Walker & Dunlop (WD) 10-K 26 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	001-35000
Entity Registrant Name	Walker & Dunlop, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0629925
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, Address Line Two	Suite 1200E
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	215-5500
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	WD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,948,270
Entity Public Float			$ 1
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001497770
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 120,685	$ 90,058
Restricted cash	8,677	20,821
Pledged securities, at fair value	121,767	116,331
Loans held for sale, at fair value	787,035	1,074,348
Loans held for investment, net	543,542	497,291
Mortgage servicing rights	718,799	670,146
Goodwill and other intangible assets	182,959	177,093
Derivative assets	15,568	35,536
Receivables, net	52,146	50,419
Other assets	124,021	50,014
Total assets	2,675,199	2,782,057
Liabilities
Warehouse notes payable	906,128	1,161,382
Note payable	293,964	296,010
Guaranty obligation, net of accumulated amortization	54,695	46,870
Allowance for risk-sharing obligations	11,471	4,622
Deferred tax liabilities, net	146,811	125,542
Derivative liabilities	36	32,697
Performance deposits from borrowers	7,996	20,335
Other liabilities	211,813	187,407
Total liabilities	1,632,914	1,874,865
Equity
Preferred shares, authorized 50,000; none issued.
Common stock, $0.01 par value. Authorized 200,000; issued and outstanding 30,035 shares at December 31, 2019 and 29,497 shares at December 31, 2018	300	295
Additional paid-in capital ("APIC")	237,877	235,152
Accumulated other comprehensive income (loss) ("AOCI")	737	(75)
Retained earnings	796,775	666,752
Total stockholders' equity	1,035,689	902,124
Noncontrolling interests	6,596	5,068
Total equity	1,042,285	907,192
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 2,675,199	$ 2,782,057

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
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	30,035	29,497
Common stock, outstanding	30,035	29,497

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Loan origination and debt brokerage fees, net	$ 258,471	$ 234,681	$ 245,484
Fair value of expected net cash flows from servicing, net	180,766	172,401	193,886
Servicing fees	214,550	200,230	176,352
Escrow earnings and other interest income	56,835	42,985	20,396
Other revenues	80,898	60,918	51,272
Total revenues	817,219	725,246	711,857
Expenses
Personnel	346,168	297,303	289,277
Amortization and depreciation	152,472	142,134	131,246
Provision (benefit) for credit losses	7,273	808	(243)
Interest expense on corporate debt	14,359	10,130	9,745
Other operating costs	66,596	62,021	48,171
Total expenses	586,868	512,396	478,196
Income from operations	230,351	212,850	233,661
Income tax expense	57,121	51,908	21,827
Net income before noncontrolling interests	173,230	160,942	211,834
Less: net income (loss) from noncontrolling interests	(143)	(497)	707
Walker and Dunlop net income	173,373	161,439	211,127
Other comprehensive income (loss), net of tax:
Net change in unrealized gains and losses on pledged available-for-sale securities	812	(168)	(14)
Walker and Dunlop comprehensive income	$ 174,185	$ 161,271	$ 211,113
Basic earnings per share (NOTE 11)	$ 5.61	$ 5.15	$ 6.72
Diluted earnings per share (NOTE 11)	$ 5.45	$ 4.96	$ 6.47
Basic weighted average shares outstanding	29,913	30,202	30,176
Diluted weighted average shares outstanding	30,815	31,384	31,386
Loans Held for Sale
Revenues
Net warehouse interest income	$ 1,917	$ 5,993	$ 15,077
Loans Held for Investment
Revenues
Net warehouse interest income	$ 23,782	$ 8,038	$ 9,390

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	APIC	AOCI	Retained Earnings	Noncontrolling Interests	Total
Balances at the beginning of the period at Dec. 31, 2016	$ 296	$ 228,782	$ 107	$ 381,031	$ 4,858	$ 615,074
Balance at the beginning of the period (in shares) at Dec. 31, 2016	29,551
Change in Stockholders' Equity
Walker and Dunlop net income				211,127		211,127
Net income (loss) from noncontrolling interests					707	707
Other comprehensive income (loss), net of tax			(14)			(14)
Stock-based compensation - equity classified		19,973				19,973
Issuance of common stock in connection with equity compensation plans	$ 12	3,001				3,013
Issuance of common stock in connection with equity compensation plans (in shares)	1,272
Repurchase and retirement of common stock	$ (8)	(22,676)		(12,215)		(34,899)
Repurchase and retirement of common stock (in shares)	(807)
Balances at the end of the period at Dec. 31, 2017	$ 300	229,080	93	579,943	5,565	814,981
Balance at the end of the period (in shares) at Dec. 31, 2017	30,016
Change in Stockholders' Equity
Walker and Dunlop net income				161,439		161,439
Net income (loss) from noncontrolling interests					(497)	(497)
Other comprehensive income (loss), net of tax			(168)			(168)
Stock-based compensation - equity classified		22,765				22,765
Issuance of common stock in connection with equity compensation plans	$ 10	8,939				8,949
Issuance of common stock in connection with equity compensation plans (in shares)	958
Repurchase and retirement of common stock	$ (15)	(25,632)		(43,185)		(68,832)
Repurchase and retirement of common stock (in shares)	(1,477)
Cash dividends paid				(31,445)		(31,445)
Balances at the end of the period at Dec. 31, 2018	$ 295	235,152	(75)	666,752	5,068	$ 907,192
Balance at the end of the period (in shares) at Dec. 31, 2018	29,497					29,497
Change in Stockholders' Equity
Walker and Dunlop net income				173,373		$ 173,373
Net income (loss) from noncontrolling interests					(143)	(143)
Contributions from noncontrolling interests					1,671	1,671
Other comprehensive income (loss), net of tax			812			812
Stock-based compensation - equity classified		22,819				22,819
Issuance of common stock in connection with equity compensation plans	$ 11	5,500				5,511
Issuance of common stock in connection with equity compensation plans (in shares)	1,118
Repurchase and retirement of common stock	$ (6)	(25,594)		(5,076)		(30,676)
Repurchase and retirement of common stock (in shares)	(580)
Cash dividends paid				(37,272)		(37,272)
Balances at the end of the period at Dec. 31, 2019	$ 300	$ 237,877	$ 737	796,775	$ 6,596	$ 1,042,285
Balance at the end of the period (in shares) at Dec. 31, 2019	30,035					30,035
Change in Stockholders' Equity
Cumulative-effect adjustment for adoption of ASU 2016-02, net of tax				$ (1,002)		$ (1,002)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1.20	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income before noncontrolling interests	$ 173,230	$ 160,942	$ 211,834
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	(180,766)	(172,401)	(193,886)
Change in the fair value of premiums and origination fees	6,041	(5,037)	5,781
Amortization and depreciation	152,472	142,134	131,246
Stock compensation-equity and liability classified	24,075	23,959	21,134
Provision (benefit) for credit losses	7,273	808	(243)
Deferred tax expense (benefit)	22,012	17,483	(30,961)
Originations of loans held for sale	(15,746,949)	(15,153,003)	(17,018,424)
Sales of loans to third parties	16,007,910	15,050,932	17,937,915
Amortization of deferred loan fees and costs	(6,587)	(1,742)	(2,298)
Amortization of debt issuance costs and debt discount	5,451	7,509	4,886
Origination fees received from loans held for investment	2,553	3,968	1,109
Cash paid for cloud computing implementation costs	(6,194)
Changes in:
Receivables, net	(2,298)	(4,532)	(12,234)
Other assets	(20,924)	(6,861)	(7,064)
Other liabilities	2,601	(13,957)	22,866
Performance deposits from borrowers	(12,339)	13,874	(4,019)
Net cash provided by (used in) operating activities	427,561	64,076	1,067,642
Cash flows from investing activities
Capital expenditures	(4,711)	(4,722)	(5,207)
Purchase of equity-method investments	(923)
Proceeds from the sale of equity-method investments		4,993
Purchase of pledged available-for-sale ("AFS") securities	(30,611)	(98,442)	(6,966)
Proceeds from prepayment of pledged debt AFS securities	22,756
Funding of preferred equity investments		(41,100)	(16,884)
Proceeds from the payoff of preferred equity investments		82,819
Distributions from (investments in) joint ventures, net	(15,944)	(4,137)	(6,342)
Acquisitions, net of cash received	(7,180)	(53,249)	(15,000)
Purchase of mortgage servicing rights		(1,814)	(7,781)
Originations of loans held for investment	(362,924)	(597,889)	(183,916)
Principal collected on loans held for investment upon payoff	319,832	161,303	219,516
Sales of loans held for investment			119,750
Net cash provided by (used in) investing activities	(79,705)	(552,238)	97,170
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	(367,864)	139,298	(955,040)
Borrowings of interim warehouse notes payable	179,765	145,043	140,341
Repayments of interim warehouse notes payable	(67,871)	(61,050)	(237,912)
Repayments of note payable	(2,250)	(166,223)	(1,104)
Borrowings of note payable		298,500
Secured borrowings		70,052
Proceeds from issuance of common stock	5,511	8,949	3,013
Repurchase of common stock	(30,676)	(68,832)	(34,899)
Cash dividends paid	(37,272)	(31,445)
Payment of contingent consideration	(6,450)	(5,150)
Debt issuance costs	(4,531)	(7,312)	(3,890)
Net cash provided by (used in) financing activities	(331,638)	321,830	(1,089,491)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	16,218	(166,332)	75,321
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	120,348	286,680	211,359
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	136,566	120,348	286,680
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	63,564	56,430	56,267
Cash paid for income taxes	$ 39,908	$ 45,728	$ 45,524

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2019
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 the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides property sales brokerage services with a focus on multifamily, and engages in commercial real estate investment management activities. Through its mortgage bankers and property sales brokers, the Company offers its customers agency lending, debt brokerage, and principal lending and investing products and multifamily property sales services. Through its agency lending products, the Company originates and sells loans pursuant to the programs of the Federal National Mortgage Association (“Fannie Mae”), 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”). Through its debt brokerage products, the Company brokers, and in some cases services, loans for various life insurance companies, commercial banks, commercial mortgage backed securities issuers, and other institutional investors, in which cases the Company does not fund the loan. The Company also provides a variety of commercial real estate debt and equity solutions through its principal lending and investing products, including interim loans, preferred equity, and joint venture (“JV”) equity on commercial real estate properties. Interim loans on multifamily properties are offered (i) through the Company and recorded on the Company’s balance sheet (the “Interim Program”) and (ii) through a joint venture with an affiliate of Blackstone Mortgage Trust, Inc., in which the Company holds a 15% ownership interest (the “Interim Program JV”). Interim loans on all commercial real estate property types are also offered through separate accounts managed by the Company’s subsidiary, JCR Capital Investment Corporation (“JCR”). Preferred equity and JV equity on commercial real estate properties are offered through funds managed by JCR. The Company brokers the sale of multifamily properties through its majority-owned subsidiary, Walker & Dunlop Investment Sales (“WDIS”). In some cases, the Company also provides the debt financing for the property sale. During the second quarter of 2019, the Company formed a joint venture with an international technology services company to offer automated multifamily appraisal services (“Appraisal JV”). The Company owns a 50% interest in the Appraisal JV and accounts for the interest as an equity-method investment. The operations of the Appraisal JV for the year ended December 31, 2019 and the Company’s investment in the Appraisal JV as of December 31, 2019 were immaterial.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —The condensed consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests in the balance sheet and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income from noncontrolling interests in the income statement. Subsequent Events —The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2019. There have been no material events that would require recognition in the consolidated financial statements. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2019. No other material subsequent events have occurred that would require disclosure. 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, capitalized mortgage servicing rights, derivative instruments, and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates. Transfers of Financial Assets— Transfers of financial assets are reported as sales 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 determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales. Derivative Assets and Liabilities —Certain loan commitments and forward sales commitments meet the definition of a derivative asset and are recorded at fair value in the Consolidated Balance Sheets upon the executions of the commitment to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue in the Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on anticipated sale of the loan, net of co-broker fees (included in Derivative assets in the Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Consolidated Income Statements), (ii) 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 (included in Derivative assets in the Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), and (iii) the effects of interest rate movements between the trade date and balance sheet date. 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 Loan origination and debt brokerage fees, net in the Consolidated Statements of Income. The co-broker fees for the years ended December 31, 2019, 2018, and 2017 were $20.6 million, $22.8 million and $19.3 million, respectively. The fair value of expected guaranty obligation recognized at commitment for the years ended December 31, 2019, 2018, and 2017 were $16.3 million, $16.0 million and $13.8 million, respectively. In 2019, the Company presents two components of its revenue as Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net. Previously, the Company presented these two lines as one line item called Gains from mortgage banking activities and disclosed the breakout of Gains from mortgage banking activities in a footnote to the consolidated financial statements. The footnote disclosure is no longer considered necessary as the breakout is provided on the face of the Consolidated Statements of Income. All prior periods have been adjusted to conform to the current-year presentation. Mortgage Servicing Rights —When a loan is sold, the Company retains the right to service the loan and initially recognizes an individual originated mortgage servicing right (“OMSR”) for the loan sold at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected net cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized OMSRs: 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 and varied based on loan type. Estimated Life —The estimated life of the OMSRs is derived based upon the stated term of the prepayment protection provisions of the underlying loan and may be reduced by 6 to 12 months based upon the expiration or reduction of the prepayment and/or lockout provisions prior to that stated maturity date. The Company’s model for OMSRs assumes no prepayment while the prepayment provisions have not expired and full prepayment of the loan at or near the point where the prepayment provisions have expired. 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. Escrow Earnings —The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the OMSR is added to the estimated future cash flows. Servicing Cost —The estimated future cost to service the loan for the estimated life of the OMSR is subtracted from the estimated future cash flows. The assumptions used to estimate the fair value of OMSRs at loan sale are based on internal models and are compared to assumptions used by other market participants periodically. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly. Subsequent to the initial measurement date, OMSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level OMSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The Company tests for impairment on purchased stand-alone servicing portfolios (“PMSRs”) separately from the Company’s OMSRs. OMSRs and PMSRs are tested for impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis. The fair value of PMSRs is equal to the purchase price paid. For PMSRs, the Company records a portfolio-level MSR asset and determines the estimated life of the portfolio based on the prepayment characteristics of the portfolio. The Company subsequently amortizes such PMSRs and tests for impairment quarterly as discussed in more detail above. For PMSRs, a constant rate of prepayments and defaults is included in the determination of the portfolio’s estimated life (and thus included as a component of the portfolio’s amortization). Accordingly, prepayments and defaults of individual loans do not change the level of amortization expense recorded for the portfolio unless the pattern of actual prepayments and defaults varies significantly from the estimated pattern. When such a significant difference in the pattern of estimated and actual prepayments and defaults occurs, the Company prospectively adjusts the estimated life of the portfolio (and thus future amortization) to approximate the actual pattern observed. The Company has not made any adjustments to the estimated life of any PMSRs. Guaranty Obligation and Allowance for Risk-sharing Obligations— When a loan is sold under the Fannie Mae Delegated Underwriting and Servicing TM (“DUS”) program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as Guaranty obligation, net of accumulated amortization on the Consolidated Balance Sheets. 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 underlying multifamily collateral for 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 discounted using a rate consistent with what is used for the calculation of the OMSR 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 as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income, 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 monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default. The Company’s process for identifying which risk-sharing loans may be probable of loss consists of an assessment of several qualitative and quantitative factors including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio, and property condition. 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 (benefit) for credit losses in the Consolidated Statements of Income, along with a write-off of the associated loan-specific OMSR. 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. The estimate of property fair value at initial recognition of the allowance for risk-sharing obligations is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan. The Company regularly monitors the specific reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of default is generally 20% of the origination unpaid principal balance of the loan. 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 the Company’s 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 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. For each loan for which it has a risk-sharing obligation, the Company records one of the following liabilities associated with that loan as discussed above: guaranty obligation, general reserve, or specific reserve. Although the liability type may change over the life of the loan, at any particular point in time, only one such liability is associated with a loan for which the Company has a risk-sharing obligation. The total of the specific reserves and general reserves is presented as Allowance for risk-sharing obligations in the Consolidated Balance Sheets. Loans Held for Investment, net — Loans held for investment are multifamily loans originated by the Company through the Interim Program for properties that currently do not qualify for permanent GSE or HUD (collectively, the “Agencies”) financing. These loans have terms of up to three years and are all interest-only, multifamily loans with similar risk characteristics and no geographic concentration. 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 level-yield amortization of net deferred fees and costs, and is recognized as revenue when earned and deemed collectible. During the third quarter of 2018, the Company transferred a portfolio of participating interests in loans held for investment to a third party that is scheduled to mature in the third quarter of 2021. The Company accounted for the transfer as a secured borrowing. The aggregate unpaid principal balance of the loans of $78.3 million is presented as a component of Loans held for investment, net in the Consolidated Balance Sheets as of December 31, 2019, and the secured borrowing of $70.5 million is included within Other liabilities in the Consolidated Balance Sheets as of December 31, 2019. The Company does not have credit risk related to the $70.5 million of loans that were transferred. As of December 31, 2019, Loans held for investment, net consisted of 22 loans with an aggregate $546.6 million of unpaid principal balance less $2.0 million of net unamortized deferred fees and costs and $1.1 million of allowance for loan losses. As of December 31, 2018, Loans held for investment, net consisted of 14 loans with an aggregate $503.5 million of unpaid principal balance less $6.0 million of net unamortized deferred fees and costs and $0.2 million of allowance for loan losses. Included within the Loans held for investment, net balance as of December 31, 2019 and December 31, 2018 is a participation in a subordinated note with a large institutional investor in multifamily loans that was fully funded with corporate cash. The unpaid principal balance of the participation was $7.8 million as of December 31, 2019 and $150.0 million as of December 31, 2018. The allowance for loan losses is the Company’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The allowance for loan losses is estimated collectively for loans with similar characteristics and for which there is no evidence of impairment. The collective allowance is based on recent historical loss probability and historical loss rates incurred in our risk-sharing portfolio, because the nature of the underlying collateral is the same adjusted as needed for current market conditions. The Company uses the loss experience from its risk-sharing portfolio as a proxy for losses incurred in its loans held for investment portfolio since (i) the Company has not experienced any charge offs related to its loans held for investment to date and (ii) the loans in the loans-held-for-investment portfolio have similar characteristics to loans held in the risk-sharing portfolio. One loan held for investment with an unpaid principal balance of $14.7 million was delinquent, impaired , and on non-accrual status as of December 31, 2019. The Company expects to complete a restructuring of the loan later in 2020. In connection with the restructuring, the Company expects to lose an immaterial amount of default interest under the terms of the loan. None of the loans held for investment was delinquent , impaired , or on non-accrual status as of December 31, 2018. Prior to 2019, the Company had not experienced any delinquencies related to loans held for investment. The Company has never charged off any loan held for investment. The allowance for loan losses recorded as of December 31, 2019 consisted primarily of the specific reserve on the impaired loan, while the allowance for loan losses as of December 31, 2018 was based on the Company’s collective assessment of the portfolio. Provision (Benefit) 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 (benefit) for credit losses in the Consolidated Statements of Income. Provision (benefit) for credit losses consisted of the following activity for the years ended December 31, 2019, 2018, and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Provision (benefit) for Credit Losses (in thousands) 2019 2018 2017 Provision (benefit) for loan losses ​ $ 875 ​ $ 128 ​ $ (294) ​ Provision (benefit) for risk-sharing obligations ​ 6,398 ​ 680 ​ 51 ​ Provision (benefit) for credit losses ​ $ 7,273 ​ $ 808 ​ $ (243) ​ ​ 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 adjustments 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 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, 2019, the Company’s market capitalization exceeded its net asset value by $703.1 million, or 71.0% . As of December 31, 2019, there have been no events subsequent to that analysis that are indicative of an impairment loss. 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 elects to measure all originated 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, 2019 and 2018. 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 is calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards were granted 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 were 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 used 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 the 2017 option awards, 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 used an estimated dividend yield of zero as the Company’s stock options were not dividend eligible and at the time of grant there was no expectation that the Company would pay a dividend. For the “risk-free” rate, the Company used a U.S. Treasury Note due in a number of years equal to the option’s expected term. For the 2017 option awards, the expected volatility was calculated based on the Company’s historical common stock volatility. The Company issues new shares from the pool of authorized but not yet issued shares when an employee exercises stock options. The Company did not grant any stock option awards in 2018 or 2019 and does not expect to issue stock options for the foreseeable future. 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 . Some of the Company’s restricted stock awards vest over a period of up to eight years . With the exception of 2015, the Company offered a performance share plan (“PSP”) for the Company’s executives and certain other members of senior management for each of the years from 2014 to 2019. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. 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, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant forfeits a portion of the RSUs. If the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for the 2017, 2018, and 2019 PSPs are based on meeting diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value 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. Compensation expense for restricted shares and stock options is adjusted for actual 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. Share-based 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. For the periods presented in the Consolidated Balance Sheets, all loans that were held for sale were financed with matched borrowings under our warehouse facilities incurred to fund a specific loan held for sale. Generally, a portion of 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 three years ended December 31, 2019 and 2018, and 2017 are the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Net Warehouse Interest Income (in thousands) 2019 2018 2017 Warehouse interest income - loans held for sale ​ $ 48,211 ​ $ 55,609 ​ $ 61,298 Warehouse interest expense - loans held for sale ​ (46,294) ​ (49,616) ​ (46,221) Net warehouse interest income - loans held for sale ​ $ 1,917 ​ $ 5,993 ​ $ 15,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 32,059 ​ $ 11,197 ​ $ 15,218 Warehouse interest expense - loans held for investment ​ (8,277) ​ (3,159) ​ (5,828) Warehouse interest income - secured borrowings ​ ​ 3,549 ​ ​ 1,852 ​ ​ — Warehouse interest expense - secured borrowings ​ ​ (3,549) ​ ​ (1,852) ​ ​ — Net warehouse interest income - loans held for investment ​ $ 23,782 ​ $ 8,038 ​ $ 9,390 ​ Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net 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. For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 9) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions in the Consolidated Balance Sheets as of December 31, 2019, 2018, 2017, and 2016. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2019 2018 2017 2016 Cash and cash equivalents $ 120,685 ​ $ 90,058 ​ $ 191,218 ​ $ 118,756 ​ Restricted cash ​ 8,677 ​ ​ 20,821 ​ ​ 6,677 ​ ​ 9,861 ​ Pledged cash and cash equivalents (NOTE 9) 7,204 ​ 9,469 ​ 88,785 ​ 82,742 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 136,566 ​ $ 120,348 ​ $ 286,680 ​ $ 211,359 ​ ​ 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 t

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2019
MSRs
Mortgage Servicing Rights
Mortgage Servicing Rights	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of MSRs at December 31, 2019 and December 31, 2018 was $910.5 million and $858.7 million, respectively. The Company uses a discounted static cash flow valuation approach and the key economic assumption is the discount rate. See the following sensitivities related to the discount rate: The impact of a 100 -basis point increase in the discount rate at December 31, 2019 would be a decrease in the fair value of $28.5 million to the MSRs outstanding as of December 31, 2019. The impact of a 200 -basis point increase in the discount rate at December 31, 2019 would be a decrease in the fair value of $55.0 million to the MSRs outstanding as of December 31, 2019. 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 (net of accumulated amortization) for the years ended December 31, 2019 and 2018 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of MSRs (in thousands) 2019 2018 Beginning balance ​ $ 670,146 ​ $ 634,756 ​ Additions, following the sale of loan ​ 206,885 ​ 176,565 ​ Purchases 1 ​ ​ — ​ ​ 5,265 ​ Amortization ​ (137,792) ​ (131,739) ​ Pre-payments and write-offs ​ (20,440) ​ (14,701) ​ Ending balance ​ $ 718,799 ​ $ 670,146 ​ 1 The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ December 31, 2019 ​ December 31, 2018 Gross Value ​ $ 1,201,542 ​ $ 1,100,439 Accumulated amortization ​ (482,743) ​ (430,293) Net carrying value ​ $ 718,799 ​ $ 670,146 ​ The expected amortization of MSRs recorded as of December 31, 2019 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2020 ​ $ 131,447 2021 ​ 118,500 2022 ​ 103,567 2023 ​ 91,498 2024 ​ 78,362 Thereafter ​ ​ 195,425 Total ​ $ 718,799 ​ The Company recorded write-offs of OMSRs related to loans that were repaid prior to the expected maturity and loans that defaulted. These write-offs are included as a component of the MSR roll forward shown above and as a component of Amortization and depreciation in the accompanying Consolidated Statements of Income and relate to OMSRs only. Prepayment fees totaling $26.8 million, $18.9 million, and $17.3 million were collected for 2019, 2018, and 2017, respectively, and are included as a component of Other revenues in the Consolidated Statements of Income. Escrow earnings totaling $51.4 million, $38.2 million, and $19.1 million were earned for the years ended December 31, 2019, 2018, and 2017, respectively, and are included as a component of Escrow earnings and other interest income in the Consolidated Statements of Income. All other ancillary servicing fees were immaterial for the periods presented. 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, 2019, 2018, and 2017. The weighted average remaining life of the aggregate MSR portfolio is 7.5 years.

GUARANTY OBLIGATION AND ALLOWAN

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS	12 Months Ended
	Dec. 31, 2019
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Guaranty Obligation and Allowance for Risk-Sharing Obligations	NOTE 4—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. The guaranty is in force while the loan is outstanding. The Company does not provide a guaranty for any other loan product it sells or brokers. Activity related to the guaranty obligation for the years ended December 31, 2019 and 2018 is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Guaranty Obligation (in thousands) 2019 2018 Beginning balance ​ $ 46,870 ​ $ 41,187 ​ Additions, following the sale of loan ​ 17,939 ​ 13,851 ​ Amortization ​ (9,663) ​ (8,009) ​ Other ​ ​ (451) ​ ​ (159) ​ Ending balance ​ $ 54,695 ​ $ 46,870 ​ ​ Activity related to the allowance for risk-sharing obligations for the years ended December 31, 2019 and 2018 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Allowance for Risk-sharing Obligations (in thousands) 2019 2018 Beginning balance ​ $ 4,622 ​ $ 3,783 ​ Provision (benefit) for risk-sharing obligations ​ 6,398 ​ 680 ​ Write-offs ​ — ​ — ​ Other ​ ​ 451 ​ ​ 159 ​ Ending balance ​ $ 11,471 ​ $ 4,622 ​ ​ When the Company places a loan for which it has a risk-sharing obligation on its watch list, the Company transfers the remaining unamortized balance of the guaranty obligation to the allowance for risk-sharing obligations. When a loan for which the Company has a risk-sharing obligation is removed from the watch list, the loan’s reserve is transferred from the allowance for risk-sharing obligations back to the guaranty obligation, and the amortization of the remaining balance over the remaining estimated life is resumed. This net transfer of the unamortized balance of the guaranty obligation from a noncontingent classification to a contingent classification (and vice versa) is presented in the guaranty obligation and allowance for risk-sharing obligations tables above as “Other.” During the year ended December 31, 2019, two loans defaulted, resulting in the recognition of a specific reserve of $6.9 million with a corresponding amount included as a component of provision expense. The properties related to these two at risk loans were in the same city. The Company does not have any additional at risk loans related to properties in this city. The Allowance for risk-sharing obligations as of December 31, 2019 is substantially comprised of the specific reserves related to these two loans. The Allowance for risk-sharing obligations as of December 31, 2018 was based primarily on the Company’s collective assessment of the probability of loss related to the loans on the watch list as of December 31, 2018. As of December 31, 2019 and 2018, the maximum quantifiable contingent liability associated with the Company’s guarantees under the Fannie Mae DUS agreement was $7.5 billion and $6.7 billion, respectively. This maximum quantifiable contingent liability relates to the at risk loans serviced for Fannie Mae at the specific point in time indicated. The term and the amount of the liability vary with the origination and payoff activity of the at risk portfolio. 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 at risk loans it services for Fannie Mae were to default and all of the collateral underlying these loans were determined to be without value at the time of settlement. For example, over the past three years, the Company recognized no net write-offs of risk-sharing obligations, while the average unpaid principal balance of the at risk loans within the Company’s servicing portfolio over the past three years was $30.3 billion.

SERVICING

SERVICING	12 Months Ended
	Dec. 31, 2019
Loans and Other Servicing Accounts
Servicing
Servicing	NOTE 5—SERVICING The total unpaid principal balance of loans the Company was servicing for various institutional investors was $93.2 billion as of December 31, 2019 compared to $85.7 billion as of December 31, 2018. As of December 31, 2019 and 2018, custodial escrow accounts relating to loans serviced by the Company totaled $2.6 billion and $2.3 billion, respectively. 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 financial institutions that meet the requirements of the Agencies and where it believes the risk of loss to be minimal.

WAREHOUSE NOTES PAYABLE

WAREHOUSE NOTES PAYABLE	12 Months Ended
	Dec. 31, 2019
DEBT
Warehouse Notes Payable	NOTE 6—DEBT At December 31, 2019, to provide financing to borrowers under the Agencies’ programs, the Company has committed and uncommitted warehouse lines of credit in the amount of $3.3 billion with certain national banks and a $1.5 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. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. Additionally, at December 31, 2019, the Company has arranged for warehouse lines of credit in the amount of $0.5 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 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. The maximum amount and outstanding borrowings under the warehouse notes payable at December 31, 2019 and 2018 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility 1 ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate Agency Warehouse Facility #1 ​ $ 350,000 ​ $ 200,000 ​ $ 550,000 ​ $ 148,877 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #2 ​ 500,000 ​ 300,000 ​ 800,000 ​ 15,291 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #3 ​ 500,000 ​ 265,000 ​ 765,000 ​ 35,510 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 258,045 ​ 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 500,000 ​ ​ 500,000 ​ ​ 60,751 ​ 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #6 ​ ​ 250,000 ​ ​ 100,000 ​ ​ 350,000 ​ ​ 14,930 ​ 30-day LIBOR plus 1.15% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,950,000 ​ $ 1,365,000 ​ $ 3,315,000 ​ $ 533,404 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 131,984 ​ ​ Total Agency Warehouse Facilities ​ $ 1,950,000 ​ $ 2,865,000 ​ $ 4,815,000 ​ $ 665,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ 98,086 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ 49,256 30-day LIBOR plus 1.65% ​ Interim Warehouse Facility #3 ​ 75,000 ​ 75,000 ​ 150,000 ​ 65,991 30-day LIBOR plus 1.90% to 2.50% ​ Interim Warehouse Facility #4 ​ ​ 100,000 ​ ​ — ​ ​ 100,000 ​ ​ 28,100 ​ 30-day LIBOR plus 1.75% ​ Total National Bank Interim Warehouse Facilities ​ $ 410,000 ​ $ 75,000 ​ $ 485,000 ​ $ 241,433 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (693) ​ ​ ​ Total warehouse facilities ​ $ 2,360,000 ​ $ 2,940,000 ​ $ 5,300,000 ​ $ 906,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility 1 ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate Agency Warehouse Facility #1 ​ $ 425,000 ​ $ 200,000 ​ $ 625,000 ​ $ 57,572 30-day LIBOR plus 1.20% ​ Agency Warehouse Facility #2 ​ 500,000 ​ 300,000 ​ 800,000 ​ 62,830 30-day LIBOR plus 1.20% ​ Agency Warehouse Facility #3 ​ 500,000 ​ 265,000 ​ 765,000 ​ 451,549 30-day LIBOR plus 1.25% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 225,538 ​ 30-day LIBOR plus 1.20% ​ Agency Warehouse Facility #5 ​ ​ 30,000 ​ ​ — ​ ​ 30,000 ​ ​ 12,484 30-day LIBOR plus 1.80% ​ Agency Warehouse Facility #6 ​ ​ 250,000 ​ ​ 100,000 ​ ​ 350,000 ​ ​ 66,579 ​ 30-day LIBOR plus 1.20% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,055,000 ​ $ 865,000 ​ $ 2,920,000 ​ $ 876,552 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 156,700 ​ ​ ​ Total agency warehouse facilities ​ $ 2,055,000 ​ $ 2,365,000 ​ $ 4,420,000 ​ $ 1,033,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 85,000 ​ $ — ​ $ 85,000 ​ $ 68,390 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ 37,899 30-day LIBOR plus 2.00% ​ Interim Warehouse Facility #3 ​ 75,000 ​ — ​ 75,000 ​ 23,250 ​ 30-day LIBOR plus 1.90% to 2.50% ​ Total interim warehouse facilities ​ $ 260,000 ​ $ — ​ $ 260,000 ​ $ 129,539 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (1,409) ​ ​ ​ Total warehouse facilities ​ $ 2,315,000 ​ $ 2,365,000 ​ $ 4,680,000 ​ $ 1,161,382 ​ ​ ​ 1 30-day LIBOR was 1.76% as of December 31, 2019 and 2.50% as of December 31, 2018. Interest expense under the warehouse notes payable for the years ended December 31, 2019, 2018, and 2017 aggregated to $58.1 million, $54.6 million, and $52.0 million, respectively. Included in interest expense in 2019, 2018, and 2017 are the amortization of facility fees totaling $4.9 million, $5.0 million, and $4.6 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, 2019. Warehouse Facilities Agency Warehouse Facilities The following section provides a summary of the key terms related to each of the Agency Warehouse Facilities. During the third quarter of 2019, an Agency warehouse line with a $30.0 million aggregate committed and uncommitted borrowing capacity expired according to its terms. The Company believes that the six remaining committed and uncommitted credit facilities from national banks and the uncommitted credit facility from Fannie Mae provide the Company with sufficient borrowing capacity to conduct its Agency lending operations. Agency Warehouse Facility #1: The Company has a warehousing credit and security agreement with a national bank for a $350.0 million committed warehouse line that is scheduled to mature on October 26, 2020 . The 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 115 basis points. In addition to the committed borrowing capacity, the agreement provides $200.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. The 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 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 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 1.00. The 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 2019, the Company executed the third amendment to the warehouse agreement that decreased the borrowing rate to 30-day LIBOR plus 115 basis points from 30-day LIBOR plus 120 basis points as of September 30, 2019. During the fourth quarter of 2019, the Company executed the fourth amendment to the warehouse and security agreement that extended the maturity date to October 26, 2020 . Additionally, at the Company’s request, the committed amount was reduced to $350.0 million. No other material modifications were made to the agreement in 2019. Agency Warehouse Facility #2 The Company has a warehousing credit and security agreement with a national bank for a $500.0 million committed warehouse line that is scheduled to mature on September 8, 2020 . 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 30-day LIBOR plus 115 basis points. In addition to the committed borrowing capacity, the agreement provides $300.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During the second quarter of 2019, the Company executed the fourth amendment to the warehouse and security agreement that extended the maturity date to September 8, 2020 . No other material modifications were made to the agreement in 2019. 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 $500.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on April 30, 2020 . 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 the borrowings under the warehouse agreement bear interest at a rate of 30-day LIBOR plus 115 basis points. In addition to the committed borrowing capacity, the agreement provides $265.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During the second quarter of 2019, the Company executed the tenth amendment to the warehouse agreement that extended the maturity date to April 30, 2020 and decreased the borrowing rate to 30-day LIBOR plus 115 basis points from 30-day LIBOR plus 125 basis points. Additionally, the amendment provided for an uncommitted amount of $265.0 million until January 31, 2020 . No other material modifications were made to the agreement during 2019. 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: The Company has a $350.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on October 4, 2020 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, FHA, and defaulted 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 30-day LIBOR plus 115 basis points. During the second quarter of 2019, the Company executed sixth amendment to the warehouse agreement that decreased the borrowing rate to 30-day LIBOR plus 115 basis points from 30-day LIBOR plus 120 basis points. During the fourth quarter of 2019, the Company executed Amended and Restated Mortgage Loan and Security Agreement (the “Amended and Restated Agreement”). The Amended and Restated Agreement has the same terms and conditions as the agreement it replaced except that it provides the Company with the ability to fund defaulted HUD and FHA loans up to $30.0 million and extends the maturity date to October 4, 2020 . No other material modifications were made to the agreement during 2019. 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. Agency Warehouse Facility #5: During the third quarter of 2019, the Company executed a warehousing and security agreement with a national bank to establish Agency Warehouse Facility #5. The facility, which is structured as a master repurchase agreement, has an uncommitted $500.0 million maximum borrowing amount and is scheduled to mature on August 5, 2020 . The Company can fund Fannie Mae, Freddie Mac, HUD, and FHA loans under the facility. Advances are made at 100% of the loan balance, and the borrowings under the agreement bear interest at a rate of 30-day LIBOR plus 115 basis points. No other material modifications were made to the agreement during 2019. 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 #6: The Company had a $250.0 million committed warehouse credit and security agreement with a national bank that was scheduled to mature on January 31, 2020 . The warehouse facility provided the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans under the facility. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bore interest at a rate of LIBOR plus 115 basis points. The agreement provided $100.0 million of uncommitted borrowing capacity that bore interest at the same rate as the committed facility. During the first quarter of 2019, the Company executed the second amendment to the warehouse and security agreement that extended the maturity date to January 31, 2020 . During the fourth quarter of 2019, the Company executed the third amendment to the warehouse and security agreement that decreased the borrowing rate to 30-day LIBOR plus 115 basis points from 30-day LIBOR plus 120 basis points. No other material modifications were made to the agreement during 2019. The Agency Warehouse Facility expired on January 31, 2020 according to its terms. The Company believes that the five remaining committed and uncommitted credit facilities from national banks, the uncommitted credit facility from Fannie Mae, and the Company’s corporate cash provide the Company with sufficient borrowing capacity to conduct its Agency lending operations without this facility. The negative and financial covenants of the warehouse agreement substantially conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above. Uncommitted Agency Warehouse Facility: The Company has a $1.5 billion 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. There is no expiration date for this facility. The uncommitted facility has no specific negative or financial covenants. Interim Warehouse Facilities The following section provides a summary of the key terms related to each of the Interim Warehouse Facilities. Interim Warehouse Facility #1 : The Company has a $135.0 million committed warehouse line agreement that is scheduled to mature on April 30, 2020 . 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 and bear interest at 30-day LIBOR plus 190 basis points. 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 first quarter of 2019, the Company executed the ninth amendment to the credit and security agreement that increased the maximum borrowing capacity to $135.0 million. During the second quarter of 2019, the Company executed the tenth amendment to the credit and security agreement that extended the maturity date to April 30, 2020 . No other material modifications were made to the agreement during 2019. 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 1.00. Interim Warehouse Facility #2 : The Company has a $100.0 million committed warehouse line agreement that is scheduled to mature on December 13, 2021 . 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 30-day LIBOR plus 165 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 fourth quarter of 2019, the Company executed the fifth amendment to the warehouse and security agreement that decreased the borrowing rate to 30-day LIBOR plus 165 basis points from 30-day LIBOR plus 200 basis points and extended the maturity date to December 13, 2021 . No other material modifications were made to the agreement during 2019. The credit agreement 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 1.00. Interim Warehouse Facility #3 : The Company has a $75.0 million repurchase agreement with a national bank that is scheduled to mature on May 18, 2020 . 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 30-day LIBOR plus 1.90% 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 second quarter of 2019, the Company executed the fourth amendment to the credit and security agreement that extended the maturity date to May 18, 2020 and provides for an uncommitted amount of $75.0 million. No other material modifications were made to the agreement during 2019. 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 1.00. Interim Warehouse Facility #4 : During the first quarter of 2019, the Company executed a warehousing credit and security agreement to establish an additional interim warehouse facility. The warehouse facility has a committed $100.0 million maximum borrowing amount and is scheduled to mature on April 30, 2020 . The Company can fund certain interim loans to a specific large institutional borrower, and the borrowings under the warehouse agreement bear interest at a rate of 30-day LIBOR plus 175 basis points. During the second quarter of 2019, the Company executed the first amendment to the warehousing credit and security agreement that extended the maturity date to April 30, 2020. No other material modifications were made to the agreement in 2019. The facility agreement requires the Company’s compliance with substantially the same financial covenants as Agency Warehouse Facility #1, described above, and also includes the following additional financial covenant: ● leverage ratio, as defined, of not more than 2.25 to 1.00. The warehouse agreements contain cross-default provisions, such that if a default occurs under any of the Company’s warehouse agreements, generally the lenders under the other warehouse agreements could also declare a default. As of December 31, 2019, the Company was in compliance with all of its warehouse line covenants. Note Payable On November 7, 2018, the Company entered into a senior secured credit agreement (the “Credit Agreement”) that amended and restated the Company’s prior credit agreement and provided for a $300.0 million term loan (the “Term Loan”). The Term Loan was issued at a 0.5% discount, has a stated maturity date of November 7, 2025 , and bears interest at 30-day LIBOR plus 200 basis points. At any time, the Company may also elect to request one or more incremental term loan commitments not to exceed $150.0 million, provided that the total indebtedness would not cause the leverage ratio (as defined in the Credit Agreement) to exceed 2.00 to 1.00. The Company used $165.4 million of the Term Loan proceeds to repay in full the prior term loan. In connection with the repayment of the prior term loan, the Company recognized a $2.1 million loss on extinguishment of debt related to unamortized debt issuance costs and unamortized debt discount, which is included in Other operating expenses in the Consolidated Statements of Income for the year ended December 31, 2018. The Company is obligated to repay the aggregate outstanding principal amount of the term loan in consecutive quarterly installments equal to $0.8 million on the last business day of each of March, June, September, and December commencing on March 31, 2019. The term loan also requires certain other prepayments in certain circumstances pursuant to the terms of the Term Loan Agreement. The final principal installment of the term loan is required to be paid in full on November 7, 2025 (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). During the fourth quarter of 2019, the Company executed the first amendment to the Term Loan that decreased the borrowing rate to 30-day LIBOR plus 200 basis points from 30-day LIBOR plus 225 basis points. No other material modifications were made to the agreement in 2019. The obligations of the Company under the Credit 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 the Amended and Restated Guarantee and Collateral Agreement entered into on November 7, 2018 among the Loan Parties and Wells Fargo, National Association, as administrative agent (the “Guarantee and Collateral Agreement”). Subject to certain exceptions and qualifications contained in the Credit 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 Credit Agreement) by the Company in accordance with the terms of the Credit Agreement, to guarantee the obligations of the Company under the Credit 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 Credit Agreement are met. The Credit 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 Credit Agreement and business activities reasonably related or ancillary thereto, to amend certain material contracts or to enter into any sale leaseback arrangements. The Credit Agreement contains only one financial covenant, which requires the Company not to permit its asset coverage ratio (as defined in the Credit Agreement) to be less than 1.50 to 1.00. The Credit 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 Credit Agreements or other loan documents to be valid and binding, certain ERISA events and judgments. As of December 31, 2019, the Company was in compliance with all covenants related to the Credit Agreement. The following table shows the components of the note payable as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, unless otherwise specified) ​ December 31, ​ ​ ​ Component 2019 2018 Interest rate and repayments Unpaid principal balance ​ $ 297,750 ​ $ 300,000 ​ Interest rate varies - see above for further details; ​ Unamortized debt discount ​ ​ (1,245) ​ ​ (1,466) ​ quarterly principal payments of $0.8 million ​ Unamortized debt issuance costs ​ ​ (2,541) ​ ​ (2,524) ​ ​ ​ Carrying balance ​ $ 293,964 ​ $ 296,010 ​ ​ ​ ​ The scheduled maturities, as of December 31, 2019, for the aggregate of the warehouse notes payable and the note payable are 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 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 2020 ​ $ 825,802 ​ 2021 ​ ​ 13,032 ​ 2022 ​ ​ 76,986 ​ 2023 ​ ​ 3,000 ​ 2024 ​ ​ 3,000 ​ Thereafter ​ ​ 282,750 ​ Total ​ $ 1,204,570 ​ ​ 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, 2019 were or are expected to be repaid in 2020.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and Other Intangible Assets	NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the Company’s goodwill as of and for the year ended December 31, 2019 and 2018 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Goodwill (in thousands) 2019 2018 Beginning balance ​ $ 173,904 ​ $ 123,767 ​ Additions from acquisitions ​ 6,520 ​ 50,137 ​ Impairment ​ — ​ — ​ Ending balance ​ $ 180,424 ​ $ 173,904 ​ ​ The additions from acquisitions during 2019 shown in the table above relate to an immaterial acquisition of a technology company, which was completed in the first quarter of 2019. The Company has completed the accounting for all acquisitions completed in 2019. For all acquisitions completed in 2019, total revenues and income from operations since the acquisition and the pro-forma incremental revenues and earnings related to the acquired entities as if the acquisitions had occurred as of January 1, 2018 are immaterial. During the first quarter of 2020, the Company acquired two debt brokerage companies for an aggregate consideration of $70.5 million. The Company has not completed the accounting for the acquisitions as of the issuance date of these financial statements. Therefore, disclosures relating to the goodwill recognized, if any, the amount of contingent consideration recognized, if any, and the fair value of the assets acquired and liabilities assumed could not be presented. As of December 31, 2019 and December 31, 2018, the balance of intangible assets acquired from acquisitions totaled $2.5 million and $3.2 million, respectively. As of December 31, 2019, the weighted-average period over which the Company expects the intangible assets to be amortized is 4.7 years. A summary of the Company’s contingent consideration, which is included in Other liabilities , as of and for the years ended December 31, 2019 and 2018 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2019 2018 ​ Beginning balance ​ $ 11,630 ​ $ 14,091 ​ Accretion ​ ​ 572 ​ ​ 927 ​ Payments ​ ​ (6,450) ​ ​ (5,150) ​ Adjustment to discounted disposition value ​ ​ — ​ ​ 1,762 ​ Ending balance ​ $ 5,752 ​ $ 11,630 ​ ​ The contingent consideration above relates to an acquisition completed in 2017. The last of the three earn-out periods related to this contingent consideration ended in the first quarter of 2020.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Fair Value Measurements	NOTE 8—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 at inception, and thereafter on a nonrecurring basis. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement 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 on occasion, 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, estimated revenue from escrow accounts, delinquency rates, late charges, 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. ● Derivative Instruments —The derivative positions consist of interest rate lock commitments and forward sale agreements to the Agencies. The fair value of these instruments is estimated 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 —All loans held for sale presented in the Consolidated Balance Sheets 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 inputs from market participants such as changes in the U.S. Treasury rate. Therefore, the Company classifies these loans held for sale as Level 2. ● Pledged Securities —Investments in cash and money market funds are valued using quoted market prices from recent trades. Therefore, the Company classifies this portion of pledged securities as Level 1. The Company determines the fair value of its AFS investments in Agency debt securities using discounted cash flows that incorporate observable inputs from market participants and then compares the fair value to broker estimates of fair value. Consequently, the Company classifies this portion of pledged securities as Level 2. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, 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, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 787,035 ​ $ — ​ $ 787,035 ​ Pledged securities ​ 7,204 ​ 114,563 ​ — ​ 121,767 ​ Derivative assets ​ — ​ — ​ 15,568 ​ 15,568 ​ Total ​ $ 7,204 ​ $ 901,598 ​ $ 15,568 ​ $ 924,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 36 ​ $ 36 ​ Total ​ $ — ​ $ — ​ $ 36 ​ $ 36 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 1,074,348 ​ $ — ​ $ 1,074,348 ​ Pledged securities ​ 9,469 ​ 106,862 ​ — ​ 116,331 ​ Derivative assets ​ — ​ — ​ 35,536 ​ 35,536 ​ Total ​ $ 9,469 ​ $ 1,181,210 ​ $ 35,536 ​ $ 1,226,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 32,697 ​ $ 32,697 ​ Total ​ $ — ​ $ — ​ $ 32,697 ​ $ 32,697 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the year ended December 31, 2019. 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 for the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ Using Significant ​ ​ ​ Unobservable Inputs: ​ ​ ​ Derivative Instruments ​ (in thousands) December 31, 2019 Derivative assets and liabilities, net ​ ​ Beginning balance December 31, 2018 ​ $ 2,839 ​ Settlements ​ (426,544) ​ Realized gains recorded in earnings (1) ​ 423,705 ​ Unrealized gains recorded in earnings (1) ​ 15,532 ​ Ending balance December 31, 2019 ​ $ 15,532 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ Using Significant ​ ​ ​ Unobservable Inputs: ​ ​ ​ Derivative Instruments ​ (in thousands) December 31, 2018 Derivative assets and liabilities, net ​ ​ Beginning balance December 31, 2017 ​ $ 8,507 ​ Settlements ​ (412,750) ​ Realized gains (losses) recorded in earnings (1) ​ 404,243 ​ Unrealized gains (losses) recorded in earnings (1) ​ 2,839 ​ Ending balance December 31, 2018 ​ $ 2,839 ​ (1) Realized and unrealized gains from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Consolidated Statements of Income. The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Value (1) Derivative assets ​ $ 15,568 Discounted cash flow Counterparty credit risk — ​ Derivative liabilities ​ $ 36 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, 2019 and December 31, 2018 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ December 31, 2018 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 120,685 ​ $ 120,685 ​ $ 90,058 ​ $ 90,058 ​ Restricted cash ​ 8,677 ​ 8,677 ​ 20,821 ​ 20,821 ​ Pledged securities ​ 121,767 ​ 121,767 ​ 116,331 ​ 116,331 ​ Loans held for sale ​ 787,035 ​ 787,035 ​ 1,074,348 ​ 1,074,348 ​ Loans held for investment, net ​ 543,542 ​ 546,033 ​ 497,291 ​ 503,549 ​ Derivative assets ​ 15,568 ​ 15,568 ​ 35,536 ​ 35,536 ​ Total financial assets ​ $ 1,597,274 ​ $ 1,599,765 ​ $ 1,834,385 ​ $ 1,840,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 36 ​ $ 36 ​ $ 32,697 ​ $ 32,697 ​ Secured borrowings ​ ​ 70,548 ​ ​ 70,548 ​ ​ 70,052 ​ ​ 70,052 ​ Warehouse notes payable ​ 906,128 ​ 906,821 ​ 1,161,382 ​ 1,162,791 ​ Note payable ​ 293,964 ​ 297,750 ​ 296,010 ​ 300,000 ​ Total financial liabilities ​ $ 1,270,676 ​ $ 1,275,155 ​ $ 1,560,141 ​ $ 1,565,540 ​ ​ The following methods and assumptions were used for recurring fair value measurements as of December 31, 2019: Cash and Cash Equivalents and Restricted Cash —The carrying amounts approximate fair value because of the short maturity of these instruments (Level 1). Pledged Securities —Consist of cash, highly liquid investments in money market accounts invested in government securities, and investments in Agency debt securities. The investments of the money market funds typically have maturities of 90 days or less and are valued using quoted market prices from recent trades. The fair value of the Agency debt securities incorporates the contractual cash flows of the security discounted at market-rate, risk-adjusted yields. 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. 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. 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 Loan origination and debt brokerage fees, net 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 estimated gain of the expected loan sale to the investor (Level 2); ● the expected net cash flows associated with servicing the loan, net of any guaranty obligations retained (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; derivative instruments only). 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 estimated gain 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 sale 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 applicable to OMSRs (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 interest rate lock commitments and forward sale contracts is represented by the contractual amount of those instruments. Given the credit quality of our counterparties and the short duration of interest rate lock commitments and forward sale contracts, the risk of nonperformance by the Company’s counterparties has historically been minimal (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, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Adjustment Components ​ Balance Sheet Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Notional or ​ Estimated ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ Principal ​ Gain ​ Interest Rate ​ Fair Value ​ Derivative ​ Derivative ​ To Loans (in thousands) ​ Amount ​ on Sale ​ Movement ​ Adjustment ​ Assets ​ Liabilities ​ Held for Sale December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 511,114 ​ $ 12,199 ​ $ (1,975) ​ $ 10,224 ​ $ 10,247 ​ $ (23) ​ $ — ​ Forward sale contracts ​ 1,285,656 ​ — ​ 5,308 ​ 5,308 ​ 5,321 ​ ​ (13) ​ — ​ Loans held for sale ​ 774,542 ​ 15,826 ​ (3,333) ​ 12,493 ​ — ​ — ​ 12,493 ​ Total ​ ​ ​ ​ $ 28,025 ​ $ — ​ $ 28,025 ​ $ 15,568 ​ $ (36) ​ $ 12,493 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 891,514 ​ $ 20,285 ​ $ 10,627 ​ $ 30,912 ​ $ 30,976 ​ $ (64) ​ $ — ​ Forward sale contracts ​ 1,927,017 ​ — ​ (28,073) ​ (28,073) ​ 4,560 ​ (32,633) ​ — ​ Loans held for sale ​ 1,035,503 ​ 21,399 ​ 17,446 ​ 38,845 ​ — ​ — ​ 38,845 ​ Total ​ ​ ​ ​ $ 41,684 ​ $ — ​ $ 41,684 ​ $ 35,536 ​ $ (32,697) ​ $ 38,845 ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	12 Months Ended
	Dec. 31, 2019
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Fannie Mae Commitments and Pledged Securities	NOTE 9—FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES 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 8, 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, which are classified as Pledged securities, at fair value on the Consolidated Balance Sheets. 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. Pledged securities held in the form of money market funds holding U.S. Treasuries are discounted 5% , and multifamily Agency mortgage-backed securities (“Agency MBS”) are discounted 4% for purposes of calculating compliance with the restricted liquidity requirements. As seen below, the Company held substantially all of its pledged securities in Agency MBS as of December 31, 2019. The majority of the loans for which the Company has risk sharing are Tier 2 loans. The Company is in compliance with the December 31, 2019 collateral requirements as outlined above. As of December 31, 2019, reserve requirements for the December 31, 2019 DUS loan portfolio will require the Company to fund $63.9 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 increases 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, 2019. The net worth requirement is derived primarily from unpaid balances on Fannie Mae loans and the level of risk sharing. At December 31, 2019, the net worth requirement was $194.6 million, and the Company's net worth was $710.6 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of December 31, 2019, the Company was required to maintain at least $38.3 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae. As of December 31, 2019, the Company had operational liquidity of $227.0 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2019 2018 2017 2016 Pledged cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash $ 2,150 ​ $ 3,029 ​ $ 2,201 ​ $ 4,358 ​ Money market funds ​ 5,054 ​ ​ 6,440 ​ ​ 86,584 ​ ​ 78,384 ​ Total pledged cash and cash equivalents $ 7,204 ​ $ 9,469 ​ $ 88,785 ​ $ 82,742 ​ Agency MBS 114,563 ​ 106,862 ​ 9,074 ​ 2,108 ​ Total pledged securities, at fair value $ 121,767 ​ $ 116,331 ​ $ 97,859 ​ $ 84,850 ​ ​ The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The following table provides additional information related to the AFS Agency MBS as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) December 31, 2019 December 31, 2018 Fair value $ 114,563 ​ $ 106,862 ​ Amortized cost ​ 113,580 ​ ​ 106,963 ​ Total gains for securities with net gains in AOCI ​ 1,145 ​ ​ 77 ​ Total losses for securities with net losses in AOCI (162) ​ (178) ​ ​ As of December 31, 2019, the Company did not intend to sell any of the Agency MBS, nor did the Company believe that it was more likely than not that it would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The following table provides contractual maturity information related to the Agency MBS. The money market funds invest in short-term Federal Government and Agency debt securities and have no stated maturity date. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 2,812 ​ ​ 2,815 ​ After five years through ten years ​ 92,040 ​ ​ 92,153 ​ After ten years 19,711 ​ ​ 18,612 ​ Total $ 114,563 ​ $ 113,580 ​ ​

SHARE-BASED PAYMENT

SHARE-BASED PAYMENT	12 Months Ended
	Dec. 31, 2019
SHARE-BASED PAYMENT
Share-Based Payment	NOTE 10—SHARE-BASED PAYMENT As of December 31, 2019, there were 8.5 million shares of stock authorized for issuance to directors, officers, and employees under the 2015 Equity Incentive Plan (and predecessor plans). At December 31, 2019, 0.8 million shares remain available for grant under the 2015 Equity Incentive Plan. Under the 2015 Equity Incentive Plan, the Company granted stock options to executive officers during 2017 and restricted shares to executive officers, employees, and non-employee directors during 2019, 2018, and 2017, all without cost to the grantee. During 2019, 2018, and 2017, the Company also granted 0.3 million, 0.3 million, and 0.3 million RSUs, respectively, to the executive officers and certain other employees in connection with PSPs (“performance awards”). The Company granted the RSUs at the maximum performance thresholds for each metric each year. As of December 31, 2019, the RSUs issued in connection with the 2019, 2018, and 2017 PSPs are unvested and outstanding. The performance period for the 2016 PSP concluded on December 31, 2018. The three performance goals related to the 2016 PSP were met at varying levels. Accordingly, 0.5 million shares related to the 2016 PSP vested in the first quarter of 2019. As of December 31, 2019, the Company concluded that the three performance targets related to the 2017 PSP and 2019 2016 ​ The following table summarizes stock compensation expense for the years ended December 31, 2019, 2018, and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of stock compensation expense (in thousands) 2019 2018 2017 Restricted shares ​ $ 17,818 ​ $ 14,741 ​ $ 12,336 ​ Stock options ​ ​ 625 ​ ​ 1,124 ​ ​ 1,570 ​ PSP "RSUs" ​ ​ 5,632 ​ ​ 8,094 ​ ​ 7,228 ​ Total stock compensation expense ​ $ 24,075 ​ $ 23,959 ​ $ 21,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess tax benefit recognized ​ $ 4,632 ​ $ 6,848 ​ $ 9,545 ​ ​ The amounts attributable to restricted shares in the table above include both equity-classified awards granted in restricted shares and liability-classified awards to be granted in restricted shares. The excess tax benefits recognized above reduced income tax expense. The following table summarizes restricted share activity for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Shares Activity Shares Fair Value Nonvested at January 1, 2019 ​ 1,171,018 ​ $ 37.32 ​ Granted ​ 486,173 ​ ​ 54.52 ​ Vested ​ (563,736) ​ ​ 30.81 ​ Forfeited ​ (8,079) ​ ​ 41.17 ​ Nonvested at December 31, 2019 ​ 1,085,376 ​ $ 48.39 ​ ​ The fair value of restricted share awards granted during 2019 was estimated using the closing price on the date of grant. The weighted average grant date fair values of restricted shares granted in 2018 and 2017 were $52.25 per share and $41.15 per share, respectively. The fair values of the restricted shares that vested during the years ended December 31, 2019, 2018, and 2017 were $30.5 million, $29.6 million, and $21.2 million, respectively. As of December 31, 2019, the total unrecognized compensation cost for outstanding restricted shares was $28.7 million. As of December 31, 2019, the weighted-average period over which this unrecognized compensation cost will be recognized is 3.1 years. The following table summarizes activity related to performance awards for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Share Units Activity Share Units Fair Value Nonvested at January 1, 2019 ​ 1,098,612 ​ $ 35.54 ​ Granted ​ 295,851 ​ ​ 52.84 ​ Vested ​ (488,787) ​ ​ 23.92 ​ Forfeited ​ (15,627) ​ ​ 23.92 ​ Nonvested at December 31, 2019 ​ 890,049 ​ $ 47.87 ​ ​ The fair value of performance awards granted during 2019 was estimated using the closing price on the date of grant. The weighted average grant date fair values of performance awards granted in 2018 and 2017 were $49.72 per share and $41.79 per share, respectively. The fair value of the performance awards that vested during the year ended December 31, 2019 was $26.6 million. The fair value of the performance awards that vested during the year ended December 31, 2017 was $23.1 million. There were no performance awards that vested during the year ended December 31, 2018. As of December 31, 2019, the total unrecognized compensation cost for outstanding performance awards was $6.5 million. As of December 31, 2019, the weighted-average period over which this unrecognized compensation cost will be recognized is 3.0 years. The unrecognized compensation cost is based on the achievement levels that are probable as of December 31, 2019. The following table summarizes stock options activity for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ ​ Exercise ​ Contract Life ​ Value ​ Stock Options Activity Options Price (Years) (in thousands) Outstanding at January 1, 2019 ​ 1,048,264 ​ $ 19.76 ​ ​ ​ ​ ​ ​ Granted ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ (65,182) ​ ​ 20.29 ​ ​ ​ ​ ​ ​ Forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2019 ​ 983,082 ​ $ 19.72 ​ 4.6 ​ $ 44,199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2019 ​ 945,506 ​ $ 18.92 ​ 4.5 ​ $ 43,265 ​ ​ The total intrinsic value of the stock options exercised during the years ended December 31, 2019, 2018, and 2017 was $2.7 million, $13.5 million, and $0.4 million, respectively. We received no cash from the exercise of options for each of the years ended December 31, 2019, 2018, and 2017. As of December 31, 2019, the total unrecognized compensation cost for outstanding options was $0.1 million. As of December 31, 2019, the weighted-average period over which the unrecognized compensation cost will be recognized is 0.1 years. The Company did not grant any stock option awards in 2019 or 2018. The fair value of stock option awards granted during 2017 was estimated on the grant date using the Black-Scholes option pricing model, based on the following inputs: ​ ​ ​ ​ ​ ​ Inputs into Black-Scholes Option Pricing Model 2017 Estimated option life (years) ​ ​ 6.00 ​ Risk free interest rate ​ ​ 2.04 % Expected volatility ​ ​ 35.34 % Expected dividend rate ​ ​ 0.00 % Strike price ​ $ 39.82 ​ Weighted average grant date fair value per share of options granted ​ $ 14.98 ​ ​

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Earnings Per Share	NOTE 11—EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY EPS is calculated under the two-class method. The two-class method allocates all earnings (distributed and undistributed) to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants share-based awards to various employees and nonemployee directors under the 2015 Equity Incentive Plan that entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. The following table presents the calculation of basic and diluted EPS for the years ended December 31, 2019, 2018, and 2017 under the two-class method. Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the treasury-stock method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, EPS Calculations (in thousands, except per share amounts) 2019 ​ 2018 ​ 2017 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 173,373 ​ $ 161,439 ​ $ 211,127 ​ Less: dividends and undistributed earnings allocated to participating securities 5,649 ​ 5,790 ​ 8,443 ​ Net income applicable to common stockholders $ 167,724 ​ $ 155,649 ​ $ 202,684 ​ Weighted-average basic shares outstanding ​ 29,913 ​ ​ 30,202 ​ ​ 30,176 ​ Basic EPS $ 5.61 ​ $ 5.15 ​ $ 6.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 167,724 ​ $ 155,649 ​ $ 202,684 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 126 ​ ​ 170 ​ ​ 313 ​ Net income allocated to common stockholders $ 167,850 ​ $ 155,819 ​ $ 202,997 ​ Weighted-average basic shares outstanding ​ 29,913 ​ ​ 30,202 ​ ​ 30,176 ​ Add: weighted-average diluted non-participating securities ​ 902 ​ ​ 1,182 ​ ​ 1,210 ​ Weighted-average diluted shares outstanding ​ 30,815 ​ ​ 31,384 ​ ​ 31,386 ​ Diluted EPS $ 5.45 ​ $ 4.96 ​ $ 6.47 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs associated with the awards. An immaterial number of average outstanding options to purchase common stock and average restricted shares were excluded from the computation of diluted earnings per share under the treasury method for the years ended December 31, 2019, 2018, and 2017 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). 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, 2019, 2018, and 2017, the Company repurchased and retired 0.2 million, 0.2 million, and 0.2 million restricted shares at a weighted average market price of $54.02 , $51.86 , and $41.21 , upon grantee vesting, respectively. For the year ended December 31, 2019, the Company repurchased and retired 0.2 million restricted share units at a weighted average market price of $54.49 . For the year ended December 31, 2017, the Company repurchased and retired 0.3 million restricted share units at a weighted average market price of $39.82 . The Company did not repurchase any restricted share units during the year ended December 31, 2018. During 2017, the Company repurchased 0.3 million shares of its common stock under a share repurchase program at a weighted average price of $47.10 per share and immediately retired the shares, reducing stockholders’ equity by $16.0 million. During 2018, the Company repurchased 1.2 million shares of its common stock under a share repurchase program at a weighted average price of $45.64 per share and immediately retired the shares, reducing stockholders’ equity by $57.0 million. In February 2019, the Company’s Board of Directors authorized the Company to repurchase up to $50.0 million of its common stock over a 12-month period beginning on February 11, 2019. During 2019, the Company repurchased 0.1 million shares of its common stock under the share repurchase program at a weighted average price of $48.52 per share and immediately retired the shares, reducing stockholders’ equity by $6.6 million. The Company had $45.8 million of authorized share repurchase capacity remaining under the 2019 share repurchase program as of December 31, 2019. In February 2020, the Company’s Board of Directors approved a new stock repurchase program that permits the repurchase of up to $50.0 million of the Company’s common stock over a 12-month period beginning on February 11, 2020. In 2018, the Company’s Board of Directors declared, and the Company paid, aggregate cash dividends of $1.00 per share ( $0.25 per share for each quarter). The dividends were paid to all holders of record of our restricted and unrestricted common stock. In 2019, the Company’s Board of Directors declared, and the Company paid, aggregate cash dividends of $1.20 per share ( $0.30 per share for each quarter). The dividends were paid to all holders of record of our restricted and unrestricted common stock. The dividends paid during the year ended December 31, 2019 are an insignificant portion of the Company’s net income for the year ended December 31, 2019 and retained earnings and cash and cash equivalents as of December 31, 2019. On February 4, 2020, our Board of Directors declared a quarterly dividend of $0.36 per share. The dividend will be paid March 9, 2020 to all holders of record of our restricted and unrestricted common stock as of February 21, 2020. During 2019, the Company made an advance to one of the noncontrolling interest holders in the amount of $1.7 million to allow the noncontrolling interest holder to make a required contribution to WDIS. As this was a non-cash transaction, the amounts are not presented in the Consolidated Statements of Cash Flows. The Term Loan contains direct restrictions to the amount of dividends the Company may pay, and the warehouse debt facilities and agreements with the Agencies contain minimum equity, liquidity, and other capital requirements that indirectly restrict the amount of dividends the Company may pay . The Company does not believe that these restrictions currently limit the amount of dividends the Company can pay for the foreseeable future.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	NOTE 12—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 income tax expense for the years ended December 31, 2019, 2018, and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Income Tax Expense (in thousands) 2019 2018 2017 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 28,150 ​ $ 26,850 ​ $ 45,726 ​ State ​ ​ 6,959 ​ ​ 7,575 ​ ​ 7,062 ​ Total current expense ​ $ 35,109 ​ $ 34,425 ​ $ 52,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 17,484 ​ $ 13,964 ​ $ 25,055 ​ State ​ ​ 4,528 ​ ​ 3,519 ​ ​ 2,297 ​ Revaluation of deferred tax liabilities, net ​ ​ — ​ ​ — ​ ​ (58,313) ​ Total deferred expense (benefit) ​ $ 22,012 ​ $ 17,483 ​ $ (30,961) ​ Total income tax expense ​ $ 57,121 ​ $ 51,908 ​ $ 21,827 ​ ​ Excess tax benefits recognized for the years ended December 31, 2019, 2018, and 2017 reduced income tax expense by $4.6 million, $6.8 million, and $9.5 million, respectively. In the reconciliation of income tax expense presented below, the reduction of income tax expense from excess tax benefits recognized is included as a component of the “Other” line item. In December 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted. The Tax Reform significantly reduced the federal income tax rate from 35.0% to 21.0% . GAAP requires an entity to account for the impact of a tax law change in the period of enactment. Accordingly, as of December 31, 2017, the Company revalued its deferred tax assets and deferred tax liabilities using the new federal income tax rate of 21.0% , which is the rate at which the Company expects the deferred assets and liabilities to reverse in the future. Deferred tax assets decreased as the future benefit from these assets will be less than previously expected, resulting in an increase to deferred tax expense for the year ended December 31, 2017. Deferred tax liabilities also decreased as the future payment of taxes from these liabilities will be less than previously expected, resulting in a decrease to deferred tax expense for the year ended December 31, 2017. As the Company had more deferred tax liabilities than deferred tax assets as of December 31, 2017, the impact of Tax Reform on deferred tax expense for the year ended December 31, 2017 was an overall significant decrease in deferred tax expense as shown above. Tax Reform changed the rules related to the deductibility of executive compensation under the provisions of Section 162(m) of the Internal Revenue Code (“162(m)”). Tax Reform also contains provisions for determining whether compensation agreements executed prior to Tax Reform follow the 162(m) guidance prior or subsequent to Tax Reform. During the third quarter of 2018, the Treasury Department issued initial guidance for determining, among other things, whether a compensation agreement in place prior to Tax Reform follows the 162(m) guidance prior or subsequent to Tax Reform. Based on the information available as of December 31, 2019 and 2018, the Company believed that it may be more likely than not these compensation agreements will follow the guidance subsequent to Tax Reform, resulting in no tax deductibility for the book expense associated with these compensation agreements. Accordingly, as of December 31, 2018, the Company recorded a 100% valuation allowance on the associated deferred tax assets, resulting in a $2.8 million charge to deferred tax expense for the year ended December 31, 2018, which increased the effective tax rate by 1.3% . During the year ended December 31, 2019, performance awards for executives for which the Company had previously recorded a valuation allowance vested, resulting in a decrease in deferred tax assets and the reversal of the corresponding valuation allowance of $1.8 million. 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) 2019 2018 2017 ​ Statutory federal expense (1) ​ $ 48,374 ​ $ 44,699 ​ $ 81,781 ​ Statutory state income tax expense, net of federal tax benefit ​ ​ 9,281 ​ ​ 8,744 ​ ​ 7,594 ​ Revaluation of deferred tax liabilities, net ​ ​ — ​ ​ — ​ ​ (58,313) ​ Other ​ ​ (534) ​ ​ (1,535) ​ ​ (9,235) ​ Income tax expense ​ $ 57,121 ​ $ 51,908 ​ $ 21,827 ​ (1) The statutory federal rate was 21% for the year ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017. Deferred Tax Assets/Liabilities The tax effects of temporary differences between reported earnings and taxable earnings consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Deferred Tax Liabilities, Net (in thousands) 2019 2018 Deferred Tax Assets ​ ​ ​ ​ ​ ​ ​ Compensation related ​ $ 8,227 ​ $ 16,753 ​ Credit losses ​ 3,133 ​ 1,202 ​ Valuation allowance ​ ​ (1,049) ​ ​ (2,838) ​ Total deferred tax assets ​ $ 10,311 ​ $ 15,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities ​ ​ ​ ​ ​ ​ ​ Mark-to-market of derivatives and loans held for sale ​ $ (5,396) ​ $ (8,582) ​ Mortgage servicing rights related ​ ​ (139,115) ​ ​ (125,084) ​ Acquisition related (1) ​ ​ (7,292) ​ ​ (4,396) ​ Depreciation ​ ​ (1,812) ​ ​ (2,005) ​ Other ​ ​ (3,507) ​ ​ (592) ​ Total deferred tax liabilities ​ $ (157,122) ​ $ (140,659) ​ Deferred tax liabilities, net ​ $ (146,811) ​ $ (125,542) ​ (1) Acquisition-related deferred tax liabilities 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, 2019, 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, 2019
SEGMENTS
Segments	NOTE 13—SEGMENTS The Company is one of the leading commercial real estate services and 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 Agencies or placed with institutional investors. The Company also services nearly all of the loans it sells to the Agencies and some 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 4% 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, 2019, 2018, and 2017 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Loan Servicing Portfolio (in thousands) 2019 2018 2017 Fannie Mae ​ $ 40,049,095 ​ $ 35,983,178 ​ $ 32,075,617 ​ Freddie Mac ​ ​ 32,583,842 ​ ​ 30,350,724 ​ ​ 26,782,581 ​ Ginnie Mae-HUD ​ ​ 9,972,989 ​ ​ 9,944,222 ​ ​ 9,640,312 ​ Life insurance companies and other ​ ​ 10,619,243 ​ ​ 9,411,138 ​ ​ 5,811,481 ​ Total ​ $ 93,225,169 ​ $ 85,689,262 ​ $ 74,309,991 ​ ​ The percentage of unpaid principal balance of the loans serviced for others as of December 31, 2019, 2018, and 2017 by geographical area is as shown in the following table. No other state accounted for more than 5% of the 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, ​ Loan Servicing Portfolio Concentration by State 2019 2018 2017 California ​ 16.2 % 16.3 % 18.4 % Florida ​ 9.4 ​ 9.0 ​ 9.4 ​ Texas ​ 9.3 ​ 9.7 ​ 9.2 ​ Georgia ​ 5.8 ​ 6.1 ​ 4.9 ​ All other states ​ 59.3 ​ 58.9 ​ 58.1 ​ Total ​ 100.0 % 100.0 % 100.0 % ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES
Leases	NOTE 14—LEASES ROU assets and lease liabilities associated with our operating leases are recorded under Other assets and Other liabilities , respectively, in the Consolidated Balance Sheet as of December 31, 2019. Single lease cost was $7.6 million for the year ended December 31, 2019. Rent expense was $8.1 million and $7.1 million for the years ended December 31, 2018 and 2017, respectively. As of December 31, 2019, ROU assets and lease liabilities were $22.3 million and $28.2 million, respectively. As of December 31, 2019, the weighted-average remaining lease term and the weighted-average discount rate of the Company’s leases were 3.7 years and 4.74% , respectively. During the year ended December 31, 2019, cash paid for amounts included in the measurement of lease liabilities was $8.2 million, and $3.0 million of ROU assets were obtained in exchange for new lease obligations. Maturities of lease liabilities as of December 31, 2019 follow (in thousands): ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ ​ 2020 ​ ​ 8,607 ​ 2021 ​ ​ 8,280 ​ 2022 ​ ​ 7,585 ​ 2023 ​ ​ 5,995 ​ Thereafter ​ ​ 324 ​ Total lease payments ​ $ 30,791 ​ Less imputed interest ​ ​ (2,635) ​ Total ​ $ 28,156 ​ ​ Minimum cash basis operating lease commitments as of December 31, 2018 follow (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, ​ 2019 ​ $ 7,700 2020 ​ ​ 7,789 2021 ​ ​ 7,450 2022 ​ ​ 6,738 2023 ​ ​ 5,200 Thereafter ​ ​ 90 Total ​ $ 34,967 ​

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2019
OTHER OPERATING EXPENSES
Other Operating Expenses	NOTE 15—OTHER OPERATING EXPENSES The following is a summary of the major components of other operating expenses for the years ended December 31, 2019, 2018, and 2017. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Other Operating Expenses (in thousands) 2019 2018 2017 Professional fees ​ $ 20,896 ​ $ 16,365 ​ $ 12,154 ​ Travel and entertainment ​ ​ 10,759 ​ ​ 10,003 ​ ​ 8,038 ​ Rent (1) ​ ​ 9,136 ​ ​ 8,107 ​ ​ 7,057 ​ Marketing and preferred broker ​ ​ 8,534 ​ ​ 7,951 ​ ​ 7,819 ​ Office expenses ​ ​ 9,972 ​ ​ 8,028 ​ ​ 6,776 ​ All other ​ ​ 7,299 ​ ​ 11,567 ​ ​ 6,327 ​ Total ​ $ 66,596 ​ $ 62,021 ​ $ 48,171 ​ (1) 2019 includes single lease cost and other related expenses (common-area maintenance charges and other miscellaneous charges). 2018 and 2017 include rent costs and other related expenses (common-area maintenance charges and other miscellaneous charges).

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
QUARTERLY RESULTS (UNAUDITED)
Quarterly Results (Unaudited)	NOTE 16—QUARTERLY RESULTS (UNAUDITED) The following tables set forth unaudited selected financial data and operating information on a quarterly basis as of and for the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selected Quarterly Financial Data ​ As of and for the year ended December 31, 2019 ​ (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Loan origination and debt brokerage fees, net ​ $ 69,921 ​ $ 65,144 ​ $ 65,610 ​ $ 57,797 ​ Fair value of expected net cash flows from servicing, net ​ ​ 47,771 ​ ​ 50,785 ​ ​ 41,271 ​ ​ 40,938 ​ Servicing fees ​ ​ 55,126 ​ ​ 54,219 ​ ​ 53,006 ​ ​ 52,199 ​ Total revenues ​ ​ 217,190 ​ ​ 212,267 ​ ​ 200,325 ​ ​ 187,437 ​ Personnel ​ ​ 97,082 ​ ​ 93,057 ​ ​ 84,398 ​ ​ 71,631 ​ Amortization and depreciation ​ ​ 39,552 ​ ​ 37,636 ​ ​ 37,381 ​ ​ 37,903 ​ Total expenses ​ ​ 159,216 ​ ​ 152,952 ​ ​ 143,347 ​ ​ 131,353 ​ Income from operations ​ ​ 57,974 ​ ​ 59,315 ​ ​ 56,978 ​ ​ 56,084 ​ Walker & Dunlop net income ​ ​ 42,916 ​ ​ 44,043 ​ ​ 42,196 ​ ​ 44,218 ​ Basic EPS ​ $ 1.38 ​ $ 1.42 ​ $ 1.36 ​ $ 1.44 ​ Diluted EPS ​ ​ 1.34 ​ ​ 1.39 ​ ​ 1.33 ​ ​ 1.39 ​ Total transaction volume ​ $ 9,812,055 ​ $ 8,907,336 ​ $ 7,306,369 ​ $ 5,941,304 ​ Servicing portfolio ​ $ 93,225,169 ​ $ 91,754,499 ​ $ 89,897,025 ​ $ 87,691,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selected Quarterly Financial Data ​ As of and for the year ended December 31, 2018 ​ (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Loan origination and debt brokerage fees, net ​ $ 71,078 ​ $ 59,594 ​ $ 55,193 ​ $ 48,816 ​ Fair value of expected net cash flows from servicing, net ​ ​ 53,088 ​ ​ 39,576 ​ ​ 47,044 ​ ​ 32,693 ​ Servicing fees ​ ​ 52,092 ​ ​ 50,781 ​ ​ 49,317 ​ ​ 48,040 ​ Total revenues ​ ​ 214,933 ​ ​ 184,657 ​ ​ 178,204 ​ ​ 147,452 ​ Personnel ​ ​ 90,828 ​ ​ 79,776 ​ ​ 71,426 ​ ​ 55,273 ​ Amortization and depreciation ​ ​ 36,271 ​ ​ 36,739 ​ ​ 35,489 ​ ​ 33,635 ​ Total expenses ​ ​ 149,603 ​ ​ 133,998 ​ ​ 125,234 ​ ​ 103,561 ​ Income from operations ​ ​ 65,330 ​ ​ 50,659 ​ ​ 52,970 ​ ​ 43,891 ​ Walker & Dunlop net income ​ ​ 45,750 ​ ​ 37,716 ​ ​ 41,112 ​ ​ 36,861 ​ Basic EPS ​ $ 1.47 ​ $ 1.20 ​ $ 1.31 ​ $ 1.18 ​ Diluted EPS ​ ​ 1.41 ​ ​ 1.15 ​ ​ 1.26 ​ ​ 1.14 ​ Total transaction volume ​ $ 9,353,456 ​ $ 7,651,791 ​ $ 6,193,023 ​ $ 4,849,262 ​ Servicing portfolio ​ $ 85,689,262 ​ $ 80,485,634 ​ $ 77,820,741 ​ $ 75,836,280 ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation —The condensed consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests in the balance sheet and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income from noncontrolling interests in the income statement.
Subsequent Events	Subsequent Events —The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2019. There have been no material events that would require recognition in the consolidated financial statements. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2019. No other material subsequent events have occurred that would require disclosure.
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, capitalized mortgage servicing rights, derivative instruments, and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates.
Transfers of Financial Assets	Transfers of Financial Assets— Transfers of financial assets are reported as sales 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 determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales.
Derivative Assets and Liabilities	Derivative Assets and Liabilities —Certain loan commitments and forward sales commitments meet the definition of a derivative asset and are recorded at fair value in the Consolidated Balance Sheets upon the executions of the commitment to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue in the Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on anticipated sale of the loan, net of co-broker fees (included in Derivative assets in the Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Consolidated Income Statements), (ii) 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 (included in Derivative assets in the Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), and (iii) the effects of interest rate movements between the trade date and balance sheet date. 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 Loan origination and debt brokerage fees, net in the Consolidated Statements of Income. The co-broker fees for the years ended December 31, 2019, 2018, and 2017 were $20.6 million, $22.8 million and $19.3 million, respectively. The fair value of expected guaranty obligation recognized at commitment for the years ended December 31, 2019, 2018, and 2017 were $16.3 million, $16.0 million and $13.8 million, respectively.
Mortgage Servicing Rights	Mortgage Servicing Rights —When a loan is sold, the Company retains the right to service the loan and initially recognizes an individual originated mortgage servicing right (“OMSR”) for the loan sold at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected net cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized OMSRs: 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 and varied based on loan type. Estimated Life —The estimated life of the OMSRs is derived based upon the stated term of the prepayment protection provisions of the underlying loan and may be reduced by 6 to 12 months based upon the expiration or reduction of the prepayment and/or lockout provisions prior to that stated maturity date. The Company’s model for OMSRs assumes no prepayment while the prepayment provisions have not expired and full prepayment of the loan at or near the point where the prepayment provisions have expired. 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. Escrow Earnings —The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the OMSR is added to the estimated future cash flows. Servicing Cost —The estimated future cost to service the loan for the estimated life of the OMSR is subtracted from the estimated future cash flows. The assumptions used to estimate the fair value of OMSRs at loan sale are based on internal models and are compared to assumptions used by other market participants periodically. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly. Subsequent to the initial measurement date, OMSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level OMSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The Company tests for impairment on purchased stand-alone servicing portfolios (“PMSRs”) separately from the Company’s OMSRs. OMSRs and PMSRs are tested for impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis. The fair value of PMSRs is equal to the purchase price paid. For PMSRs, the Company records a portfolio-level MSR asset and determines the estimated life of the portfolio based on the prepayment characteristics of the portfolio. The Company subsequently amortizes such PMSRs and tests for impairment quarterly as discussed in more detail above. For PMSRs, a constant rate of prepayments and defaults is included in the determination of the portfolio’s estimated life (and thus included as a component of the portfolio’s amortization). Accordingly, prepayments and defaults of individual loans do not change the level of amortization expense recorded for the portfolio unless the pattern of actual prepayments and defaults varies significantly from the estimated pattern. When such a significant difference in the pattern of estimated and actual prepayments and defaults occurs, the Company prospectively adjusts the estimated life of the portfolio (and thus future amortization) to approximate the actual pattern observed. The Company has not made any adjustments to the estimated life of any PMSRs.
Guaranty Obligation and Allowance for Risk-sharing Obligations	Guaranty Obligation and Allowance for Risk-sharing Obligations— When a loan is sold under the Fannie Mae Delegated Underwriting and Servicing TM (“DUS”) program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as Guaranty obligation, net of accumulated amortization on the Consolidated Balance Sheets. 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 underlying multifamily collateral for 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 discounted using a rate consistent with what is used for the calculation of the OMSR 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 as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income, 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 monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default. The Company’s process for identifying which risk-sharing loans may be probable of loss consists of an assessment of several qualitative and quantitative factors including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio, and property condition. 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 (benefit) for credit losses in the Consolidated Statements of Income, along with a write-off of the associated loan-specific OMSR. 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. The estimate of property fair value at initial recognition of the allowance for risk-sharing obligations is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan. The Company regularly monitors the specific reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of default is generally 20% of the origination unpaid principal balance of the loan. 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 the Company’s 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 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. For each loan for which it has a risk-sharing obligation, the Company records one of the following liabilities associated with that loan as discussed above: guaranty obligation, general reserve, or specific reserve. Although the liability type may change over the life of the loan, at any particular point in time, only one such liability is associated with a loan for which the Company has a risk-sharing obligation. The total of the specific reserves and general reserves is presented as Allowance for risk-sharing obligations in the Consolidated Balance Sheets.
Loans Held for Investment, net	Loans Held for Investment, net — Loans held for investment are multifamily loans originated by the Company through the Interim Program for properties that currently do not qualify for permanent GSE or HUD (collectively, the “Agencies”) financing. These loans have terms of up to three years and are all interest-only, multifamily loans with similar risk characteristics and no geographic concentration. 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 level-yield amortization of net deferred fees and costs, and is recognized as revenue when earned and deemed collectible. During the third quarter of 2018, the Company transferred a portfolio of participating interests in loans held for investment to a third party that is scheduled to mature in the third quarter of 2021. The Company accounted for the transfer as a secured borrowing. The aggregate unpaid principal balance of the loans of $78.3 million is presented as a component of Loans held for investment, net in the Consolidated Balance Sheets as of December 31, 2019, and the secured borrowing of $70.5 million is included within Other liabilities in the Consolidated Balance Sheets as of December 31, 2019. The Company does not have credit risk related to the $70.5 million of loans that were transferred. As of December 31, 2019, Loans held for investment, net consisted of 22 loans with an aggregate $546.6 million of unpaid principal balance less $2.0 million of net unamortized deferred fees and costs and $1.1 million of allowance for loan losses. As of December 31, 2018, Loans held for investment, net consisted of 14 loans with an aggregate $503.5 million of unpaid principal balance less $6.0 million of net unamortized deferred fees and costs and $0.2 million of allowance for loan losses. Included within the Loans held for investment, net balance as of December 31, 2019 and December 31, 2018 is a participation in a subordinated note with a large institutional investor in multifamily loans that was fully funded with corporate cash. The unpaid principal balance of the participation was $7.8 million as of December 31, 2019 and $150.0 million as of December 31, 2018. The allowance for loan losses is the Company’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The allowance for loan losses is estimated collectively for loans with similar characteristics and for which there is no evidence of impairment. The collective allowance is based on recent historical loss probability and historical loss rates incurred in our risk-sharing portfolio, because the nature of the underlying collateral is the same adjusted as needed for current market conditions. The Company uses the loss experience from its risk-sharing portfolio as a proxy for losses incurred in its loans held for investment portfolio since (i) the Company has not experienced any charge offs related to its loans held for investment to date and (ii) the loans in the loans-held-for-investment portfolio have similar characteristics to loans held in the risk-sharing portfolio. One loan held for investment with an unpaid principal balance of $14.7 million was delinquent, impaired , and on non-accrual status as of December 31, 2019. The Company expects to complete a restructuring of the loan later in 2020. In connection with the restructuring, the Company expects to lose an immaterial amount of default interest under the terms of the loan. None of the loans held for investment was delinquent , impaired , or on non-accrual status as of December 31, 2018. Prior to 2019, the Company had not experienced any delinquencies related to loans held for investment. The Company has never charged off any loan held for investment. The allowance for loan losses recorded as of December 31, 2019 consisted primarily of the specific reserve on the impaired loan, while the allowance for loan losses as of December 31, 2018 was based on the Company’s collective assessment of the portfolio.
Provision (Benefit) for Credit Losses	Provision (Benefit) 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 (benefit) for credit losses in the Consolidated Statements of Income. Provision (benefit) for credit losses consisted of the following activity for the years ended December 31, 2019, 2018, and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Provision (benefit) for Credit Losses (in thousands) 2019 2018 2017 Provision (benefit) for loan losses ​ $ 875 ​ $ 128 ​ $ (294) ​ Provision (benefit) for risk-sharing obligations ​ 6,398 ​ 680 ​ 51 ​ Provision (benefit) for credit losses ​ $ 7,273 ​ $ 808 ​ $ (243) ​ ​
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 adjustments 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 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, 2019, the Company’s market capitalization exceeded its net asset value by $703.1 million, or 71.0% . As of December 31, 2019, there have been no events subsequent to that analysis that are indicative of an impairment loss.
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 elects to measure all originated 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, 2019 and 2018.
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 is calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards were granted 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 were 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 used 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 the 2017 option awards, 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 used an estimated dividend yield of zero as the Company’s stock options were not dividend eligible and at the time of grant there was no expectation that the Company would pay a dividend. For the “risk-free” rate, the Company used a U.S. Treasury Note due in a number of years equal to the option’s expected term. For the 2017 option awards, the expected volatility was calculated based on the Company’s historical common stock volatility. The Company issues new shares from the pool of authorized but not yet issued shares when an employee exercises stock options. The Company did not grant any stock option awards in 2018 or 2019 and does not expect to issue stock options for the foreseeable future. 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 . Some of the Company’s restricted stock awards vest over a period of up to eight years . With the exception of 2015, the Company offered a performance share plan (“PSP”) for the Company’s executives and certain other members of senior management for each of the years from 2014 to 2019. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. 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, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant forfeits a portion of the RSUs. If the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for the 2017, 2018, and 2019 PSPs are based on meeting diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value 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. Compensation expense for restricted shares and stock options is adjusted for actual 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. Share-based 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. For the periods presented in the Consolidated Balance Sheets, all loans that were held for sale were financed with matched borrowings under our warehouse facilities incurred to fund a specific loan held for sale. Generally, a portion of 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 three years ended December 31, 2019 and 2018, and 2017 are the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Net Warehouse Interest Income (in thousands) 2019 2018 2017 Warehouse interest income - loans held for sale ​ $ 48,211 ​ $ 55,609 ​ $ 61,298 Warehouse interest expense - loans held for sale ​ (46,294) ​ (49,616) ​ (46,221) Net warehouse interest income - loans held for sale ​ $ 1,917 ​ $ 5,993 ​ $ 15,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 32,059 ​ $ 11,197 ​ $ 15,218 Warehouse interest expense - loans held for investment ​ (8,277) ​ (3,159) ​ (5,828) Warehouse interest income - secured borrowings ​ ​ 3,549 ​ ​ 1,852 ​ ​ — Warehouse interest expense - secured borrowings ​ ​ (3,549) ​ ​ (1,852) ​ ​ — Net warehouse interest income - loans held for investment ​ $ 23,782 ​ $ 8,038 ​ $ 9,390 ​
Statement of Cash Flows	Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net 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. For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 9) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions in the Consolidated Balance Sheets as of December 31, 2019, 2018, 2017, and 2016. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2019 2018 2017 2016 Cash and cash equivalents $ 120,685 ​ $ 90,058 ​ $ 191,218 ​ $ 118,756 ​ Restricted cash ​ 8,677 ​ ​ 20,821 ​ ​ 6,677 ​ ​ 9,861 ​ Pledged cash and cash equivalents (NOTE 9) 7,204 ​ 9,469 ​ 88,785 ​ 82,742 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 136,566 ​ $ 120,348 ​ $ 286,680 ​ $ 211,359 ​ ​ 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 uncertain tax positions as of December 31, 2019 and 2018.
Income Taxes	​
Pledged Securities	Pledged Securities —As collateral against its Fannie Mae risk-sharing obligations (NOTES 4 and 9), certain securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. Substantially all of the balance of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2019 and 2018 was pledged against Fannie Mae risk-sharing obligations. The balance not pledged against Fannie Mae risk-sharing obligations consists of an immaterial amount of cash pledged as collateral against an immaterial amount of risk-sharing obligations with Freddie Mac. The Company’s investments included within Pledged securities, at fair value consist primarily of money market funds and Agency debt securities. The investments in Agency debt securities consist of multifamily Agency mortgage-backed securities (“Agency MBS”) and are all accounted for as available-for-sale (“AFS”) securities. When the fair value of AFS Agency MBS are materially lower than the carrying value, the Company performs an analysis to determine whether an other-than-temporary impairment (“OTTI”) exists. The Company has never recorded an OTTI related to AFS Agency MBS.
Contracts with Customers	Contracts with Customers —Substantially all of the Company’s revenues are derived from the following sources, all of which are excluded from the accounting provisions applicable to contracts with customers: (i) financial instruments, (ii) transfers and servicing, (iii) derivative transactions, and (iv) investments in debt securities/equity-method investments. The remaining portion of revenues is not significant and derived from contracts with customers. The Company’s contracts with customers do not require significant judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The Company had no contract assets or liabilities as of December 31, 2019 and 2018. The following table presents information about the Company’s contracts with customers for the years ended December 31, 2019, 2018, and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description in thousands 2019 2018 2017 Statement of income line item Certain loan origination fees ​ $ 75,599 ​ $ 59,877 ​ $ 53,116 ​ Loan origination and debt brokerage fees, net Property sales broker fees, investment management fees, assumption fees, application fees, and other ​ 51,885 ​ 35,837 ​ 29,271 ​ Other revenues Total revenues derived from contracts with customers ​ $ 127,484 ​ $ 95,714 ​ $ 82,387 ​ ​ ​
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, 2019 and 201 8.
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.
Net Receivables	Receivables, Net —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.
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 residual 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 Fannie Mae, Freddie Mac, or a broker-dealer that has been determined to be a credit-worthy counterparty by us and our warehouse lenders. 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 mitigated by the non-refundable good faith deposit.
Leases	Leases —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. The Company initially recognizes a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The lease liability is measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee’s initial direct costs. Lease expense is generally recognized on a straight-line basis over the term of the lease. These operating leases do not provide an implicit discount rate; therefore, the Company uses the incremental borrowing rate of its note payable at lease commencement to calculate lease liabilities as the terms on this debt most closely resemble the terms on the Company’s largest leases. The Company’s lease agreements often include options to extend or terminate the lease. Single lease cost related to these lease agreements is recognized on the straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods.
Litigation	Litigation —In the ordinary course of business, the Company may be party to various claims and litigation, none of which the Company believes is material. 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.
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncements — In the first quarter of 2016, Accounting Standards Update 2016-02 (“ASU 2016-02”), Leases (Topic 842) was issued. ASU 2016-02 represents a significant reform to the accounting for leases. Lessees initially recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The Company adopted the standard as required on January 1, 2019 and elected the available practical expedients that were applicable to the Company and the prospective adoption approach. There was no change to the classification of the Company’s leases, which are all currently classified as operating leases. NOTE 14 contains additional detail about the impact ASU 2016-02 had on the Company’s financial position as of December 31, 2019 and results of operations for the year ended December 31, 2019. The Company elected the practical expedients that allowed the Company to not reassess (i) whether any existing agreement are or contain leases, (ii) lease classification of any existing agreements, and (iii) initial direct costs. The Company also elected the hindsight practical expedient to determine the lease term for all of its leases. In conjunction with the election of the hindsight practical expedient, the Company recorded a $1.0 million cumulative-effect adjustment, net of tax to reduce retained earnings as of January 1, 2019. In the third quarter of 2018, Accounting Standards Update 2018-15 (“ASU 2018-15”), Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract was issued. ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets. Capitalized implementation costs are amortized over the term of the hosting arrangement once the hosting arrangement is placed in service, and the amortization expense related to the capitalized implementation costs is recorded in the same line in the financial statements as the cloud service cost. The Company early-adopted ASU 2018-15 on January 1, 2019, using the prospective approach. During 2019, the Company capitalized $6.2 million of implementation costs. Amortization of these costs has not begun as the Company has not placed the hosting arrangements into service. In the second quarter of 2016, Accounting Standards Update 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments was issued. ASU 2016-13 ("the Standard") represents a significant change to the incurred loss model currently used to account for credit losses. The Standard requires an entity to estimate the credit losses expected over the life of the credit exposure upon initial recognition of that exposure. The expected credit losses consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. Exposures with similar risk characteristics are required to be grouped together when estimating expected credit losses. The initial estimate and subsequent changes to the estimated credit losses are required to be reported in current earnings in the income statement and through an allowance in the balance sheet. ASU 2016-13 is applicable to financial assets subject to credit losses and measured at amortized cost and certain off-balance-sheet credit exposures. The Standard will modify the way the Company estimates its allowance for risk-sharing obligations and its allowance for loan losses and the way it assesses impairment on its pledged AFS securities. ASU 2016-13 requires modified retrospective application to all outstanding, in-scope instruments, with a cumulative-effect adjustment recorded to opening retained earnings as of the beginning of the period of adoption. The Company is adopting the standard as required on January 1, 2020. The Company expects to recognize an increase of between $30 and $35 million in the allowance for risk-sharing obligations with a cumulative-effect adjustment, net of tax recorded to opening retained earnings of between $25 and $30 million. The Company is in the final stages of refining its calculations, establishing certain aspects of the accounting policy for the Standard, and implementing internal controls over financial reporting. The adjustment to the allowance for loan losses for the Company’s portfolio of 22 loans held for investment is expected to be de minimis. There will be no impact to AFS securities because the portfolio consists of agency-backed securities that inherently have an immaterial risk of loss. The Company has analyzed the disclosures that will be required for the new standard and will implement those disclosures during the first quarter of 2020. There were no other accounting pronouncements issued during 2020 or 2019 that have the potential to impact the Company’s consolidated financial statements.
Reclassifications	Reclassifications — The Company has made other immaterial reclassifications to prior-year balances to conform to current-year presentation.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Components of Provision (Benefit) for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Provision (benefit) for Credit Losses (in thousands) 2019 2018 2017 Provision (benefit) for loan losses ​ $ 875 ​ $ 128 ​ $ (294) ​ Provision (benefit) for risk-sharing obligations ​ 6,398 ​ 680 ​ 51 ​ Provision (benefit) for credit losses ​ $ 7,273 ​ $ 808 ​ $ (243) ​
Schedule of Net Warehouse Interest Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Net Warehouse Interest Income (in thousands) 2019 2018 2017 Warehouse interest income - loans held for sale ​ $ 48,211 ​ $ 55,609 ​ $ 61,298 Warehouse interest expense - loans held for sale ​ (46,294) ​ (49,616) ​ (46,221) Net warehouse interest income - loans held for sale ​ $ 1,917 ​ $ 5,993 ​ $ 15,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 32,059 ​ $ 11,197 ​ $ 15,218 Warehouse interest expense - loans held for investment ​ (8,277) ​ (3,159) ​ (5,828) Warehouse interest income - secured borrowings ​ ​ 3,549 ​ ​ 1,852 ​ ​ — Warehouse interest expense - secured borrowings ​ ​ (3,549) ​ ​ (1,852) ​ ​ — Net warehouse interest income - loans held for investment ​ $ 23,782 ​ $ 8,038 ​ $ 9,390
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2019 2018 2017 2016 Cash and cash equivalents $ 120,685 ​ $ 90,058 ​ $ 191,218 ​ $ 118,756 ​ Restricted cash ​ 8,677 ​ ​ 20,821 ​ ​ 6,677 ​ ​ 9,861 ​ Pledged cash and cash equivalents (NOTE 9) 7,204 ​ 9,469 ​ 88,785 ​ 82,742 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 136,566 ​ $ 120,348 ​ $ 286,680 ​ $ 211,359 ​
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description in thousands 2019 2018 2017 Statement of income line item Certain loan origination fees ​ $ 75,599 ​ $ 59,877 ​ $ 53,116 ​ Loan origination and debt brokerage fees, net Property sales broker fees, investment management fees, assumption fees, application fees, and other ​ 51,885 ​ 35,837 ​ 29,271 ​ Other revenues Total revenues derived from contracts with customers ​ $ 127,484 ​ $ 95,714 ​ $ 82,387 ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2019
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to Capitalized MSRs, Net of Accumulated Amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of MSRs (in thousands) 2019 2018 Beginning balance ​ $ 670,146 ​ $ 634,756 ​ Additions, following the sale of loan ​ 206,885 ​ 176,565 ​ Purchases 1 ​ ​ — ​ ​ 5,265 ​ Amortization ​ (137,792) ​ (131,739) ​ Pre-payments and write-offs ​ (20,440) ​ (14,701) ​ Ending balance ​ $ 718,799 ​ $ 670,146 ​ 1
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ December 31, 2019 ​ December 31, 2018 Gross Value ​ $ 1,201,542 ​ $ 1,100,439 Accumulated amortization ​ (482,743) ​ (430,293) Net carrying value ​ $ 718,799 ​ $ 670,146
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2020 ​ $ 131,447 2021 ​ 118,500 2022 ​ 103,567 2023 ​ 91,498 2024 ​ 78,362 Thereafter ​ ​ 195,425 Total ​ $ 718,799

GUARANTY OBLIGATION AND ALLOW_2

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Schedule of Activity Related to Guaranty Obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Guaranty Obligation (in thousands) 2019 2018 Beginning balance ​ $ 46,870 ​ $ 41,187 ​ Additions, following the sale of loan ​ 17,939 ​ 13,851 ​ Amortization ​ (9,663) ​ (8,009) ​ Other ​ ​ (451) ​ ​ (159) ​ Ending balance ​ $ 54,695 ​ $ 46,870 ​
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Allowance for Risk-sharing Obligations (in thousands) 2019 2018 Beginning balance ​ $ 4,622 ​ $ 3,783 ​ Provision (benefit) for risk-sharing obligations ​ 6,398 ​ 680 ​ Write-offs ​ — ​ — ​ Other ​ ​ 451 ​ ​ 159 ​ Ending balance ​ $ 11,471 ​ $ 4,622 ​

WAREHOUSE NOTES PAYABLE (Tables

WAREHOUSE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2019
Debt
Schedule of Maturities of Warehouse Notes Payable and Note Payable	​ ​ ​ ​ ​ ​ Year Ending December 31, Maturities 2020 ​ $ 825,802 ​ 2021 ​ ​ 13,032 ​ 2022 ​ ​ 76,986 ​ 2023 ​ ​ 3,000 ​ 2024 ​ ​ 3,000 ​ Thereafter ​ ​ 282,750 ​ Total ​ $ 1,204,570 ​
Warehouse Facilities
Debt
Schedule of Debt Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility 1 ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate Agency Warehouse Facility #1 ​ $ 350,000 ​ $ 200,000 ​ $ 550,000 ​ $ 148,877 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #2 ​ 500,000 ​ 300,000 ​ 800,000 ​ 15,291 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #3 ​ 500,000 ​ 265,000 ​ 765,000 ​ 35,510 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 258,045 ​ 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 500,000 ​ ​ 500,000 ​ ​ 60,751 ​ 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #6 ​ ​ 250,000 ​ ​ 100,000 ​ ​ 350,000 ​ ​ 14,930 ​ 30-day LIBOR plus 1.15% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,950,000 ​ $ 1,365,000 ​ $ 3,315,000 ​ $ 533,404 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 131,984 ​ ​ Total Agency Warehouse Facilities ​ $ 1,950,000 ​ $ 2,865,000 ​ $ 4,815,000 ​ $ 665,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ 98,086 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ 49,256 30-day LIBOR plus 1.65% ​ Interim Warehouse Facility #3 ​ 75,000 ​ 75,000 ​ 150,000 ​ 65,991 30-day LIBOR plus 1.90% to 2.50% ​ Interim Warehouse Facility #4 ​ ​ 100,000 ​ ​ — ​ ​ 100,000 ​ ​ 28,100 ​ 30-day LIBOR plus 1.75% ​ Total National Bank Interim Warehouse Facilities ​ $ 410,000 ​ $ 75,000 ​ $ 485,000 ​ $ 241,433 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (693) ​ ​ ​ Total warehouse facilities ​ $ 2,360,000 ​ $ 2,940,000 ​ $ 5,300,000 ​ $ 906,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility 1 ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate Agency Warehouse Facility #1 ​ $ 425,000 ​ $ 200,000 ​ $ 625,000 ​ $ 57,572 30-day LIBOR plus 1.20% ​ Agency Warehouse Facility #2 ​ 500,000 ​ 300,000 ​ 800,000 ​ 62,830 30-day LIBOR plus 1.20% ​ Agency Warehouse Facility #3 ​ 500,000 ​ 265,000 ​ 765,000 ​ 451,549 30-day LIBOR plus 1.25% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 225,538 ​ 30-day LIBOR plus 1.20% ​ Agency Warehouse Facility #5 ​ ​ 30,000 ​ ​ — ​ ​ 30,000 ​ ​ 12,484 30-day LIBOR plus 1.80% ​ Agency Warehouse Facility #6 ​ ​ 250,000 ​ ​ 100,000 ​ ​ 350,000 ​ ​ 66,579 ​ 30-day LIBOR plus 1.20% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,055,000 ​ $ 865,000 ​ $ 2,920,000 ​ $ 876,552 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 156,700 ​ ​ ​ Total agency warehouse facilities ​ $ 2,055,000 ​ $ 2,365,000 ​ $ 4,420,000 ​ $ 1,033,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 85,000 ​ $ — ​ $ 85,000 ​ $ 68,390 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ 37,899 30-day LIBOR plus 2.00% ​ Interim Warehouse Facility #3 ​ 75,000 ​ — ​ 75,000 ​ 23,250 ​ 30-day LIBOR plus 1.90% to 2.50% ​ Total interim warehouse facilities ​ $ 260,000 ​ $ — ​ $ 260,000 ​ $ 129,539 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (1,409) ​ ​ ​ Total warehouse facilities ​ $ 2,315,000 ​ $ 2,365,000 ​ $ 4,680,000 ​ $ 1,161,382 ​ ​ ​ 1
Notes Payable
Debt
Schedule of Debt Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, unless otherwise specified) ​ December 31, ​ ​ ​ Component 2019 2018 Interest rate and repayments Unpaid principal balance ​ $ 297,750 ​ $ 300,000 ​ Interest rate varies - see above for further details; ​ Unamortized debt discount ​ ​ (1,245) ​ ​ (1,466) ​ quarterly principal payments of $0.8 million ​ Unamortized debt issuance costs ​ ​ (2,541) ​ ​ (2,524) ​ ​ ​ Carrying balance ​ $ 293,964 ​ $ 296,010 ​ ​ ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Goodwill (in thousands) 2019 2018 Beginning balance ​ $ 173,904 ​ $ 123,767 ​ Additions from acquisitions ​ 6,520 ​ 50,137 ​ Impairment ​ — ​ — ​ Ending balance ​ $ 180,424 ​ $ 173,904 ​
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2019 2018 ​ Beginning balance ​ $ 11,630 ​ $ 14,091 ​ Accretion ​ ​ 572 ​ ​ 927 ​ Payments ​ ​ (6,450) ​ ​ (5,150) ​ Adjustment to discounted disposition value ​ ​ — ​ ​ 1,762 ​ Ending balance ​ $ 5,752 ​ $ 11,630 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 787,035 ​ $ — ​ $ 787,035 ​ Pledged securities ​ 7,204 ​ 114,563 ​ — ​ 121,767 ​ Derivative assets ​ — ​ — ​ 15,568 ​ 15,568 ​ Total ​ $ 7,204 ​ $ 901,598 ​ $ 15,568 ​ $ 924,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 36 ​ $ 36 ​ Total ​ $ — ​ $ — ​ $ 36 ​ $ 36 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 1,074,348 ​ $ — ​ $ 1,074,348 ​ Pledged securities ​ 9,469 ​ 106,862 ​ — ​ 116,331 ​ Derivative assets ​ — ​ — ​ 35,536 ​ 35,536 ​ Total ​ $ 9,469 ​ $ 1,181,210 ​ $ 35,536 ​ $ 1,226,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 32,697 ​ $ 32,697 ​ Total ​ $ — ​ $ — ​ $ 32,697 ​ $ 32,697 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ Using Significant ​ ​ ​ Unobservable Inputs: ​ ​ ​ Derivative Instruments ​ (in thousands) December 31, 2019 Derivative assets and liabilities, net ​ ​ Beginning balance December 31, 2018 ​ $ 2,839 ​ Settlements ​ (426,544) ​ Realized gains recorded in earnings (1) ​ 423,705 ​ Unrealized gains recorded in earnings (1) ​ 15,532 ​ Ending balance December 31, 2019 ​ $ 15,532 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ Using Significant ​ ​ ​ Unobservable Inputs: ​ ​ ​ Derivative Instruments ​ (in thousands) December 31, 2018 Derivative assets and liabilities, net ​ ​ Beginning balance December 31, 2017 ​ $ 8,507 ​ Settlements ​ (412,750) ​ Realized gains (losses) recorded in earnings (1) ​ 404,243 ​ Unrealized gains (losses) recorded in earnings (1) ​ 2,839 ​ Ending balance December 31, 2018 ​ $ 2,839 ​ (1) Realized and unrealized gains from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net 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 ​ $ 15,568 Discounted cash flow Counterparty credit risk — ​ Derivative liabilities ​ $ 36 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, 2019 ​ December 31, 2018 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 120,685 ​ $ 120,685 ​ $ 90,058 ​ $ 90,058 ​ Restricted cash ​ 8,677 ​ 8,677 ​ 20,821 ​ 20,821 ​ Pledged securities ​ 121,767 ​ 121,767 ​ 116,331 ​ 116,331 ​ Loans held for sale ​ 787,035 ​ 787,035 ​ 1,074,348 ​ 1,074,348 ​ Loans held for investment, net ​ 543,542 ​ 546,033 ​ 497,291 ​ 503,549 ​ Derivative assets ​ 15,568 ​ 15,568 ​ 35,536 ​ 35,536 ​ Total financial assets ​ $ 1,597,274 ​ $ 1,599,765 ​ $ 1,834,385 ​ $ 1,840,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 36 ​ $ 36 ​ $ 32,697 ​ $ 32,697 ​ Secured borrowings ​ ​ 70,548 ​ ​ 70,548 ​ ​ 70,052 ​ ​ 70,052 ​ Warehouse notes payable ​ 906,128 ​ 906,821 ​ 1,161,382 ​ 1,162,791 ​ Note payable ​ 293,964 ​ 297,750 ​ 296,010 ​ 300,000 ​ Total financial liabilities ​ $ 1,270,676 ​ $ 1,275,155 ​ $ 1,560,141 ​ $ 1,565,540 ​
Schedule of Fair Value of Derivative Instruments and Loans Held for Sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Adjustment Components ​ Balance Sheet Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Notional or ​ Estimated ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ Principal ​ Gain ​ Interest Rate ​ Fair Value ​ Derivative ​ Derivative ​ To Loans (in thousands) ​ Amount ​ on Sale ​ Movement ​ Adjustment ​ Assets ​ Liabilities ​ Held for Sale December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 511,114 ​ $ 12,199 ​ $ (1,975) ​ $ 10,224 ​ $ 10,247 ​ $ (23) ​ $ — ​ Forward sale contracts ​ 1,285,656 ​ — ​ 5,308 ​ 5,308 ​ 5,321 ​ ​ (13) ​ — ​ Loans held for sale ​ 774,542 ​ 15,826 ​ (3,333) ​ 12,493 ​ — ​ — ​ 12,493 ​ Total ​ ​ ​ ​ $ 28,025 ​ $ — ​ $ 28,025 ​ $ 15,568 ​ $ (36) ​ $ 12,493 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 891,514 ​ $ 20,285 ​ $ 10,627 ​ $ 30,912 ​ $ 30,976 ​ $ (64) ​ $ — ​ Forward sale contracts ​ 1,927,017 ​ — ​ (28,073) ​ (28,073) ​ 4,560 ​ (32,633) ​ — ​ Loans held for sale ​ 1,035,503 ​ 21,399 ​ 17,446 ​ 38,845 ​ — ​ — ​ 38,845 ​ Total ​ ​ ​ ​ $ 41,684 ​ $ — ​ $ 41,684 ​ $ 35,536 ​ $ (32,697) ​ $ 38,845 ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2019
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2019 2018 2017 2016 Pledged cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash $ 2,150 ​ $ 3,029 ​ $ 2,201 ​ $ 4,358 ​ Money market funds ​ 5,054 ​ ​ 6,440 ​ ​ 86,584 ​ ​ 78,384 ​ Total pledged cash and cash equivalents $ 7,204 ​ $ 9,469 ​ $ 88,785 ​ $ 82,742 ​ Agency MBS 114,563 ​ 106,862 ​ 9,074 ​ 2,108 ​ Total pledged securities, at fair value $ 121,767 ​ $ 116,331 ​ $ 97,859 ​ $ 84,850 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) December 31, 2019 December 31, 2018 Fair value $ 114,563 ​ $ 106,862 ​ Amortized cost ​ 113,580 ​ ​ 106,963 ​ Total gains for securities with net gains in AOCI ​ 1,145 ​ ​ 77 ​ Total losses for securities with net losses in AOCI (162) ​ (178) ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 2,812 ​ ​ 2,815 ​ After five years through ten years ​ 92,040 ​ ​ 92,153 ​ After ten years 19,711 ​ ​ 18,612 ​ Total $ 114,563 ​ $ 113,580 ​

SHARE-BASED PAYMENT (Tables)

SHARE-BASED PAYMENT (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE-BASED PAYMENT
Schedule of Stock Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of stock compensation expense (in thousands) 2019 2018 2017 Restricted shares ​ $ 17,818 ​ $ 14,741 ​ $ 12,336 ​ Stock options ​ ​ 625 ​ ​ 1,124 ​ ​ 1,570 ​ PSP "RSUs" ​ ​ 5,632 ​ ​ 8,094 ​ ​ 7,228 ​ Total stock compensation expense ​ $ 24,075 ​ $ 23,959 ​ $ 21,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess tax benefit recognized ​ $ 4,632 ​ $ 6,848 ​ $ 9,545 ​
Schedule of Restricted Share Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Shares Activity Shares Fair Value Nonvested at January 1, 2019 ​ 1,171,018 ​ $ 37.32 ​ Granted ​ 486,173 ​ ​ 54.52 ​ Vested ​ (563,736) ​ ​ 30.81 ​ Forfeited ​ (8,079) ​ ​ 41.17 ​ Nonvested at December 31, 2019 ​ 1,085,376 ​ $ 48.39 ​
Schedule of Restricted Share Units Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Share Units Activity Share Units Fair Value Nonvested at January 1, 2019 ​ 1,098,612 ​ $ 35.54 ​ Granted ​ 295,851 ​ ​ 52.84 ​ Vested ​ (488,787) ​ ​ 23.92 ​ Forfeited ​ (15,627) ​ ​ 23.92 ​ Nonvested at December 31, 2019 ​ 890,049 ​ $ 47.87 ​
Schedule of Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ ​ Exercise ​ Contract Life ​ Value ​ Stock Options Activity Options Price (Years) (in thousands) Outstanding at January 1, 2019 ​ 1,048,264 ​ $ 19.76 ​ ​ ​ ​ ​ ​ Granted ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ (65,182) ​ ​ 20.29 ​ ​ ​ ​ ​ ​ Forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2019 ​ 983,082 ​ $ 19.72 ​ 4.6 ​ $ 44,199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2019 ​ 945,506 ​ $ 18.92 ​ 4.5 ​ $ 43,265 ​
Schedule of Stock Options Valuation Assumptions	​ ​ ​ ​ ​ ​ Inputs into Black-Scholes Option Pricing Model 2017 Estimated option life (years) ​ ​ 6.00 ​ Risk free interest rate ​ ​ 2.04 % Expected volatility ​ ​ 35.34 % Expected dividend rate ​ ​ 0.00 % Strike price ​ $ 39.82 ​ Weighted average grant date fair value per share of options granted ​ $ 14.98 ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of Basic and Diluted EPS Under Two-Class Method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, EPS Calculations (in thousands, except per share amounts) 2019 ​ 2018 ​ 2017 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 173,373 ​ $ 161,439 ​ $ 211,127 ​ Less: dividends and undistributed earnings allocated to participating securities 5,649 ​ 5,790 ​ 8,443 ​ Net income applicable to common stockholders $ 167,724 ​ $ 155,649 ​ $ 202,684 ​ Weighted-average basic shares outstanding ​ 29,913 ​ ​ 30,202 ​ ​ 30,176 ​ Basic EPS $ 5.61 ​ $ 5.15 ​ $ 6.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 167,724 ​ $ 155,649 ​ $ 202,684 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 126 ​ ​ 170 ​ ​ 313 ​ Net income allocated to common stockholders $ 167,850 ​ $ 155,819 ​ $ 202,997 ​ Weighted-average basic shares outstanding ​ 29,913 ​ ​ 30,202 ​ ​ 30,176 ​ Add: weighted-average diluted non-participating securities ​ 902 ​ ​ 1,182 ​ ​ 1,210 ​ Weighted-average diluted shares outstanding ​ 30,815 ​ ​ 31,384 ​ ​ 31,386 ​ Diluted EPS $ 5.45 ​ $ 4.96 ​ $ 6.47 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Summary of Provision for Income Taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Income Tax Expense (in thousands) 2019 2018 2017 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 28,150 ​ $ 26,850 ​ $ 45,726 ​ State ​ ​ 6,959 ​ ​ 7,575 ​ ​ 7,062 ​ Total current expense ​ $ 35,109 ​ $ 34,425 ​ $ 52,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 17,484 ​ $ 13,964 ​ $ 25,055 ​ State ​ ​ 4,528 ​ ​ 3,519 ​ ​ 2,297 ​ Revaluation of deferred tax liabilities, net ​ ​ — ​ ​ — ​ ​ (58,313) ​ Total deferred expense (benefit) ​ $ 22,012 ​ $ 17,483 ​ $ (30,961) ​ Total income tax expense ​ $ 57,121 ​ $ 51,908 ​ $ 21,827 ​
Schedule of Reconciliation of the Statutory Federal Tax Provision to Income Tax Provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ (in thousands) 2019 2018 2017 ​ Statutory federal expense (1) ​ $ 48,374 ​ $ 44,699 ​ $ 81,781 ​ Statutory state income tax expense, net of federal tax benefit ​ ​ 9,281 ​ ​ 8,744 ​ ​ 7,594 ​ Revaluation of deferred tax liabilities, net ​ ​ — ​ ​ — ​ ​ (58,313) ​ Other ​ ​ (534) ​ ​ (1,535) ​ ​ (9,235) ​ Income tax expense ​ $ 57,121 ​ $ 51,908 ​ $ 21,827 ​ (1) The statutory federal rate was 21% for the year ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017.
Schedule of Deferred Tax Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Deferred Tax Liabilities, Net (in thousands) 2019 2018 Deferred Tax Assets ​ ​ ​ ​ ​ ​ ​ Compensation related ​ $ 8,227 ​ $ 16,753 ​ Credit losses ​ 3,133 ​ 1,202 ​ Valuation allowance ​ ​ (1,049) ​ ​ (2,838) ​ Total deferred tax assets ​ $ 10,311 ​ $ 15,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities ​ ​ ​ ​ ​ ​ ​ Mark-to-market of derivatives and loans held for sale ​ $ (5,396) ​ $ (8,582) ​ Mortgage servicing rights related ​ ​ (139,115) ​ ​ (125,084) ​ Acquisition related (1) ​ ​ (7,292) ​ ​ (4,396) ​ Depreciation ​ ​ (1,812) ​ ​ (2,005) ​ Other ​ ​ (3,507) ​ ​ (592) ​ Total deferred tax liabilities ​ $ (157,122) ​ $ (140,659) ​ Deferred tax liabilities, net ​ $ (146,811) ​ $ (125,542) ​ (1) Acquisition-related deferred tax liabilities 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, 2019
SEGMENTS
Schedule of Loans Serviced for Others, by Product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Loan Servicing Portfolio (in thousands) 2019 2018 2017 Fannie Mae ​ $ 40,049,095 ​ $ 35,983,178 ​ $ 32,075,617 ​ Freddie Mac ​ ​ 32,583,842 ​ ​ 30,350,724 ​ ​ 26,782,581 ​ Ginnie Mae-HUD ​ ​ 9,972,989 ​ ​ 9,944,222 ​ ​ 9,640,312 ​ Life insurance companies and other ​ ​ 10,619,243 ​ ​ 9,411,138 ​ ​ 5,811,481 ​ Total ​ $ 93,225,169 ​ $ 85,689,262 ​ $ 74,309,991 ​
Schedule of Percentage of Unpaid Principal Balance of the Loans Serviced for Others	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent of Total UPB as of December 31, ​ Loan Servicing Portfolio Concentration by State 2019 2018 2017 California ​ 16.2 % 16.3 % 18.4 % Florida ​ 9.4 ​ 9.0 ​ 9.4 ​ Texas ​ 9.3 ​ 9.7 ​ 9.2 ​ Georgia ​ 5.8 ​ 6.1 ​ 4.9 ​ All other states ​ 59.3 ​ 58.9 ​ 58.1 ​ Total ​ 100.0 % 100.0 % 100.0 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ ​ 2020 ​ ​ 8,607 ​ 2021 ​ ​ 8,280 ​ 2022 ​ ​ 7,585 ​ 2023 ​ ​ 5,995 ​ Thereafter ​ ​ 324 ​ Total lease payments ​ $ 30,791 ​ Less imputed interest ​ ​ (2,635) ​ Total ​ $ 28,156 ​
Schedule of Future Minimum Lease Payments	​ ​ ​ ​ ​ Year Ending December 31, ​ 2019 ​ $ 7,700 2020 ​ ​ 7,789 2021 ​ ​ 7,450 2022 ​ ​ 6,738 2023 ​ ​ 5,200 Thereafter ​ ​ 90 Total ​ $ 34,967

OTHER OPERATING EXPENSES (Table

OTHER OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2019
OTHER OPERATING EXPENSES
Summary of Major Components of Other Operating Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Other Operating Expenses (in thousands) 2019 2018 2017 Professional fees ​ $ 20,896 ​ $ 16,365 ​ $ 12,154 ​ Travel and entertainment ​ ​ 10,759 ​ ​ 10,003 ​ ​ 8,038 ​ Rent (1) ​ ​ 9,136 ​ ​ 8,107 ​ ​ 7,057 ​ Marketing and preferred broker ​ ​ 8,534 ​ ​ 7,951 ​ ​ 7,819 ​ Office expenses ​ ​ 9,972 ​ ​ 8,028 ​ ​ 6,776 ​ All other ​ ​ 7,299 ​ ​ 11,567 ​ ​ 6,327 ​ Total ​ $ 66,596 ​ $ 62,021 ​ $ 48,171 ​

QUARTERLY RESULTS (UNAUDITED) (

QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
QUARTERLY RESULTS (UNAUDITED)
Schedule of Unaudited Selected Financial Data and Operating Information on a Quarterly Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selected Quarterly Financial Data ​ As of and for the year ended December 31, 2019 ​ (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Loan origination and debt brokerage fees, net ​ $ 69,921 ​ $ 65,144 ​ $ 65,610 ​ $ 57,797 ​ Fair value of expected net cash flows from servicing, net ​ ​ 47,771 ​ ​ 50,785 ​ ​ 41,271 ​ ​ 40,938 ​ Servicing fees ​ ​ 55,126 ​ ​ 54,219 ​ ​ 53,006 ​ ​ 52,199 ​ Total revenues ​ ​ 217,190 ​ ​ 212,267 ​ ​ 200,325 ​ ​ 187,437 ​ Personnel ​ ​ 97,082 ​ ​ 93,057 ​ ​ 84,398 ​ ​ 71,631 ​ Amortization and depreciation ​ ​ 39,552 ​ ​ 37,636 ​ ​ 37,381 ​ ​ 37,903 ​ Total expenses ​ ​ 159,216 ​ ​ 152,952 ​ ​ 143,347 ​ ​ 131,353 ​ Income from operations ​ ​ 57,974 ​ ​ 59,315 ​ ​ 56,978 ​ ​ 56,084 ​ Walker & Dunlop net income ​ ​ 42,916 ​ ​ 44,043 ​ ​ 42,196 ​ ​ 44,218 ​ Basic EPS ​ $ 1.38 ​ $ 1.42 ​ $ 1.36 ​ $ 1.44 ​ Diluted EPS ​ ​ 1.34 ​ ​ 1.39 ​ ​ 1.33 ​ ​ 1.39 ​ Total transaction volume ​ $ 9,812,055 ​ $ 8,907,336 ​ $ 7,306,369 ​ $ 5,941,304 ​ Servicing portfolio ​ $ 93,225,169 ​ $ 91,754,499 ​ $ 89,897,025 ​ $ 87,691,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selected Quarterly Financial Data ​ As of and for the year ended December 31, 2018 ​ (in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Loan origination and debt brokerage fees, net ​ $ 71,078 ​ $ 59,594 ​ $ 55,193 ​ $ 48,816 ​ Fair value of expected net cash flows from servicing, net ​ ​ 53,088 ​ ​ 39,576 ​ ​ 47,044 ​ ​ 32,693 ​ Servicing fees ​ ​ 52,092 ​ ​ 50,781 ​ ​ 49,317 ​ ​ 48,040 ​ Total revenues ​ ​ 214,933 ​ ​ 184,657 ​ ​ 178,204 ​ ​ 147,452 ​ Personnel ​ ​ 90,828 ​ ​ 79,776 ​ ​ 71,426 ​ ​ 55,273 ​ Amortization and depreciation ​ ​ 36,271 ​ ​ 36,739 ​ ​ 35,489 ​ ​ 33,635 ​ Total expenses ​ ​ 149,603 ​ ​ 133,998 ​ ​ 125,234 ​ ​ 103,561 ​ Income from operations ​ ​ 65,330 ​ ​ 50,659 ​ ​ 52,970 ​ ​ 43,891 ​ Walker & Dunlop net income ​ ​ 45,750 ​ ​ 37,716 ​ ​ 41,112 ​ ​ 36,861 ​ Basic EPS ​ $ 1.47 ​ $ 1.20 ​ $ 1.31 ​ $ 1.18 ​ Diluted EPS ​ ​ 1.41 ​ ​ 1.15 ​ ​ 1.26 ​ ​ 1.14 ​ Total transaction volume ​ $ 9,353,456 ​ $ 7,651,791 ​ $ 6,193,023 ​ $ 4,849,262 ​ Servicing portfolio ​ $ 85,689,262 ​ $ 80,485,634 ​ $ 77,820,741 ​ $ 75,836,280 ​

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 31, 2019
Interim Program JV
Joint Venture
Ownership interest	15.00%
Appraisal JV
Joint Venture
Ownership interest	50.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Mortgage Banking and Guaranty Obligations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Banking Activities
Co-broker fees	$ 20.6	$ 22.8	$ 19.3
Fair value of expected guaranty obligation recognized at commitment	$ 16.3	$ 16	$ 13.8
Fannie Mae DUS program | Maximum
Guaranty Obligation and Allowance for Credit Losses
Maximum delinquency period of loans at which initial loss recognition occurs	60 days
MSRs | Minimum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	10.00%	10.00%	10.00%
Reduction in estimated life of MSRs	6 months
MSRs | Maximum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	15.00%	15.00%	15.00%
Reduction in estimated life of MSRs	12 months

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Loans Held-for-Investment, Net
Number of loans held for investment | loan	22	14
Unpaid principal balance of loans held for investment	$ 546.6	$ 503.5
Net unamortized deferred fees and costs	2	6
Allowance for loan losses	1.1	$ 0.2
Loans Held for Investment
Transfers of financial assets accounted for as secured borrowings
Loan portfolio transferred to third party	78.3
Other Liabilities
Transfers of financial assets accounted for as secured borrowings
Secured borrowing	$ 70.5
Loans Held for Investment
Loans Held-for-Investment, Net
Number of delinquent loans | loan	1	0
Loans held for investment, delinquent	$ 14.7	$ 0
Number of impaired loans | loan	1	0
Loans held for investment, impaired	$ 14.7	$ 0
Number of loans on nonaccrual status | loan	1	0
Loans, non-accrual status	$ 14.7	$ 0
Loans Held for Investment | Maximum
Loans Held-for-Investment, Net
Term of loans	3 years
Subordinated Note Participation
Loans Held-for-Investment, Net
Unpaid principal balance of loans held for investment	$ 7.8	$ 150

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Provision (Benefit) for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of Provision (Benefit) for Credit Losses
Provision (benefit) for loan losses	$ 875	$ 128	$ (294)
Provision (benefit) for risk-sharing obligations	6,398	680	51
Provision (benefit) for credit losses	$ 7,273	$ 808	$ (243)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019segment	Oct. 01, 2018USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units | segment	1
Market capitalization in excess net asset value | $		$ 703.1
Market capitalization in excess net asset value, percentage		71.00%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Sale (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loans Held for Sale
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days
Loans held for sale carried at lower of cost or fair value	$ 0	$ 0
Loans, non-accrual status	$ 0	$ 0
Mortgage Loans
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Payment (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Stock options
Fair value assumptions, Black-Scholes
Expiration period	10 years
Vesting period	3 years
Expected dividend yield	0.00%	0.00%
Stock options | Officers And Employees
Fair value assumptions, Black-Scholes
Vesting period	3 years
RSUs | 2014 PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
RSUs | 2016 PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
RSUs | 2017 PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
RSUs | 2018 PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
RSUs | 2019 PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted shares | Officers And Employees | Minimum
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted shares | Officers And Employees | Maximum
Fair value assumptions, Black-Scholes
Vesting period	8 years
Restricted shares | Non-Employee Directors
Fair value assumptions, Black-Scholes
Vesting period	1 year

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loans Held for Sale
Net Warehouse Interest Income
Warehouse interest income	$ 48,211	$ 55,609	$ 61,298
Warehouse interest expense	(46,294)	(49,616)	(46,221)
Net warehouse interest income	1,917	5,993	15,077
Loans Held for Investment
Net Warehouse Interest Income
Warehouse interest income	32,059	11,197	15,218
Warehouse interest expense	(8,277)	(3,159)	(5,828)
Net warehouse interest income	23,782	8,038	$ 9,390
Secured Borrowings
Net Warehouse Interest Income
Warehouse interest income	3,549	1,852
Warehouse interest expense	$ (3,549)	$ (1,852)

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 120,685	$ 90,058	$ 191,218	$ 118,756
Restricted cash	8,677	20,821	6,677	9,861
Pledged cash and cash equivalents (NOTE 9)	7,204	9,469	88,785	82,742
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 136,566	$ 120,348	$ 286,680	$ 211,359

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes and Pledged Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax Uncertainties
Accruals for tax uncertainties	$ 0	$ 0
Pledged cash and cash equivalents
Pledged securities, at fair value	$ 121,767	$ 116,331	$ 97,859	$ 84,850

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contracts with Customers
Revenue from contracts with customer	$ 127,484	$ 95,714	$ 82,387
Contract assets with customers	0	0
Contract liabilities with customers	0	0
Loan Origination Fees | Gains from Mortgage Banking Activities
Contracts with Customers
Revenue from contracts with customer	75,599	59,877	53,116
Investment Sales Broker Fees, Investment Management Fees, Assumption Fees, Application Fees and Other | Other Revenues
Contracts with Customers
Revenue from contracts with customer	$ 51,885	$ 35,837	$ 29,271

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Equivalents and Recent Accounting Pronouncements (Detail)	Jan. 01, 2019USD ($)	Dec. 31, 2019USD ($)loan	Jan. 01, 2020USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
Cash and Cash Equivalents
Cash equivalents		$ 0		$ 0
Recently Announced Accounting Pronouncements
Cumulative-effect adjustment for adoption of ASU 2016-02, net of tax		(1,002,000)
Operating lease right-of-use assets		22,300,000
Operating lease liabilities		$ 28,156,000
Number of loans held for investment | loan		22		14
Allowance for risk-sharing obligations		$ 11,471,000		$ 4,622,000	$ 3,783,000
Retained earnings		$ 796,775,000		$ 666,752,000
ASU 2016-02
Recently Announced Accounting Pronouncements
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Use of Hindsight	true
Cumulative-effect adjustment for adoption of ASU 2016-02, net of tax	$ 1,000,000
Mortgage Loans
Concentrations of Credit Risk
Period of originated loans within which they are transferred or sold		60 days
Forecast | ASU 2016-13 | Minimum
Recently Announced Accounting Pronouncements
Allowance for risk-sharing obligations			$ 30,000,000
Retained earnings			25,000,000
Forecast | ASU 2016-13 | Maximum
Recently Announced Accounting Pronouncements
Allowance for risk-sharing obligations			35,000,000
Retained earnings			$ 30,000,000
ASU 2018-15 | Adjustments for New Accounting Principle, Early Adoption
Recently Announced Accounting Pronouncements
Capitalized implementation costs of hosting arrangement service contract		$ 6,200,000

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Servicing
Fair value of the MSRs	$ 910.5	$ 858.7
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	$ 28.5
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	$ 55

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to Capitalized MSRs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Mortgage Servicing Rights
Beginning balance	$ 670,146
Ending balance	718,799	$ 670,146
Servicing portfolio loans unpaid principal balance	93,225,169	85,689,262	$ 91,754,499	$ 89,897,025	$ 87,691,682	$ 80,485,634	$ 77,820,741	$ 75,836,280	$ 74,309,991
MSRs
Mortgage Servicing Rights
Beginning balance	670,146	634,756
Additions, following the sale of loan	206,885	176,565
Purchases		5,265
Amortization	(137,792)	(131,739)
Pre-payments and write-offs	(20,440)	(14,701)
Ending balance	$ 718,799	670,146
Acquired Portfolio, Compensation on Loan Held for Investment | MSRs
Mortgage Servicing Rights
Purchases		$ 3,500

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, 2019	Dec. 31, 2018
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,201,542	$ 1,100,439
Accumulated amortization	(482,743)	(430,293)
Net carrying value	718,799	$ 670,146
MSRs
Mortgage Servicing Rights Acquired and Originated
Net carrying value	$ 718,799

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Future amortization
Net carrying value	$ 718,799	$ 670,146
MSRs
Future amortization
2020	131,447
2021	118,500
2022	103,567
2023	91,498
2024	78,362
Thereafter	195,425
Net carrying value	$ 718,799

MORTGAGE SERVICING RIGHTS - Pre

MORTGAGE SERVICING RIGHTS - Prepayment fees and Other information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Escrow earnings and other interest income
Servicing
Escrow earnings	$ 51.4	$ 38.2	$ 19.1
MSRs
Servicing
Expected amortization period for net carrying value	7 years 6 months
MSRs | Other revenues
Servicing
Prepayment fees	$ 26.8	$ 18.9	$ 17.3

GUARANTY OBLIGATION AND ALLOW_3

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Guaranty obligation, net of accumulated amortization - beginning balance	$ 46,870	$ 41,187
Additions, following the sale of loan	17,939	13,851
Amortization	(9,663)	(8,009)
Other	(451)	(159)
Guaranty obligation, net of accumulated amortization - ending balance	$ 54,695	$ 46,870

GUARANTY OBLIGATION AND ALLOW_4

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)
Allowance for Risk-Sharing Contracts
Beginning balance	$ 4,622	$ 3,783
Provision (benefit) for risk-sharing obligations	6,398	680	$ 51
Other	451	159
Ending balance	$ 11,471	4,622	$ 3,783	$ 11,471
Number of defaulted loans | loan	2
Amount of specific reserves placed on defaulted at risk loans	$ 6,900			6,900
Number of at risk loans written off				0
Average unpaid principal balance of at risk loans				30,300,000
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 7,500,000	$ 6,700,000		$ 7,500,000

SERVICING - (Detail)

SERVICING - (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Servicing
Servicing portfolio loans unpaid principal balance	$ 93,225,169	$ 91,754,499	$ 89,897,025	$ 87,691,682	$ 85,689,262	$ 80,485,634	$ 77,820,741	$ 75,836,280	$ 74,309,991
Loans serviced
Servicing
Servicing portfolio loans unpaid principal balance	93,200,000				85,700,000
Custodial escrow accounts	$ 2,600,000				$ 2,300,000

DEBT - Summary Information (Det

DEBT - Summary Information (Detail) $ in Thousands	Jan. 31, 2020loan	Sep. 30, 2019	Sep. 29, 2019	Dec. 31, 2019USD ($)	Sep. 30, 2019	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2018USD ($)
Warehouse notes payable
Outstanding Balance				$ 906,128				$ 906,128	$ 1,161,382
Debt issuance costs				$ (693)				$ (693)	$ (1,409)
30-day LIBOR
Warehouse notes payable
Interest rate at end of period (as a percent)				1.76%				1.76%	2.50%
Warehouse Facilities
Warehouse notes payable
Committed Amount				$ 2,360,000				$ 2,360,000	$ 2,315,000
Uncommitted Amount				2,940,000				2,940,000	2,365,000
Total Facility Capacity				5,300,000				5,300,000	4,680,000
Outstanding Balance				$ 906,128				906,128	1,161,382
Interest expense								58,100	54,600	$ 52,000
Facility fees								$ 4,900	5,000	4,600
Agency Warehouse Facility #1
Warehouse notes payable
Maturity date				Oct. 26, 2020				Oct. 26, 2020
Advances made as a percentage of the loan balance								100.00%
Agency Warehouse Facility #2
Warehouse notes payable
Maturity date						Sep. 8, 2020		Sep. 8, 2020
Advances made as a percentage of the loan balance								100.00%
Agency Warehouse Facility #3
Warehouse notes payable
Maturity date								Apr. 30, 2020
Expiration date of the uncommitted borrowing capacity						Jan. 31, 2020
Advances made as a percentage of the loan balance								100.00%
Agency Warehouse Facility #4
Warehouse notes payable
Maturity date				Oct. 4, 2020				Oct. 4, 2020
Advances made as a percentage of the loan balance								100.00%
Agency Warehouse Facility #5
Warehouse notes payable
Maturity date								Aug. 5, 2020
Advances made as a percentage of the loan balance								100.00%
Agency Warehouse Facility #6
Warehouse notes payable
Maturity date							Jan. 31, 2020	Jan. 31, 2020
Advances made as a percentage of the loan balance								100.00%
Agency Warehouse Facility, Expired | Agency Warehouse Facility
Warehouse notes payable
Total Facility Capacity											$ 30,000
Interim Warehouse Facility #1
Warehouse notes payable
Maturity date						Apr. 30, 2020		Apr. 30, 2020
Interim Warehouse Facility #1 | Maximum
Warehouse notes payable
Term over which funding of first mortgage loans on multi-family and healthcare real estate can be made using a combination of available cash and facility advances								3 years
Interim Warehouse Facility #2
Warehouse notes payable
Maturity date				Dec. 13, 2021				Dec. 13, 2021
Interim Warehouse Facility #2 | Maximum
Warehouse notes payable
Term over which funding of first mortgage loans on multi-family and healthcare real estate can be made using a combination of available cash and facility advances								3 years
Interim Warehouse Facility #3
Warehouse notes payable
Maturity date						May 18, 2020		May 18, 2020
Interim Warehouse Facility #3 | Maximum
Warehouse notes payable
Term over which funding of first mortgage loans on multi-family and healthcare real estate can be made using a combination of available cash and facility advances								3 years
Interim Warehouse Facility #4
Warehouse notes payable
Maturity date							Apr. 30, 2020
Loans Held for Sale
Warehouse notes payable
Interest expense								$ 46,294	49,616	46,221
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				$ 1,950,000				1,950,000	2,055,000
Uncommitted Amount				2,865,000				2,865,000	2,365,000
Total Facility Capacity				4,815,000				4,815,000	4,420,000
Outstanding Balance				665,388				665,388	1,033,252
Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				350,000				350,000	425,000
Uncommitted Amount				200,000				200,000	200,000
Total Facility Capacity				550,000				550,000	625,000
Outstanding Balance				148,877				$ 148,877	$ 57,572
Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate		1.15%	1.20%					1.15%	1.20%
Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				500,000				$ 500,000	$ 500,000
Uncommitted Amount				300,000				300,000	300,000
Total Facility Capacity				800,000				800,000	800,000
Outstanding Balance				15,291				$ 15,291	$ 62,830
Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate								1.15%	1.20%
Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				500,000				$ 500,000	$ 500,000
Uncommitted Amount				265,000				265,000	265,000
Total Facility Capacity				765,000				765,000	765,000
Outstanding Balance				35,510				$ 35,510	$ 451,549
Percentage added to reference rate						1.15%
Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate							1.25%	1.15%	1.25%
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				350,000				$ 350,000	$ 350,000
Total Facility Capacity				350,000				350,000	350,000
Outstanding Balance				258,045				258,045	$ 225,538
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | Maximum
Warehouse notes payable
Maximum capacity to fund defaulted HUD and FHA loans				30,000				$ 30,000
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate						1.15%	1.20%	1.15%	1.20%
Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount									$ 30,000
Uncommitted Amount				500,000				$ 500,000
Total Facility Capacity				500,000				500,000	30,000
Outstanding Balance				60,751				$ 60,751	$ 12,484
Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate								1.15%	1.80%
Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				250,000				$ 250,000	$ 250,000
Uncommitted Amount				100,000				100,000	100,000
Total Facility Capacity				350,000				350,000	350,000
Outstanding Balance				$ 14,930				$ 14,930	$ 66,579
Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate				1.15%	1.20%			1.15%	1.20%
Loans Held for Investment
Warehouse notes payable
Interest expense								$ 8,277	$ 3,159	$ 5,828
Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Committed Amount				$ 410,000				410,000	260,000
Uncommitted Amount				75,000				75,000
Total Facility Capacity				485,000				485,000	260,000
Outstanding Balance				241,433				241,433	129,539
Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount				135,000			$ 135,000	135,000	85,000
Total Facility Capacity				135,000				135,000	85,000
Outstanding Balance				98,086				$ 98,086	$ 68,390
Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate								1.90%	1.90%
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount				100,000				$ 100,000	$ 100,000
Total Facility Capacity				100,000				100,000	100,000
Outstanding Balance				$ 49,256				$ 49,256	$ 37,899
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate				1.65%	2.00%			1.65%	2.00%
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount				$ 75,000				$ 75,000	$ 75,000
Uncommitted Amount				75,000		$ 75,000		75,000
Total Facility Capacity				150,000				150,000	75,000
Outstanding Balance				65,991				$ 65,991	$ 23,250
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Percentage added to reference rate								1.90%	1.90%
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | 30-day LIBOR | Maximum
Warehouse notes payable
Percentage added to reference rate								2.50%	2.50%
Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount				100,000				$ 100,000
Total Facility Capacity				100,000			$ 100,000	100,000
Outstanding Balance				28,100				$ 28,100
Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate							1.75%	1.75%
National Banks | Agency Warehouse Facility
Warehouse notes payable
Number of warehouse credit facilities	5							6
Total Facility Capacity				3,300,000				$ 3,300,000
National Banks | Interim Warehouse Facility
Warehouse notes payable
Total Facility Capacity				500,000				500,000
National Banks | Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount				1,950,000				1,950,000	$ 2,055,000
Uncommitted Amount				1,365,000				1,365,000	865,000
Total Facility Capacity				3,315,000				3,315,000	2,920,000
Outstanding Balance				533,404				$ 533,404	876,552
Fannie Mae | Uncommitted Agency Warehouse Facility
Warehouse notes payable
Advances made as a percentage of the loan balance								99.00%
Fannie Mae | Uncommitted Agency Warehouse Facility | Agency Warehouse Facility
Warehouse notes payable
Total Facility Capacity				1,500,000				$ 1,500,000
Fannie Mae | Loans Held for Sale | Uncommitted Agency Warehouse Facility | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount				1,500,000				1,500,000	1,500,000
Total Facility Capacity				1,500,000				1,500,000	1,500,000
Outstanding Balance				$ 131,984				$ 131,984	$ 156,700

DEBT - Covenants and Terms (Det

DEBT - Covenants and Terms (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Agency Warehouse Facilities and Interim Warehouse Facilities #1 and #2
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 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
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%
Agency Warehouse Facilities #1, #3, #6 and Interim Warehouse Facility #1
Warehouse notes payable
Maximum indebtedness to tangible net worth	2.25
Interim Warehouse Facility #1
Warehouse notes payable
Minimum rolling four-quarter EBITDA to total debt service ratio	2
Interim Warehouse Facility #4
Warehouse notes payable
Maximum indebtedness to tangible net worth	2.25
Interim Warehouse Facility #2
Warehouse notes payable
Minimum EBITDA to be maintained under financial covenants	$ 35
Minimum debt service coverage ratio	2.75
Interim Warehouse Facility #3
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 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
Maximum indebtedness to tangible net worth	3
Minimum debt service coverage ratio	2.75

DEBT - Notes Payable - Terms (D

DEBT - Notes Payable - Terms (Detail) $ in Millions	Nov. 07, 2018USD ($)loan	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2019USD ($)item	Dec. 31, 2019USD ($)
Term Loan
Debt
Quarterly equal installments					$ 0.8
Credit Agreement
Debt
Number of financial covenants | item				1
Credit Agreement | Minimum
Debt
Asset Coverage Ratio				1.50
Credit Agreement | Term Loan
Debt
Amount of loan agreement	$ 300
Discount on issue of term loan (as a percent)	0.50%
Quarterly equal installments				$ 0.8
Debt instrument maturity date				Nov. 7, 2025
Credit Agreement | Term Loan | Minimum
Debt
Number of additional term loans | loan	1
Credit Agreement | Term Loan | Maximum
Debt
Maximum amount of all incremental term loans	$ 150
Consolidated Corporate Leverage Ratio		2		2	2
Credit Agreement | Term Loan | 30-day LIBOR
Debt
Percentage added to reference rate				2.00%
Term Loan Agreement | Amendment to Term Loan
Debt
Percentage added to reference rate		2.00%	2.25%
Term Loan Agreement | Prior Term Loan
Debt
Repayment of previous term loan	$ 165.4
Term Loan Agreement | Prior Term Loan | Other operating expense
Debt
Loss on extinguishment of debt				$ 2.1

DEBT - Notes Payable - Summary

DEBT - Notes Payable - Summary (Detail) - USD ($) $ in Thousands	12 Months Ended	24 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt
Unpaid principal balance	$ 1,204,570	$ 1,204,570
Debt issuance costs	(693)	(693)	$ (1,409)
Carrying balance	293,964	293,964	296,010
Term Loan
Debt
Quarterly equal installments		800
Unpaid principal balance	297,750	297,750	300,000
Unamortized debt discount	(1,245)	(1,245)	(1,466)
Debt issuance costs	(2,541)	(2,541)	(2,524)
Carrying balance	$ 293,964	$ 293,964	$ 296,010
Period for amounts drawn and repaid	60 days

DEBT - Notes Payable - Maturiti

DEBT - Notes Payable - Maturities (Detail) $ in Thousands	Dec. 31, 2019USD ($)
DEBT
2019	$ 825,802
2020	13,032
2021	76,986
2022	3,000
2023	3,000
Thereafter	282,750
Total	$ 1,204,570

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)
Goodwill activity
Beginning balance	$ 180,424	$ 173,904	$ 123,767
Additions from acquisitions		6,520	50,137
Impairment		0	0
Ending balance		180,424	173,904
Assets acquired
Intangible assets acquired		$ 2,500	3,200
Number of reporting units | segment		1
Intangible assets		$ 718,799	$ 670,146
Weighted average amortization period		4 years 8 months 12 days
2020 Acquisitions
Assets acquired
Number of acquisitions during the period | item	2
Purchase consideration	$ 70,500

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)period	Dec. 31, 2018USD ($)
Contingent consideration liabilities
Beginning balance	$ 11,630	$ 14,091
Accretion	572	927
Payments	(6,450)	(5,150)
Adjustment to discounted disposition value		1,762
Ending balance	$ 5,752	$ 11,630
Number of initial annual contingent consideration earn-out periods | period	3

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, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Loans held for sale	$ 787,035	$ 1,074,348
Pledged securities	121,767	116,331	$ 97,859	$ 84,850
Derivative assets	15,568	35,536
Liabilities
Derivative liabilities	36	32,697
Recurring
Assets
Loans held for sale	787,035	1,074,348
Pledged securities	121,767	116,331
Derivative assets	15,568	35,536
Total financial assets	924,370	1,226,215
Liabilities
Derivative liabilities	36	32,697
Total financial liabilities	36	32,697
Level 1 | Recurring
Assets
Pledged securities	7,204	9,469
Total financial assets	7,204	9,469
Level 2 | Recurring
Assets
Loans held for sale	787,035	1,074,348
Pledged securities	114,563	106,862
Total financial assets	901,598	1,181,210
Level 3 | Recurring
Assets
Derivative assets	15,568	35,536
Total financial assets	15,568	35,536
Liabilities
Derivative liabilities	36	32,697
Total financial liabilities	$ 36	$ 32,697

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Fair Value Measurements
Amount of transfers between any of the levels within the fair value hierarchy	$ 0
Maximum
Fair Value Measurements
Contract 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, 2019	Dec. 31, 2018
Derivative assets and liabilities, net
Beginning balance	$ 2,839	$ 8,507
Settlements	(426,544)	(412,750)
Realized gains recorded in earnings	423,705	404,243
Unrealized gains recorded in earnings	15,532	2,839
Ending balance	$ 15,532	$ 2,839

FAIR VALUE MEASUREMENTS - Sch_2

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, 2019	Dec. 31, 2018
Fair Value Measurements
Derivative assets	$ 15,568	$ 35,536
Derivative liabilities	36	32,697
Recurring
Fair Value Measurements
Derivative assets	15,568	35,536
Derivative liabilities	36	32,697
Recurring | Level 3
Fair Value Measurements
Derivative assets	15,568	35,536
Derivative liabilities	36	$ 32,697
Recurring | Level 3 | Discounted Cash Flow | Derivative Assets
Fair Value Measurements
Derivative assets	15,568
Recurring | Level 3 | Derivative Liabilities | Discounted Cash Flow
Fair Value Measurements
Derivative liabilities	$ 36

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial assets:
Cash and cash equivalents	$ 120,685	$ 90,058	$ 191,218	$ 118,756
Restricted cash	8,677	20,821	6,677	9,861
Pledged securities	121,767	116,331	$ 97,859	$ 84,850
Loans held for sale	787,035	1,074,348
Loans held for investment, net	543,542	497,291
Derivative assets	15,568	35,536
Financial liabilities:
Derivative liabilities	36	32,697
Warehouse notes payable	906,128	1,161,382
Note payable	293,964	296,010
Carrying Amount
Financial assets:
Cash and cash equivalents	120,685	90,058
Restricted cash	8,677	20,821
Pledged securities	121,767	116,331
Loans held for sale	787,035	1,074,348
Loans held for investment, net	543,542	497,291
Derivative assets	15,568	35,536
Total financial assets	1,597,274	1,834,385
Financial liabilities:
Derivative liabilities	36	32,697
Secured borrowings	70,548	70,052
Warehouse notes payable	906,128	1,161,382
Note payable	293,964	296,010
Total financial liabilities	1,270,676	1,560,141
Fair Value
Financial assets:
Cash and cash equivalents	120,685	90,058
Restricted cash	8,677	20,821
Pledged securities	121,767	116,331
Loans held for sale	787,035	1,074,348
Loans held for investment, net	546,033	503,549
Derivative assets	15,568	35,536
Total financial assets	1,599,765	1,840,643
Financial liabilities:
Derivative liabilities	36	32,697
Secured borrowings	70,548	70,052
Warehouse notes payable	906,821	1,162,791
Note payable	297,750	300,000
Total financial liabilities	$ 1,275,155	$ 1,565,540

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	12 Months Ended
	Dec. 31, 2019
Loans Held for Sale
Other information
Period of originated loans within which they are transferred or sold	60 days

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 28,025	$ 41,684
Total Fair Value Adjustment	28,025	41,684
Derivative assets	15,568	35,536
Derivative Liabilities	(36)	(32,697)
Fair Value Adjustment To Loans Held for Sale	12,493	38,845
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	774,542	1,035,503
Estimated Gain on Sale	15,826	21,399
Interest Rate Movement	(3,333)	17,446
Total Fair Value Adjustment	12,493	38,845
Fair Value Adjustment To Loans Held for Sale	12,493	38,845
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	511,114	891,514
Estimated Gain on Sale	12,199	20,285
Interest Rate Movement	(1,975)	10,627
Total Fair Value Adjustment	10,224	30,912
Derivative assets	10,247	30,976
Derivative Liabilities	(23)	(64)
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,285,656	1,927,017
Interest Rate Movement	5,308	(28,073)
Total Fair Value Adjustment	5,308	(28,073)
Derivative assets	5,321	4,560
Derivative Liabilities	$ (13)	$ (32,633)

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - Fannie Mae $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5.00%
Agency Mortgage Backed Securities
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4.00%
New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
DUS Risk-Sharing Obligations
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	$ 63.9
Net worth requirement	194.6
Net worth	710.6
Minimum liquid assets to be maintained to meet operational liquidity requirements	38.3
Operational liquidity	$ 227

FANNIE MAE COMMITMENTS AND PL_4

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pledged cash and cash equivalents
Restricted cash	$ 2,150	$ 3,029	$ 2,201	$ 4,358
Money market funds	5,054	6,440	86,584	78,384
Total pledged cash and cash equivalents	7,204	9,469	88,785	82,742
Agency MBS	114,563	106,862	9,074	2,108
Pledged securities, at fair value	$ 121,767	$ 116,331	$ 97,859	$ 84,850

FANNIE MAE COMMITMENTS AND PL_5

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Agency Multifamily Mortgage Based Securities Pledged Securities (Detail) - Agency Mortgage Backed Securities - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in Agency debt securities
Fair Value	$ 114,563	$ 106,862
Amortized cost	113,580	106,963
Total gains for securities with net gains in AOCI	1,145	77
Total losses for securities with net losses in AOCI	(162)	(178)
Maturities - Fair Value
After one year through five years	2,812
After five years through ten years	92,040
After ten years	19,711
Total	114,563	106,862
Maturities - Amortized Cost
After one year through five years	2,815
After five years through ten years	92,153
After ten years	18,612
Total	$ 113,580	$ 106,963

SHARE-BASED PAYMENT - Plan Info

SHARE-BASED PAYMENT - Plan Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019shares	Dec. 31, 2019itemshares	Dec. 31, 2018itemshares	Dec. 31, 2017shares
RSUs
Share-Based Payment
Granted (in shares)		295,851
Performance shares vested		488,787	0
2015 Equity Incentive Plan
Share-Based Payment
Number of shares of stock authorized for issuance		8,500,000
Number of shares remaining available for grant		800,000
PSP | RSUs | Officers And Employees
Share-Based Payment
Granted (in shares)		300,000	300,000	300,000
2016 PSP
Share-Based Payment
Number of performance targets achieved at some level | item		3
Number of performance targets deemed probable of achievement at some level | item			3
2016 PSP | RSUs
Share-Based Payment
Performance shares vested	500,000
2017 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3	3
2018 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		1	1
2019 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3

SHARE-BASED PAYMENT - Compensat

SHARE-BASED PAYMENT - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Compensation costs
Share-based compensation	$ 24,075	$ 23,959	$ 21,134
Excess tax benefit recognized	4,632	6,848	9,545
Restricted shares
Compensation costs
Share-based compensation	17,818	14,741	12,336
Stock options
Compensation costs
Share-based compensation	625	1,124	1,570
PSP | RSUs
Compensation costs
Share-based compensation	$ 5,632	$ 8,094	$ 7,228

SHARE-BASED PAYMENT - Plan Acti

SHARE-BASED PAYMENT - Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted shares
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	1,171,018
Granted (in shares)	486,173
Vested (in shares)	(563,736)
Forfeited (in shares)	(8,079)
Nonvested at end of period (in shares)	1,085,376	1,171,018
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 37.32
Granted (in dollars per share)	54.52	$ 52.25	$ 41.15
Vested (in dollars per share)	30.81
Forfeited (in dollars per share)	41.17
Nonvested at end of period (in dollars per share)	$ 48.39	$ 37.32
Additional disclosures
Fair value, vested shares (in dollars)	$ 30,500	$ 29,600	$ 21,200
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 28,700
Unrecognized compensation cost, period for recognition	3 years 1 month 6 days
Stock options
Options
Outstanding at beginning of period (in shares)	1,048,264
Granted (in shares)	0	0
Exercised (in shares)	(65,182)
Outstanding at end of period (in shares)	983,082	1,048,264
Exercisable at end of period (in shares)	945,506
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 19.76
Exercised (in dollars per share)	20.29
Outstanding at end of period (in dollars per share)	19.72	$ 19.76
Exercisable at end of period (in dollars per share)	$ 18.92
Weighted-Average Remaining Contract Life (Years)
Outstanding at end of period (in years)	4 years 7 months 6 days
Exercisable at end of period (in years)	4 years 6 months
Aggregate Intrinsic Value
Outstanding at end of period (in dollars)	$ 44,199
Exercisable at end of period (in dollars)	43,265
Intrinsic value of options exercised, (in dollars)	2,700	$ 13,500	400
Cash received from the exercise of options	0	$ 0	$ 0
Unrecognized compensation
Unrecognized compensation cost for outstanding options	$ 100
Unrecognized compensation cost, period for recognition	1 month 6 days
RSUs
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	1,098,612
Granted (in shares)	295,851
Vested (in shares)	(488,787)	0
Forfeited (in shares)	(15,627)
Nonvested at end of period (in shares)	890,049	1,098,612
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 35.54
Granted (in dollars per share)	52.84	$ 49.72	$ 41.79
Vested (in dollars per share)	23.92
Forfeited (in dollars per share)	23.92
Nonvested at end of period (in dollars per share)	$ 47.87	$ 35.54
Additional disclosures
Fair value, vested shares (in dollars)	$ 26,600		$ 23,100
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 6,500
Unrecognized compensation cost, period for recognition	3 years

SHARE-BASED PAYMENT - Fair Valu

SHARE-BASED PAYMENT - Fair Value Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Fair value assumptions, Black-Scholes
Estimated option life		6 years
Risk free interest rate		2.04%
Expected volatility		35.34%
Expected dividend rate	0.00%	0.00%
Strike price		$ 39.82
Weighted average grant date fair value per share of options granted		$ 14.98

EARNINGS PER SHARE AND STOCKH_3

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Calculation of basic EPS
Walker and Dunlop net income	$ 42,916	$ 44,043	$ 42,196	$ 44,218	$ 45,750	$ 37,716	$ 41,112	$ 36,861	$ 173,373	$ 161,439	$ 211,127
Less: dividends and undistributed earnings allocated to participating securities									5,649	5,790	8,443
Net income applicable to common stockholders									$ 167,724	$ 155,649	$ 202,684
Basic weighted average shares outstanding									29,913	30,202	30,176
Basic EPS	$ 1.38	$ 1.42	$ 1.36	$ 1.44	$ 1.47	$ 1.20	$ 1.31	$ 1.18	$ 5.61	$ 5.15	$ 6.72
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion									$ 126	$ 170	$ 313
Net income allocated to common stockholders									$ 167,850	$ 155,819	$ 202,997
Add: weighted-average diluted non-participating securities									902	1,182	1,210
Weighted average diluted shares outstanding									30,815	31,384	31,386
Diluted EPS	$ 1.34	$ 1.39	$ 1.33	$ 1.39	$ 1.41	$ 1.15	$ 1.26	$ 1.14	$ 5.45	$ 4.96	$ 6.47

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) $ / shares in Units, $ in Thousands, shares in Millions

Feb. 04, 2020$ / shares

Feb. 29, 2020USD ($)

Feb. 28, 2019USD ($)

Dec. 31, 2019USD ($)$ / shares

Sep. 30, 2019$ / shares

Jun. 30, 2019$ / shares

Mar. 31, 2019$ / shares

Dec. 31, 2018$ / shares

Sep. 30, 2018$ / shares

Jun. 30, 2018$ / shares

Mar. 31, 2018$ / shares

Dec. 31, 2019USD ($)item$ / sharesshares

Dec. 31, 2018USD ($)$ / sharesshares

Dec. 31, 2017USD ($)$ / sharesshares

Dec. 31, 2016shares

Repurchases of common stock

Reduction of equity for retirement of repurchased shares

$ 30,676

$ 68,832

$ 34,899

Dividends

Cash dividends paid per common share | $ / shares

$ 0.30

$ 0.30

$ 0.30

$ 0.30

$ 0.25

$ 0.25

$ 0.25

$ 0.25

$ 1.20

$ 1

Dividend declared per share | $ / shares

$ 0.36

Dividend payment date

Mar. 9, 2020

Restricted shares

Repurchases of common stock

Repurchased and retired shares | shares

0.2

0.2

0.2

Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares

$ 54.02

$ 51.86

$ 41.21

RSUs

Repurchases of common stock

Repurchased and retired shares | shares

0.2

0

0.3

0

Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares

$ 54.49

$ 39.82

Share repurchase program 2017

Repurchases of common stock

Reduction of equity for retirement of repurchased shares

$ 16,000

Share repurchase program 2017 | Common shares

Repurchases of common stock

Repurchased and retired shares | shares

0.3

Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares

$ 47.10

Share repurchase program 2018

Repurchases of common stock

Reduction of equity for retirement of repurchased shares

$ 57,000

Share repurchase program 2018 | Common shares

Repurchases of common stock

Repurchased and retired shares | shares

1.2

Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares

$ 45.64

Share repurchase program 2019

Repurchases of common stock

Reduction of equity for retirement of repurchased shares

$ 6,600

Share repurchase program 2019 | Common shares

Repurchases of common stock

Repurchased and retired shares | shares

0.1

Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares

$ 48.52

Share repurchase program, period for repurchases

12 months

Authorized share repurchase capacity remaining

$ 45,800

$ 45,800

Share repurchase program 2019 | Common shares | Maximum

Repurchases of common stock

Repurchase authorization

$ 50,000

Share repurchase program 2020 | Common shares

Repurchases of common stock

Share repurchase program, period for repurchases

12 months

Share repurchase program 2020 | Common shares | Maximum

Repurchases of common stock

Repurchase authorization

$ 50,000

Noncontrolling interest holder

Related party transaction

Number of affiliates to whom advances were made | item

1

Advance made to affiliate

$ 1,700

$ 1,700

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
Federal	$ 28,150	$ 26,850	$ 45,726
State	6,959	7,575	7,062
Total current expense	35,109	34,425	52,788
Deferred
Federal	17,484	13,964	25,055
State	4,528	3,519	2,297
Revaluation of deferred tax liabilities, net			(58,313)
Total deferred expense (benefit)	22,012	17,483	(30,961)
Income tax expense	57,121	51,908	21,827
Excess tax benefit recognized	4,632	$ 6,848	$ 9,545
Valuation allowance percent, compensation agreement deferred tax assets		100.00%
Charge to deferred tax expense for valuation allowance on compensation agreements		$ 2,800
Increase in effective tax rate due to valuation allowance		1.30%
Decrease in deferred tax asset related to vested performance awards	1,800
Reduction in deferred tax asset valuation allowance on vested performance awards	$ 1,800

INCOME TAXES - Statutory Reconc

INCOME TAXES - Statutory Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory rate
Statutory tax rate (as a percentage)	21.00%	21.00%	35.00%
Reconciliation
Statutory federal expense (35%)	$ 48,374	$ 44,699	$ 81,781
Statutory state income tax expense, net of federal tax benefit	9,281	8,744	7,594
Revaluation of deferred tax liabilities, net			(58,313)
Other	(534)	(1,535)	(9,235)
Income tax expense	$ 57,121	$ 51,908	$ 21,827

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets:
Compensation related	$ 8,227	$ 16,753
Credit losses	3,133	1,202
Valuation allowance	(1,049)	(2,838)
Total deferred tax assets	10,311	15,117
Deferred Tax Liabilities:
Mark-to-market of derivatives and loans held for sale	(5,396)	(8,582)
Mortgage servicing rights related	(139,115)	(125,084)
Acquisition related	(7,292)	(4,396)
Depreciation	(1,812)	(2,005)
Other	(3,507)	(592)
Total deferred tax liabilities	(157,122)	(140,659)
Deferred tax liabilities, net	$ (146,811)	$ (125,542)

INCOME TAXES - Tax Uncertaintie

INCOME TAXES - Tax Uncertainties (Details)	Dec. 31, 2019USD ($)
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, 2019
SEGMENTS
Maximum borrower/key principal exposure (as a percent)	4.00%

SEGMENTS - Product Concentratio

SEGMENTS - Product Concentration (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Product concentration
Servicing portfolio loans unpaid principal balance	$ 93,225,169	$ 91,754,499	$ 89,897,025	$ 87,691,682	$ 85,689,262	$ 80,485,634	$ 77,820,741	$ 75,836,280	$ 74,309,991
Fannie Mae
Product concentration
Servicing portfolio loans unpaid principal balance	40,049,095				35,983,178				32,075,617
Freddie Mac
Product concentration
Servicing portfolio loans unpaid principal balance	32,583,842				30,350,724				26,782,581
Ginnie Mae-HUD
Product concentration
Servicing portfolio loans unpaid principal balance	9,972,989				9,944,222				9,640,312
Life insurance companies and other
Product concentration
Servicing portfolio loans unpaid principal balance	$ 10,619,243				$ 9,411,138				$ 5,811,481

SEGMENTS - Geographic Concentra

SEGMENTS - Geographic Concentration (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	100.00%	100.00%	100.00%
Maximum
Geographic concentration
Threshold percentage, unpaid principal balance and related servicing revenues by geographical area	5.00%	5.00%	5.00%
California
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	16.20%	16.30%	18.40%
Florida
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	9.40%	9.00%	9.40%
Texas
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	9.30%	9.70%	9.20%
Georgia
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	5.80%	6.10%	4.90%
All other states
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	59.30%	58.90%	58.10%

LEASES - Operating Leases (Deta

LEASES - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases
Cumulative effect adjustment for adoption of ASU 2016-02	$ (1,002)
Single lease cost	7,600
Rent expense		$ 8,107	$ 7,057
Operating lease right-of-use assets	$ 22,300
Operating lease, right-of-use asset, Statement of Financial Position	us-gaap:OtherAssets
Operating lease liabilities	$ 28,156
Operating lease liability, Statement of Financial Position	us-gaap:OtherLiabilities
Operating leases, weighted average remaining lease term	3 years 8 months 12 days
Operating lease, weighted average discount rate (as a percent)	4.74%
Cash paid for amounts included in the measurement of lease liabilities	$ 8,200
ROU assets obtained in exchange for new lease obligations	3,000
Retained Earnings
Leases
Cumulative effect adjustment for adoption of ASU 2016-02	$ (1,002)

LEASES - Future Operating Lease

LEASES - Future Operating Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Maturities of lease liabilities
2020	$ 8,607
2021	8,280
2022	7,585
2023	5,995
Thereafter	324
Total	30,791
Less imputed interest	(2,635)
Total	$ 28,156
Minimum cash basis operating lease commitments
2019		$ 7,700
2020		7,789
2021		7,450
2022		6,738
2023		5,200
Thereafter		90
Total		$ 34,967

OTHER OPERATING EXPENSES (Detai

OTHER OPERATING EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OTHER OPERATING EXPENSES
Professional fees	$ 20,896	$ 16,365	$ 12,154
Travel and entertainment	10,759	10,003	8,038
Rent	9,136
Rent		8,107	7,057
Marketing and preferred broker	8,534	7,951	7,819
Office expenses	9,972	8,028	6,776
All other	7,299	11,567	6,327
Total	$ 66,596	$ 62,021	$ 48,171

QUARTERLY RESULTS (UNAUDITED) -

QUARTERLY RESULTS (UNAUDITED) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unaudited selected financial data and operating information
Loan origination and debt brokerage fees, net	$ 69,921	$ 65,144	$ 65,610	$ 57,797	$ 71,078	$ 59,594	$ 55,193	$ 48,816	$ 258,471	$ 234,681	$ 245,484
Fair value of expected net cash flows from servicing, net	47,771	50,785	41,271	40,938	53,088	39,576	47,044	32,693	180,766	172,401	193,886
Servicing fees	55,126	54,219	53,006	52,199	52,092	50,781	49,317	48,040	214,550	200,230	176,352
Total revenues	217,190	212,267	200,325	187,437	214,933	184,657	178,204	147,452	817,219	725,246	711,857
Personnel	97,082	93,057	84,398	71,631	90,828	79,776	71,426	55,273	346,168	297,303	289,277
Amortization and depreciation	39,552	37,636	37,381	37,903	36,271	36,739	35,489	33,635	152,472	142,134	131,246
Total expenses	159,216	152,952	143,347	131,353	149,603	133,998	125,234	103,561	586,868	512,396	478,196
Income from operations	57,974	59,315	56,978	56,084	65,330	50,659	52,970	43,891	230,351	212,850	233,661
Walker and Dunlop net income	$ 42,916	$ 44,043	$ 42,196	$ 44,218	$ 45,750	$ 37,716	$ 41,112	$ 36,861	$ 173,373	$ 161,439	$ 211,127
Basic EPS	$ 1.38	$ 1.42	$ 1.36	$ 1.44	$ 1.47	$ 1.20	$ 1.31	$ 1.18	$ 5.61	$ 5.15	$ 6.72
Diluted EPS	$ 1.34	$ 1.39	$ 1.33	$ 1.39	$ 1.41	$ 1.15	$ 1.26	$ 1.14	$ 5.45	$ 4.96	$ 6.47
Total originations volume	$ 9,812,055	$ 8,907,336	$ 7,306,369	$ 5,941,304	$ 9,353,456	$ 7,651,791	$ 6,193,023	$ 4,849,262
Servicing portfolio	$ 93,225,169	$ 91,754,499	$ 89,897,025	$ 87,691,682	$ 85,689,262	$ 80,485,634	$ 77,820,741	$ 75,836,280	$ 93,225,169	$ 85,689,262	$ 74,309,991