	$ 63,100

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Cash Equivalents and Recent Accounting Pronouncements (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents
Cash equivalents	$ 0	$ 0
Recently Announced Accounting Pronouncements
Other assets	30,545,000	29,026,000
Warehouse notes payable	2,649,470,000	1,214,279,000
Note payable	$ 164,462,000	169,095,000
ASU 2015-03
Recently Announced Accounting Pronouncements
Other assets		29,026,000
Warehouse notes payable		1,214,279,000
Note payable		169,095,000
Mortgage Loans
Concentrations of Credit Risk
Period Of Originated Loans Within Which Loans Are Transferred Or Sold	60 days
As previously reported
Recently Announced Accounting Pronouncements
Other assets		33,663,000
Warehouse notes payable		1,216,245,000
Note payable		$ 171,766,000

Gains from Mortgage Banking A50

Gains from Mortgage Banking Activities (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
GAINS FROM MORTGAGE BANKING ACTIVITIES
Contractual loan origination related fees, net									$ 156,835	$ 125,468	$ 111,699
Fair value of expected net future cash flows from servicing recognized at commitment									142,420	103,410	97,115
Fair value of expected guaranty obligation recognized at commitment									(8,789)	(6,895)	(5,143)
Total gains from mortgage banking activities	$ 76,986	$ 70,810	$ 69,950	$ 72,720	$ 71,876	$ 63,280	$ 52,241	$ 34,586	$ 290,466	$ 221,983	$ 203,671

Mortgage Servicing Rights - Fai

Mortgage Servicing Rights - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing
Fair value of the MSRs	$ 510.6	$ 469.9
Sensitivity Analysis of Fair Value, example 1, impact of percent adverse change in discount rate, percent	1.00%
Decrease in fair value as a result of 100 basis point increase in discount rate	$ 16
Sensitivity Analysis of Fair Value, example 2, impact of percent adverse change in discount rate, percent	2.00%
Decrease in fair value as a result of 200 basis point increase in discount rate	$ 30.9
Minimum
Servicing
Discount rate used for loans originated (as a percent)	10.00%	10.00%	10.00%
Reduction in estimated life	6 months
Maximum
Servicing
Discount rate used for loans originated (as a percent)	15.00%	15.00%	15.00%
Reduction in estimated life	12 months

Mortgage Servicing Rights - Sch

Mortgage Servicing Rights - Schedule of Activity Related to Capitalized MSRs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
MSRs
Beginning balance	$ 375,907
Ending balance	412,348	$ 375,907
MSRs
MSRs
Beginning balance	375,907	353,024
Additions, following sale of loan	135,441	96,949
Additions, acquisitions		8,209
Amortization	(80,702)	(69,099)
Pre-payments and write-offs	(18,298)	(13,176)
Ending balance	$ 412,348	$ 375,907

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Acquired MSRs
Mortgage Servicing Rights Acquired and Originated
Gross carrying value	$ 132,837	$ 132,837
Accumulated amortization	(84,754)	(59,128)
Net carrying value	48,083	73,709
Originated MSRs
Mortgage Servicing Rights Acquired and Originated
Gross carrying value	511,915	427,941
Accumulated amortization	(147,650)	(125,743)
Net carrying value	364,265	302,198
MSRs
Mortgage Servicing Rights Acquired and Originated
Gross carrying value	644,752	560,778
Accumulated amortization	(232,404)	(184,871)
Net carrying value	$ 412,348	$ 375,907

Mortgage Servicing Rights - S54

Mortgage Servicing Rights - Schedule of Expected Amortization of MSRs (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Originated MSRs
Future amortization
2,016	$ 72,501
2,017	62,010
2,018	53,881
2,019	47,850
2,020	40,344
Thereafter	87,679
Net carrying value	364,265	$ 302,198
Acquired MSRs
Future amortization
2,016	12,322
2,017	11,796
2,018	8,889
2,019	7,391
2,020	5,502
Thereafter	2,183
Net carrying value	48,083	73,709
MSRs
Future amortization
2,016	84,823
2,017	73,806
2,018	62,770
2,019	55,241
2,020	45,846
Thereafter	89,862
Net carrying value	$ 412,348	$ 375,907

Mortgage Servicing Rights - Pre

Mortgage Servicing Rights - Prepayment fees and Other information (Detail) - MSRs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing
Expected amortization period for net carrying value	6 years 10 months 24 days
Other revenues
Servicing
Prepayment fees	$ 15	$ 9.3	$ 2.4

Guaranty Obligation and Allow56

Guaranty Obligation and Allowance for Risk-Sharing Obligations - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Guaranty Obligation and Allowance for Risk-Sharing Obligations
Beginning balance	$ 24,975	$ 23,489
Additions, following the sale of loan	8,828	6,032
Amortization	(5,423)	(4,546)
Other	(810)
Ending balance	$ 27,570	$ 24,975

Guaranty Obligation and Allow57

Guaranty Obligation and Allowance for Risk-Sharing Obligations - Summary of Allowance for Risk-Sharing Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Risk-Sharing Contracts
Beginning balance	$ 3,904	$ 7,363
Provision for risk-sharing obligations	1,680	1,783	$ 881
Other	810
Ending balance	5,586	3,904	$ 7,363
Transfers to allowance, watch list loans		1,000
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 4,100,000	$ 4,100,000

Servicing - Additional Informat

Servicing - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Servicing
Unpaid principal balance of loans	$ 50,212,264	$ 47,794,561	$ 47,713,739	$ 46,066,660	$ 44,031,890	$ 41,219,196	$ 39,793,733	$ 38,908,865	$ 38,937,027
Loans serviced
Servicing
Unpaid principal balance of loans	50,200,000				44,000,000
Custodial escrow accounts	$ 1,100,000				$ 1,100,000

Debt - Summary Information (Det

Debt - Summary Information (Detail) $ in Thousands	Dec. 21, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)facility	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Feb. 29, 2016USD ($)	Feb. 16, 2016USD ($)
Debt
Outstanding Balance		$ 2,649,470			$ 2,649,470	$ 1,214,279
Unamortized debt issuance costs		$ (2,541)			$ (2,541)	$ (1,966)
LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR
Interest rate at end of period (as a percent)		0.43%			0.43%	0.17%
Warehouse Facilities
Debt
Maximum Amount		$ 4,135,000			$ 4,135,000	$ 2,349,000
Outstanding Balance		2,649,470			2,649,470	1,214,279
Interest expense					29,200	18,200	$ 13,700
Facility fees					$ 4,500	$ 3,400	2,700
Agency Warehouse Facility
Debt
Number of warehouse credit facilities | facility					5
Interim Warehouse Facility
Debt
Number of warehouse credit facilities | facility					3
Number of debt facilities, annual renewal | facility					1
Number of revolving commitments expected to renew every two years | facility					2
Expected renewal term for two of revolving commitments					2 years
Agency Warehouse Facility #1
Debt
Maximum Amount		$ 685,000			$ 685,000				$ 425,000
Agency Warehouse Facility #1 | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate		1.40%			1.40%	1.50%
Agency Warehouse Facility #1, Base
Debt
Maximum Amount		$ 425,000			$ 425,000
Agency Warehouse Facility #1, Base | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR
Basis points added to reference rate					1.40%
Agency Warehouse Facility #1, Temporary Increase
Debt
Maximum Amount		260,000	$ 260,000		$ 260,000
Agency Warehouse Facility #2
Debt
Maximum Amount		$ 1,900,000			$ 1,900,000			$ 650,000
Agency Warehouse Facility #2 | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate		1.40%			1.40%	1.50%
Agency Warehouse Facility #3
Debt
Maximum Amount		$ 490,000		$ 240,000	$ 490,000			$ 240,000
Agency Warehouse Facility #3 | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate					1.40%	1.40%
Agency Warehouse Facility #4
Debt
Maximum Amount	$ 250,000
Agency Warehouse Facility #4 | LIBOR
Debt
Reference rate for variable interest on the line of credit	30-day LIBOR				30-day LIBOR
Basis points added to reference rate	1.40%				1.40%
Uncommitted Agency Warehouse Facility
Debt
Maximum Amount		450,000			$ 450,000
Uncommitted Agency Warehouse Facility | LIBOR
Debt
Basis points added to reference rate					1.15%
Interim Warehouse Facility #1
Debt
Maximum Amount		85,000		$ 85,000	$ 85,000
Interim Warehouse Facility #1 | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate				1.90%	1.90%	2.00%
Interim Warehouse Facility #2
Debt
Maximum Amount		200,000		$ 200,000	$ 200,000
Interim Warehouse Facility #2 | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate					2.00%	2.00%
Interim Warehouse Facility #3
Debt
Maximum Amount		75,000			$ 75,000
Interim Warehouse Facility #3 | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Loans Held for Sale
Debt
Interest expense					$ 23,134	$ 13,272	11,362
Loans Held for Sale | Agency Warehouse Facility
Debt
Maximum Amount		3,775,000			3,775,000	2,089,000
Outstanding Balance		2,478,984			2,478,984	1,055,073
Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Debt
Maximum Amount		685,000			685,000	725,000
Outstanding Balance		418,891			418,891	466,719
Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility
Debt
Maximum Amount		1,900,000			1,900,000	650,000
Outstanding Balance		1,619,800			1,619,800	413,644
Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility
Debt
Maximum Amount		490,000			490,000	239,000
Outstanding Balance		227,305			227,305	158,653
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Debt
Maximum Amount		250,000			250,000
Loans Held for Investment
Debt
Interest expense					6,037	4,941	$ 2,352
Loans Held for Investment | Interim Warehouse Facility
Debt
Maximum Amount		360,000			360,000	260,000
Outstanding Balance		173,027			173,027	161,172
Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility
Debt
Maximum Amount		85,000			85,000	75,000
Outstanding Balance		15,000			15,000	53,500
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Debt
Maximum Amount		200,000			200,000	135,000
Outstanding Balance		141,433			141,433	81,123
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility
Debt
Maximum Amount		75,000			75,000	50,000
Outstanding Balance		16,594			$ 16,594	$ 26,549
Temporary Commitment Increase Period Maturing February 16, 2016 | Agency Warehouse Facility #1, Temporary Increase | LIBOR
Debt
Basis points added to reference rate			1.75%		1.75%
National Banks | Agency Warehouse Facility
Debt
Maximum Amount		3,300,000			$ 3,300,000
Number of warehouse credit facilities | facility					4
National Banks | Interim Warehouse Facility
Debt
Maximum Amount		400,000			$ 400,000
Fannie Mae | Agency Warehouse Facility
Debt
Maximum Amount		500,000			$ 500,000
Fannie Mae | Uncommitted Agency Warehouse Facility | LIBOR
Debt
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate					1.15%	1.15%
Fannie Mae | Loans Held for Sale | Uncommitted Agency Warehouse Facility | Agency Warehouse Facility
Debt
Maximum Amount		450,000			$ 450,000	$ 475,000
Outstanding Balance		$ 212,988			$ 212,988	$ 16,057

Debt - Covenants and Terms (Det

Debt - Covenants and Terms (Detail) $ in Millions	Dec. 21, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)facility	Dec. 31, 2014	Feb. 29, 2016USD ($)	Feb. 16, 2016USD ($)	Jan. 01, 2016	Mar. 31, 2015
LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR
Agency Warehouse Facility #1
Warehouse notes payable
Maximum Amount		$ 685			$ 685			$ 425
Advances made as a percentage of the loan balance					100.00%
Minimum tangible net worth under covenant requirement		200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		$ 15			$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio					20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio					$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period					60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio					3.50%
Maximum indebtedness to tangible net worth					2.25
Maturity date		Oct. 31, 2016
Agency Warehouse Facility #1 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate		1.40%			1.40%	1.50%
Agency Warehouse Facility #1, Base
Warehouse notes payable
Maximum Amount		$ 425			$ 425
Agency Warehouse Facility #1, Base | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR
Basis points added to reference rate					1.40%
Agency Warehouse Facility #1, Temporary Increase
Warehouse notes payable
Maximum Amount		260	$ 260		$ 260
Maturity date			Feb. 16, 2016
Agency Warehouse Facility #1, Temporary Increase | Temporary Commitment Increase Period Maturing February 16, 2016 | LIBOR
Warehouse notes payable
Basis points added to reference rate			1.75%		1.75%
Agency Warehouse Facility #2
Warehouse notes payable
Maximum Amount		1,900			$ 1,900		$ 650
Advances made as a percentage of the loan balance					100.00%
Minimum tangible net worth under covenant requirement		200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		$ 15			$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio					20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio					$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period					60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio					3.50%
Maturity date					Jun. 22, 2016
Agency Warehouse Facility #2 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate		1.40%			1.40%	1.50%
Agency Warehouse Facility #2, Base
Warehouse notes payable
Maximum Amount		$ 650			$ 650
Agency Warehouse Facility #2, Temporary Increase
Warehouse notes payable
Maximum Amount		1,300			1,300
Agency Warehouse Facility #2, Temporary Increase | Temporary Commitment Increase Period Maturing February 29, 2016
Warehouse notes payable
Maximum Amount		1,300			1,300
Agency Warehouse Facility #3
Warehouse notes payable
Maximum Amount		490		$ 240	$ 490		$ 240
Advances made as a percentage of the loan balance					100.00%
Minimum tangible net worth under covenant requirement		200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		15			$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio					20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio					$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period					60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio					3.50%
Maximum indebtedness to tangible net worth					2.25
Maturity date				Apr. 30, 2016
Agency Warehouse Facility #3 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate					1.40%	1.40%
Agency Warehouse Facility #3, Base
Warehouse notes payable
Maximum Amount		240			$ 240
Agency Warehouse Facility #3, Temporary Increase
Warehouse notes payable
Maximum Amount		$ 250			250
Maturity date		Feb. 29, 2016
Agency Warehouse Facility #4
Warehouse notes payable
Maximum Amount	$ 250
Minimum tangible net worth under covenant requirement		$ 200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		15			$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio					20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio					$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period					60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio					3.50%
Maturity date	Dec. 20, 2016
Agency Warehouse Facility #4 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit	30-day LIBOR				30-day LIBOR
Basis points added to reference rate	1.40%				1.40%
Uncommitted Agency Warehouse Facility
Warehouse notes payable
Maximum Amount		450			$ 450
Advances made as a percentage of the loan balance					99.00%
Uncommitted Agency Warehouse Facility | LIBOR
Warehouse notes payable
Basis points added to reference rate					1.15%
Uncommitted Agency Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Basis points added to reference rate					0.35%
Interim Warehouse Facility #1
Warehouse notes payable
Maximum Amount		85		$ 85	$ 85
Minimum tangible net worth under covenant requirement		200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		15			$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio					20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio					$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period					60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio					3.50%
Maximum indebtedness to tangible net worth					2.25
Mimimum rolling four-quarter EBITDA to total debt service ratio					2
Maturity date				Apr. 30, 2016	Apr. 30, 2016
Term of debt					3 years
Interim Warehouse Facility #1 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate				1.90%	1.90%	2.00%
Interim Warehouse Facility #2
Warehouse notes payable
Maximum Amount		200		$ 200	$ 200
Minimum tangible net worth under covenant requirement		200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		15			$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio					20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio					$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period					60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio					3.50%
Minimum EBITDA to be maintained under financial covenants					$ 35
Debt service coverage ratio					2.75
Maturity date				Dec. 13, 2017	Dec. 13, 2017
Term of debt					3 years
Interim Warehouse Facility #2 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Basis points added to reference rate					2.00%	2.00%
Interim Warehouse Facility #3
Warehouse notes payable
Maximum Amount		75			$ 75
Minimum tangible net worth under covenant requirement		200			$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants					75.00%
Minimum liquid asset to be maintained under financial covenants		$ 15			$ 15
Maximum indebtedness to tangible net worth					3
Debt service coverage ratio					2.75
Maturity date					May 19, 2016
Term of debt					3 years
Interim Warehouse Facility #3 | LIBOR
Warehouse notes payable
Reference rate for variable interest on the line of credit					30-day LIBOR	30-day LIBOR
Interim Warehouse Facility #3 | LIBOR | Minimum
Warehouse notes payable
Basis points added to reference rate					2.00%	2.00%
Interim Warehouse Facility #3 | LIBOR | Maximum
Warehouse notes payable
Basis points added to reference rate					2.50%	2.50%
CMBS
Warehouse notes payable
Percentage of ownership		40.00%		40.00%	40.00%				100.00%	20.00%
CMBS | Master Repurchase Agreements
Warehouse notes payable
Maximum Amount		$ 200			$ 200
Number of agreements | facility					2

Debt - Notes Payable - Terms (D

Debt - Notes Payable - Terms (Detail) $ in Millions	Dec. 20, 2013USD ($)loan	Apr. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015	Mar. 31, 2015USD ($)
Debt
Term Loan proceeds used to repay certain existing indebtedness	$ 77.5
Loss on extinguishment of debt	1.2
LIBOR
Debt
Reference rate				30-day LIBOR
Term Loan Agreement
Debt
Amount of loan agreement	175
Maximum amount of all incremental term loans	$ 60
Discount on issue of term loan (as a percent)	1.00%
Quarterly equal installments			$ 0.3		$ 0.4
Mandatory prepayment		$ 3.6
Debt instrument maturity date				Dec. 20, 2020
Minimum LIBOR rate, default terms (as a percent)				1.00%
Term Loan Agreement | Base Rate
Debt
Reference rate				federal funds rate
Basis points added to reference rate				0.50%
Term Loan Agreement | Base Rate Loans, Leverage Ratio >2.50
Debt
Basis points added to reference rate				3.50%
Term Loan Agreement | Base Rate Loans, Leverage Ratio less than or equal to 2.50
Debt
Basis points added to reference rate				3.25%
Consolidated Corporate Leverage Ratio			2.50	2.50
Term Loan Agreement | LIBOR
Debt
Reference rate				one month LIBOR
Basis points added to reference rate				1.00%
Term Loan Agreement | LIBOR, Leverage Ratio >2.50
Debt
Basis points added to reference rate				4.50%
Term Loan Agreement | LIBOR, Leverage Ratio less than or equal to 2.50
Debt
Basis points added to reference rate				4.25%
Consolidated Corporate Leverage Ratio			2.50	2.50
Term Loan Agreement | January 1, 2015 through December 31, 2015 | Base Rate
Debt
Basis points added to reference rate				3.25%
Term Loan Agreement | January 1, 2015 through December 31, 2015 | LIBOR
Debt
Basis points added to reference rate				4.25%
Minimum | Base Rate Loans, Leverage Ratio >2.50
Debt
Consolidated Corporate Leverage Ratio			2.50	2.50
Minimum | Term Loan Agreement
Debt
Consolidated corporate interest coverage ratio				2.75
Asset coverage ratio				1.50
Minimum | Term Loan Agreement | LIBOR, Leverage Ratio >2.50
Debt
Consolidated Corporate Leverage Ratio			2.50	2.50
Maximum | Closing Date through December 31, 2014
Debt
Consolidated Corporate Leverage Ratio			5	5
Maximum | January 1, 2015 through December 31, 2015
Debt
Consolidated Corporate Leverage Ratio			4.75	4.75
Maximum | January 1, 2016 to December 31, 2016
Debt
Consolidated Corporate Leverage Ratio			4.50	4.50
Maximum | January 1, 2017 and thereafter
Debt
Consolidated Corporate Leverage Ratio			4.25	4.25
Maximum | Term Loan Agreement
Debt
Number of additional term loans | loan	3

Debt - Notes Payable - Summary

Debt - Notes Payable - Summary (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 20, 2013
Debt
Unamortized debt issuance costs	$ (2,541)	$ (2,541)		$ (1,966)
Carrying balance	164,462	$ 164,462		169,095
Term Loan Agreement
Debt
Amount of loan agreement					$ 175,000
Term loan due date		Dec. 20, 2020
Quarterly equal installments	300		$ 400
Institutional Investors - $175.0 million term loan due December 20, 2020	168,431	$ 168,431		173,250
Unamortized debt discount	(1,238)	(1,238)		(1,484)
Unamortized debt issuance costs	(2,731)	(2,731)		(2,671)
Carrying balance	$ 164,462	$ 164,462		$ 169,095
Period for amounts drawn and repaid		60 days

Business Combinations - Conside

Business Combinations - Consideration Transferred (Details) - EFG $ in Millions	Apr. 21, 2015USD ($)shares
Acquisition
Percentage of assets and liabilities acquired	75.00%
Total consideration transferred	$ 13
Purchase consideration payable in cash	$ 11.1
Shares issuable under purchase consideration | shares	112,761
Common stock issued in a private placement, graded vesting period	3 years
Purchase consideration payable through issuance of shares	$ 1.9

Business Combinations - Summary

Business Combinations - Summary of Purchase Price Allocation as of Acquisition Date (Detail) - USD ($) $ in Thousands	Apr. 21, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets acquired and liabilities assumed
Goodwill		$ 90,338	$ 74,525	$ 60,212
EFG
Assets acquired and liabilities assumed
Cash	$ 250
Other assets	31
Investment sales pipeline intangible asset	1,426
Accounts payable	(64)
Noncontrolling interests	(4,339)
Goodwill	15,713
Consideration paid	13,017
Walker & Dunlop | EFG
Goodwill recognized
Goodwill, tax deductible portion	$ 11,800
Period for recognition of deductions	15 years

Business Combinations - Summa65

Business Combinations - Summary of Revenue and Earnings of Combined Entity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Supplementary pro forma information
Revenues		$ 470,566	$ 370,698
Income from operations		135,840	86,559
Walker & Dunlop net income		$ 82,347	$ 52,647
Diluted earnings per share		$ 2.65	$ 1.61
Weighted average diluted shares outstanding		31,024	32,737
Increase in tax expense		$ 100	$ 800
WDIS
Supplementary pro forma information
Total revenues	$ 2,600	9,300
Net income (loss) from operations	$ (500)	$ 1,900

Goodwill and Other Intangible66

Goodwill and Other Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill activity
Beginning balance	$ 74,525	$ 60,212
Additions from acquisitions	15,713	14,313
Retrospective adjustments	100	0
Impairment	0	0
Ending balance	$ 90,338	$ 74,525

Goodwill and Other Intangible67

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill acquired
Retrospective adjustments	$ 100	$ 0
JC Acquisition
Goodwill acquired
Business acquisition, agreement date	Sep. 25, 2014
Business acquisition date	Nov. 1, 2014
Retrospective adjustments	$ 100

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Loans held for sale	$ 2,499,111	$ 1,072,116
Pledged securities	72,190	67,719
Derivative assets	11,678	14,535
Liabilities
Derivative liabilities	1,333	4,877
Fair Value
Assets
Loans held for sale	2,499,111	1,072,116
Pledged securities	72,190	67,719
Derivative assets	11,678	14,535
Total financial assets	2,958,643	1,506,896
Liabilities
Derivative liabilities	1,333	4,877
Recurring
Assets
Loans held for sale	2,499,111	1,072,116
Pledged securities	72,190	67,719
Derivative assets	11,678	14,535
Total financial assets	2,582,979	1,154,370
Liabilities
Derivative liabilities	1,333	4,877
Total financial liabilities	1,333	4,877
Level 1 | Recurring
Assets
Pledged securities	72,190	67,719
Total financial assets	72,190	67,719
Level 2 | Recurring
Assets
Loans held for sale	2,499,111	1,072,116
Total financial assets	2,499,111	1,072,116
Level 3 | Recurring
Assets
Derivative assets	11,678	14,535
Total financial assets	11,678	14,535
Liabilities
Derivative liabilities	1,333	4,877
Total financial liabilities	$ 1,333	$ 4,877

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value Measurements
Amount of transfers between any of the levels within the fair value hierarchy	$ 0
Higher maturity term	60 days

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Roll Forward of Derivative Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative assets and liabilities, net
Beginning balance	$ 9,658	$ 19,341
Settlements	(289,779)	(231,666)
Realized gains recorded in earnings	280,121	212,325
Unrealized gains recorded in earnings	10,345	9,658
Ending balance	$ 10,345	$ 9,658

Fair Value Measurements - Sch71

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value Measurements
Derivative assets	$ 11,678	$ 14,535
Derivative liabilities	1,333	$ 4,877
Level 3 | Discounted Cash Flow | Derivative Assets
Fair Value Measurements
Derivative assets	11,678
Level 3 | Derivative Liabilities | Discounted Cash Flow
Fair Value Measurements
Derivative liabilities	$ 1,333

Fair Value Measurements - Sch72

Fair Value Measurements - Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financial assets:
Cash and cash equivalents	$ 136,988	$ 113,354	$ 170,563	$ 65,027
Restricted cash	5,306	13,854
Pledged securities	72,190	67,719
Loans held for sale	2,499,111	1,072,116
Loans held for investment, net	231,493	223,059
Derivative assets	11,678	14,535
Financial liabilities:
Derivative liabilities	1,333	4,877
Warehouse notes payable	2,649,470	1,214,279
Note payable	164,462	169,095
Carrying Amount
Financial assets:
Cash and cash equivalents	136,988	113,354
Restricted cash	5,306	13,854
Pledged securities	72,190	67,719
Loans held for sale	2,499,111	1,072,116
Loans held for investment, net	231,493	223,059
Derivative assets	11,678	14,535
Total financial assets	2,956,766	1,504,637
Financial liabilities:
Derivative liabilities	1,333	4,877
Warehouse notes payable	2,649,470	1,214,279
Note payable	164,462	169,095
Total financial liabilities	2,815,265	1,388,251
Fair Value
Financial assets:
Cash and cash equivalents	136,988	113,354
Restricted cash	5,306	13,854
Pledged securities	72,190	67,719
Loans held for sale	2,499,111	1,072,116
Loans held for investment, net	233,370	225,318
Derivative assets	11,678	14,535
Total financial assets	2,958,643	1,506,896
Financial liabilities:
Derivative liabilities	1,333	4,877
Warehouse notes payable	2,652,011	1,216,245
Note payable	168,431	173,250
Total financial liabilities	$ 2,821,775	$ 1,394,372

Fair Value Measurements - Gener

Fair Value Measurements - General information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Loans Held for Sale
Other information
Period of originated loans within which they are transferred or sold	60 days
Maximum | Pledged securities
Other information
Term Of Maturity Of Investments	90 days
Maximum | Loans Held for Investment
Other information
Investment period for loans held for investment	3 years
Level 3 | Loans Held for Investment
Other information
Credit Adjustments to Loans Held for investment	$ 0	$ 0

Fair Value Measurements - Sch74

Fair Value Measurements - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative notional amount and balance sheet location
Assumed Gain on Sale	$ 29,575	$ 25,091
Total Fair Value Adjustment	29,575	25,091
Derivative assets	11,678	14,535
Derivative Liabilities	(1,333)	(4,877)
Fair Value Adjustment To Loans Held for Sale	19,231	15,433
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	2,479,880	1,056,683
Assumed Gain on Sale	20,108	13,812
Interest Rate Movement Effect	(877)	1,621
Total Fair Value Adjustment	19,231	15,433
Fair Value Adjustment To Loans Held for Sale	19,231	15,433
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	267,710	472,558
Assumed Gain on Sale	9,467	11,279
Interest Rate Movement Effect	(1,494)	273
Total Fair Value Adjustment	7,973	11,552
Derivative assets	7,973	11,552
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	2,747,590	1,529,241
Interest Rate Movement Effect	2,371	(1,894)
Total Fair Value Adjustment	2,371	(1,894)
Derivative assets	3,705	2,983
Derivative Liabilities	$ (1,333)	$ (4,877)

Litigation, Commitments, and 75

Litigation, Commitments, and Contingencies - Commitments (Detail) - DUS Risk-Sharing Obligations - Fannie Mae DUS Program $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
Amount of additional capital required to be funded over the next 48 months	$ 46.4
Net worth requirement	111
Net worth	454.9
Minimum liquid assets to be maintained to meet operational liquidity requirements	21.3
Operational liquidity	$ 149.8
New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage (as a percent)	75.00%
Period of funding for collateral requirement	48 months
New Tier 2 loans | Money Market Funds Holding US Treasuries
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5.00%

Litigation, Commitments, and 76

Litigation, Commitments, and Contingencies - Other Commitments (Detail) - Preferred Equity Investments	12 Months Ended
	Dec. 31, 2015USD ($)
Other Commitments
Investment commitments	$ 42,800,000
Investment commitment, funded	$ 0
Minimum
Other Commitments
Commitment funding period (in months)	18 months
Maximum
Other Commitments
Commitment funding period (in months)	36 months

Litigation, Commitments, and 77

Litigation, Commitments, and Contingencies - Litigation (Detail) $ in Millions	Jan. 31, 2014USD ($)	Apr. 30, 2013item	Feb. 17, 2010USD ($)claim	Jul. 31, 2013USD ($)claim	Nov. 30, 2011item	Dec. 31, 2015USD ($)
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount awarded by jury to Capital Funding	$ 1.8
Unjust enrichment judgment amount	$ 10.4
Capital Funding Litigation
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Number of claims asserted against all defendants | claim			3
Maximum liability						$ 3
Counts of breach of contract filed for summary judgment by defendants | item					2
Counts of promissory estoppel filed for summary judgment by defendants | item					2
Counts of unjust enrichment filed for summary judgment by defendants | item					2
Counts of unfair competition filed for summary judgment by defendants | item					2
Counts of unjust enrichment for which Court issued Opinion and Order which granted the motion | item		1
Period of jury trial				14 days
Number of claims not dismissed | claim				2
Capital Funding Litigation | Minimum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount of damages sought by plaintiff			$ 30
Amount agreed to be paid by William Walker and Mallory Walker to Column						3
Capital Funding Litigation | Maximum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount up to which the entity will be indemnifying Column						3
Amount agreed to be paid by William Walker and Mallory Walker to Column						6
Capital Funding Litigation | All Defendants
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount awarded by jury to Capital Funding				$ 1.8
Capital Funding Litigation | Credit Suisse
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount awarded by jury to Capital Funding				$ 10.4
CA Funds Group Litigation
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount of damages sought by plaintiff						5.1
Amount raised in separate account						380
CA Funds Group Litigation | Maximum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Floating rate loan amount						$ 25
Minimum floating rate loan period under bridge program						3 years

Litigation, Commitments, and 78

Litigation, Commitments, and Contingencies - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Rent expense	$ 5,943	$ 5,077	$ 6,072
Minimum cash basis operating lease commitments
2,016	4,818
2,017	4,597
2,018	4,296
2,019	3,861
2,020	3,455
Thereafter	8,392
Total	$ 29,419

Share-Based Payment - Plan Info

Share-Based Payment - Plan Information (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock options
Share-Based Payment
Expiration period		10 years
Vesting period		3 years
Stock options | Officers And Employees
Share-Based Payment
Vesting period		3 years
Restricted Shares
Share-Based Payment
Granted (in shares)		945,826
Forfeited (in shares)		25,353
Restricted Shares | Officers And Employees
Share-Based Payment
Vesting period		3 years
Restricted Shares | Non-Employee Directors
Share-Based Payment
Vesting period		1 year
RSUs | 2013 PSP
Share-Based Payment
Vesting period		3 years
RSUs | Officers And Employees | PSP
Share-Based Payment
Expiration period		3 years	3 years	3 years
Granted (in shares)		0	400,000	300,000
RSUs | Officers And Employees | 2013 PSP
Share-Based Payment
Forfeited (in shares)	300,000
2015 Equity Incentive Plan
Share-Based Payment
Additional shares registered under plan		3,000,000
Number of shares of stock authorized for issuance		8,500,000
Number of shares remaining available for grant		3,600,000
2015 Equity Incentive Plan | Stock options | Executive Officers
Share-Based Payment
Expiration period		10 years	10 years	10 years
Vesting period		3 years	3 years	3 years
2015 Equity Incentive Plan | Restricted Shares | Officers And Employees
Share-Based Payment
Vesting period		3 years
2015 Equity Incentive Plan | Restricted Shares | Non-Employee Directors
Share-Based Payment
Vesting period		1 year

Share-Based Payment - Plan Acti

Share-Based Payment - Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Options
Outstanding at beginning of period (in shares)	1,067,995
Granted (in shares)	253,178
Exercised (in shares)	(204,821)
Forfeited (in shares)	(10,000)
Outstanding at end of period (in shares)	1,106,352	1,067,995
Exercisable at end of period (in shares)	532,362
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 15.70
Granted (in dollars per share)	16.72
Exercised (in dollars per share)	26.62
Forfeited (in dollars per share)	13.05
Outstanding at end of period (in dollars per share)	16.30	$ 15.70
Exercisable at end of period (in dollars per share)	$ 15.44
Weighted-Average Remaining Contract Life (Years)
Outstanding at end of period (in years)	7 years 7 months 6 days
Exercisable at end of period (in years)	6 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding at end of period (in dollars)	$ 13,844
Exercisable at end of period (in dollars)	$ 7,120
Restricted Shares
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	866,378
Granted (in shares)	945,826
Vested (in shares)	(474,077)
Forfeited (in shares)	(25,353)
Nonvested at end of period (in shares)	1,312,774	866,378
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 16.31
Granted (in dollars per share)	21.03	$ 16.60	$ 18.40
Vested (in dollars per share)	15.49
Forfeited (in dollars per share)	17.31
Nonvested at end of period (in dollars per share)	$ 19.99	$ 16.31

Share-Based Payment - Fair Valu

Share-Based Payment - Fair Value Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair value assumptions, Black-Scholes
Weighted average grant date fair value per share of options granted	$ 5.90	$ 6.35	$ 6.13
Other information
Intrinsic value, (in dollars)	$ 2.6	$ 0.1	$ 0.3
Restricted Shares
Other information
Granted (in dollars per share)	$ 21.03	$ 16.60	$ 18.40
Fair value, vested shares (in dollars)	$ 9.6	$ 6.2	$ 9.1
Stock options
Fair value assumptions, Black-Scholes
Estimated option life	6 years	6 years	6 years
Risk free interest rate	1.68%	1.86%	1.01%
Expected volatility	33.48%	35.35%	33.58%
Expected dividend rate	0.00%	0.00%	0.00%

Share-Based Payment - Compensat

Share-Based Payment - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation costs
Share-based compensation	$ 14,084	$ 9,994	$ 9,194
Excess tax benefit (expense)	1,410	$ (38)	$ 1,257
Unrecognized compensation, outstanding awards	$ 19,100
Unrecognized compensation cost, period for recognition	3 years 3 months 18 days

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Weighted Average Shares and Share Equivalents that are Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings per share
Weighted average number of shares outstanding used to calculate basic earnings per share	29,754	32,210	33,764
Dilutive securities
Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share	30,949	32,624	34,336
Restricted Shares
Dilutive securities
Dilutive securities	952
Stock options
Dilutive securities
Dilutive securities	243	414	572

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive securities (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock options
Antidilutive Securities
Shares outstanding excluded from computation of earnings per share		611	82
Restricted Shares
Antidilutive Securities
Shares outstanding excluded from computation of earnings per share	14

Earnings Per Share - Restricted

Earnings Per Share - Restricted Stock Awards and Share Repurchases (Detail) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)$ / sharesshares	Mar. 31, 2014USD ($)stockholder$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Repurchases of common stock
Repurchase and retirement of common stock | $				$ 50,261	$ 37,593	$ 3,025
Restricted Shares
Repurchases of common stock
Repurchased and retired shares | shares				0.2	0.1	0.2
Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares				$ 20.11	$ 15.53	$ 17.64
Common shares
Repurchases of common stock
Repurchased and retired shares | shares		3	2.5
Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares			$ 14.50
Number of stockholders participating in a share repurchase and retirement transaction | stockholder			1
Price paid per share for repurchased common stock | $ / shares		$ 15.60
Repurchase and retirement of common stock | $		$ 46,800	$ 35,500
Repurchase authorization | $	$ 75,000
Share repurchase program, period for repurchases	12 months

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current
Federal	$ 29,117	$ 19,309	$ 5,144
State	5,325	2,959	645
Total	34,442	22,268	5,789
Deferred
Federal	14,571	8,862	15,868
State	2,348	1,398	2,343
Total	16,919	10,260	18,211
Items charged or credited directly to stockholders' equity
Federal	1,218	(33)	1,091
State	192	(5)	166
Total	1,410	(38)	1,257
Income tax expense	$ 52,771	$ 32,490	$ 25,257

Income Taxes - Statutory Reconc

Income Taxes - Statutory Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statutory rate
Statutory tax rate (as a percentage)	35.00%	35.00%	35.00%
Reconciliation
Statutory federal expense (35%)	$ 47,378	$ 29,369	$ 23,376
Statutory state income tax expense, net of federal tax benefit	4,611	2,805	2,195
Other	782	316	(314)
Income tax expense	$ 52,771	$ 32,490	$ 25,257

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets:
Compensation related	$ 12,273	$ 9,009
Credit losses	1,994	1,670
Acquisition related	1,929	4,347
Other	1,270	1,083
Total deferred tax assets	17,466	16,109
Deferred Tax Liabilities:
Mark-to-market of derivatives and loans held for sale	(9,745)	(8,059)
Mortgage servicing rights related	(107,166)	(90,359)
Depreciation	(1,980)	(2,197)
Total deferred tax liabilities	(118,891)	(100,615)
Deferred tax liabilities, net	$ (101,425)	$ (84,506)

Income Taxes - Tax Uncertaintie

Income Taxes - Tax Uncertainties (Details)	Dec. 31, 2015USD ($)
Tax Uncertainties
Tax positions for which it is reasonably possible the unrecognized obligation will significantly increase or decrease over the next 12 months	$ 0

Segments - Concentration of Ris

Segments - Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2015
Segments
Maximum borrower/key principal exposure (as a percent)	3.00%

Segments - Product Concentratio

Segments - Product Concentration (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Product concentration
Unpaid principal balance of loans	$ 50,212,264	$ 47,794,561	$ 47,713,739	$ 46,066,660	$ 44,031,890	$ 41,219,196	$ 39,793,733	$ 38,908,865	$ 38,937,027
Fannie Mae DUS program
Product concentration
Unpaid principal balance of loans	22,915,088				20,521,425				19,352,880
Freddie Mac
Product concentration
Unpaid principal balance of loans	17,810,007				12,916,705				10,271,732
Ginnie Mae-HUD
Product concentration
Unpaid principal balance of loans	5,657,809				5,828,981				5,044,193
Life insurance companies and other
Product concentration
Unpaid principal balance of loans	$ 3,829,360				$ 4,764,779				$ 4,268,222

Segments - Geographic Concentra

Segments - Geographic Concentration (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	100.00%	100.00%	100.00%
California
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	16.10%	14.90%	17.10%
Florida
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	8.40%	8.50%	8.20%
Texas
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	7.90%	7.50%	7.10%
Maryland
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	3.60%	6.10%	8.10%
Virginia
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	4.70%	5.20%	5.70%
All other states
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	59.30%	57.80%	53.80%
Maximum
Geographic concentration
Threshold percentage, unpaid principal balance and related servicing revenues by geographical area	5.00%

Other Operating Expenses (Detai

Other Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OTHER OPERATING EXPENSES
Professional fees	$ 10,936	$ 11,117	$ 11,997
Travel and entertainment	6,461	4,267	4,442
Rent	5,943	5,077	6,072
Marketing and preferred broker	4,599	3,693	3,873
Office expenses	4,103	3,537	3,676
All other	6,465	7,140	7,505
Total	$ 38,507	$ 34,831	$ 37,565

Quarterly Results (Unaudited)94

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unaudited selected financial data and operating information
Gains from mortgage banking activities	$ 76,986	$ 70,810	$ 69,950	$ 72,720	$ 71,876	$ 63,280	$ 52,241	$ 34,586	$ 290,466	$ 221,983	$ 203,671
Servicing fees	30,530	29,328	28,058	26,841	26,073	25,036	23,962	23,343	114,757	98,414	90,215
Total revenues	121,365	120,786	113,926	112,121	112,598	98,055	85,286	64,833	468,198	360,772	319,039
Personnel	49,224	49,328	45,993	40,045	48,867	41,919	34,053	24,535	184,590	149,374	133,667
Amortization and depreciation	24,385	25,644	23,470	24,674	22,764	19,818	19,097	18,459	98,173	80,138	75,955
Total expenses	87,493	87,340	81,284	76,715	86,021	73,561	64,355	52,923	332,832	276,860	252,252
Operating income	33,872	33,446	32,642	35,406	26,577	24,494	20,931	11,910	135,366	83,912	66,787
Walker & Dunlop net income	$ 20,411	$ 20,251	$ 20,153	$ 21,313	$ 16,251	$ 15,113	$ 12,914	$ 7,144	$ 82,128	$ 51,422	$ 41,530
Diluted earnings per share	$ 0.67	$ 0.66	$ 0.67	$ 0.66	$ 0.50	$ 0.47	$ 0.40	$ 0.21	$ 2.65	$ 1.58	$ 1.21
Total originations	$ 4,686,283	$ 4,936,762	$ 3,787,305	$ 4,348,398	$ 4,275,451	$ 3,124,265	$ 2,385,414	$ 1,582,576
Servicing portfolio	$ 50,212,264	$ 47,794,561	$ 47,713,739	$ 46,066,660	$ 44,031,890	$ 41,219,196	$ 39,793,733	$ 38,908,865	$ 50,212,264	$ 44,031,890	$ 38,937,027