Walker & Dunlop (WD) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
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, 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 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		32,038,216
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 318,188	$ 321,097
Restricted cash	34,875	19,432
Pledged securities, at fair value	148,774	137,236
Loans held for sale, at fair value	2,711,900	2,449,198
Loans held for investment, net	233,685	360,402
Mortgage servicing rights	929,825	862,813
Goodwill and other intangible assets	341,703	250,838
Derivative assets	85,486	49,786
Receivables, net	106,228	65,735
Other assets	206,198	134,438
Total assets	5,116,862	4,650,975
Liabilities
Warehouse notes payable	2,848,579	2,517,156
Note payable	289,763	291,593
Allowance for risk-sharing obligations	61,607	75,313
Guaranty obligation, net	49,060	52,306
Derivative liabilities	13,263	5,066
Other liabilities	470,654	513,319
Total liabilities	3,732,926	3,454,753
Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 31,194 shares at September 30, 2021 and 30,678 shares at December 31, 2020)	312	307
Additional paid-in capital ("APIC")	271,562	241,004
Accumulated other comprehensive income ("AOCI")	2,737	1,968
Retained earnings	1,090,506	952,943
Total stockholders' equity	1,365,117	1,196,222
Noncontrolling interests	18,819
Total equity	1,383,936	1,196,222
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 5,116,862	$ 4,650,975

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
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	31,194	30,678
Common stock, outstanding	31,194	30,678

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Loan origination and debt brokerage fees, net	$ 123,242	$ 83,825	$ 306,593	$ 238,105
Fair value of expected net cash flows from servicing, net	89,482	78,065	209,266	236,434
Servicing fees	70,628	60,265	205,658	172,561
Net warehouse interest income	5,583	7,558	14,768	22,454
Escrow earnings and other interest income	2,032	2,275	5,972	15,689
Property sales broker fees.	33,677	6,756	65,173	19,928
Other revenues	21,646	8,272	44,559	28,827
Total revenues	346,290	247,016	851,989	733,998
Expenses
Personnel	170,181	114,548	407,817	310,993
Amortization and depreciation	53,498	41,919	148,879	123,998
Provision (benefit) for credit losses	1,266	3,483	(14,380)	32,029
Interest expense on corporate debt	1,766	1,786	5,291	6,724
Other operating expenses	24,836	16,165	62,171	47,324
Total expenses	251,547	177,901	609,778	521,068
Income from operations	94,743	69,115	242,211	212,930
Income tax expense	22,953	15,925	56,311	50,076
Net income before noncontrolling interests	71,790	53,190	185,900	162,854
Less: net income (loss) from noncontrolling interests	69		69	(224)
Walker and Dunlop net income	71,721	53,190	185,831	163,078
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	159	1,219	769	731
Walker and Dunlop comprehensive income	$ 71,880	$ 54,409	$ 186,600	$ 163,809
Basic earnings per share (NOTE 10)	$ 2.23	$ 1.69	$ 5.80	$ 5.21
Diluted earnings per share (NOTE 10)	$ 2.21	$ 1.66	$ 5.73	$ 5.11
Basic weighted average shares outstanding	31,064	30,560	30,969	30,379
Diluted weighted average shares outstanding	31,459	31,074	31,367	30,995
Loans Held for Sale
Revenues
Net warehouse interest income	$ 3,723	$ 4,869	$ 9,066	$ 12,675
Loans Held for Investment
Revenues
Net warehouse interest income	$ 1,860	$ 2,689	$ 5,702	$ 9,779

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	APIC	AOCI	Retained EarningsCumulative Effect Adjustment	Retained Earnings	Noncontrolling Interests	Cumulative Effect Adjustment	Total
Balances at the beginning of the period at Dec. 31, 2019	$ 300	$ 237,877	$ 737	$ (23,678)	$ 796,775	$ 6,596	$ (23,678)	$ 1,042,285
Balance at the beginning of the period (in shares) at Dec. 31, 2019	30,035
Change in Stockholders' Equity
Walker and Dunlop net income					47,829			47,829
Net income (loss) from noncontrolling interests						(224)		(224)
Contributions from noncontrolling interests						675		675
Other comprehensive income (loss), net of tax			(1,918)					(1,918)
Stock-based compensation - equity classified		5,061						5,061
Issuance of common stock in connection with equity compensation plans	$ 7	11,362						11,369
Issuance of common stock in connection with equity compensation plans (in shares)	675
Repurchase and retirement of common stock	$ (4)	(18,293)			(8,440)			(26,737)
Repurchase and retirement of common stock (in shares)	(380)
Cash dividends paid					(11,347)			(11,347)
Balances at the end of the period at Mar. 31, 2020	$ 303	236,007	(1,181)		801,139	7,047		1,043,315
Balance at the end of the period (in shares) at Mar. 31, 2020	30,330
Balances at the beginning of the period at Dec. 31, 2019	$ 300	237,877	737	$ (23,678)	796,775	6,596	$ (23,678)	1,042,285
Balance at the beginning of the period (in shares) at Dec. 31, 2019	30,035
Change in Stockholders' Equity
Walker and Dunlop net income								163,078
Net income (loss) from noncontrolling interests								(224)
Balances at the end of the period at Sep. 30, 2020	$ 306	230,302	1,468		883,049			1,115,125
Balance at the end of the period (in shares) at Sep. 30, 2020	30,619
Balances at the beginning of the period at Mar. 31, 2020	$ 303	236,007	(1,181)		801,139	7,047		1,043,315
Balance at the beginning of the period (in shares) at Mar. 31, 2020	30,330
Change in Stockholders' Equity
Walker and Dunlop net income					62,059			62,059
Purchase of noncontrolling interests		(3,295)				(7,047)		(10,342)
Other comprehensive income (loss), net of tax			1,430					1,430
Stock-based compensation - equity classified		5,592						5,592
Issuance of common stock in connection with equity compensation plans	$ 1	195						196
Issuance of common stock in connection with equity compensation plans (in shares)	50
Repurchase and retirement of common stock		(405)						(405)
Repurchase and retirement of common stock (in shares)	(11)
Cash dividends paid					(11,294)			(11,294)
Balances at the end of the period at Jun. 30, 2020	$ 304	238,094	249		851,904			1,090,551
Balance at the end of the period (in shares) at Jun. 30, 2020	30,369
Change in Stockholders' Equity
Walker and Dunlop net income					53,190			53,190
Purchase of noncontrolling interests		(21,635)						(21,635)
Other comprehensive income (loss), net of tax			1,219					1,219
Stock-based compensation - equity classified		6,598						6,598
Issuance of common stock in connection with equity compensation plans and purchase of noncontrolling interests	$ 5	11,923						11,928
Issuance of common stock in connection with equity compensation plans and purchase of noncontrolling interests (in shares)	574
Repurchase and retirement of common stock	$ (3)	(4,678)			(10,702)			(15,383)
Repurchase and retirement of common stock (in shares)	(324)
Cash dividends paid					(11,343)			(11,343)
Balances at the end of the period at Sep. 30, 2020	$ 306	230,302	1,468		883,049			1,115,125
Balance at the end of the period (in shares) at Sep. 30, 2020	30,619
Balances at the beginning of the period at Dec. 31, 2020	$ 307	241,004	1,968		952,943			1,196,222
Balances at the beginning of the period at Dec. 31, 2020								$ 1,196,222
Balance at the beginning of the period (in shares) at Dec. 31, 2020	30,678							30,678
Change in Stockholders' Equity
Walker and Dunlop net income					58,052			$ 58,052
Other comprehensive income (loss), net of tax			(158)					(158)
Stock-based compensation - equity classified		7,836						7,836
Issuance of common stock in connection with equity compensation plans	$ 4	12,602						12,606
Issuance of common stock in connection with equity compensation plans (in shares)	430
Repurchase and retirement of common stock	$ (1)	(13,373)						(13,374)
Repurchase and retirement of common stock (in shares)	(131)
Cash dividends paid					(16,052)			(16,052)
Balances at the end of the period at Mar. 31, 2021	$ 310	248,069	1,810		994,943			1,245,132
Balance at the end of the period (in shares) at Mar. 31, 2021	30,977
Balances at the beginning of the period at Dec. 31, 2020	$ 307	241,004	1,968		952,943			1,196,222
Balances at the beginning of the period at Dec. 31, 2020								$ 1,196,222
Balance at the beginning of the period (in shares) at Dec. 31, 2020	30,678							30,678
Change in Stockholders' Equity
Walker and Dunlop net income								$ 185,831
Net income (loss) from noncontrolling interests								69
Balances at the end of the period at Sep. 30, 2021								1,365,117
Balances at the end of the period at Sep. 30, 2021	$ 312	271,562	2,737		1,090,506	18,819		$ 1,383,936
Balance at the end of the period (in shares) at Sep. 30, 2021	31,194							31,194
Balances at the beginning of the period at Mar. 31, 2021	$ 310	248,069	1,810		994,943			$ 1,245,132
Balance at the beginning of the period (in shares) at Mar. 31, 2021	30,977
Change in Stockholders' Equity
Walker and Dunlop net income					56,058			56,058
Other comprehensive income (loss), net of tax			768					768
Stock-based compensation - equity classified		7,892						7,892
Issuance of common stock in connection with equity compensation plans	$ 1	530						531
Issuance of common stock in connection with equity compensation plans (in shares)	64
Repurchase and retirement of common stock	$ (1)	(815)						(816)
Repurchase and retirement of common stock (in shares)	(7)
Cash dividends paid					(16,070)			(16,070)
Balances at the end of the period at Jun. 30, 2021	$ 310	255,676	2,578		1,034,931			1,293,495
Balance at the end of the period (in shares) at Jun. 30, 2021	31,034
Change in Stockholders' Equity
Walker and Dunlop net income					71,721			71,721
Net income (loss) from noncontrolling interests						69		69
Other comprehensive income (loss), net of tax			159					159
Stock-based compensation - equity classified		10,426						10,426
Issuance of common stock in connection with acquisitions	$ 1	5,249						5,250
Issuance of common stock in connection with acquisitions (in shares)	50
Issuance of common stock in connection with equity compensation plans	$ 2	1,706						1,708
Issuance of common stock in connection with equity compensation plans (in shares)	124
Repurchase and retirement of common stock	$ (1)	(1,495)						(1,496)
Repurchase and retirement of common stock (in shares)	(14)
Noncontrolling interests from acquisitions						18,750		18,750
Cash dividends paid					(16,146)			(16,146)
Balances at the end of the period at Sep. 30, 2021								1,365,117
Balances at the end of the period at Sep. 30, 2021	$ 312	$ 271,562	$ 2,737		$ 1,090,506	$ 18,819		$ 1,383,936
Balance at the end of the period (in shares) at Sep. 30, 2021	31,194							31,194

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 0.50	$ 0.50	$ 0.50	$ 0.36	$ 0.36	$ 0.36

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income before noncontrolling interests	$ 185,900	$ 162,854
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	(209,266)	(236,434)
Change in the fair value of premiums and origination fees	6,909	(24,393)
Amortization and depreciation	148,879	123,998
Provision (benefit) for credit losses	(14,380)	32,029
Originations of loans held for sale	(12,761,432)	(15,923,846)
Proceeds from transfers of loans held for sale	12,459,511	13,517,432
Other operating activities, net	(13,100)	51,492
Net cash provided by (used in) operating activities	(196,979)	(2,296,868)
Cash flows from investing activities
Capital expenditures	(5,507)	(2,050)
Purchase of equity-method investments	(8,029)	(974)
Purchase of pledged available-for-sale ("AFS") securities	(7,250)	(14,130)
Proceeds from prepayment and sale of pledged AFS securities	28,781	15,531
Investments in joint ventures	(58,065)	(16,215)
Distributions from joint ventures	34,012	12,677
Acquisitions, net of cash acquired	(62,208)	(46,784)
Originations of loans held for investment	(269,737)	(36,950)
Principal collected on loans held for investment upon payoff	397,328	236,519
Net cash provided by (used in) investing activities	49,325	147,624
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	333,887	2,497,627
Borrowings of interim warehouse notes payable	154,661	34,028
Repayments of interim warehouse notes payable	(157,277)	(109,860)
Repayments of note payable	(2,234)	(2,234)
Repayments of secured borrowings	(73,312)
Proceeds from issuance of common stock	5,256	12,587
Repurchase of common stock	(15,686)	(42,525)
Purchase of noncontrolling interests		(10,400)
Cash dividends paid	(48,268)	(33,984)
Payment of contingent consideration		(1,641)
Debt issuance costs	(2,762)	(2,340)
Net cash provided by (used in) financing activities	194,265	2,341,258
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	46,611	192,014
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	358,002	136,566
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	404,613	328,580
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	24,906	33,116
Cash paid (returned) for income taxes	$ 38,728	$ 21,437

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
ORGANIZATION AND BASIS OF PRESENTATION
Organization and Basis of Presentation	NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION These financial statements represent the condensed 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. The statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they may not include certain financial statement disclosures and other information required for annual financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the Company in the interim periods presented have been included. Results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or thereafter. 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 multifamily property sales brokerage and valuation services, engages in commercial real estate investment management activities, provides housing market research, and delivers real estate-related investment banking and advisory 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, and preferred and joint venture 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 Loan 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, Walker & Dunlop Investment Partners, Inc. (“WDIP”). Preferred and joint venture equity products on commercial real estate properties are offered through funds managed by WDIP. The Company brokers the sale of multifamily properties through its wholly owned subsidiary, Walker & Dunlop Investment Sales, LLC. In some cases, the Company also provides the debt financing for the property sale. The Company has a joint venture, branded as “Apprise by Walker & Dunlop,” with an international technology services company to offer automated multifamily valuation and appraisal services (the “Appraisal JV”). The Appraisal JV leverages technology and data science to dramatically improve the consistency, transparency, and speed of multifamily appraisals in the U.S. through the licensing of the partner’s technology and leveraging of the Company’s expertise in the commercial real estate industry. 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 three and nine months ended September 30, 2021 and 2020 were immaterial. During the third quarter of 2021, the Company acquired certain assets and assumed certain liabilities of Zelman Holdings, LLC (“Zelman”) through a 75% interest in a newly formed entity, which does business as Zelman & Associates. Zelman & Associates provides housing market research and real estate-related investment banking and advisory services.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	NOTE 2 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation 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 Net income (loss) from noncontrolling interests Subsequent Events Use of Estimates Derivative Assets and Liabilities— Derivative assets Loan origination and debt brokerage fees, net Derivative assets Fair value of expected net cash flows from servicing, net Loan origination and debt brokerage fees, net Co-broker fees, which are netted against Loan origination and debt brokerage fees, net Loans Held for Investment, net As of September 30, 2021, Loans held for investment, net Loans held for investment, net During the third quarter of 2018, the Company transferred a portfolio of participating interests in loans held for investment to a third party that was paid off in the second quarter of 2021. The Company accounted for the transfer as a secured borrowing, with the aggregate unpaid principal balance of the loans of $81.5 million presented as a component of Loans held for investment, net Other liabilities The Company assesses the credit quality of loans held for investment in the same manner as it does for the loans in the Fannie Mae at-risk portfolio and records an allowance for these loans as necessary. The allowance for loan losses is estimated collectively for loans with similar characteristics. The collective allowance is based on the same methodology that the Company uses to estimate its allowance for risk-sharing obligations under the Current Expected Credit Losses (“CECL”) standard for at-risk Fannie Mae Delegated Underwriting and Servicing (“DUS”) loans (with the exception of a reversion period) because the nature of the underlying collateral is the same, and the loans have similar characteristics, except they are significantly shorter in maturity. The reasonable and supportable forecast period used for the CECL allowance for loans held for investment is one year. The loss rate for the forecast period was 15 basis points and 36 basis points as of September 30, 2021 and December 31, 2020, respectively. The loss rate for the remaining period until maturity was nine basis points as of both September 30, 2021 and December 31, 2020. One loan held for investment with an unpaid principal balance of $14.7 million that was originated in 2017 was delinquent and on non-accrual status as of September 30, 2021 and December 31, 2020. The Company had a $3.7 million reserve for this loan based on its collateral fair value as of September 30, 2021 and December 31, 2020 and has not recorded any interest related to this loan since it went on non-accrual status in 2019. All other loans were current as of September 30, 2021 and December 31, 2020. The amortized cost basis of loans that were current as of September 30, 2021 and December 31, 2020 was $223.1 million and $350.5 million, respectively. As of September 30, 2021, $195.7 million and $28.3 million of the loans that were current were originated in 2021 and 2019, respectively. No loans originated in 2020 were outstanding as of September 30, 2021. Prior to 2019, the Company had not experienced any delinquencies related to loans held for investment. Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2021 2020 2021 2020 Provision (benefit) for loan losses ​ $ (12) ​ $ 2,179 ​ $ (674) ​ $ 3,107 ​ Provision (benefit) for risk-sharing obligations ​ 1,278 ​ 1,304 ​ (13,706) ​ 28,922 ​ Provision (benefit) for credit losses ​ $ 1,266 ​ $ 3,483 ​ $ (14,380) ​ $ 32,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Warehouse Interest Income— Net warehouse interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Net Warehouse Interest Income (in thousands) 2021 2020 2021 2020 Warehouse interest income - loans held for sale ​ $ 11,334 ​ $ 12,649 ​ $ 28,315 ​ $ 37,150 ​ Warehouse interest expense - loans held for sale ​ (7,611) ​ (7,780) ​ (19,249) ​ (24,475) ​ Net warehouse interest income - loans held for sale ​ $ 3,723 ​ $ 4,869 ​ $ 9,066 ​ $ 12,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 3,108 ​ $ 4,015 ​ $ 9,298 ​ $ 15,083 ​ Warehouse interest expense - loans held for investment ​ (1,248) ​ (1,326) ​ (3,596) ​ (5,304) ​ Warehouse interest income - secured borrowings ​ ​ — ​ ​ 869 ​ ​ 1,748 ​ ​ 2,564 ​ Warehouse interest expense - secured borrowings ​ ​ — ​ ​ (869) ​ ​ (1,748) ​ ​ (2,564) ​ Net warehouse interest income - loans held for investment ​ $ 1,860 ​ $ 2,689 ​ $ 5,702 ​ $ 9,779 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 5,583 ​ $ 7,558 ​ $ 14,768 ​ $ 22,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (in thousands) 2021 2020 2020 2019 Cash and cash equivalents $ 318,188 ​ $ 294,873 ​ $ 321,097 ​ $ 120,685 ​ Restricted cash ​ 34,875 ​ ​ 12,383 ​ ​ 19,432 ​ ​ 8,677 ​ Pledged cash and cash equivalents (NOTE 9) 51,550 ​ 21,324 ​ 17,473 ​ 7,204 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 404,613 ​ $ 328,580 ​ $ 358,002 ​ $ 136,566 ​ ​ Income Taxes ​ Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Description in thousands 2021 2020 2021 2020 Statement of income line item Certain loan origination fees ​ $ 46,527 ​ $ 10,731 ​ $ 113,650 ​ $ 40,769 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 33,677 ​ ​ 6,756 ​ ​ 65,173 ​ ​ 19,928 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, and other ​ 10,936 ​ 4,532 ​ 25,114 ​ 14,632 ​ Other revenues Total revenues derived from contracts with customers ​ $ 91,140 ​ $ 22,019 ​ $ 203,937 ​ $ 75,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation Recently Adopted and Recently Announced Accounting Pronouncement s Reclassifications

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2021
MSRs
Mortgage Servicing Rights
Mortgage Servicing Rights	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of the mortgage servicing rights (“MSRs”) as of September 30, 2021 and December 31, 2020 was $1.2 billion and $1.1 billion, respectively. The Company uses a discounted static cash flow valuation approach, and the key economic assumption is the discount rate. For example, see the following sensitivities: The impact of a 100 - basis point increase in the discount rate at September 30, 2021 would be a decrease in the fair value of $37.2 million to the MSRs outstanding as of September 30, 2021. The impact of a 200 - basis point increase in the discount rate at September 30, 2021 would be a decrease in the fair value of $72.0 million to the MSRs outstanding as September 30, 2021. 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 MSRs for the three and nine months ended September 30, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of MSRs (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 915,519 ​ $ 778,269 ​ $ 862,813 ​ $ 718,799 ​ Additions, following the sale of loan ​ 70,095 ​ 71,485 ​ 224,035 ​ 215,288 ​ Amortization ​ (44,402) ​ (38,319) ​ (130,868) ​ (110,243) ​ Pre-payments and write-offs ​ (11,387) ​ (5,780) ​ (26,155) ​ (18,189) ​ Ending balance ​ $ 929,825 ​ $ 805,655 ​ $ 929,825 ​ $ 805,655 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ September 30, 2021 ​ December 31, 2020 Gross value ​ $ 1,521,190 ​ $ 1,394,901 Accumulated amortization ​ (591,365) ​ (532,088) Net carrying value ​ $ 929,825 ​ $ 862,813 ​ The expected amortization of MSRs held in the Condensed Consolidated Balance Sheet as of September 30, 2021 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Three Months Ending December 31, ​ ​ ​ 2021 ​ $ 43,927 Year Ending December 31, ​ ​ ​ 2022 ​ $ 167,770 2023 ​ 155,112 2024 ​ 134,111 2025 ​ 113,562 2026 ​ 93,833 Thereafter ​ ​ 221,510 Total ​ $ 929,825 ​

GUARANTY OBLIGATION AND ALLOWAN

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS	9 Months Ended
	Sep. 30, 2021
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 three and nine months ended September 30, 2021 and 2020 is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Guaranty Obligation (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 50,369 ​ $ 54,872 ​ $ 52,306 ​ $ 54,695 ​ Additions, following the sale of loan ​ 1,449 ​ 876 ​ 4,023 ​ 4,346 ​ Amortization ​ (2,758) ​ (2,274) ​ (7,269) ​ (7,035) ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,468 ​ Ending balance ​ $ 49,060 ​ $ 53,474 ​ $ 49,060 ​ $ 53,474 ​ Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the credit performance of the loan. The Company records an estimate of the loss reserve for CECL for all loans in its Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for risk-sharing obligations maturity, the Company uses the historical weighted-average annual charge-off rate to estimate losses. The average annual charge-off rate is applied to the unpaid principal balance over the contractual term, further adjusted for estimated prepayments and amortization to arrive at the CECL reserve for the entire current portfolio. Activity related to the allowance for risk-sharing obligations for the three and nine months ended September 30, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 60,329 ​ $ 69,191 ​ $ 75,313 ​ $ 11,471 ​ Adjustment related to adoption of CECL ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,570 ​ Provision (benefit) for risk-sharing obligations ​ 1,278 ​ 1,304 ​ (13,706) ​ 28,922 ​ Write-offs ​ — ​ — ​ — ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,468) ​ Ending balance ​ $ 61,607 ​ $ 70,495 ​ $ 61,607 ​ $ 70,495 ​ ​ As a result of the onset of the pandemic and the resulting forecasts for significant unemployment rates during 2020, the Company’s loss rate for the forecast period was seven basis points as of September 30, 2020, resulting in the substantial provision for risk-sharing obligations for the nine months ended September 30, 2020 and an increase in the allowance for risk-sharing obligations as of September 30, 2020 as seen above. During the first three quarters of 2021, economic conditions have improved significantly compared to the same period in 2020, with reported and forecast unemployment rates significantly better compared to both December 31, 2020 and September 30, 2020. In response to improving unemployment statistics and the current and expected overall health of the multifamily market, the Company adjusted the loss rate for the forecast period from six basis points as of December 31, 2020 to three basis points as of both June 30, 2021 and September 30, 2021. The decrease in the loss rate resulted in the benefit for risk-sharing obligations seen above for the nine months ended September 30, 2021. The provision for risk-sharing obligations for the three months ended September 30, 2021 was a result of growth in the at-risk servicing portfolio. For the remaining expected life of the portfolio, the Company reverted over a one-year period on a straight-line basis to a historical loss rate of just under two basis points for all periods shown in the roll forward above. The calculated CECL reserve for the Company’s $47.0 billion at-risk Fannie Mae servicing portfolio as of September 30, 2021 was $54.0 million compared to $67.0 million as of December 31, 2020. The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of September 30, 2021 was 7.5 years. The at-risk Fannie Mae servicing portfolio does not include at-risk loans held for sale. Two loans that defaulted in 2019 had aggregate collateral-based reserves of $7.6 million and $8.3 million as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021, the maximum quantifiable contingent liability associated with the Company’s guaranties for the at-risk loans serviced under the Fannie Mae DUS agreement was $9.8 billion. The maximum quantifiable contingent liability is not representative of the actual loss the Company would incur. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans were determined to be without value at the time of settlement.

SERVICING

SERVICING	9 Months Ended
	Sep. 30, 2021
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 $113.9 billion as of September 30, 2021 compared to $107.2 billion as of December 31, 2020. As of September 30, 2021 and December 31, 2020, custodial escrow accounts relating to loans serviced by the Company totaled $3.0 billion and $3.1 billion, respectively. These amounts are not included in the Condensed Consolidated Balance Sheets as such amounts are not Company assets; however, the Company is entitled to earn interest income on these escrow balances, presented as a component of Escrow earnings and other interest income 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	9 Months Ended
	Sep. 30, 2021
WAREHOUSE NOTES PAYABLE
Warehouse Notes Payable	NOTE 6—WAREHOUSE NOTES PAYABLE As of September 30, 2021, to provide financing to borrowers under the Agencies’ programs, the Company has committed and uncommitted warehouse lines of credit in the amount of $4.1 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, as of September 30, 2021, 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 Loan 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 Warehouse notes payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility (1) ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate (2) Agency Warehouse Facility #1 ​ $ 425,000 ​ $ — ​ $ 425,000 ​ $ 277,872 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 346,047 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 378,624 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 136,616 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 885,308 ​ 30-day LIBOR plus 1.45% ​ Agency Warehouse Facility #6 ​ ​ 150,000 ​ ​ 100,000 ​ ​ 250,000 ​ ​ 118,124 ​ 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #7 ​ ​ 150,000 ​ ​ 50,000 ​ ​ 200,000 ​ ​ 92,293 ​ 30-day LIBOR plus 1.30% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,375,000 ​ $ 1,715,000 ​ $ 4,090,000 ​ $ 2,234,884 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 482,861 ​ ​ Total Agency Warehouse Facilities ​ $ 2,375,000 ​ $ 3,215,000 ​ $ 5,590,000 ​ $ 2,717,745 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — 30-day LIBOR plus 1.65% to 2.00% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 111,817 30-day LIBOR plus 1.75% to 3.25% ​ Interim Warehouse Facility #4 ​ ​ 19,810 ​ ​ — ​ ​ 19,810 ​ ​ 19,810 ​ 30-day LIBOR plus 3.00% ​ Total National Bank Interim Warehouse Facilities ​ $ 454,810 ​ $ — ​ $ 454,810 ​ $ 131,627 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (793) ​ ​ ​ Total warehouse facilities ​ $ 2,829,810 ​ $ 3,215,000 ​ $ 6,044,810 ​ $ 2,848,579 ​ ​ ​ (1) Agency Warehouse Facilities, including the Fannie Mae repurchase agreement are used to fund loans held for sale, while Interim Warehouse Facilities are used to fund loans held for investment. (2) Interest rate presented does not include the effect of interest rate floors. ​ The following amendments to the Agency Warehouse Facilities were executed in the normal course of business to support the growth of the Company’s Agency business. During the second quarter of 2021, the Company executed an amendment to the agreement related to Agency Warehouse Facility #1 that decreased the borrowing rate to 30-day London Interbank Offered Rate (“LIBOR”) plus 130 basis points from 30-day LIBOR plus 140 basis points and decreased the 30-day LIBOR floor to zero from 25 basis points. In October 2021, the Company executed an amendment to the agreement that extended the maturity date to December 24, 2021. No other material modifications have been made to the agreement during 2021. During the second quarter of 2021, the Company executed amendments to the agreement related to Agency Warehouse Facility #2 that extended the maturity date to April 14, 2022 and decreased the borrowing rate to 30-day LIBOR plus 130 basis points from 30-day LIBOR plus 140 basis points. No other material modifications have been made to the agreement during 2021. During the second quarter of 2021, the Company executed amendments to the agreement related to Agency Warehouse Facility #3 that extended the maturity date to May 14, 2022, increased the borrowing rate to 30-day LIBOR plus 130 basis points from 30-day LIBOR plus 115 basis points, and decreased the 30-day LIBOR floor to zero basis points from 50 basis points. No other material modifications have been made to the agreement during 2021. During the second quarter of 2021, the Company executed an amendment to the agreement related to Agency Warehouse Facility #4 that extended the maturity date to June 22, 2022, decreased the borrowing rate to 30-day LIBOR plus 130 basis points from 30-day LIBOR plus 140 basis points, and decreased the 30-day LIBOR floor to five basis points from 25 basis points. No other material modifications have been made to the agreement during 2021. During the third quarter of 2021, the Company executed amendments to the agreement related to Agency Warehouse Facility #5 that extended the maturity date to September 15, 2022. No other material modifications have been made to the agreement during 2021. During the first quarter of 2021, the Company executed an agreement to establish Agency Warehouse Facility #6. The warehouse facility has a $150.0 million maximum committed borrowing capacity, provides us with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans, and matures on March 5, 2022. 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 140 basis points with a 30-day LIBOR floor of 25 basis points. In addition to the committed borrowing capacity, the agreement provides $100.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. The facility agreement requires the Company’s compliance with the same financial covenants as provided in the facility agreement for Agency Warehouse Facility #1, as described in the Company’s 2020 Form 10-K. No material modifications have been made to the agreement during 2021. During the third quarter of 2021, the Company executed an agreement to establish Agency Warehouse Facility #7. The warehouse facility has a $150.0 million maximum committed borrowing capacity, provides us with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans, and matures on August 24, 2022. 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 130 basis points. In addition to the committed borrowing capacity, the agreement provides $50.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. The facility agreement requires the Company’s compliance with the same financial covenants as provided in the facility agreement for Agency Warehouse Facility #1, as described in the Company’s 2020 Form 10-K. No material modifications have been made to the agreement during 2021. During the second quarter of 2021, the Company executed amendments to the agreement related to Interim Warehouse Facility #1 that extended the maturity date to May 14, 2022 and decreased the 30-day LIBOR floor to zero basis points from 50 basis points. No other material modifications have been made to the agreement during 2021. During the third quarter of 2021, the Company executed an amendment to the agreement related to Interim Warehouse Facility #3 that extended the maturity date to September 29, 2022, increased the committed borrowing capacity to $200.0 million, and eliminated the uncommitted borrowing capacity. No other material modifications have been made to the agreement during 2021. In October 2021, the Company executed an amendment related to Interim Warehouse Facility #4 that extended the stated maturity date to October 1, 2022. No other material modifications have been made to the agreement during 2021. The warehouse notes payable are subject to various financial covenants, all of which the Company was in compliance with as of September 30, 2021. Interest on the Company’s warehouse notes payable is based on 30-day LIBOR. As a result of the expected transition from LIBOR, the Company has updated its debt agreements to include fallback language to govern the transition from 30-day LIBOR to an alternative reference rate .

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and Other Intangible Assets	​ NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the Company’s goodwill for the nine months ended September 30, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Goodwill (in thousands) 2021 2020 Beginning balance ​ $ 248,958 ​ $ 180,424 ​ Additions from acquisitions ​ 84,291 ​ 68,534 ​ Impairment ​ — ​ — ​ Ending balance ​ $ 333,249 ​ $ 248,958 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The additions to goodwill from acquisitions during 2021 shown in the table above during the nine months ended September 30, 2021 relate to the following immaterial acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Detail of Acquisition Activity (in thousands) ​ ​ Acquisition ​ ​ Purchase Consideration ​ ​ Assets ​ Liabilities ​ Noncontrolling ​ Goodwill Acquisition ​ Date ​ Cash ​ Stock ​ Contingent ​ Total ​ ​ Acquired ​ Assumed ​ Interest ​ Recognized Acquisition #1 ​ Q1 2021 ​ $ 7,506 ​ $ — ​ $ 5,229 ​ $ 12,735 ​ $ 504 ​ $ — ​ $ — ​ $ 12,231 Acquisition #2 ​ Q2 2021 ​ ​ 3,000 ​ ​ — ​ ​ 2,275 ​ ​ 5,275 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,275 Acquisition #3 ​ Q3 2021 ​ ​ 53,420 ​ ​ 5,250 ​ ​ — ​ ​ 58,670 ​ ​ 16,521 ​ ​ 5,886 ​ ​ 18,750 ​ ​ 66,785 Total ​ ​ ​ $ 63,926 ​ $ 5,250 ​ $ 7,504 ​ $ 76,680 ​ $ 17,025 ​ $ 5,886 ​ $ 18,750 ​ $ 84,291 ​ The assets acquired and liabilities assumed presented above were recorded at fair value. Acquisition #1 relates to a property sales brokerage company. Acquisition #2 relates to a company with a technology platform that streamlines and accelerates the quoting, processing, and underwriting of small-balance multifamily loans while providing the borrower with a web-based, user-friendly interface. The acquisition is part of the Company’s overall strategy to significantly increase its small-balance lending volumes using technology. Acquisition #3 relates to the purchase of a 75% controlling interest in Zelman, which specializes in housing market research and real estate-related investment banking and advisory services. The assets acquired for Acquisition #3 include $8.2 million of intangible assets. As of September 30, 2021, the Company completed the purchase accounting for Acquisitions #1 and #2. The purchase accounting for Acquisition #3 is pending the finalization of working capital adjustments in the fourth quarter of 2021, which are expected to be immaterial. The stock consideration shown above is a non-cash transaction not impacting the amount of cash consideration paid on the Condensed Consolidated Statements of Cash Flows. As of September 30, 2021 and December 31, 2020, the remaining balance of intangible assets from acquisitions totaled $8.5 million and $1.9 million, respectively. As of September 30, 2021, the weighted-average period over which the Company expects these intangible assets to be amortized is 5.4 years. A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2021 2020 ​ Beginning balance ​ $ 28,829 ​ $ 5,752 ​ Additions ​ ​ 7,504 ​ ​ 27,645 ​ Accretion ​ ​ 1,405 ​ ​ 826 ​ Payments ​ ​ (6,080) ​ ​ (5,800) ​ Ending balance ​ $ 31,658 ​ $ 28,423 ​ ​ The contingent consideration liabilities above relate to (i) acquisitions of debt brokerage companies and an investment sales brokerage company completed over the past several years, including 2021, (ii) the purchase of noncontrolling interests in 2020 and (iii) the aforementioned technology company acquired in 2021. The contingent consideration for each of the acquisitions may be earned over various lengths of time after each acquisition, with a maximum earn-out period of five years , provided certain revenue targets and other metrics have been met. The last of the earn-out periods related to the contingent consideration ends in the first quarter of 2026. In each case, t he Company estimated the initial fair value of the contingent consideration using a probability-based, discounted cash flow model. The contingent consideration included for the acquisitions and purchase of noncontrolling interests is non-cash and thus not reflected in the amount of cash consideration paid on the Condensed Consolidated Statements of Cash Flows.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
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, discount rates, volatilities, prepayment speeds, earnings rates, credit risk, 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 and for disclosure purposes (NOTE 3). 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, 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 market participants consider in valuing MSR assets. During the first quarter of 2021, the Company reduced the discount rate and escrow earnings rate assumptions for its capitalized MSRs based on market participant data. 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 with borrowers 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 applicable 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 Condensed 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 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 September 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy used to measure fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Period End September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 2,711,900 ​ $ — ​ $ 2,711,900 ​ Pledged securities ​ 51,550 ​ 97,224 ​ — ​ 148,774 ​ Derivative assets ​ — ​ — ​ 85,486 ​ 85,486 ​ Total ​ $ 51,550 ​ $ 2,809,124 ​ $ 85,486 ​ $ 2,946,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 13,263 ​ $ 13,263 ​ Total ​ $ — ​ $ — ​ $ 13,263 ​ $ 13,263 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 2,449,198 ​ $ — ​ $ 2,449,198 ​ Pledged securities ​ 17,473 ​ 119,763 ​ — ​ 137,236 ​ Derivative assets ​ — ​ — ​ 49,786 ​ 49,786 ​ Total ​ $ 17,473 ​ $ 2,568,961 ​ $ 49,786 ​ $ 2,636,220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 5,066 ​ $ 5,066 ​ Total ​ $ — ​ $ — ​ $ 5,066 ​ $ 5,066 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the nine months ended September 30, 2021. 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 three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Fair Value Measurements: ​ ​ ​ Derivative Instruments ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Derivative Assets and Liabilities, net (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 6,340 ​ $ 13,346 ​ $ 44,720 ​ $ 15,532 ​ Settlements ​ (146,841) ​ (141,804) ​ (488,356) ​ (456,639) ​ Realized gains recorded in earnings (1) ​ 140,501 ​ 128,458 ​ 443,636 ​ 441,107 ​ Unrealized gains (losses) recorded in earnings (1) ​ 72,223 ​ 33,432 ​ 72,223 ​ 33,432 ​ Ending balance ​ $ 72,223 ​ $ 33,432 ​ $ 72,223 ​ $ 33,432 ​ (1) Realized and unrealized gains (losses) 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 Condensed 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 September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Value (1) Derivative assets ​ $ 85,486 Discounted cash flow Counterparty credit risk — ​ Derivative liabilities ​ $ 13,263 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 September 30, 2021 and December 31, 2020 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 318,188 ​ $ 318,188 ​ $ 321,097 ​ $ 321,097 ​ Restricted cash ​ 34,875 ​ 34,875 ​ 19,432 ​ 19,432 ​ Pledged securities ​ 148,774 ​ 148,774 ​ 137,236 ​ 137,236 ​ Loans held for sale ​ 2,711,900 ​ 2,711,900 ​ 2,449,198 ​ 2,449,198 ​ Loans held for investment, net ​ 233,685 ​ 234,996 ​ 360,402 ​ 362,586 ​ Derivative assets ​ 85,486 ​ 85,486 ​ 49,786 ​ 49,786 ​ Total financial assets ​ $ 3,532,908 ​ $ 3,534,219 ​ $ 3,337,151 ​ $ 3,339,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 13,263 ​ $ 13,263 ​ $ 5,066 ​ $ 5,066 ​ Secured borrowings ​ ​ — ​ ​ — ​ ​ 73,314 ​ ​ 73,314 ​ Warehouse notes payable ​ 2,848,579 ​ 2,849,372 ​ 2,517,156 ​ 2,518,101 ​ Note payable ​ 289,763 ​ 292,539 ​ 291,593 ​ 294,773 ​ Total financial liabilities ​ $ 3,151,605 ​ $ 3,155,174 ​ $ 2,887,129 ​ $ 2,891,254 ​ ​ The following methods and assumptions were used for recurring fair value measurements as of September 30, 2021 and December 31, 2020. 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 enters into a sale commitment with the investor simultaneously 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 Condensed 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 estimated gain considers the origination fees the Company expects to collect upon loan closing (derivative instruments only) and premiums the Company expects to receive 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 the fair value of future servicing, net at loan sale (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 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 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 September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,979,035 ​ $ 52,838 ​ $ (31,638) ​ $ 21,200 ​ $ 32,111 ​ $ (10,911) ​ $ — ​ Forward sale contracts ​ 4,667,125 ​ — ​ 51,023 ​ 51,023 ​ 53,375 ​ ​ (2,352) ​ — ​ Loans held for sale ​ 2,688,090 ​ 43,195 ​ (19,385) ​ 23,810 ​ — ​ — ​ 23,810 ​ Total ​ ​ ​ ​ $ 96,033 ​ $ — ​ $ 96,033 ​ $ 85,486 ​ $ (13,263) ​ $ 23,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,374,784 ​ $ 45,581 ​ $ (1,697) ​ $ 43,884 ​ $ 43,895 ​ $ (11) ​ $ — ​ Forward sale contracts ​ 3,760,953 ​ — ​ 836 ​ 836 ​ 5,891 ​ ​ (5,055) ​ — ​ Loans held for sale ​ 2,386,169 ​ 62,167 ​ 861 ​ 63,028 ​ — ​ — ​ 63,028 ​ Total ​ ​ ​ ​ $ 107,748 ​ $ — ​ $ 107,748 ​ $ 49,786 ​ $ (5,066) ​ $ 63,028 ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	9 Months Ended
	Sep. 30, 2021
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 ​ 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 The Company is in compliance with the September 30, 2021 collateral requirements as outlined above. As of September 30, 2021, reserve requirements for the DUS loan portfolio will require the Company to fund $64.2 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 has in the past reassessed 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 September 30, 2021. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. At September 30, 2021, the net worth requirement was $250.2 million, and the Company's net worth, as defined in the requirements, was $1.1 billion, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of September 30, 2021, the Company was required to maintain at least $49.5 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae, and the Company had operational liquidity, as defined in the requirements, of $254.7 million as of September 30, 2021, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities, at Fair Value Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Pledged Securities (in thousands) 2021 2020 2020 2019 Restricted cash $ 10,596 ​ $ 13,370 ​ $ 4,954 ​ $ 2,150 ​ Money market funds ​ 40,954 ​ ​ 7,954 ​ ​ 12,519 ​ ​ 5,054 ​ Total pledged cash and cash equivalents $ 51,550 ​ $ 21,324 ​ $ 17,473 ​ $ 7,204 ​ Agency MBS 97,224 ​ ​ 112,971 ​ 119,763 ​ 114,563 ​ Total pledged securities, at fair value $ 148,774 ​ $ 134,295 ​ $ 137,236 ​ $ 121,767 ​ ​ The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Condensed Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The Company’s investments included within Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) September 30, 2021 December 31, 2020 Fair value $ 97,224 ​ $ 119,763 ​ Amortized cost ​ 93,570 ​ ​ 117,136 ​ Total gains for securities with net gains in AOCI ​ 3,796 ​ ​ 2,669 ​ Total losses for securities with net losses in AOCI (142) ​ (42) ​ Fair value of securities with unrealized losses 2,139 ​ 12,267 ​ ​ None of the pledged securities has been in a continuous unrealized loss position for more than 12 months. The following table provides contractual maturity information related to Agency MBS. The money market funds invest in short-term Federal Government and Agency debt securities and have no stated maturity date. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 5,720 ​ ​ 5,697 ​ After five years through ten years ​ 61,939 ​ ​ 61,056 ​ After ten years 29,565 ​ ​ 26,817 ​ Total $ 97,224 ​ $ 93,570 ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Earnings Per Share and Stockholders' Equity	NOTE 10—EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY Earnings per share (“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 2020 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 three and nine months ended September 30, 2021 and 2020 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 three months ended September 30, ​ For the nine months ended September 30, EPS Calculations (in thousands, except per share amounts) 2021 ​ 2020 ​ 2021 ​ 2020 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 71,721 ​ $ 53,190 ​ $ 185,831 ​ $ 163,078 ​ Less: dividends and undistributed earnings allocated to participating securities 2,364 ​ 1,528 ​ 6,163 ​ 4,923 ​ Net income applicable to common stockholders $ 69,357 ​ $ 51,662 ​ $ 179,668 ​ $ 158,155 ​ Weighted-average basic shares outstanding ​ 31,064 ​ ​ 30,560 ​ ​ 30,969 ​ ​ 30,379 ​ Basic EPS $ 2.23 ​ $ 1.69 ​ $ 5.80 ​ $ 5.21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 69,357 ​ $ 51,662 ​ $ 179,668 ​ $ 158,155 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 23 ​ ​ 19 ​ ​ 57 ​ ​ 75 ​ Net income allocated to common stockholders $ 69,380 ​ $ 51,681 ​ $ 179,725 ​ $ 158,230 ​ Weighted-average basic shares outstanding ​ 31,064 ​ ​ 30,560 ​ ​ 30,969 ​ ​ 30,379 ​ Add: weighted-average diluted non-participating securities ​ 395 ​ ​ 514 ​ ​ 398 ​ ​ 616 ​ Weighted-average diluted shares outstanding ​ 31,459 ​ ​ 31,074 ​ ​ 31,367 ​ ​ 30,995 ​ Diluted EPS $ 2.21 ​ $ 1.66 ​ $ 5.73 ​ $ 5.11 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method includes the unrecognized compensation costs associated with the awards. For the three and nine months ended September 30, 2021, an immaterial number of average restricted shares were excluded from the computation of diluted earnings per share under the treasury method. For the three and nine months ended September 30, 2020, 175 thousand and 142 thousand average restricted shares, respectively, were excluded. These average restricted shares were excluded from the computation of diluted earnings per share under the treasury method because the effect would have been anti-dilutive, as the grant date market price of the restricted shares was greater than the average market price of the Company’s shares of common stock during the periods presented. For the nine months ended September 30, 2021, the Company issued shares of common stock totaling $9.6 million to settle compensation liabilities; these are non-cash transactions that do not impact the amount of cash paid on the Condensed Consolidated Statements of Cash Flows. The Company’s Board of Directors approved a stock repurchase program that permits the repurchase of up to $75.0 million of the Company’s common stock over a 12-month period beginning on February 12, 2021. During the first three quarters of 2021, the Company did no t repurchase any shares of its common stock under the share repurchase program. As of September 30, 2021, the Company had $75.0 million of authorized share repurchase capacity remaining under the 2021 share repurchase program. ​ During each of the first three quarters of 2021, the Company paid a dividend of $0.50 per share. On November 3, 2021, the Company’s Board of Directors declared a dividend of $0.50 per share for the fourth quarter of 2021. The dividend will be paid on November 29, 2021 to all holders of record of the Company’s restricted and unrestricted common stock as of November 19, 2021. The Company’s Term Loan contains direct restrictions on 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.

PENDING ACQUISITION ACTIVITIES

PENDING ACQUISITION ACTIVITIES	9 Months Ended
	Sep. 30, 2021
PENDING ACQUISITION ACTIVITIES
Pending Acquisition Activities	NOTE 11—PENDING ACQUISITION ACTIVITIES During the third quarter of 2021, the Company entered into a purchase agreement to acquire Alliant Capital, Ltd. and certain of its affiliates (“Alliant”). Alliant provides alternative investment management services focused on the affordable housing sector through low-income housing tax credit syndication, joint venture development, and community preservation fund management. Under the terms of the purchase agreement, the Company will acquire Alliant at a total enterprise value of $696 million, comprised of: ● $361 million of cash and the assumption of Alliant’s securitized debt facility, which had an outstanding balance of $145 million as of October 4, 2021, is rated A2 by Moody’s and carries a 4.75% interest rate (with the value of cash subject to adjustment based on the actual balance of the assumed securitized debt facility at closing and for customary net working capital); ● $90 million of Walker & Dunlop common stock, with the number of shares to be determined at closing; and ● $100 million of earn-out structured as participating interest in future cash flows over the next four years The transaction is expected to close during the fourth quarter of 2021. Closing is subject to certain regulatory approvals and consents of Alliant’s investors and lender partners. To allow it to fund the acquisition of Alliant, the Company is currently in the process of refinancing and upsizing its Note payable

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation 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 Net income (loss) from noncontrolling interests
Subsequent Events	Subsequent Events
Use of Estimates	Use of Estimates
Derivative Assets and Liabilities	Derivative Assets and Liabilities— Derivative assets Loan origination and debt brokerage fees, net Derivative assets Fair value of expected net cash flows from servicing, net Loan origination and debt brokerage fees, net Co-broker fees, which are netted against Loan origination and debt brokerage fees, net
Loans Held for Investment, net	Loans Held for Investment, net As of September 30, 2021, Loans held for investment, net Loans held for investment, net During the third quarter of 2018, the Company transferred a portfolio of participating interests in loans held for investment to a third party that was paid off in the second quarter of 2021. The Company accounted for the transfer as a secured borrowing, with the aggregate unpaid principal balance of the loans of $81.5 million presented as a component of Loans held for investment, net Other liabilities The Company assesses the credit quality of loans held for investment in the same manner as it does for the loans in the Fannie Mae at-risk portfolio and records an allowance for these loans as necessary. The allowance for loan losses is estimated collectively for loans with similar characteristics. The collective allowance is based on the same methodology that the Company uses to estimate its allowance for risk-sharing obligations under the Current Expected Credit Losses (“CECL”) standard for at-risk Fannie Mae Delegated Underwriting and Servicing (“DUS”) loans (with the exception of a reversion period) because the nature of the underlying collateral is the same, and the loans have similar characteristics, except they are significantly shorter in maturity. The reasonable and supportable forecast period used for the CECL allowance for loans held for investment is one year. The loss rate for the forecast period was 15 basis points and 36 basis points as of September 30, 2021 and December 31, 2020, respectively. The loss rate for the remaining period until maturity was nine basis points as of both September 30, 2021 and December 31, 2020. One loan held for investment with an unpaid principal balance of $14.7 million that was originated in 2017 was delinquent and on non-accrual status as of September 30, 2021 and December 31, 2020. The Company had a $3.7 million reserve for this loan based on its collateral fair value as of September 30, 2021 and December 31, 2020 and has not recorded any interest related to this loan since it went on non-accrual status in 2019. All other loans were current as of September 30, 2021 and December 31, 2020. The amortized cost basis of loans that were current as of September 30, 2021 and December 31, 2020 was $223.1 million and $350.5 million, respectively. As of September 30, 2021, $195.7 million and $28.3 million of the loans that were current were originated in 2021 and 2019, respectively. No loans originated in 2020 were outstanding as of September 30, 2021. Prior to 2019, the Company had not experienced any delinquencies related to loans held for investment.
Provision (Benefit) for Credit Losses	Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2021 2020 2021 2020 Provision (benefit) for loan losses ​ $ (12) ​ $ 2,179 ​ $ (674) ​ $ 3,107 ​ Provision (benefit) for risk-sharing obligations ​ 1,278 ​ 1,304 ​ (13,706) ​ 28,922 ​ Provision (benefit) for credit losses ​ $ 1,266 ​ $ 3,483 ​ $ (14,380) ​ $ 32,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Warehouse Interest Income	Net Warehouse Interest Income— Net warehouse interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Net Warehouse Interest Income (in thousands) 2021 2020 2021 2020 Warehouse interest income - loans held for sale ​ $ 11,334 ​ $ 12,649 ​ $ 28,315 ​ $ 37,150 ​ Warehouse interest expense - loans held for sale ​ (7,611) ​ (7,780) ​ (19,249) ​ (24,475) ​ Net warehouse interest income - loans held for sale ​ $ 3,723 ​ $ 4,869 ​ $ 9,066 ​ $ 12,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 3,108 ​ $ 4,015 ​ $ 9,298 ​ $ 15,083 ​ Warehouse interest expense - loans held for investment ​ (1,248) ​ (1,326) ​ (3,596) ​ (5,304) ​ Warehouse interest income - secured borrowings ​ ​ — ​ ​ 869 ​ ​ 1,748 ​ ​ 2,564 ​ Warehouse interest expense - secured borrowings ​ ​ — ​ ​ (869) ​ ​ (1,748) ​ ​ (2,564) ​ Net warehouse interest income - loans held for investment ​ $ 1,860 ​ $ 2,689 ​ $ 5,702 ​ $ 9,779 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 5,583 ​ $ 7,558 ​ $ 14,768 ​ $ 22,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Statement of Cash Flows	​ Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (in thousands) 2021 2020 2020 2019 Cash and cash equivalents $ 318,188 ​ $ 294,873 ​ $ 321,097 ​ $ 120,685 ​ Restricted cash ​ 34,875 ​ ​ 12,383 ​ ​ 19,432 ​ ​ 8,677 ​ Pledged cash and cash equivalents (NOTE 9) 51,550 ​ 21,324 ​ 17,473 ​ 7,204 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 404,613 ​ $ 328,580 ​ $ 358,002 ​ $ 136,566 ​ ​
Income Taxes	Income Taxes ​
Contracts with Customers	Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Description in thousands 2021 2020 2021 2020 Statement of income line item Certain loan origination fees ​ $ 46,527 ​ $ 10,731 ​ $ 113,650 ​ $ 40,769 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 33,677 ​ ​ 6,756 ​ ​ 65,173 ​ ​ 19,928 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, and other ​ 10,936 ​ 4,532 ​ 25,114 ​ 14,632 ​ Other revenues Total revenues derived from contracts with customers ​ $ 91,140 ​ $ 22,019 ​ $ 203,937 ​ $ 75,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Litigation	Litigation
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncement s
Reclassifications	Reclassifications

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Components of Provision (Benefit) for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2021 2020 2021 2020 Provision (benefit) for loan losses ​ $ (12) ​ $ 2,179 ​ $ (674) ​ $ 3,107 ​ Provision (benefit) for risk-sharing obligations ​ 1,278 ​ 1,304 ​ (13,706) ​ 28,922 ​ Provision (benefit) for credit losses ​ $ 1,266 ​ $ 3,483 ​ $ (14,380) ​ $ 32,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Net Warehouse Interest Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Net Warehouse Interest Income (in thousands) 2021 2020 2021 2020 Warehouse interest income - loans held for sale ​ $ 11,334 ​ $ 12,649 ​ $ 28,315 ​ $ 37,150 ​ Warehouse interest expense - loans held for sale ​ (7,611) ​ (7,780) ​ (19,249) ​ (24,475) ​ Net warehouse interest income - loans held for sale ​ $ 3,723 ​ $ 4,869 ​ $ 9,066 ​ $ 12,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 3,108 ​ $ 4,015 ​ $ 9,298 ​ $ 15,083 ​ Warehouse interest expense - loans held for investment ​ (1,248) ​ (1,326) ​ (3,596) ​ (5,304) ​ Warehouse interest income - secured borrowings ​ ​ — ​ ​ 869 ​ ​ 1,748 ​ ​ 2,564 ​ Warehouse interest expense - secured borrowings ​ ​ — ​ ​ (869) ​ ​ (1,748) ​ ​ (2,564) ​ Net warehouse interest income - loans held for investment ​ $ 1,860 ​ $ 2,689 ​ $ 5,702 ​ $ 9,779 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 5,583 ​ $ 7,558 ​ $ 14,768 ​ $ 22,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (in thousands) 2021 2020 2020 2019 Cash and cash equivalents $ 318,188 ​ $ 294,873 ​ $ 321,097 ​ $ 120,685 ​ Restricted cash ​ 34,875 ​ ​ 12,383 ​ ​ 19,432 ​ ​ 8,677 ​ Pledged cash and cash equivalents (NOTE 9) 51,550 ​ 21,324 ​ 17,473 ​ 7,204 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 404,613 ​ $ 328,580 ​ $ 358,002 ​ $ 136,566 ​
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Description in thousands 2021 2020 2021 2020 Statement of income line item Certain loan origination fees ​ $ 46,527 ​ $ 10,731 ​ $ 113,650 ​ $ 40,769 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 33,677 ​ ​ 6,756 ​ ​ 65,173 ​ ​ 19,928 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, and other ​ 10,936 ​ 4,532 ​ 25,114 ​ 14,632 ​ Other revenues Total revenues derived from contracts with customers ​ $ 91,140 ​ $ 22,019 ​ $ 203,937 ​ $ 75,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2021
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of MSRs (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 915,519 ​ $ 778,269 ​ $ 862,813 ​ $ 718,799 ​ Additions, following the sale of loan ​ 70,095 ​ 71,485 ​ 224,035 ​ 215,288 ​ Amortization ​ (44,402) ​ (38,319) ​ (130,868) ​ (110,243) ​ Pre-payments and write-offs ​ (11,387) ​ (5,780) ​ (26,155) ​ (18,189) ​ Ending balance ​ $ 929,825 ​ $ 805,655 ​ $ 929,825 ​ $ 805,655 ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ September 30, 2021 ​ December 31, 2020 Gross value ​ $ 1,521,190 ​ $ 1,394,901 Accumulated amortization ​ (591,365) ​ (532,088) Net carrying value ​ $ 929,825 ​ $ 862,813
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Three Months Ending December 31, ​ ​ ​ 2021 ​ $ 43,927 Year Ending December 31, ​ ​ ​ 2022 ​ $ 167,770 2023 ​ 155,112 2024 ​ 134,111 2025 ​ 113,562 2026 ​ 93,833 Thereafter ​ ​ 221,510 Total ​ $ 929,825

GUARANTY OBLIGATION AND ALLOW_2

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2021
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Schedule of Activity Related to Guaranty Obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Guaranty Obligation (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 50,369 ​ $ 54,872 ​ $ 52,306 ​ $ 54,695 ​ Additions, following the sale of loan ​ 1,449 ​ 876 ​ 4,023 ​ 4,346 ​ Amortization ​ (2,758) ​ (2,274) ​ (7,269) ​ (7,035) ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,468 ​ Ending balance ​ $ 49,060 ​ $ 53,474 ​ $ 49,060 ​ $ 53,474 ​
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 60,329 ​ $ 69,191 ​ $ 75,313 ​ $ 11,471 ​ Adjustment related to adoption of CECL ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,570 ​ Provision (benefit) for risk-sharing obligations ​ 1,278 ​ 1,304 ​ (13,706) ​ 28,922 ​ Write-offs ​ — ​ — ​ — ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,468) ​ Ending balance ​ $ 61,607 ​ $ 70,495 ​ $ 61,607 ​ $ 70,495 ​

WAREHOUSE NOTES PAYABLE (Tables

WAREHOUSE NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2021
WAREHOUSE NOTES PAYABLE
Schedule of warehouse lines of credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility (1) ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate (2) Agency Warehouse Facility #1 ​ $ 425,000 ​ $ — ​ $ 425,000 ​ $ 277,872 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 346,047 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 378,624 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 136,616 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 885,308 ​ 30-day LIBOR plus 1.45% ​ Agency Warehouse Facility #6 ​ ​ 150,000 ​ ​ 100,000 ​ ​ 250,000 ​ ​ 118,124 ​ 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #7 ​ ​ 150,000 ​ ​ 50,000 ​ ​ 200,000 ​ ​ 92,293 ​ 30-day LIBOR plus 1.30% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,375,000 ​ $ 1,715,000 ​ $ 4,090,000 ​ $ 2,234,884 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 482,861 ​ ​ Total Agency Warehouse Facilities ​ $ 2,375,000 ​ $ 3,215,000 ​ $ 5,590,000 ​ $ 2,717,745 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — 30-day LIBOR plus 1.65% to 2.00% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 111,817 30-day LIBOR plus 1.75% to 3.25% ​ Interim Warehouse Facility #4 ​ ​ 19,810 ​ ​ — ​ ​ 19,810 ​ ​ 19,810 ​ 30-day LIBOR plus 3.00% ​ Total National Bank Interim Warehouse Facilities ​ $ 454,810 ​ $ — ​ $ 454,810 ​ $ 131,627 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (793) ​ ​ ​ Total warehouse facilities ​ $ 2,829,810 ​ $ 3,215,000 ​ $ 6,044,810 ​ $ 2,848,579 ​ ​ ​ (1) Agency Warehouse Facilities, including the Fannie Mae repurchase agreement are used to fund loans held for sale, while Interim Warehouse Facilities are used to fund loans held for investment. (2) Interest rate presented does not include the effect of interest rate floors.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Goodwill (in thousands) 2021 2020 Beginning balance ​ $ 248,958 ​ $ 180,424 ​ Additions from acquisitions ​ 84,291 ​ 68,534 ​ Impairment ​ — ​ — ​ Ending balance ​ $ 333,249 ​ $ 248,958 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Acquisition Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Detail of Acquisition Activity (in thousands) ​ ​ Acquisition ​ ​ Purchase Consideration ​ ​ Assets ​ Liabilities ​ Noncontrolling ​ Goodwill Acquisition ​ Date ​ Cash ​ Stock ​ Contingent ​ Total ​ ​ Acquired ​ Assumed ​ Interest ​ Recognized Acquisition #1 ​ Q1 2021 ​ $ 7,506 ​ $ — ​ $ 5,229 ​ $ 12,735 ​ $ 504 ​ $ — ​ $ — ​ $ 12,231 Acquisition #2 ​ Q2 2021 ​ ​ 3,000 ​ ​ — ​ ​ 2,275 ​ ​ 5,275 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,275 Acquisition #3 ​ Q3 2021 ​ ​ 53,420 ​ ​ 5,250 ​ ​ — ​ ​ 58,670 ​ ​ 16,521 ​ ​ 5,886 ​ ​ 18,750 ​ ​ 66,785 Total ​ ​ ​ $ 63,926 ​ $ 5,250 ​ $ 7,504 ​ $ 76,680 ​ $ 17,025 ​ $ 5,886 ​ $ 18,750 ​ $ 84,291
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2021 2020 ​ Beginning balance ​ $ 28,829 ​ $ 5,752 ​ Additions ​ ​ 7,504 ​ ​ 27,645 ​ Accretion ​ ​ 1,405 ​ ​ 826 ​ Payments ​ ​ (6,080) ​ ​ (5,800) ​ Ending balance ​ $ 31,658 ​ $ 28,423 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Period End September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 2,711,900 ​ $ — ​ $ 2,711,900 ​ Pledged securities ​ 51,550 ​ 97,224 ​ — ​ 148,774 ​ Derivative assets ​ — ​ — ​ 85,486 ​ 85,486 ​ Total ​ $ 51,550 ​ $ 2,809,124 ​ $ 85,486 ​ $ 2,946,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 13,263 ​ $ 13,263 ​ Total ​ $ — ​ $ — ​ $ 13,263 ​ $ 13,263 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 2,449,198 ​ $ — ​ $ 2,449,198 ​ Pledged securities ​ 17,473 ​ 119,763 ​ — ​ 137,236 ​ Derivative assets ​ — ​ — ​ 49,786 ​ 49,786 ​ Total ​ $ 17,473 ​ $ 2,568,961 ​ $ 49,786 ​ $ 2,636,220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 5,066 ​ $ 5,066 ​ Total ​ $ — ​ $ — ​ $ 5,066 ​ $ 5,066 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Fair Value Measurements: ​ ​ ​ Derivative Instruments ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Derivative Assets and Liabilities, net (in thousands) 2021 2020 2021 2020 Beginning balance ​ $ 6,340 ​ $ 13,346 ​ $ 44,720 ​ $ 15,532 ​ Settlements ​ (146,841) ​ (141,804) ​ (488,356) ​ (456,639) ​ Realized gains recorded in earnings (1) ​ 140,501 ​ 128,458 ​ 443,636 ​ 441,107 ​ Unrealized gains (losses) recorded in earnings (1) ​ 72,223 ​ 33,432 ​ 72,223 ​ 33,432 ​ Ending balance ​ $ 72,223 ​ $ 33,432 ​ $ 72,223 ​ $ 33,432 ​ (1) Realized and unrealized gains (losses) 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 Condensed 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 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Value (1) Derivative assets ​ $ 85,486 Discounted cash flow Counterparty credit risk — ​ Derivative liabilities ​ $ 13,263 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 318,188 ​ $ 318,188 ​ $ 321,097 ​ $ 321,097 ​ Restricted cash ​ 34,875 ​ 34,875 ​ 19,432 ​ 19,432 ​ Pledged securities ​ 148,774 ​ 148,774 ​ 137,236 ​ 137,236 ​ Loans held for sale ​ 2,711,900 ​ 2,711,900 ​ 2,449,198 ​ 2,449,198 ​ Loans held for investment, net ​ 233,685 ​ 234,996 ​ 360,402 ​ 362,586 ​ Derivative assets ​ 85,486 ​ 85,486 ​ 49,786 ​ 49,786 ​ Total financial assets ​ $ 3,532,908 ​ $ 3,534,219 ​ $ 3,337,151 ​ $ 3,339,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 13,263 ​ $ 13,263 ​ $ 5,066 ​ $ 5,066 ​ Secured borrowings ​ ​ — ​ ​ — ​ ​ 73,314 ​ ​ 73,314 ​ Warehouse notes payable ​ 2,848,579 ​ 2,849,372 ​ 2,517,156 ​ 2,518,101 ​ Note payable ​ 289,763 ​ 292,539 ​ 291,593 ​ 294,773 ​ Total financial liabilities ​ $ 3,151,605 ​ $ 3,155,174 ​ $ 2,887,129 ​ $ 2,891,254 ​
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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,979,035 ​ $ 52,838 ​ $ (31,638) ​ $ 21,200 ​ $ 32,111 ​ $ (10,911) ​ $ — ​ Forward sale contracts ​ 4,667,125 ​ — ​ 51,023 ​ 51,023 ​ 53,375 ​ ​ (2,352) ​ — ​ Loans held for sale ​ 2,688,090 ​ 43,195 ​ (19,385) ​ 23,810 ​ — ​ — ​ 23,810 ​ Total ​ ​ ​ ​ $ 96,033 ​ $ — ​ $ 96,033 ​ $ 85,486 ​ $ (13,263) ​ $ 23,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,374,784 ​ $ 45,581 ​ $ (1,697) ​ $ 43,884 ​ $ 43,895 ​ $ (11) ​ $ — ​ Forward sale contracts ​ 3,760,953 ​ — ​ 836 ​ 836 ​ 5,891 ​ ​ (5,055) ​ — ​ Loans held for sale ​ 2,386,169 ​ 62,167 ​ 861 ​ 63,028 ​ — ​ — ​ 63,028 ​ Total ​ ​ ​ ​ $ 107,748 ​ $ — ​ $ 107,748 ​ $ 49,786 ​ $ (5,066) ​ $ 63,028 ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2021
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Pledged Securities (in thousands) 2021 2020 2020 2019 Restricted cash $ 10,596 ​ $ 13,370 ​ $ 4,954 ​ $ 2,150 ​ Money market funds ​ 40,954 ​ ​ 7,954 ​ ​ 12,519 ​ ​ 5,054 ​ Total pledged cash and cash equivalents $ 51,550 ​ $ 21,324 ​ $ 17,473 ​ $ 7,204 ​ Agency MBS 97,224 ​ ​ 112,971 ​ 119,763 ​ 114,563 ​ Total pledged securities, at fair value $ 148,774 ​ $ 134,295 ​ $ 137,236 ​ $ 121,767 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) September 30, 2021 December 31, 2020 Fair value $ 97,224 ​ $ 119,763 ​ Amortized cost ​ 93,570 ​ ​ 117,136 ​ Total gains for securities with net gains in AOCI ​ 3,796 ​ ​ 2,669 ​ Total losses for securities with net losses in AOCI (142) ​ (42) ​ Fair value of securities with unrealized losses 2,139 ​ 12,267 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 5,720 ​ ​ 5,697 ​ After five years through ten years ​ 61,939 ​ ​ 61,056 ​ After ten years 29,565 ​ ​ 26,817 ​ Total $ 97,224 ​ $ 93,570 ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of Basic and Diluted EPS Under Two-Class Method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, EPS Calculations (in thousands, except per share amounts) 2021 ​ 2020 ​ 2021 ​ 2020 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 71,721 ​ $ 53,190 ​ $ 185,831 ​ $ 163,078 ​ Less: dividends and undistributed earnings allocated to participating securities 2,364 ​ 1,528 ​ 6,163 ​ 4,923 ​ Net income applicable to common stockholders $ 69,357 ​ $ 51,662 ​ $ 179,668 ​ $ 158,155 ​ Weighted-average basic shares outstanding ​ 31,064 ​ ​ 30,560 ​ ​ 30,969 ​ ​ 30,379 ​ Basic EPS $ 2.23 ​ $ 1.69 ​ $ 5.80 ​ $ 5.21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 69,357 ​ $ 51,662 ​ $ 179,668 ​ $ 158,155 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 23 ​ ​ 19 ​ ​ 57 ​ ​ 75 ​ Net income allocated to common stockholders $ 69,380 ​ $ 51,681 ​ $ 179,725 ​ $ 158,230 ​ Weighted-average basic shares outstanding ​ 31,064 ​ ​ 30,560 ​ ​ 30,969 ​ ​ 30,379 ​ Add: weighted-average diluted non-participating securities ​ 395 ​ ​ 514 ​ ​ 398 ​ ​ 616 ​ Weighted-average diluted shares outstanding ​ 31,459 ​ ​ 31,074 ​ ​ 31,367 ​ ​ 30,995 ​ Diluted EPS $ 2.21 ​ $ 1.66 ​ $ 5.73 ​ $ 5.11 ​

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	Sep. 30, 2021
Interim Program JV
Joint Venture
Ownership interest	15.00%
Appraisal JV
Joint Venture
Ownership interest	50.00%
Zellman & Associates
Subsidiary
Ownership interest in WDIB	75.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Mortgage Banking Activities
Co-broker fees	$ 6.3	$ 5.1	$ 15.2	$ 20.4

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Loans Held-for-Investment, Net
Loans originated in 2020	$ 0
Financial Asset, Not Past Due
Loans Held-for-Investment, Net
Amortized cost of loans held for investment, current	223,100,000	$ 350,500,000
Loans originated in 2021	195,700,000
Loans originated in 2019	$ 28,300,000
Loans Held for Investment
Transfers of financial assets accounted for as secured borrowings
Loan portfolio transferred to third party		81,500,000
Other Liabilities
Transfers of financial assets accounted for as secured borrowings
Secured borrowing		$ 73,300,000
Loans Held for Investment
Loans Held-for-Investment, Net
Number of loans held for investment | loan	9	18
Unpaid principal balance of loans held for investment	$ 238,700,000	$ 366,300,000
Net unamortized deferred fees and costs	900,000	1,100,000
Allowance for loan losses	$ 4,100,000	$ 4,800,000
Reasonable and supportable forecast period used for determining CECL reserves	1 year
Charge off rate for forecasted period	0.15%	0.36%
Charge off rate for the remaining period	0.09%	0.09%
Number of delinquent loans	1	1
Loans held for investment, delinquent	$ 14,700,000	$ 14,700,000
Number of loans on nonaccrual status | loan	1	1
Loans, non-accrual status	$ 14,700,000	$ 14,700,000
Specific reserve for loan	$ 3,700,000	$ 3,700,000
Loans Held for Investment | Maximum
Loans Held-for-Investment, Net
Loan term (in years)	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Components of Provision for Credit Losses
Provision (benefit) for loan losses	$ (12)	$ 2,179	$ (674)	$ 3,107
Provision (benefit) for risk-sharing obligations	1,278	1,304	(13,706)	28,922
Provision (benefit) for credit losses	$ 1,266	$ 3,483	$ (14,380)	$ 32,029

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Warehouse Interest Income
Net warehouse interest income	$ 5,583	$ 7,558	$ 14,768	$ 22,454
Loans Held for Sale
Net Warehouse Interest Income
Warehouse interest income	11,334	12,649	28,315	37,150
Warehouse interest expense	(7,611)	(7,780)	(19,249)	(24,475)
Net warehouse interest income	3,723	4,869	9,066	12,675
Loans Held for Investment
Net Warehouse Interest Income
Warehouse interest income	3,108	4,015	9,298	15,083
Warehouse interest expense	(1,248)	(1,326)	(3,596)	(5,304)
Net warehouse interest income	$ 1,860	2,689	5,702	9,779
Secured Borrowings
Net Warehouse Interest Income
Warehouse interest income		869	1,748	2,564
Warehouse interest expense		$ (869)	$ (1,748)	$ (2,564)

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 318,188	$ 321,097	$ 294,873	$ 120,685
Restricted cash	34,875	19,432	12,383	8,677
Pledged cash and cash equivalents (NOTE 9)	51,550	17,473	21,324	7,204
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 404,613	$ 358,002	$ 328,580	$ 136,566

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Excess tax benefits recognized	$ 2.1	$ 3	$ 7.3	$ 6

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Contracts with Customers
Revenue from contracts with customer	$ 91,140	$ 22,019	$ 203,937	$ 75,329
Loan Origination Fees | Loan Origination and Debt Brokerage Fees, Net
Contracts with Customers
Revenue from contracts with customer	46,527	10,731	113,650	40,769
Property Sales Broker Fees | Property Sales Broker Fees
Contracts with Customers
Revenue from contracts with customer	33,677	6,756	65,173	19,928
Investment Management Fees, Application Fees, Subscription Revenues and Other | Other Revenues
Contracts with Customers
Revenue from contracts with customer	$ 10,936	$ 4,532	$ 25,114	$ 14,632

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Servicing
Fair value of the MSRs	$ 1,200	$ 1,100
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	$ 37.2
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	$ 72

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Mortgage Servicing Rights
Beginning balance			$ 862,813
Ending balance	$ 929,825		929,825
MSRs
Mortgage Servicing Rights
Beginning balance	915,519	$ 778,269	862,813	$ 718,799
Additions, following sale of loan	70,095	71,485	224,035	215,288
Amortization	(44,402)	(38,319)	(130,868)	(110,243)
Pre-payments and write-offs	(11,387)	(5,780)	(26,155)	(18,189)
Ending balance	$ 929,825	$ 805,655	$ 929,825	$ 805,655

MORTGAGE SERVICING RIGHTS - Sum

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,521,190	$ 1,394,901
Accumulated amortization	(591,365)	(532,088)
Net carrying value	$ 929,825	$ 862,813

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Future amortization
Three Months Ending December 31, 2021	$ 43,927
2022	167,770
2023	155,112
2024	134,111
2025	113,562
2026	93,833
Thereafter	221,510
Net carrying value	$ 929,825	$ 862,813

GUARANTY OBLIGATION AND ALLOW_3

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Guaranty obligation, net of accumulated amortization - beginning balance	$ 50,369	$ 54,872	$ 52,306	$ 54,695
Additions, following the sale of loan	1,449	876	4,023	4,346
Amortization	(2,758)	(2,274)	(7,269)	(7,035)
Other				1,468
Guaranty obligation, net of accumulated amortization - ending balance	$ 49,060	$ 53,474	$ 49,060	$ 53,474

GUARANTY OBLIGATION AND ALLOW_4

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan	Jun. 30, 2021
Allowance for Risk-Sharing Contracts
Beginning balance	$ 60,329	$ 69,191	$ 75,313	$ 11,471	$ 11,471
Adjustment related to adoption of CECL				31,570
Provision (benefit) for risk-sharing obligations	1,278	1,304	(13,706)	28,922
Other				(1,468)
Ending balance	61,607	$ 70,495	$ 61,607	$ 70,495	$ 75,313
Number of defaulted loans | loan			2		2
Amount of specific reserves placed on defaulted at risk loans	7,600		$ 7,600		$ 8,300
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 9,800,000		$ 9,800,000
Fannie Mae DUS Program
Allowance for Risk-Sharing Contracts
Charge off rate for forecasted period	0.03%	0.07%	0.03%	0.07%	0.06%	0.03%
Reversion period used for determining CECL reserves	1 year	1 year	1 year	1 year
Charge off rate for the remaining period	0.02%	0.02%	0.02%	0.02%
At risk servicing portfolio	$ 47,000,000		$ 47,000,000
CECL reserve for at risk servicing portfolio	$ 54,000		$ 54,000		$ 67,000
Weighted average remaining life of the at risk servicing portfolio			7 years 6 months

SERVICING - (Detail)

SERVICING - (Detail) - Loans serviced - USD ($) $ in Billions	Sep. 30, 2021	Dec. 31, 2020
Servicing
Servicing portfolio loans unpaid principal balance	$ 113.9	$ 107.2
Custodial escrow accounts	$ 3	$ 3.1

WAREHOUSE NOTES PAYABLE - Summa

WAREHOUSE NOTES PAYABLE - Summary Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Warehouse notes payable
Committed Amount		$ 2,829,810				$ 2,829,810
Uncommitted Amount		3,215,000				3,215,000
Total Facility Capacity		6,044,810				6,044,810
Outstanding Balance		2,848,579				2,848,579		$ 2,517,156
Debt issuance costs		(793)				(793)
Loans Held for Sale
Warehouse notes payable
Interest expense		7,611			$ 7,780	19,249	$ 24,475
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		2,375,000				2,375,000
Uncommitted Amount		3,215,000				3,215,000
Total Facility Capacity		5,590,000				5,590,000
Outstanding Balance		2,717,745				2,717,745
Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		425,000				425,000
Total Facility Capacity		425,000				425,000
Outstanding Balance		277,872				$ 277,872
Maturity date	Dec. 24, 2021
Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.40%		1.30%
Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.00%	0.25%
Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		700,000				$ 700,000
Uncommitted Amount		300,000				300,000
Total Facility Capacity		1,000,000				1,000,000
Outstanding Balance		346,047				$ 346,047
Maturity date			Apr. 14, 2022
Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.40%		1.30%
Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		600,000				$ 600,000
Uncommitted Amount		265,000				265,000
Total Facility Capacity		865,000				865,000
Outstanding Balance		378,624				$ 378,624
Maturity date			May 14, 2022
Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.15%		1.30%
Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.00%	0.50%
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		350,000				$ 350,000
Total Facility Capacity		350,000				350,000
Outstanding Balance		136,616				$ 136,616
Maturity date			Jun. 22, 2022
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.40%		1.30%
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.05%	0.25%
Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount		1,000,000				$ 1,000,000
Total Facility Capacity		1,000,000				1,000,000
Outstanding Balance		$ 885,308				$ 885,308
Maturity date		Sep. 15, 2022
Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate						1.45%
Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 150,000		$ 150,000		$ 150,000
Uncommitted Amount		100,000		$ 100,000		100,000
Total Facility Capacity		250,000				250,000
Outstanding Balance		118,124				$ 118,124
Maturity date				Mar. 5, 2022
Advances made as a percentage of the loan balance				100.00%
Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate				1.40%		1.40%
Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Interest rate floor				0.25%
Loans Held for Sale | Agency Warehouse Facility #7 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		150,000				$ 150,000
Uncommitted Amount		50,000				50,000
Total Facility Capacity		200,000				200,000
Outstanding Balance		$ 92,293				$ 92,293
Maturity date		Aug. 24, 2022
Advances made as a percentage of the loan balance		100.00%
Loans Held for Sale | Agency Warehouse Facility #7 | Agency Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate		1.30%				1.30%
Loans Held for Investment
Warehouse notes payable
Interest expense		$ 1,248			$ 1,326	$ 3,596	$ 5,304
Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		135,000				135,000
Total Facility Capacity		135,000				$ 135,000
Maturity date			May 14, 2022
Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate						1.90%
Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.00%	0.50%
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		100,000				$ 100,000
Total Facility Capacity		100,000				$ 100,000
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Percentage added to reference rate						1.65%
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | LIBOR | Maximum
Warehouse notes payable
Percentage added to reference rate						2.00%
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		200,000				$ 200,000
Total Facility Capacity		200,000				200,000
Outstanding Balance		$ 111,817				$ 111,817
Maturity date		Sep. 29, 2022
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | LIBOR | Minimum
Warehouse notes payable
Percentage added to reference rate						1.75%
Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | LIBOR | Maximum
Warehouse notes payable
Percentage added to reference rate						3.25%
Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		$ 19,810				$ 19,810
Total Facility Capacity		19,810				19,810
Outstanding Balance		19,810				$ 19,810
Maturity date	Oct. 1, 2022
Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | LIBOR
Warehouse notes payable
Percentage added to reference rate						3.00%
National Banks | Agency Warehouse Facility
Warehouse notes payable
Total Facility Capacity		4,100,000				$ 4,100,000
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		2,375,000				2,375,000
Uncommitted Amount		1,715,000				1,715,000
Total Facility Capacity		4,090,000				4,090,000
Outstanding Balance		2,234,884				2,234,884
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		454,810				454,810
Total Facility Capacity		454,810				454,810
Outstanding Balance		131,627				131,627
Fannie Mae | Loans Held for Sale | Fannie Mae Repurchase Agreement, Uncommitted Line and Open Maturity | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount		1,500,000				1,500,000
Total Facility Capacity		1,500,000				1,500,000
Outstanding Balance		$ 482,861				$ 482,861

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill [Roll Forward]
Beginning balance	$ 248,958	$ 180,424
Additions from acquisitions	84,291	68,534
Ending balance	$ 333,249	$ 248,958

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Acquisition Activity (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Acquisitions
Goodwill recognized	$ 333,249			$ 333,249	$ 248,958	$ 248,958	$ 180,424
Intangible assets acquired	8,500			$ 8,500	$ 1,900
Weighted average amortization period				5 years 4 months 24 days
Maximum
Acquisitions
Amortization period				5 years
2021 Acquisitions
Acquisitions
Cash consideration				$ 63,926
Stock consideration				5,250
Contingent consideration	7,504			7,504
Total consideration				76,680
Assets acquired	17,025			17,025
Liabilities assumed	5,886			5,886
Noncontrolling interest recognized	18,750			18,750
Goodwill recognized	84,291			84,291
Acquisition #1
Acquisitions
Cash consideration			$ 7,506
Contingent consideration			5,229
Total consideration			12,735
Assets acquired			504
Goodwill recognized			$ 12,231
Acquisition #2
Acquisitions
Cash consideration		$ 3,000
Contingent consideration		2,275
Total consideration		5,275
Goodwill recognized		$ 5,275
Acquisition #3
Acquisitions
Cash consideration	53,420
Stock consideration	5,250
Total consideration	58,670
Assets acquired	16,521			16,521
Liabilities assumed	5,886			5,886
Noncontrolling interest recognized	18,750			18,750
Goodwill recognized	$ 66,785			$ 66,785
Ownership interest acquired	75.00%			75.00%
Intangible assets acquired	$ 8,200			$ 8,200

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - Other Liabilities [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Contingent consideration liabilities
Beginning balance	$ 28,829	$ 5,752
Additions	7,504	27,645
Accretion	1,405	826
Payments	(6,080)	(5,800)
Ending balance	$ 31,658	$ 28,423

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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Assets
Loans held for sale	$ 2,711,900	$ 2,449,198
Pledged securities	148,774	137,236	$ 134,295	$ 121,767
Derivative assets	85,486	49,786
Liabilities
Derivative liabilities	13,263	5,066
Recurring Basis
Assets
Loans held for sale	2,711,900	2,449,198
Pledged securities	148,774	137,236
Derivative assets	85,486	49,786
Total financial assets	2,946,160	2,636,220
Liabilities
Derivative liabilities	13,263	5,066
Total financial liabilities	13,263	5,066
Level 1 | Recurring Basis
Assets
Pledged securities	51,550	17,473
Total financial assets	51,550	17,473
Level 2 | Recurring Basis
Assets
Loans held for sale	2,711,900	2,449,198
Pledged securities	97,224	119,763
Total financial assets	2,809,124	2,568,961
Level 3 | Recurring Basis
Assets
Derivative assets	85,486	49,786
Total financial assets	85,486	49,786
Liabilities
Derivative liabilities	13,263	5,066
Total financial liabilities	$ 13,263	$ 5,066

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
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	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative assets and liabilities, net
Beginning balance	$ 6,340	$ 13,346	$ 44,720	$ 15,532
Settlements	(146,841)	(141,804)	(488,356)	(456,639)
Realized gains recorded in earnings	140,501	128,458	443,636	441,107
Unrealized gains recorded in earnings	72,223	33,432	72,223	33,432
Ending balance	$ 72,223	$ 33,432	$ 72,223	$ 33,432

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	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurements
Derivative assets	$ 85,486	$ 49,786
Derivative liabilities	13,263	5,066
Level 3 | Discounted Cash Flow | Derivative Assets
Fair Value Measurements
Derivative assets	85,486
Level 3 | Derivative Liabilities | Discounted Cash Flow
Fair Value Measurements
Derivative liabilities	13,263
Recurring Basis
Fair Value Measurements
Derivative assets	85,486	49,786
Derivative liabilities	13,263	5,066
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	85,486	49,786
Derivative liabilities	$ 13,263	$ 5,066

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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Financial assets:
Cash and cash equivalents	$ 318,188	$ 321,097	$ 294,873	$ 120,685
Restricted cash	34,875	19,432	12,383	8,677
Pledged securities	148,774	137,236	$ 134,295	$ 121,767
Loans held for sale	2,711,900	2,449,198
Loans held for investment, net	233,685	360,402
Derivative assets	85,486	49,786
Financial liabilities:
Derivative liabilities	13,263	5,066
Warehouse notes payable	2,848,579	2,517,156
Note payable	289,763	291,593
Carrying Amount
Financial assets:
Cash and cash equivalents	318,188	321,097
Restricted cash	34,875	19,432
Pledged securities	148,774	137,236
Loans held for sale	2,711,900	2,449,198
Loans held for investment, net	233,685	360,402
Derivative assets	85,486	49,786
Total financial assets	3,532,908	3,337,151
Financial liabilities:
Derivative liabilities	13,263	5,066
Secured borrowings		73,314
Warehouse notes payable	2,848,579	2,517,156
Note payable	289,763	291,593
Total financial liabilities	3,151,605	2,887,129
Fair Value
Financial assets:
Cash and cash equivalents	318,188	321,097
Restricted cash	34,875	19,432
Pledged securities	148,774	137,236
Loans held for sale	2,711,900	2,449,198
Loans held for investment, net	234,996	362,586
Derivative assets	85,486	49,786
Total financial assets	3,534,219	3,339,335
Financial liabilities:
Derivative liabilities	13,263	5,066
Secured borrowings		73,314
Warehouse notes payable	2,849,372	2,518,101
Note payable	292,539	294,773
Total financial liabilities	$ 3,155,174	$ 2,891,254

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	9 Months Ended
	Sep. 30, 2021
Loans Held for Sale
Other information
Period of originated loans within which they are transferred or sold	60 days
Money Market Funds | Maximum
Other information
Maximum term of maturity of pledged securities	90 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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 96,033	$ 107,748
Total Fair Value Adjustment	96,033	107,748
Derivative assets	85,486	49,786
Derivative Liabilities	(13,263)	(5,066)
Fair Value Adjustment to Loans Held for Sale	23,810	63,028
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	2,688,090	2,386,169
Estimated Gain on Sale	43,195	62,167
Interest Rate Movement	(19,385)	861
Total Fair Value Adjustment	23,810	63,028
Fair Value Adjustment to Loans Held for Sale	23,810	63,028
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,979,035	1,374,784
Estimated Gain on Sale	52,838	45,581
Interest Rate Movement	(31,638)	(1,697)
Total Fair Value Adjustment	21,200	43,884
Derivative assets	32,111	43,895
Derivative Liabilities	(10,911)	(11)
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	4,667,125	3,760,953
Interest Rate Movement	51,023	836
Total Fair Value Adjustment	51,023	836
Derivative assets	53,375	5,891
Derivative Liabilities	$ (2,352)	$ (5,055)

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - DUS Risk-Sharing Obligations - Fannie Mae $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
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	$ 64.2
Net worth	1,100
Minimum liquid assets to be maintained to meet operational liquidity requirements	49.5
Operational liquidity	254.7
Minimum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Net worth requirement	$ 250.2
New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
Period of funding for collateral requirement	48 months
New Tier 2 loans | Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5.00%
New Tier 2 loans | Agency Mortgage Backed Securities
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4.00%

FANNIE MAE COMMITMENTS AND PL_4

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Pledged Securities
Restricted cash	$ 10,596	$ 4,954	$ 13,370	$ 2,150
Money market funds	40,954	12,519	7,954	5,054
Total pledged cash and cash equivalents	51,550	17,473	21,324	7,204
Agency MBS	97,224	119,763	112,971	114,563
Pledged securities, at fair value	$ 148,774	$ 137,236	$ 134,295	$ 121,767

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	Sep. 30, 2021	Dec. 31, 2020
Investments in Agency debt securities
Fair Value	$ 97,224	$ 119,763
Amortized cost	93,570	117,136
Total gains for securities with net gains in AOCI	3,796	2,669
Total losses for securities with net losses in AOCI	(142)	(42)
Fair value of securities with unrealized losses	2,139	12,267
Maturities - Fair Value
After one year through five years	5,720
After five years through ten years	61,939
After ten years	29,565
Total	97,224	119,763
Maturities - Amortized Cost
After one year through five years	5,697
After five years through ten years	61,056
After ten years	26,817
Total	$ 93,570	$ 117,136

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Calculation of basic EPS
Walker and Dunlop net income	$ 71,721	$ 56,058	$ 58,052	$ 53,190	$ 62,059	$ 47,829	$ 185,831	$ 163,078
Less: dividends and undistributed earnings allocated to participating securities	2,364			1,528			6,163	4,923
Net income applicable to common stockholders	$ 69,357			$ 51,662			$ 179,668	$ 158,155
Basic weighted average shares outstanding	31,064			30,560			30,969	30,379
Basic EPS	$ 2.23			$ 1.69			$ 5.80	$ 5.21
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ 23			$ 19			$ 57	$ 75
Net income allocated to common stockholders	$ 69,380			$ 51,681			$ 179,725	$ 158,230
Add: weighted-average diluted non-participating securities	395			514			398	616
Weighted average diluted shares outstanding	31,459			31,074			31,367	30,995
Diluted EPS	$ 2.21			$ 1.66			$ 5.73	$ 5.11
Shares outstanding excluded from computation of earnings per share				175				142
Stock issued to settle compensation liabilities							$ 9,600

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Share Repurchase and Dividends (Detail) - USD ($) $ / shares in Units, $ in Millions	Nov. 03, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Repurchases of common stock
Cash dividends declared per common share	$ 0.50	$ 0.50	$ 0.50
Share Repurchase Program 2021
Repurchases of common stock
Share repurchase program, period for repurchases				12 months
Shares repurchased during the period				0
Authorized share repurchase capacity remaining				$ 75
Share Repurchase Program 2021 | Maximum
Repurchases of common stock
Repurchase authorization				$ 75

PENDING ACQUISITION ACTIVITIES

PENDING ACQUISITION ACTIVITIES (Detail) - Pending - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Oct. 04, 2021
Pending Acquisition
Targeted refinance of note payable	$ 600
Term of targeted debt	7 years
Alliant Capital, LTD
Pending Acquisition
Total consideration	$ 696
Cash consideration	361
Securitized debt facility assumed		$ 145
Debt facility interest rate		4.75%
Stock consideration	90
Future earn-out	$ 100
Earnout period	4 years