Walker & Dunlop (WD) 10-K 24 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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	7272 Wisconsin Avenue
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	215-5500
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	WD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,891,423
Entity Public Float			$ 2.2
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	McLean, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 305,635	$ 321,097
Restricted cash	42,812	19,432
Pledged securities, at fair value	148,996	137,236
Loans held for sale, at fair value	1,811,586	2,449,198
Loans held for investment, net	269,125	360,402
Mortgage servicing rights	953,845	862,813
Goodwill	698,635	248,958
Other intangible assets	183,904	1,880
Derivative assets	37,364	49,786
Receivables, net	212,019	65,735
Committed investments in tax credit equity	177,322
Other assets	364,746	134,438
Total assets	5,205,989	4,650,975
Liabilities
Warehouse notes payable	1,941,572	2,517,156
Note payable	740,174	291,593
Allowance for risk-sharing obligations	62,636	75,313
Guaranty obligation, net	47,378	52,306
Deferred tax liabilities, net	225,240	185,658
Derivative liabilities	6,403	5,066
Performance deposits from borrowers	15,720	14,468
Commitments to fund tax credit equity investments	162,747
Other liabilities	425,912	313,193
Total liabilities	3,627,782	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 32,049 shares at December 31, 2021 and 30,678 shares at December 31, 2020)	320	307
Additional paid-in capital ("APIC")	393,022	241,004
Accumulated other comprehensive income ("AOCI")	2,558	1,968
Retained earnings	1,154,252	952,943
Total stockholders' equity	1,550,152	1,196,222
Noncontrolling interests	28,055
Total equity	1,578,207	1,196,222
Commitments and contingencies (NOTES 2 and 10)
Total liabilities and equity	$ 5,205,989	$ 4,650,975

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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	32,049	30,678
Common stock, outstanding	32,049	30,678

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Loan origination and debt brokerage fees, net	$ 446,014	$ 359,061	$ 258,471
Fair value of expected net cash flows from servicing, net	287,145	358,000	180,766
Servicing fees	278,466	235,801	214,550
Property sales broker fees.	119,981	38,108	30,917
Escrow earnings and other interest income	8,150	18,255	56,835
Other revenues	97,314	45,156	49,981
Total revenues	1,259,178	1,083,707	817,219
Expenses
Personnel	603,487	468,819	346,168
Amortization and depreciation	210,284	169,011	152,472
Provision (benefit) for credit losses	(13,287)	37,479	7,273
Interest expense on corporate debt	7,981	8,550	14,359
Other operating expenses	98,655	69,582	66,596
Total expenses	907,120	753,441	586,868
Income from operations	352,058	330,266	230,351
Income tax expense	86,428	84,313	57,121
Net income before noncontrolling interests	265,630	245,953	173,230
Less: net income (loss) from noncontrolling interests	(132)	(224)	(143)
Walker and Dunlop net income	265,762	246,177	173,373
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	590	1,231	812
Walker and Dunlop comprehensive income	$ 266,352	$ 247,408	$ 174,185
Basic earnings per share (NOTE 12)	$ 8.27	$ 7.85	$ 5.61
Diluted earnings per share (NOTE 12)	$ 8.15	$ 7.69	$ 5.45
Basic weighted average shares outstanding	31,081	30,444	29,913
Diluted weighted average shares outstanding	31,533	31,083	30,815
Loans Held for Sale
Revenues
Net warehouse interest income	$ 14,396	$ 17,936	$ 1,917
Loans Held for Investment
Revenues
Net warehouse interest income	$ 7,712	$ 11,390	$ 23,782

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 (ASU 2016-02) at Dec. 31, 2018				$ (1,002)			$ (1,002)
Balances at the beginning of the period at Dec. 31, 2018	$ 295	$ 235,152	$ (75)		$ 666,752	$ 5,068		$ 907,192
Balance at the beginning of the period (in shares) at Dec. 31, 2018	29,497
Change in Stockholders' Equity
Walker and Dunlop net income					173,373			173,373
Net income (loss) from noncontrolling interests						(143)		(143)
Contributions from noncontrolling interests						1,671		1,671
Other comprehensive income (loss), net of tax			812					812
Stock-based compensation - equity classified		22,819						22,819
Issuance of common stock in connection with equity compensation plans	$ 11	5,500						5,511
Issuance of common stock in connection with equity compensation plans (in shares)	1,118
Repurchase and retirement of common stock	$ (6)	(25,594)			(5,076)			(30,676)
Repurchase and retirement of common stock (in shares)	(580)
Cash dividends paid					(37,272)			(37,272)
Balances at the end of the period (ASU 2016-13) at Dec. 31, 2019				$ (23,678)			$ (23,678)
Balances at the end of the period at Dec. 31, 2019	$ 300	237,877	737		796,775	6,596		1,042,285
Balance at the end of the period (in shares) at Dec. 31, 2019	30,035
Change in Stockholders' Equity
Walker and Dunlop net income					246,177			246,177
Net income (loss) from noncontrolling interests						(224)		(224)
Purchase of noncontrolling interests		(24,090)				(7,047)		(31,137)
Contributions from noncontrolling interests						675		675
Other comprehensive income (loss), net of tax			1,231					1,231
Stock-based compensation - equity classified		27,090						27,090
Issuance of common stock in connection with equity compensation plans	$ 14	24,913						24,927
Issuance of common stock in connection with equity compensation plans (in shares)	1,414
Repurchase and retirement of common stock	$ (7)	(24,786)			(20,981)			(45,774)
Repurchase and retirement of common stock (in shares)	(771)
Cash dividends paid					(45,350)			(45,350)
Balances at the end of the period at Dec. 31, 2020								1,196,222
Balances at the end of the period at Dec. 31, 2020	$ 307	241,004	1,968		952,943			$ 1,196,222
Balance at the end of the period (in shares) at Dec. 31, 2020	30,678							30,678
Change in Stockholders' Equity
Walker and Dunlop net income					265,762			$ 265,762
Net income (loss) from noncontrolling interests						(132)		(132)
Other comprehensive income (loss), net of tax			590					590
Stock-based compensation - equity classified		35,491						35,491
Issuance of common stock in connection with acquisitions	$ 9	120,562						120,571
Issuance of common stock in connection with acquisitions (in shares)	859
Issuance of common stock in connection with equity compensation plans	$ 7	14,834						14,841
Issuance of common stock in connection with equity compensation plans (in shares)	686
Repurchase and retirement of common stock	$ (3)	(18,869)						(18,872)
Repurchase and retirement of common stock (in shares)	(174)
Noncontrolling interests from acquisitions						28,187		28,187
Cash dividends paid					(64,453)			(64,453)
Balances at the end of the period at Dec. 31, 2021								1,550,152
Balances at the end of the period at Dec. 31, 2021	$ 320	$ 393,022	$ 2,558		$ 1,154,252	$ 28,055		$ 1,578,207
Balance at the end of the period (in shares) at Dec. 31, 2021	32,049							32,049

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 2	$ 1.44	$ 1.20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income before noncontrolling interests	$ 265,630	$ 245,953	$ 173,230
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	(287,145)	(358,000)	(180,766)
Change in the fair value of premiums and origination fees	19,450	(32,981)	6,041
Amortization and depreciation	210,284	169,011	152,472
Stock compensation-equity and liability classified	36,582	28,319	24,075
Provision (benefit) for credit losses	(13,287)	37,479	7,273
Deferred tax expense	34,222	47,165	22,012
Amortization of deferred loan fees and costs	(2,423)	(1,723)	(6,587)
Amortization of debt issuance costs and debt discount	7,077	4,652	5,451
Origination fees received from loans held for investment	2,550	786	2,553
Originations of loans held for sale	(17,810,768)	(22,828,602)	(15,746,949)
Proceeds from transfers of loans held for sale	18,431,542	21,216,975	16,007,910
Cash paid for cloud computing implementation costs	(1,682)	(1,199)	(6,194)
Changes in:
Receivables, net	(42,873)	(19,264)	(2,298)
Other assets	(26,613)	2,205	(20,924)
Other liabilities	46,657	71,382	2,601
Performance deposits from borrowers	1,252	6,472	(12,339)
Net cash provided by (used in) operating activities	870,455	(1,411,370)	427,561
Cash flows from investing activities
Capital expenditures	(9,208)	(2,983)	(4,711)
Purchase of equity-method investments	(33,446)	(1,682)	(923)
Purchase of pledged available-for-sale ("AFS") securities	(31,750)	(24,883)	(30,611)
Proceeds from prepayment and sale of pledged AFS securities	45,301	19,635	22,756
Investments in joint ventures	(66,718)	(24,369)	(57,573)
Distributions from joint ventures	47,065	15,907	41,629
Acquisitions, net of cash received	(420,555)	(46,784)	(7,180)
Originations of loans held for investment	(557,706)	(199,153)	(362,924)
Principal collected on loans held for investment upon payoff	649,466	379,491	319,832
Net cash provided by (used in) investing activities	(377,551)	115,179	(79,705)
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	(635,912)	1,718,470	(367,864)
Borrowings of interim warehouse notes payable	266,575	60,770	179,765
Repayments of interim warehouse notes payable	(227,999)	(167,960)	(67,871)
Repayments of notes payable	(294,773)	(2,977)	(2,250)
Borrowings of notes payable	598,500
Proceeds from secured borrowings		2,766
Repayments of secured borrowings	(73,312)
Proceeds from issuance of common stock	5,252	14,021	5,511
Repurchase of common stock	(18,872)	(45,774)	(30,676)
Purchase of noncontrolling interests		(10,400)
Cash dividends paid	(64,453)	(45,350)	(37,272)
Payment of contingent consideration		(1,641)	(6,450)
Debt issuance costs	(12,732)	(4,298)	(4,531)
Net cash provided by (used in) financing activities	(457,726)	1,517,627	(331,638)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	35,178	221,436	16,218
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	358,002	136,566	120,348
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	393,180	358,002	136,566
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	37,947	45,944	63,564
Cash paid for income taxes	$ 43,427	$ 29,708	$ 39,908

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2021
ORGANIZATION
Organization	NOTE 1—ORGANIZATIO N These financial statements represent the consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “we,” “us,” “our,” “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies. Walker & Dunlop, Inc. is a holding company and conducts the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides multifamily property sales brokerage and valuation services, engages in commercial real estate and affordable housing 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. 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”). The Company has a joint venture with an international technology services company (“GeoPhy”) to offer automated multifamily valuation and appraisal services, branded Apprise by Walker & Dunlop (“Appraisal JV”). The Company owns a 50% interest in the Appraisal JV and accounts for the interest as an equity-method investment. On February 4, 2022, the Company entered into a purchase agreement to acquire GeoPhy for $85 million in cash and with a cash earn-out up to $205 million, contingent on achieving certain Apprise revenue and productivity milestones and small balance loan volume and revenue milestones over a four-year period. 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 provides housing market research and real estate-related investment banking and advisory services. During the fourth quarter of 2021, the Company acquired Alliant Capital, Ltd. and certain of its affiliates (as defined in NOTE 7) through a newly formed entity. The Company wholly owns Alliant and its affiliates, except for an Alliant subsidiary, for which the Company recognized a noncontrolling interest for the minority interest owned by third parties.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —The consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or the voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it holds a variable interest in a VIE and has a controlling financial interest and therefore is considered the primary beneficiary, the Company consolidates the entity. In instances where the Company holds a variable interest in a VIE but is not the primary beneficiary, the Company uses the equity-method of accounting. 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 on the Consolidated Balance Sheets and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income from noncontrolling interests in the Consolidated Statements of Income. Subsequent Events —The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2021. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2021. There have been no other material subsequent events that would require recognition in the consolidated financial statements. Use of Estimates —The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, allowance for risk-sharing obligations, capitalized mortgage servicing rights, derivative instruments, and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates. Transfers of Financial Assets—Transfers of financial assets are reported as sales when (i) the transferor surrenders control over those assets, (ii) the transferred financial assets have been legally isolated from the Company’s creditors, (iii) the transferred assets can be pledged or exchanged by the transferee, and (iv) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales, except as otherwise noted. Derivative Assets and Liabilities —Loan commitments that meet the definition of a derivative are recorded at fair value on the Consolidated Balance Sheets upon the executions of the commitments to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue on the Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on the anticipated sale of the loan, net of co-broker fees (included in Derivative assets in the Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Consolidated Income Statements), (ii) the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the guarantee obligation (included in Derivative assets in the Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), and (iii) the effects of interest rate movements between the trade date and balance sheet date. Loan commitments are generally derivative assets but can become derivative liabilities if the effects of the interest rate movement between the trade date and the balance sheet date are greater than the combination of (i) and (ii) above. Forward sale commitments that meet the definition of a derivative are recorded as either derivative assets or derivative liabilities depending on the effects of the interest rate movements between the trade date and the balance sheet date. Adjustments to the fair value are reflected as a component of income within Loan origination and debt brokerage fees, net in the Consolidated Statements of Income. Co-broker fees, which are netted against Loan origination and debt brokerage fees, net in the Consolidated Statements of Income, were $21.0 million, $33.1 million and $20.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. Mortgage Servicing Rights —When a loan is sold and the Company retains the right to service the loan, the aforementioned derivative asset is reclassified and capitalized as an individual originated mortgage servicing right (“OMSR”) at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized OMSRs. Discount Rate —Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were between 8% and 14% during 2021 and between 10% and 15% during 2020 and varied based on loan type. Estimated Life —The estimated life of the OMSRs is derived based upon the stated term of the prepayment protection provisions of the underlying loan and may be reduced by six to 12 months based upon the expiration or reduction of the prepayment provisions prior to the stated maturity date. The Company’s model for OMSRs assumes no prepayment while the prepayment provisions have not expired and full prepayment of the loan at or near the point where the prepayment provisions have expired. The Company’s historical experience is that the prepayment provisions typically do not provide a significant deterrent to a borrower’s paying off the loan within six to 12 months of the expiration of the prepayment provisions. Escrow Earnings —The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the OMSR is added to the estimated future cash flows. The assumptions used to estimate the fair value of capitalized OMSRs at loan sale are based on internal models and are compared to assumptions used by other market participants periodically. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly. For example, during the year ended December 31, 2020, the Company adjusted the escrow earnings rate assumptions twice based on changes observed from other market participants. Additionally, the Company made adjustments to the discount rate and escrow earnings rate in 2021 based on observations from other market participants and economic conditions. Subsequent to the initial measurement date, OMSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level OMSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The predominant risk characteristic affecting the OMSRs is prepayment risk, and we do not believe there is sufficient variation within the portfolio to warrant stratification. Therefore, we assess OMSR impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis. The Company tests for impairment on purchased stand-alone servicing portfolios (“PMSRs”) separately from the Company’s OMSRs. The fair value of PMSRs is equal to the purchase price paid. For PMSRs, the Company records a portfolio-level MSR asset and determines the estimated life of the portfolio based on the prepayment characteristics of the portfolio. The Company subsequently amortizes such PMSRs and tests for impairment quarterly as discussed in more detail above. For PMSRs, a constant rate of prepayments and defaults is included in the determination of the portfolio’s estimated life (and thus included as a component of the portfolio’s amortization). Accordingly, prepayments and defaults of individual loans do not change the level of amortization expense recorded for the portfolio unless the pattern of actual prepayments and defaults varies significantly from the estimated pattern. When such a significant difference in the pattern of estimated and actual prepayments and defaults occurs, the Company prospectively adjusts the estimated life of the portfolio (and thus future amortization) to approximate the actual pattern observed. For the periods reported, there were no material MSR purchases. Guaranty Obligation, net— When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as Guaranty obligation, net of accumulated amortization on the Consolidated Balance Sheets. The recognized guaranty obligation is the fair value of the Company’s obligation to stand ready to perform and credit risk over the term of the guaranty. Generally, the estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan discounted using a rate consistent with what is used for the calculation of the mortgage servicing right for each loan. The life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income. Allowance for Risk-Sharing Obligations— Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the performance of the loan serviced in the at-risk servicing portfolio. The Company records an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in our Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for Risk-Sharing Obligations on the Consolidated Balance Sheets. Prior to the adoption of Accounting Standards Update 2016-13 (“ASU 2016-13”), Financial Instruments—Credit Losses (Topic 326) on January 1, 2020, the Company recognized credit losses on risk-sharing loans and loans held for investment under the incurred loss model. Overall Current Expected Credit Losses Approach The Company uses the weighted-average remaining maturity method (“WARM”) for calculating its allowance for risk-sharing obligations, the Company’s liability for the off-balance-sheet credit exposure associated with the Fannie Mae at-risk DUS loans. WARM uses an average annual charge-off rate that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the CECL reserve. The average annual charge-off rate is applied to the unpaid principal balance (“UPB”) over the contractual term, adjusted for estimated prepayments and amortization to arrive at the CECL reserve for the entire current portfolio as described further below. The Company maximizes the use of historical internal data because the Company has extensive historical data servicing Fannie Mae DUS loans from which to calculate historical loss rates and principal paydown by loan term type for its exposure to credit loss on its homogeneous portfolio of Fannie Mae DUS multifamily loans. Additionally, the Company believes its properties, loss history, and underwriting standards are not similar to public data such as loss histories for loans originated for collateralized mortgage-backed securities conduits. Runoff Rate One of the key inputs into a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will prepay and amortize in the future. As the loans the Company originates have different original lives and run off over different periods, the Company groups loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. The Company originates loans under the DUS program with various terms generally ranging from several years to 15 years ; each of these various loan terms has a different runoff rate. The Company uses its historical runoff rate for each of the different loan term pools as a proxy for the expected runoff rate. The Company believes that borrower behavior and macroeconomic conditions will not deviate significantly from historical performance over the approximately ten-year period in which the Company has compiled the actual loss data. The ten-year period captures the various cycles of industry performance and provides a period that is long enough to capture sufficient observations of runoff history. In addition, due to the prepayment protection provisions for Fannie Mae DUS loans, the Company has not seen significant volatility in historical prepayment rates due to changes in interest rates and would not expect this to change materially in future periods. The historical annual runoff rate is calculated for each year of a loan’s life for each vintage in the portfolio and aggregated with the calculated runoff rate for each comparable year in every vintage. For example, the annual runoff rate for the first year of loans originated in 2010 is aggregated with the annual runoff rate for the first year of loans originated in 2011, 2012, and so on to calculate the average annual runoff rate for the first year of a loan. This average runoff calculation is performed for each year of a loan’s life for each of the various loan terms to create a matrix of historical average annual runoffs by year for the entire portfolio. The Company segments its current portfolio of at-risk DUS loans outstanding by original loan term type and years remaining and then applies the appropriate historical average runoff rates to calculate the expected remaining balance at the end of each reporting period in the future. For example, for a loan with an original ten-year term and seven years remaining, the Company applies the historical average annual runoff rate for a ten-year loan for year four to arrive at the estimated remaining UPB one year from the current period, the historical average runoff rate for year five to arrive at the estimated remaining UPB two years from the current period, and so on up to the loan’s maturity date. CECL Reserve Calculation Once the Company has calculated the estimated outstanding UPB for each future year until maturity for each loan term type, the Company then applies the average annual charge-off rate (as further described below) to each future year’s estimated UPB. The Company then aggregates the allowance calculated for each year within each loan term type and for all different maturity years to arrive at the CECL reserve for the portfolio. The weighted-average annual charge-off rate is calculated using a ten-year look-back period, utilizing the average portfolio balance and settled losses for each year. A ten-year period is used as the Company believes that this period of time includes sufficiently different economic conditions to generate a reasonable estimate of expected results in the future, given the relatively long-term nature of the current portfolio. This approach captures the adverse impact of the years following the great financial crisis of 2007-2010 because multifamily commercial loans have a lag period from the time of initial distress indications through the timing of loss settlement. The same loss rate is utilized across each loan term type as the Company has not observed any historical or industry-published data to indicate there is any difference in the occurrence probability or loss severity for a loan based on its loan origination term. Reasonable and Supportable Forecast Period The Company currently uses one year for its reasonable and supportable forecast period (the “forecast period”). The Company uses a forecast of unemployment rates, historically a highly correlated indicator for multifamily occupancy rates, to assess what macroeconomic and multifamily market conditions are expected to be like over the coming year. The Company then associates the forecasted conditions with a similar historical period over the past ten years, which could be one or several years, and uses the Company’s average loss rate for that historical period as a basis for the loss rate used for the forecast period. The Company reverts to a historical loss rate over a one-year period on a straight-line basis. For all remaining years until maturity, the Company uses the weighted-average annual charge-off rate as described above to estimate losses. The average loss rate from a historical period used for the forecast period may be adjusted as necessary if the forecasted macroeconomic and industry conditions differ materially from the historical period. Identification of Collateral-Based Reserves for Defaulted Loans The Company monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default. The Company’s process for identifying which risk-sharing loans may be probable of default consists of an assessment of several qualitative and quantitative factors, including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio (“DSCR”), property condition, and financial strength of the borrower or key principal(s). In instances where payment under the guaranty on a specific loan is determined to be probable (as the loan is probable of foreclosure or has foreclosed), the Company separately measures the expected loss through an assessment of the underlying fair value of the asset, disposition costs, and the risk-sharing percentage (the “collateral-based reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. These loans are removed from the WARM calculation described above, and the associated loan-specific mortgage servicing right and guaranty obligation are written off. The expected loss on the risk-sharing obligation is dependent on the fair value of the underlying property as the loans are collateral dependent. Historically, initial recognition of a collateral-based reserve occurs at or before a loan becomes 60 days delinquent. The amount of the collateral-based reserve considers historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. The estimate of property fair value at initial recognition of the collateral-based reserve is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan. The Company regularly monitors the collateral-based reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of default is generally 20% of the origination UPB of the loan. Loans Held for Investment, net — Loans held for investment are multifamily loans originated by the Company through the Interim Loan Program for properties that currently do not qualify for permanent GSE or HUD (collectively, the “Agencies”) financing. These loans have terms of up to three years and are all interest-only, multifamily loans with similar risk characteristics and no geographic concentration. The loans are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs, and net of any allowance for loan losses. As of December 31, 2021, Loans held for investment, net consisted of 12 loans with an aggregate $274.5 million of unpaid principal balance less $1.2 million of net unamortized deferred fees and costs and $4.2 million of allowance for loan losses. As of December 31, 2020, Loans held for investment, net consisted of 18 loans with an aggregate $366.3 million of unpaid principal balance less $1.1 million of net unamortized deferred fees and costs and $4.8 million of allowance for loan losses 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 and the secured borrowing of $73.3 million presented within Other liabilities in the Consolidated Balance Sheets as of December 31, 2020. 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 as described above 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 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 December 31, 2021 and December 31, 2020, respectively. The loss rate for the remaining period until maturity was nine basis points as of both December 31, 2021 and December 31, 2020. One loan held for investment with an unpaid principal balance of $14.7 million was delinquent and on non-accrual status as of December 31, 2021 and December 31, 2020. The Company had $3.7 million in collateral-based reserves for this loan as of both December 31, 2021 and 2020 and has not recorded any interest related to this loan since it went on non-accrual status. All other loans were current as of December 31, 2021 and 2020. The amortized cost basis of loans that were current as of December 31, 2021 and 2020 was $258.6 million and $350.5 million, respectively. As of December 31, 2021, $231.5 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 December 31, 2021. Prior to 2019, the Company had not experienced any delinquencies related to loans held for investment. Provision (Benefit) for Credit Losses— The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations within Provision (benefit) for credit losses in the Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. Provision (benefit) for credit losses consisted of the following activity for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2021 2020 2019 Provision (benefit) for loan losses ​ $ (610) ​ $ 3,739 ​ $ 875 ​ Provision (benefit) for risk-sharing obligations ​ (12,677) ​ 33,740 ​ 6,398 ​ Provision (benefit) for credit losses ​ $ (13,287) ​ $ 37,479 ​ $ 7,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Combinations —The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the fair value of (i) the assets acquired, (ii) the identifiable intangible assets, and (iii) the liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustments to goodwill in the reporting period in which the adjustment is identified. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income. Goodwill —The Company evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company currently has only one reporting unit; therefore, all goodwill is allocated to that one reporting unit. The Company performs its impairment testing annually as of October 1. For the 2021 assessment, the Company performed a qualitative assessment and also considered the comparison of the Company’s market capitalization to its net assets. Based on the October 1, 2021 qualitative assessment performed, the Company’s market capitalization exceeded its net asset value by $2.4 billion or 173% . As of December 31, 2021, there have been no events subsequent to that analysis that are indicative of an impairment loss. Loans Held for Sale —Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company elects to measure all originated loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status at December 31, 2021 and 2020. Share-Based Payment —The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock, restricted stock units, and employee stock options based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors, for which the fair value of the award is calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards were granted to executive officers in the past, with an exercise price equal to the closing price of the Company’s common stock on the date of the grant, and were granted with a ten-year exercise period, vesting ratably over three years dependent solely on continued employment. To estimate the grant-date fair value of stock options, the Company used the Black-Scholes pricing model. The Company has not granted any stock option awards since 2017 and does not expect to issue stock options for the foreseeable future. Generally, the Company’s restricted stock awards for its officers and employees vest ratably over a three-year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year . Awards issued to the Company's production personnel often times vest over a period greater than three years . The Company offers a performance share plan (“PSP”) principally for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant generally forfeits a portion of the RSUs. If the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for all the PSPs issued by the Company are based on meeting diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value in an amount proportionate to the service time rendered by the participant and the expected achievement level of the goals. Compensation expense for restricted shares is adjusted for actual forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Share-based compensation is recognized within the income statement as Personnel , the same expense line as the cash compensation paid to the respective employees. Net Warehouse Interest Income— The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Generally, a substantial portion of the Company’s loans is financed with matched borrowings under one of its warehouse facilities. The remaining portion of loans not funded with matched borrowings is financed with the Company’s own cash. The Company also fully funds a small number of loans held for sale or loans held for investment with its own cash. Warehouse interest expense is incurred on borrowings used to fund loans solely while they are held for sale or for investment. Warehouse interest income and expense are earned or incurred on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income and expense are earned or incurred on loans held for investment after a loan is closed and before a loan is repaid. Included in Net warehouse interest income for the years ended December 31, 2021 and 2020, and 2019 are the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Net Warehouse Interest Income (in thousands) 2021 2020

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2021
MSRs
Mortgage Servicing Rights
Mortgage Servicing Rights	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of MSRs at December 31, 2021 and December 31, 2020 was $1.3 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. See the following sensitivities related to the discount rate: The impact of a 100 -basis point increase in the discount rate at December 31, 2021 would be a decrease in the fair value of $38.4 million to the MSRs outstanding as of December 31, 2021. The impact of a 200 -basis point increase in the discount rate at December 31, 2021 would be a decrease in the fair value of $74.3 million to the MSRs outstanding as of December 31, 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 capitalized MSRs (net of accumulated amortization) for the years ended December 31, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of MSRs (in thousands) 2021 2020 Beginning balance ​ $ 862,813 ​ $ 718,799 ​ Additions, following the sale of loan ​ 313,376 ​ 321,225 ​ Amortization ​ (176,428) ​ (149,888) ​ Pre-payments and write-offs ​ (45,916) ​ (27,323) ​ Ending balance ​ $ 953,845 ​ $ 862,813 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ December 31, 2021 ​ December 31, 2020 Gross value ​ $ 1,548,870 ​ $ 1,394,901 Accumulated amortization ​ (595,025) ​ (532,088) Net carrying value ​ $ 953,845 ​ $ 862,813 ​ The expected amortization of MSRs held in the Consolidated Balance Sheet as of December 31, 2021 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2022 ​ $ 175,191 2023 ​ 163,741 2024 ​ 143,803 2025 ​ 122,262 2026 ​ 102,269 Thereafter ​ ​ 246,579 Total ​ $ 953,845 ​ The Company recorded write-offs of OMSRs related to loans that were repaid prior to the expected maturity and loans that defaulted. These write-offs are included as a component of the MSR roll forward shown above and as a component of Amortization and depreciation in the Consolidated Statements of Income and relate to OMSRs only. Prepayment fees totaling $40.1 million, $22.0 million, and $26.8 million were earned for 2021, 2020, and 2019, respectively, and are included as a component of Other revenues in the Consolidated Statements of Income. Escrow earnings totaling $5.6 million, $14.9 million, and $51.4 million were earned for the years ended December 31, 2021, 2020, and 2019, respectively, and are included as a component of Escrow earnings and other interest income in the Consolidated Statements of Income. All other ancillary servicing fees were immaterial for the periods presented. Management reviews the MSRs for temporary impairment quarterly by comparing the aggregate carrying value of the MSR portfolio to the aggregate estimated fair value of the portfolio. Additionally, MSRs related to Fannie Mae loans where the Company has risk-sharing obligations are assessed for permanent impairment on an asset-by-asset basis, considering factors such as debt service coverage ratio, property location, loan-to-value ratio, and property type. Except for defaulted or prepaid loans, no temporary or permanent impairment was recognized for the years ended December 31, 2021, 2020, and 2019. As of December 31, 2021, the weighted average remaining life of the aggregate MSR portfolio was 7.5 years.

GUARANTY OBLIGATION AND ALLOWAN

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021 and 2020 is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Guaranty Obligation (in thousands) 2021 2020 Beginning balance ​ $ 52,306 ​ $ 54,695 ​ Additions, following the sale of loan ​ 5,607 ​ 5,755 ​ Amortization and write-offs ​ (10,535) ​ (9,612) ​ Other ​ ​ — ​ ​ 1,468 ​ Ending balance ​ $ 47,378 ​ $ 52,306 ​ ​ 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 on the Consolidated Balance Sheets. Activity related to the allowance for risk-sharing obligations for the years ended December 31, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2021 2020 Beginning balance ​ $ 75,313 ​ $ 11,471 ​ Adjustment related to adoption of CECL ​ ​ — ​ ​ 31,570 ​ Provision (benefit) for risk-sharing obligations ​ (12,677) ​ 33,740 ​ Write-offs ​ — ​ — ​ Other ​ ​ ​ ​ ​ (1,468) ​ Ending balance ​ $ 62,636 ​ $ 75,313 ​ ​ As a result of the onset of the pandemic and the resulting forecasts for elevated unemployment rates during 2020, the Company’s loss rate for the forecast period was six basis points as of December 31, 2020, resulting in the substantial provision for risk-sharing obligations for the year ended December 31, 2020 and an increase in the allowance for risk-sharing obligations as of December 31, 2020 as seen above. During 2021, economic conditions have improved significantly compared to 2020, with reported and forecast unemployment rates significantly better compared to December 31, 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 December 31, 2021. The decrease in the loss rate resulted in the benefit for risk-sharing obligations seen above for the year ended December 31, 2021. 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 $48.0 billion at-risk Fannie Mae servicing portfolio as of December 31, 2021 was $52.3 million compared to $67.0 million as of December 31, 2020. The decrease in the CECL reserve was principally related to the improvements in the unemployment statistics and overall health of the multifamily market noted above. The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of December 31, 2021 was 7.5 years. Three loans had aggregate collateral-based reserves of $10.3 million as of December 31, 2021. Two of those loans also had collateral-based reserves of $8.3 million as of December 31, 2020 as we have not yet settled the risk-sharing losses on those two loans with Fannie Mae. As of December 31, 2021 and 2020, the maximum quantifiable contingent liability associated with the Company’s guarantees under the Fannie Mae DUS agreement was $10.1 billion and $9.0 billion, respectively. This maximum quantifiable contingent liability relates to the at-risk loans serviced for Fannie Mae at the specific point in time indicated. The 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	12 Months Ended
	Dec. 31, 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 $115.7 billion as of December 31, 2021 compared to $107.2 billion as of December 31, 2020. As of December 31, 2021 and 2020, custodial escrow accounts relating to loans serviced by the Company totaled $3.7 billion and $3.1 billion, respectively. These amounts are not included in the 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 Escrow earnings and other interest income in the Consolidated Statements of Income. Certain cash deposits at other financial institutions exceed the Federal Deposit Insurance Corporation insured limits. The Company places these deposits with financial institutions that meet the requirements of the Agencies and where it believes the risk of loss to be minimal. ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
Debt
Debt	NOTE 6 —DEBT Warehouse Facilities At December 31, 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, at December 31, 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 at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 34,032 Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 147,055 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 156,705 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 45,337 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 175,608 ​ Adjusted Term SOFR plus 1.45% ​ Agency Warehouse Facility #6 ​ ​ 150,000 ​ ​ 100,000 ​ ​ 250,000 ​ ​ — ​ 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #7 ​ ​ 150,000 ​ ​ 50,000 ​ ​ 200,000 ​ ​ 16,289 ​ 30-day LIBOR plus 1.30% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,375,000 ​ $ 1,715,000 ​ $ 4,090,000 ​ $ 575,026 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 1,186,306 ​ ​ Total Agency Warehouse Facilities ​ $ 2,375,000 ​ $ 3,215,000 ​ $ 5,590,000 ​ $ 1,761,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 153,009 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 ​ $ 172,819 ​ ​ ​ Alliant Warehouse Facility ​ $ 30,000 ​ $ — ​ $ 30,000 ​ $ 8,296 ​ Daily LIBOR plus 3.00% ​ Debt issuance costs ​ — ​ — ​ — ​ (875) ​ ​ ​ Total warehouse facilities ​ $ 2,859,810 ​ $ 3,215,000 ​ $ 6,074,810 ​ $ 1,941,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (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 ​ $ 83,336 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 460,388 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 410,546 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 181,996 ​ 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 522,507 30-day LIBOR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,075,000 ​ $ 1,565,000 ​ $ 3,640,000 ​ $ 1,658,773 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 725,085 ​ ​ ​ Total agency warehouse facilities ​ $ 2,075,000 ​ $ 3,065,000 ​ $ 5,140,000 ​ $ 2,383,858 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ 71,572 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ 34,000 30-day LIBOR plus 1.65% ​ Interim Warehouse Facility #3 ​ 75,000 ​ 75,000 ​ 150,000 ​ 8,861 ​ 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 interim warehouse facilities ​ $ 329,810 ​ $ 75,000 ​ $ 404,810 ​ $ 134,243 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (945) ​ ​ ​ Total warehouse facilities ​ $ 2,404,810 ​ $ 3,140,000 ​ $ 5,544,810 ​ $ 2,517,156 ​ ​ ​ (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. Interest expense under the warehouse notes payable for the years ended December 31, 2021, 2020, and 2019 aggregated to $34.5 million, $45.0 million, and $58.1 million, respectively. Included in interest expense in 2021, 2020, and 2019 are the amortization of facility fees totaling $3.8 million, $4.1 million, and $4.9 million, respectively. The warehouse notes payable are subject to various financial covenants, and the Company was in compliance with all such covenants at December 31, 2021 . Agency Warehouse Facilities The following section provides a summary of the key terms related to each of the Agency Warehouse Facilities. The Company believes that the seven remaining committed and uncommitted credit facilities from national banks and the uncommitted credit facility from Fannie Mae provide the Company with sufficient borrowing capacity to conduct its Agency lending operations. Agency Warehouse Facility #1: The Company has a warehousing credit and security agreement with a national bank for a $425.0 million committed warehouse line that is scheduled to mature on October 24, 2022 . The agreement provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance and borrowings under this line bear interest at the Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus 130 basis points. The agreement contains certain affirmative and negative covenants that are binding on the Company’s operating subsidiary, Walker & Dunlop, LLC (which are in some cases subject to exceptions), including, but not limited to, restrictions on its ability to assume, guarantee, or become contingently liable for the obligation of another person, to undertake certain fundamental changes such as reorganizations, mergers, amendments to the Company’s certificate of formation or operating agreement, liquidations, dissolutions or dispositions or acquisitions of assets or businesses, to cease to be directly or indirectly wholly owned by the Company, to pay any subordinated debt in advance of its stated maturity or to take any action that would cause Walker & Dunlop, LLC to lose all or any part of its status as an eligible lender, seller, servicer or issuer or any license or approval required for it to engage in the business of originating, acquiring, or servicing mortgage loans. In addition, the agreement requires compliance with certain financial covenants, which are measured for the Company and its subsidiaries on a consolidated basis, as follows: ● tangible net worth of the Company of not less than (i) $200.0 million plus (ii) 75% of the net proceeds of any equity issuances by the Company or any of its subsidiaries after the closing date; ● compliance with the applicable net worth and liquidity requirements of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, and HUD; ● liquid assets of the Company of not less than $15.0 million; ● maintenance of aggregate unpaid principal amount of all mortgage loans comprising the Company’s consolidated servicing portfolio of not less than $20.0 billion or all Fannie Mae DUS mortgage loans comprising the Company’s consolidated servicing portfolio of not less than $10.0 billion, exclusive in both cases of mortgage loans which are 60 or more days past due or are otherwise in default or have been transferred to Fannie Mae for resolution; ● aggregate unpaid principal amount of Fannie Mae DUS mortgage loans within the Company’s consolidated servicing portfolio which are 60 or more days past due or otherwise in default not to exceed 3.5% of the aggregate unpaid principal balance of all Fannie Mae DUS mortgage loans within the Company’s consolidated servicing portfolio; and ● maximum indebtedness (excluding warehouse lines) to tangible net worth of 2.25 to 1.00 (the “leverage ratio”). The agreement contains customary events of default, which are in some cases subject to certain exceptions, thresholds, notice requirements, and grace periods. During 2021, the Company executed amendments to the agreement that extended the maturity date to October 24, 2022 and transitioned the base rate from 30-day LIBOR to Adjusted Term SOFR effective December 21, 2021. No other material modifications were made to the agreement in 2021. Agency Warehouse Facility #2 The Company has a warehousing credit and security agreement with a national bank for a $700.0 million committed warehouse line that is scheduled to mature on April 14, 2022 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance, and borrowings under this line bear interest at 30-day LIBOR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $300.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2021, the Company executed amendments to the warehouse agreement that extended the maturity date thereunder until April 14, 2022 and decreased the borrowing rate as noted in the tables above. No other material modifications were made to the agreement during 2021. The negative and financial covenants of the amended and restated warehouse agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above, with the exception of the leverage ratio covenant, which is not included in the warehouse agreement for Agency Warehouse Facility #2. Agency Warehouse Facility #3: The Company has a $600.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on May 14, 2022 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of 30-day LIBOR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $265.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2021, the Company executed amendments to the warehouse agreement related to this facility that extended the maturity date to May 14, 2022 , increased the borrowing rate as noted in the tables above, and decreased the 30-day LIBOR floor to zero basis points. No other material modifications were made to the agreement during 2021. The negative and financial covenants of the warehouse agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above. Agency Warehouse Facility #4: The Company has a $350.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on June 22, 2022 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans and has a sublimit of $75.0 million to fund defaulted HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of 30-day LIBOR plus 130 basis points, with a 30-day LIBOR floor of five basis points. During 2021, the Company executed an amendment to the warehouse agreement that extended the maturity date of the warehouse agreement to June 22, 2022 , decreased the borrowing rate as noted in the tables above, and decreased the 30-day LIBOR floor to five basis points. No other material modifications were made to the agreement during 2021. The negative and financial covenants of the warehouse agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above, with the exception of the leverage ratio covenant, which is not included in the warehouse agreement for Agency Warehouse Facility #4. Agency Warehouse Facility #5: The Company has a master repurchase agreement with a national bank for a $1.0 billion uncommitted advance credit facility that is scheduled to mature on September 15, 2022. The facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the repurchase agreement bear interest at a rate of Adjusted Term SOFR plus 145 basis points. During 2021, the Company executed an amendment to extend the maturity date to September 15, 2022. No other material modifications were made to the agreement during 2021. The negative and financial covenants of the repurchase agreement conform to those of the warehouse agreement for Agency Warehouse Facility #1, described above, with the exception of a four-quarter rolling EBITDA, as defined, . Agency Warehouse Facility #6: During 2021, the Company executed an agreement with a national bank 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. No material modifications have been made to the agreement during 2021. 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 above. Agency Warehouse Facility #7: During 2021, the Company executed an agreement with a national bank 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. No material modifications have been made to the agreement during 2021. 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 above. Uncommitted Agency Warehouse Facility: The Company has a $1.5 billion uncommitted facility with Fannie Mae under its ASAP funding program. After approval of certain loan documents, Fannie Mae will fund loans after closing, and the advances are used to repay the primary warehouse line. Fannie Mae will advance 99% of the loan balance. There is no expiration date for this facility. The uncommitted facility has no specific negative or financial covenants. Interim Warehouse Facilities The following section provides a summary of the key terms related to each of the Interim Warehouse Facilities. Interim Warehouse Facility #1 : The Company has a $135.0 million committed warehouse line agreement that is scheduled to mature on May 14, 2022 . The facility provides the Company with the ability to fund first mortgage loans on multifamily real estate properties for periods of up to three years , using available cash in combination with advances under the facility. Borrowings under the facility are full recourse to the Company and bear interest at 30-day LIBOR plus 190 basis points, with a 30-day LIBOR floor of zero basis points. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement. During 2021, the Company executed amendments to the agreement that extended the maturity date to May 14, 2022 and decreased the 30-day LIBOR floor to zero basis points. No other material modifications were made to the agreement during 2021. The facility agreement requires the Company’s compliance with the same financial covenants as Agency Warehouse Facility #1, described above, and also includes the following additional financial covenant: minimum rolling four-quarter EBITDA, as defined, to total debt service ratio of 2.00 to 1.00 that is applicable to Interim Warehouse Facility #1. Interim Warehouse Facility #2 : The Company has a $100.0 million committed warehouse line agreement that is scheduled to mature on December 13, 2023 . The agreement provides the Company with the ability to fund first mortgage loans on multifamily real estate properties for periods of up to three years , using available cash in combination with advances under the facility. Borrowings under the facility are full recourse to the Company. All borrowings originally bear interest at 30-day LIBOR plus 165 to 200 basis points (“the spread”). The spread varies according to the type of asset the borrowing finances. The lender retains a first priority security interest in all mortgages funded by such advances on a cross-collateralized basis. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement. No material modifications were made to the agreement during 2021. During February 2022, the Company executed an amended and restated agreement that extended the maturity date to December 13, 2023 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 135 to 185 basis points, with a SOFR floor of zero basis points. The credit agreement requires the borrower and the Company to abide by the same financial covenants as Agency Warehouse Facility #1, described above, with the exception of the leverage ratio covenant, which is not included in the warehouse agreement for Interim Warehouse Facility #2. Additionally, Interim Warehouse Facility #2 has the following additional financial covenants: ● rolling four-quarter EBITDA, as defined, of not less than $35.0 million and ● debt service coverage ratio, as defined, of not less than 2.75 to 1.00. Interim Warehouse Facility #3 : The Company has a $200.0 million repurchase agreement with a national bank that is scheduled to mature on September 29, 2022 . The agreement provides the Company with the ability to fund first mortgage loans on multifamily real estate properties for periods of up to three years , using available cash in combination with advances under the facility. Borrowings under the facility are full recourse to the Company. The borrowings under the agreement bear interest at a rate of 30-day LIBOR plus 175 to 325 basis points (“the spread”). The spread varies according to the type of asset the borrowing finances. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement. During 2021, the Company executed an amendment 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 were made to the agreement during 2021. The repurchase agreement requires the borrower and the Company to abide by the following financial covenants: ● tangible net worth of the Company of not less than (i) $200.0 million plus (ii) 75% of the net proceeds of any equity issuances by the Company or any of its subsidiaries after the closing date; ● liquid assets of the Company of not less than $15.0 million; ● leverage ratio, as defined, of not more than 3.0 to 1.0; and ● debt service coverage ratio, as defined, of not less than 2.75 to 1.00. Interim Warehouse Facility #4 : The Company has a $19.8 million warehouse loan and security agreement with a national bank that funds one specific loan. The agreement provides for a maturity date to coincide with the earlier of the maturity date for the underlying loan or the stated maturity date of October 1, 2022 . Borrowings under the facility are full recourse and bear interest at 30-day LIBOR plus 300 basis points, with a floor of 450 basis points. Repayments under the credit agreement are interest-only, with principal repayments made upon the earlier of the refinancing of an underlying mortgage or the maturity of an advance under the credit agreement. During 2021, the Company executed an amendment that extended the stated maturity date to October 1, 2022 . We may request additional capacity under the agreement to fund specific loans. No other material modifications were made to the agreement in 2021. The facility agreement has only two financial covenants: ● tangible net worth of the Company of not less than (i) $200.0 million plus (ii) 75% of the net proceeds of any equity issuances by the Company or any of its subsidiaries after the closing date; and ● liquid assets of the Company of not less than $15.0 million We believe that the four committed and uncommitted interim credit facilities from national banks and our corporate cash provide us with sufficient borrowing capacity to conduct our Interim Loan Program lending operations. ​ The warehouse agreements contain cross-default provisions, such that if a default occurs under any of the Company’s warehouse agreements, generally the lenders under the other warehouse agreements could also declare a default. As of December 31, 2021, the Company was in compliance with all of its warehouse facility covenants. ​ Alliant Warehouse Facility: In December 2021, the Company acquired Alliant and assumed the liabilities of Alliant and its subsidiaries (as defined in NOTE 7), including a warehouse line of credit with a national bank that is used to fund the Company’s Committed investments in tax credit equity before transferring them to a tax credit fund. The warehouse facility is a revolving commitment that is expected to renew bi-annually. The credit agreement is scheduled to mature on April 30, 2022 . The facility provides the Company with up to $30.0 million in committed borrowing capacity to fund investments in affordable housing limited partnerships that also secure the borrowings. Borrowings under this facility bear interest at the Daily LIBOR plus 300 basis points with a Daily LIBOR floor of 150 basis points. In December 2021, the Company executed an amendment that extended the maturity date to April 30, 2022 . No other material modifications were made to the agreement since the acquisition of Alliant. The agreement requires compliance with certain financial covenants, which are measured for Alliant and its subsidiaries, as follows: ● liquid assets of the Company of not less than $5.0 million and $10.0 million measured as of June 30 and December 31, respectively, of each year; ● tangible net worth of the Company of not less than $200.0 million; and ● annual cash flows of $15.0 million as defined by the agreement. ​ As of December 31, 2021, the outstanding balance was $8.3 million, and the Company was in compliance with the covenants outlined above. Due to the short-term nature of the facility and variable interest rate, no purchase accounting adjustment was applied to the carrying value on the Consolidated Balance Sheets. Notes payable The following section provides a summary of the key terms related to each of the Company’s notes payable. Term Loan Note Payable On December 16, 2021, the Company entered into a senior secured credit agreement (the “Credit Agreement”) that amended and restated the Company’s prior credit agreement and provided for a $600.0 million term loan (the “Term Loan”). The Credit Agreement replaces our $300 million term loan agreement (the “Prior Term Loan”), which was governed by that certain amended and restated credit agreement, dated November 7, 2018. The Term loan was issued at a 0.25% discount, has a stated maturity date of December 16, 2028 (or, if earlier, the date of acceleration of the Term Loan pursuant to the term of the Term Loan Agreement) , and bears interest at Adjusted Term SOFR rate plus 225 basis points with an Adjusted Term SOFR floor of 50 basis points. At any time, the Company may also elect to request one or more incremental term loan commitments not to exceed $230.0 million and 100% of trailing four-quarter Consolidated Adjusted EBITDA , provided that the total indebtedness would not cause the leverage ratio (as defined in the Credit Agreement) to exceed 3.00 to 1.00. The Company used $292.5 million of the Term Loan proceeds to repay in full the prior term loan. In connection with the repayment of the prior term loan, the Company recognized a $2.7 million loss on extinguishment of debt related to unamortized debt issuance costs and unamortized debt discount, which is included in Other operating expenses in the Consolidated Statements of Income and Amortization of debt issuance costs and debt discount in the Consolidated Statement of Cash flows for the year ended December 31, 2021. The Company is obligated to repay the aggregate outstanding principal amount of the Term Loan in consecutive quarterly installments equal to 0.25% of the aggregate original principal amount of the term loan on the last business day of each of March, June, September, and December commencing on March 31, 2022. The term loan also requires certain other prepayments in certain circumstances pursuant to the terms of the Term Loan Agreement. The final principal installment of the term loan is required to be paid in full on December 16, 2028 (or, if earlier, the date of acceleration of the term loan pursuant to the terms of the Term Loan Agreement) and will be in an amount equal to the aggregate outstanding principal of the term loan on such date (together with all accrued interest thereon). The obligations of the Company under the Credit Agreement are guaranteed by Walker & Dunlop Multifamily, Inc., Walker & Dunlop, LLC, Walker & Dunlop Capital, LLC, W&D BE, Inc., and Walker & Dunlop Investment Sales, LLC, each of which is a direct or indirect wholly owned subsidiary of the Company (together with the Company, the “Loan Parties”), pursuant to the Amended and Restated Guarantee and Collateral Agreement entered into on December 16, 2021 among the Loan Parties and JPMorgan Chase Bank, N.A., as administrative agent (the “Guarantee and Collateral Agreement”). Subject to certain exceptions and qualifications contained in the Credit Agreement, the Company is required to cause any newly created or acquired subsidiary, unless such subsidiary has been designated as an Excluded Subsidiary (as defined in the Credit Agreement) by the Company in accordance with the terms of the Credit Agreement, to guarantee the obligations of the Company under the Credit Agreement and become a party to the Guarantee and Collateral Agreement. The Company may designate a newly created or acquired subsidiary as an Excluded Subsidiary, so long as certain conditions and requirements provided for in the Credit Agreement are met. The Credit Agreement contains certain affirmative and negative covenants that are binding on the Loan Parties, including, but not limited to, restrictions (subject to specified exceptions and qualifications) on the ability of the Loan Parties to incur indebtedness, to create liens on their property, to make investments, to merge, consolidate or enter into any similar combination, or enter into any asset disposition of all or substantially all assets, or liquidate, wind-up or dissolve, to make asset dispositions, to declare or pay dividends or make related distributions, to enter into certain transactions with affiliates, to enter into any negative pledges or other restrictive agreements, and to engage in any business other than the business of the Loan Parties as of the date of the Credit Agreement and business activities reasonably related or ancillary thereto, or to amend certain material contracts. The Credit Agreement contains only one financial covenant, which requires the Company not to permit its asset coverage ratio (as defined in the Credit Agreement) to be less than 1.50 to 1.00, tested quarterly. The Credit Agreement contains customary events of default (which are, in some cases, subject to certain exceptions, thresholds, notice requirements and grace periods), including, but not limited to, non-payment of principal or interest or other amounts, misrepresentations, failure to perform or observe covenants, cross-defaults with certain other indebtedness or material agreements, certain change in control events, voluntary or involuntary bankruptcy proceedings, failure of the Credit Agreements or other loan documents to be valid and binding, certain ERISA events and judgments. As of December 31, 2021, the Company was in compliance with all covenants related to the Credit Agreement. Alliant Note Payable Through the acquisition of Alliant, the Company assumed Alliant’s note payable, which has an outstanding balance of $145.2 million as of December 31, 2021 and bears interest at a fixed rate of 4.75% . The note has a stated maturity of January 15, 2035 . The Company’s carrying value of the Alliant note payable was $150.6 million, inclusive of a $5.4 million purchase accounting fair value adjustment. The note requires quarterly payments of principal, interest, and other required priority items shortly after the beginning of each quarter. The note is collateralized by specific legal rights to receive a formulaic portion of future cash flows from Alliant’s LIHTC operations. These cash flows are deposited into a collection account and used to make a minimum principal payment that is based on a defined amortization schedule. If funds remain after making the minimum principal payment, an amount based on a defined percentage of the remaining funds may be used to make an additional principal payment. If the funds in the collection account are insufficient to cover the minimum principal payment, the entire balance of the collection account is used to pay down the principal balance. The Company may elect to make principal payments in addition to the amount required by the note agreement. The balance of the collection account is included in Restricted cash on our Consolidated Balance Sheets. The following table shows the components of the note payable as of December 31, 2021 and 2020 : ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, unless otherwise specified) ​ December 31, ​ ​ ​ 2021 2020 Interest rate and repayments Term Loan Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 600,000 ​ $ 294,773 ​ Interest rate varies - see above for further details; Unamortized debt discount ​ ​ (1,491) ​ ​ (1,026) ​ Quarterly principal payments of $1.5 million and $0.8 million, respectively Unamortized debt issuance costs ​ ​ (8,914) ​ ​ (2,154) ​ ​ Carrying balance ​ $ 589,595 ​ $ 291,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Alliant Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 145,175 ​ $ — ​ 4.75% Fixed-rate Fair value adjustment (1) ​ ​ 5,404 ​ ​ — ​ ​ Carrying balance ​ $ 150,579 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Notes Payable Carrying Balance ​ $ 740,174 ​ $ 291,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Fair value adjustment related to the purchas

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
Acquisitions	NOTE 7—ACQUISITIONS The Company acquired four entities during 2021, which caused an increase in goodwill compared to December 31, 2020. The additions to goodwill from acquisitions during 2021 shown in NOTE 8 during the year ended December 31, 2021 relate to the following acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Detail of Acquisition Activity (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition ​ ​ Purchase Consideration ​ ​ Assets ​ Liabilities ​ Noncontrolling ​ Goodwill Acquisition ​ Date ​ Cash ​ Stock (1) ​ 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 ​ ​ 53,459 ​ ​ 5,250 ​ ​ — ​ ​ 58,709 ​ ​ 22,866 ​ ​ 5,886 ​ ​ 19,569 ​ ​ 61,298 Acquisition #4 ​ Q4 2021 ​ ​ 379,677 ​ ​ 115,321 ​ ​ 85,800 ​ ​ 580,798 ​ ​ 688,977 ​ ​ 470,434 ​ ​ 8,618 ​ ​ 370,873 Total ​ ​ ​ $ 443,642 ​ $ 120,571 ​ $ 93,304 ​ $ 657,517 ​ $ 712,347 ​ $ 476,320 ​ $ 28,187 ​ $ 449,677 (1) The stock consideration shown above is a non-cash transaction not impacting the amount of cash consideration paid on the Consolidated Statements of Cash Flows. 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 $14.6 million of intangible assets. During the fourth quarter of 2021, the Company made immaterial measurement-period adjustments to goodwill related to working capital and other activity related to Acquisition #3. Acquisition #4 relates to the purchase of Alliant Capital, Ltd. and certain of its affiliates (“Alliant”). The purchase accounting for Acquisition #4 is pending the finalization of working capital adjustments in the first quarter of 2022. The purchase accounting for all other acquisitions completed in 2021 has been finalized. All of the Company’s interests in the goodwill recognized in the acquisitions above are expected to be deductible for tax purposes. On December 16, 2021, the Company closed on its acquisition of Alliant. Upon closing of the acquisition, Alliant became a wholly owned subsidiary of the Company. Pursuant to the terms and conditions of the purchase agreement, the Company acquired Alliant for a total consideration of $580.8 million, which was comprised of: ● $379.7 million of cash; ● issuance of 808,698 shares of common stock of the Company, which had an aggregate value of $115.3 million on the date of acquisition, which are subject to a four-year , graded vesting sale restriction lifted in four annual 25% increments; ● an earn-out of up to $100 million with an estimated fair value of $85.8 million at acquisition that is contingent on the achievement of a cash-flow-based performance metric of Alliant over the next four years . The Company estimated the initial fair value of the contingent consideration using a Monte Carlo simulation analysis factoring in management’s estimate of the future performance of Alliant (as more fully described in NOTE 9). Alliant provides alternative investment management services focused on the affordable housing sector through LIHTC syndication, joint venture development, and community preservation fund management. In 2021, Alliant ranked as the 6 th largest LIHTC syndicator in the United States by units syndicated, and since inception, has participated in the development of over 100,000 affordable housing units. The Company contemplated several factors in reaching its decision to acquire Alliant, including but not limited to, the strategic benefits and synergies of combining the Company’s affordable housing lending platform with Alliant’s LIHTC syndication and development platform, Alliant’s operating results, financial condition and management, and in place assets under management. The Company provisionally allocated the purchase price to the fair value of (i) the assets acquired, (ii) the separately identifiable intangible assets, and (iii) the liabilities. A change to the provisional amounts recorded for these assets and liabilities during the measurement period will affect the amount of the purchase price allocated to goodwill. The following table presents the purchase price allocation recorded as of the acquisition date for the assets the Company acquired in the Alliant acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition Date (in thousands) ​ December 16, 2021 Assets acquired ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,431 ​ Restricted cash ​ ​ 7,898 ​ Other Intangible Assets ​ ​ 170,800 ​ Committed investments in tax credit equity ​ 261,936 ​ Receivables, net ​ ​ 103,439 ​ Other assets ​ 131,473 ​ Total assets acquired ​ $ 688,977 ​ At the acquisition date, the Company also assumed certain of Alliant’s liabilities. The most significant liability assumed was Alliant’s Note payable , previously discussed above in NOTE 6. The following table presents the purchase price allocation recorded as of the acquisition date for the liabilities the Company assumed in the Alliant acquisition: ​ ​ ​ ​ ​ ​ Acquisition Date (in thousands) ​ December 16, 2021 Liabilities assumed ​ ​ ​ Warehouse notes payable ​ $ 21,682 Note payable ​ ​ 150,579 Commitments to fund investments in tax credit equity ​ ​ 244,329 Other liabilities ​ ​ 53,844 Total liabilities assumed ​ $ 470,434 ​ ​ ​ ​ The total revenues and income from operations of Alliant and the other acquisitions listed above, since their acquisition dates and included in the accompany Consolidated Statement of Income for the year ended December 31, 2021 were immaterial. The revenues and earnings of the combined entity, as though the Alliant acquisition had occurred as of January 1, 2020, for the years ended December 31, 2021 and 2020 are presented in the table below. The pro forma information does not include the effects of the other acquisitions listed above as these amounts were immaterial. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2020. The pro forma financial information does not include the impact of possible business model changes. Additionally, the Company expects to achieve further operating cost savings and other business synergies, including revenue growth, as a result of the acquisition that are not reflected in the pro forma amounts that follow. As a result, actual results will differ from the unaudited pro forma information presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Supplementary pro forma information (unaudited) 2021 2020 (in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,387,227 ​ $ 1,187,820 ​ Income from operations (1) ​ ​ 391,237 ​ ​ 361,489 ​ Walker & Dunlop net income (2) ​ ​ 293,062 ​ ​ 277,400 ​ Basic Earnings per share ​ ​ 8.90 ​ ​ 8.62 ​ Diluted earnings per share ​ ​ 8.78 ​ ​ 8.45 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average earnings shares outstanding ​ ​ 31,856 ​ ​ 31,253 ​ Weighted-average diluted shares outstanding ​ 32,308 ​ 31,892 ​ (1) Income from operations includes pro forma adjustments related to interest expense for additional term debt financing obtained to close the acquisition. Pro forma adjustments increasing interest expense by $9.7 million and $7.3 million are include in the supplementary pro forma information presented for 2021 and 2020, respectively . (2) In addition to pro forma adjustments for interest expense, Walker & Dunlop net income includes pro forma adjustments for purchase accounting and income tax expenses of $21.6 million and $12.9 million that decrease Alliant’s operating results for the years ended December 31, 2021 and 2020, respectively .

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and Other Intangible Assets	NOTE 8—GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the Company’s goodwill as of and for the years ended December 31, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Goodwill (in thousands) 2021 2020 Beginning balance ​ $ 248,958 ​ $ 180,424 ​ Additions from acquisitions ​ 449,677 ​ 68,534 ​ Impairment ​ — ​ — ​ Ending balance ​ $ 698,635 ​ $ 248,958 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The additions from acquisitions during 2021 shown in the table above relate to the strategic purchases of four companies as outlined in NOTE 7. As of December 31, 2021 and December 31, 2020, the balance of intangible assets acquired from acquisitions totaled $183.9 million and $1.9 million, respectively. As of December 31, 2021, the weighted-average period over which the Company expects the intangible assets to be amortized is 14.1 years. A summary of the Company’s contingent consideration, which is included in Other liabilities , as of and for the years ended December 31, 2021 and 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2021 2020 ​ Beginning balance ​ $ 28,829 ​ $ 5,752 ​ Additions ​ ​ 93,304 ​ ​ 27,645 ​ Accretion and revaluation ​ ​ 9,755 ​ ​ 1,232 ​ Payments ​ ​ (6,080) ​ ​ (5,800) ​ Ending balance ​ $ 125,808 ​ $ 28,829 ​ ​ 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, (iii) the aforementioned technology company acquired in 2021, and (iv) the acquisition of Alliant. 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, the 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 Consolidated Statements of Cash Flows.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Fair Value Measurements	NOTE 9—FAIR VALUE MEASUREMENTS The Company uses valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach to measure assets and liabilities that are measured at fair value. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 —Financial assets and liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2 —Financial assets and liabilities whose values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. ● Level 3 —Financial assets and liabilities whose values are based on inputs that are both unobservable and significant to the overall valuation. The Company's MSRs are measured at fair value at inception, and thereafter on a nonrecurring basis. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment 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, delinquency rates, late charges, costs to service, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing 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 and forward sale agreements to the Agencies. The fair value of these instruments is estimated using a discounted cash flow model developed based on changes in the U.S. Treasury rate and other observable market data. The value was determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company, and are classified within Level 3 of the valuation hierarchy. ● Loans Held for Sale —All loans held for sale presented in the Consolidated Balance Sheets are reported at fair value. The Company determines the fair value of the loans held for sale using discounted cash flow models that incorporate quoted observable inputs from market participants such as changes in the U.S. Treasury rate. Therefore, the Company classifies these loans held for sale as Level 2. ● Pledged Securities —Investments in 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. ● Contingent Consideration Liabilities —Contingent consideration liabilities from acquisitions are initially recognized at fair value at acquisition and subsequently remeasured based on the change in probability of achievement of the performance objectives and fair value accretion. The Company determines the fair value of each contingent consideration liability based on a probability of achievement, which incorporates management estimates. As a result, the Company classifies these liabilities as Level 3. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2021 and 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 1,811,586 ​ $ — ​ $ 1,811,586 ​ Pledged securities ​ 44,733 ​ 104,263 ​ — ​ 148,996 ​ Derivative assets ​ — ​ — ​ 37,364 ​ 37,364 ​ Total ​ $ 44,733 ​ $ 1,915,849 ​ $ 37,364 ​ $ 1,997,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ ​ ​ ​ ​ ​ ​ 125,808 ​ ​ 125,808 ​ Total ​ $ — ​ $ — ​ $ 132,211 ​ $ 132,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Contingent consideration liabilities ​ ​ ​ ​ ​ ​ ​ ​ 28,829 ​ ​ 28,829 ​ Total ​ $ — ​ $ — ​ $ 33,895 ​ $ 33,895 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the year ended December 31, 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 years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Derivative Assets and Liabilities, net (in thousands) 2021 2020 Beginning balance ​ $ 44,720 ​ $ 15,532 Settlements ​ (746,918) ​ (687,874) Realized gains recorded in earnings (1) ​ 702,198 ​ 672,342 Unrealized gains (losses) recorded in earnings (1) ​ 30,961 ​ 44,720 Ending balance ​ $ 30,961 ​ $ 44,720 (1) Realized and unrealized gains from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Consolidated Statements of Income. The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (3) Derivative assets ​ $ 37,364 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 6,403 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 125,808 ​ Various (2) ​ Probability of earn-out achievement ​ 88% - 100% ​ 92% (1) Significant changes in this input may lead to significant changes in the fair value measurements. (2) Valuation techniques used include probability-weighted achievement analysis and Monte Carlo simulation analysis. (3) Contingent consideration weighted based on maximum gross earn-out amount. ​ The carrying amounts and the fair values of the Company's financial instruments as of December 31, 2021 and December 31, 2020 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 305,635 ​ $ 305,635 ​ $ 321,097 ​ $ 321,097 ​ Restricted cash ​ 42,812 ​ 42,812 ​ 19,432 ​ 19,432 ​ Pledged securities ​ 148,996 ​ 148,996 ​ 137,236 ​ 137,236 ​ Loans held for sale ​ 1,811,586 ​ 1,811,586 ​ 2,449,198 ​ 2,449,198 ​ Loans held for investment, net ​ 269,125 ​ 270,826 ​ 360,402 ​ 362,586 ​ Derivative assets ​ 37,364 ​ 37,364 ​ 49,786 ​ 49,786 ​ Total financial assets ​ $ 2,615,518 ​ $ 2,617,219 ​ $ 3,337,151 ​ $ 3,339,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 6,403 ​ $ 6,403 ​ $ 5,066 ​ $ 5,066 ​ Contingent consideration liabilities ​ ​ 125,808 ​ ​ 125,808 ​ ​ 28,829 ​ ​ 28,829 ​ Secured borrowings ​ ​ — ​ ​ — ​ ​ 73,314 ​ ​ 73,314 ​ Warehouse notes payable ​ 1,941,572 ​ 1,942,448 ​ 2,517,156 ​ 2,518,101 ​ Notes payable ​ 740,174 ​ 745,175 ​ 291,593 ​ 294,773 ​ Total financial liabilities ​ $ 2,813,957 ​ $ 2,819,834 ​ $ 2,915,958 ​ $ 2,920,083 ​ ​ The following methods and assumptions were used for recurring fair value measurements as of December 31, 2021: 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. Contingent Consideration Liability —Consists of the estimated fair values of expected future earn-out payments related to acquisitions completed in 2020 and 2021 as described in NOTE 8. The earn-out liabilities are valued using a probability-weighted achievement analysis or Monte Carlo simulation analysis. The fair value of the contingent consideration liabilities incorporates unobservable inputs, such as the probability of earn-out achievement, to determine the expected earn-out cash flows. The probability of the earn-out achievement is based on management’s estimate of the expected future performance and other financial metrics of each of the acquired entities, which are subject to significant uncertainty. 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 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 December 31, 2021 and 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,115,829 ​ $ 29,837 ​ $ (4,604) ​ $ 25,233 ​ $ 26,526 ​ $ (1,293) ​ $ — ​ Forward sale contracts ​ 2,881,224 ​ — ​ 5,728 ​ 5,728 ​ 10,838 ​ ​ (5,110) ​ — ​ Loans held for sale ​ 1,765,395 ​ 47,315 ​ (1,124) ​ 46,191 ​ — ​ — ​ 46,191 ​ Total ​ ​ ​ ​ $ 77,152 ​ $ — ​ $ 77,152 ​ $ 37,364 ​ $ (6,403) ​ $ 46,191 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	12 Months Ended
	Dec. 31, 2021
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Fannie Mae Commitments and Pledged Securities	NOTE 10—FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES Fannie Mae DUS Related Commitments —Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. As discussed in NOTE 9, the Company accounts for these commitments as derivatives recorded at fair value. The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae, which are classified as Pledged securities, at fair value on the Consolidated Balance Sheets. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level and considers the balance of the loan, the risk level of the loan, the age of the loan, and the level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. Pledged securities held in the form of money market funds holding U.S. Treasuries are discounted 5% , and Agency MBS are discounted 4% for purposes of calculating compliance with the restricted liquidity requirements. As seen below, the Company held substantially all of its pledged securities in Agency MBS as of December 31, 2021. The majority of the loans for which the Company has risk sharing are Tier 2 loans. The Company is in compliance with the December 31, 2021 collateral requirements as outlined above. As of December 31, 2021, reserve requirements for the December 31, 2021 DUS loan portfolio will require the Company to fund $65.3 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 December 31, 2021. The net worth requirement is derived primarily from unpaid balances on Fannie Mae loans and the level of risk sharing. At December 31, 2021, the net worth requirement was $258.2 million, and the Company's net worth was $722.4 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of December 31, 2021, the Company was required to maintain at least $51.1 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae. The Company had operational liquidity of $251.7 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Pledged Securities (in thousands) 2021 2020 2019 2018 Restricted cash $ 3,779 ​ $ 4,954 ​ $ 2,150 ​ $ 3,029 ​ Money market funds ​ 40,954 ​ ​ 12,519 ​ ​ 5,054 ​ ​ 6,440 ​ Total pledged cash and cash equivalents $ 44,733 ​ $ 17,473 ​ $ 7,204 ​ $ 9,469 ​ Agency MBS 104,263 ​ 119,763 ​ 114,563 ​ 106,862 ​ Total pledged securities, at fair value $ 148,996 ​ $ 137,236 ​ $ 121,767 ​ $ 116,331 ​ ​ The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The following table provides additional information related to the AFS Agency MBS as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) December 31, 2021 December 31, 2020 Fair value $ 104,263 ​ $ 119,763 ​ Amortized cost ​ 100,847 ​ ​ 117,136 ​ Total gains for securities with net gains in AOCI ​ 3,636 ​ ​ 2,669 ​ Total losses for securities with net losses in AOCI (220) ​ (42) ​ Fair value of securities with unrealized losses 4,757 ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 2,416 ​ ​ 2,412 ​ After five years through ten years ​ 73,025 ​ ​ 72,224 ​ After ten years 28,822 ​ ​ 26,211 ​ Total $ 104,263 ​ $ 100,847 ​ ​ ​ ​ ​ ​ ​ ​ ​

SHARE-BASED PAYMENT

SHARE-BASED PAYMENT	12 Months Ended
	Dec. 31, 2021
SHARE-BASED PAYMENT
Share-Based Payment	NOTE 11—SHARE-BASED PAYMENT As of December 31, 2021, there were 10.5 million shares of stock authorized for issuance to directors, officers, and employees under the 2020 Equity Incentive Plan (and predecessor plans). At December 31, 2021, 1.7 million shares remain available for grant under the 2020 Equity Incentive Plan. Under the 2020 Equity Incentive Plan (and predecessor plans), the Company granted stock options to executive officers in the past and restricted shares to executive officers, employees, and non-employee directors during 2021, 2020, and 2019, all without cost to the grantee. For each of the three years ended December 31, 2021, 2020, and 2019, the Company also granted 0.3 million RSUs to the executive officers and certain other employees in connection with PSPs (“performance awards”). The Company granted the RSUs at the maximum performance thresholds for each metric each year. As of December 31, 2021, the RSUs issued in connection with the 2021, 2020, and 2019 PSPs are unvested and outstanding. The performance period for the 2018 PSP concluded on December 31, 2020. The three performance goals related to the 2018 PSP were met at varying levels. Accordingly, 0.1 million shares related to the 2018 PSP vested in the first quarter of 2021. As of December 31, 2021, the Company concluded that the three performance targets related to the 2019 2019 ​ The following table summarizes stock compensation expense for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of stock compensation expense (in thousands) 2021 2020 2019 ​ Restricted shares ​ $ 25,520 ​ $ 18,924 ​ $ 17,818 ​ Stock options ​ ​ — ​ ​ 71 ​ ​ 625 ​ PSP "RSUs" ​ ​ 11,062 ​ ​ 9,324 ​ ​ 5,632 ​ Total stock compensation expense ​ $ 36,582 ​ $ 28,319 ​ $ 24,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess tax benefit recognized ​ $ 8,620 ​ $ 7,273 ​ $ 4,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amounts attributable to restricted shares in the table above include both equity-classified awards granted in restricted shares and liability-classified awards to be granted in restricted shares. The excess tax benefits recognized above reduced income tax expense. The following table summarizes restricted share activity for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Shares Activity Shares Fair Value Nonvested at January 1, 2021 ​ 1,122,614 ​ $ 62.41 ​ Granted ​ 447,619 ​ ​ 101.48 ​ Vested ​ (403,473) ​ ​ 61.16 ​ Forfeited ​ (44,067) ​ ​ 79.65 ​ Nonvested at December 31, 2021 ​ 1,122,693 ​ $ 77.70 ​ ​ The fair value of restricted share awards granted during 2021 was estimated using the closing price on the date of grant. The weighted average grant date fair values of restricted shares granted in 2020 and 2019 were $74.75 per share and $48.39 per share, respectively. The fair values of the restricted shares that vested during the years ended December 31, 2021, 2020, and 2019 were $44.6 million, $30.4 million, and $30.5 million, respectively. As of December 31, 2021, the total unrecognized compensation cost for outstanding restricted shares was $51.1 million. As of December 31, 2021, the weighted-average period over which this unrecognized compensation cost will be recognized is 3.7 years. The following table summarizes activity related to performance awards for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Share Units Activity Share Units Fair Value Nonvested at January 1, 2021 ​ 770,493 ​ $ 50.37 ​ Granted ​ 263,845 ​ ​ 101.04 ​ Vested ​ (55,483) ​ ​ 100.36 ​ Forfeited ​ (196,709) ​ ​ 49.80 ​ Cancelled ​ (3,600) ​ ​ 67.13 ​ Nonvested at December 31, 2021 ​ 778,546 ​ $ 67.66 ​ ​ The fair value of performance awards granted during 2021 was estimated using the closing price on the date of grant. The weighted average grant date fair values of performance awards granted in 2020 and 2019 were $50.26 per share and $52.84 per share, respectively. The fair value of the performance awards that vested during the years ended December 31, 2021, 2020 and 2019 was $5.6 million and $17.5 million, and $26.6 million, respectively. As of December 31, 2021, the total unrecognized compensation cost for outstanding performance awards was $10.5 million. As of December 31, 2021, the weighted-average period over which this unrecognized compensation cost will be recognized is 1.5 years. The unrecognized compensation cost is based on the achievement levels that are probable as of December 31, 2021. The following table summarizes stock options activity for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ ​ Exercise ​ Contract Life ​ Value ​ Stock Options Activity Options Price (Years) (in thousands) Outstanding at January 1, 2021 ​ 461,340 ​ $ 22.51 ​ ​ ​ ​ ​ ​ Exercised ​ (227,334) ​ ​ 22.78 ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 234,006 ​ $ 22.25 ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2021 ​ 234,006 ​ $ 22.25 ​ 3.7 ​ $ 30,101 ​ ​ The total intrinsic value of the stock options exercised during the years ended December 31, 2021, 2020, and 2019 was $17.5 million, $21.6 million, and $2.7 million, respectively. We received no cash from the exercise of options for each of the years ended December 31, 2021, 2020, and 2019.

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Earnings Per Share and Stockholders' Equity	NOTE 12—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 years ended December 31, 2021, 2020, and 2019 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 years ended December 31, EPS Calculations (in thousands, except per share amounts) ​ 2021 ​ 2020 ​ 2019 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income ​ $ 265,762 ​ $ 246,177 ​ $ 173,373 ​ Less: dividends and undistributed earnings allocated to participating securities ​ 8,837 ​ 7,337 ​ 5,649 ​ Net income applicable to common stockholders ​ $ 256,925 ​ $ 238,840 ​ $ 167,724 ​ Weighted-average basic shares outstanding ​ ​ 31,081 ​ ​ 30,444 ​ ​ 29,913 ​ Basic EPS ​ $ 8.27 ​ $ 7.85 ​ $ 5.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders ​ $ 256,925 ​ $ 238,840 ​ $ 167,724 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ ​ 93 ​ ​ 120 ​ ​ 126 ​ Net income allocated to common stockholders ​ $ 257,018 ​ $ 238,960 ​ $ 167,850 ​ Weighted-average basic shares outstanding ​ ​ 31,081 ​ ​ 30,444 ​ ​ 29,913 ​ Add: weighted-average diluted non-participating securities ​ ​ 452 ​ ​ 639 ​ ​ 902 ​ Weighted-average diluted shares outstanding ​ ​ 31,533 ​ ​ 31,083 ​ ​ 30,815 ​ Diluted EPS ​ $ 8.15 ​ $ 7.69 ​ $ 5.45 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs associated with the awards. An immaterial number of average outstanding options to purchase common stock and average restricted shares were excluded from the computation of diluted earnings per share under the treasury method for the years ended December 31, 2021, 2020, and 2019 because the effect would have been anti-dilutive (the exercise price of the options or the grant date market price of the restricted shares was greater than the average market price of the Company’s shares during the periods presented). Under the 2020 Equity Incentive Plan (and predecessor plans), subject to the Company’s approval, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing the Company to withhold and purchase the shares of stock otherwise issuable to the grantee. For the years ended December 31, 2021, 2020, and 2019, the Company repurchased and retired 150 thousand, 179 thousand, and 200 thousand restricted shares at a weighted average market price of $109.57 , $66.38 , and $54.02 , upon grantee vesting, respectively. For the years ended December 31, 2021 and 2020, the Company repurchased and retired 24 thousand and 99 thousand restricted share units at a weighted average market price of $100.36 and $78.79 , respectively. Stock Repurchase Programs In February 2022, the Company’s Board of Directors approved a new 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 13, 2022. In February 2021, the Company’s Board of Directors authorized the Company to repurchase up to $75.0 million of its common stock over a 12-month period beginning on February 12, 2021. In 2021, the Company did not repurchase any shares of its common stock under the share repurchase program. The Company had $75.0 million of authorized share repurchase capacity remaining under the 2021 share repurchase program as of December 31, 2021. In 2020, the Company repurchased 459 thousand shares of its common stock under a share repurchase program at a weighted average price of $56.77 per share and immediately retired the shares, reducing stockholders’ equity by $26.1 million. In 2019, the Company repurchased 135 thousand shares of its common stock under a share repurchase program at a weighted average price of $48.52 per share and immediately retired the shares, reducing stockholders’ equity by $6.6 million. Dividends In February 2022, our Board of Directors declared a dividend of $0.60 per share for the first quarter of 2022. The dividend will be paid on March 10, 2022 to all holders of record of our restricted and unrestricted common stock as of February 22, 2022. The Term Loan contains direct restrictions to the amount of dividends the Company may pay, and the warehouse debt facilities and agreements with the Agencies contain minimum equity, liquidity, and other capital requirements that indirectly restrict the amount of dividends the Company may pay . The Company does not believe that these restrictions currently limit the amount of dividends the Company can pay for the foreseeable future. Other Equity-Related Transactions As disclosed in NOTE 7, the Company issued $120.6 million of Company stock in connection with acquisitions in 2021, a non-cash transaction. Additionally, in 2021, $9.6 million of stock was issued to employees for which we had an accrued liability prior to the issuance of the award. Upon issuance, the accrued liability was reclassed to APIC, a non-cash transaction. In 2020, the Company purchased the noncontrolling interests held by two members of WDIS for an aggregate consideration of $32.0 million, which consisted of $10.4 million in cash, a $5.7 million reduction in receivables (a non-cash transaction), $5.9 million in Company stock (a non-cash transaction), and $10.0 million of contingent consideration (a non-cash transaction). The $32.0 million aggregated purchase price resulted in reductions to APIC of $24.1 million for the excess of the purchase price over the noncontrolling interest balance. As a result of the transactions, the Company recorded Net income (loss) from noncontrolling interests only for the first quarter of 2020 on the Consolidated Statements of Income. During 2019, the Company made an advance to one of the noncontrolling interest holders in the amount of $1.7 million to allow the noncontrolling interest holder to make a required contribution to WDIS. As this was a non-cash transaction, the amounts are not presented in the Consolidated Statements of Cash Flows.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 13—INCOME TAXES Income Tax Expense The Company calculates its provision for federal and state income taxes based on current tax law. The reported tax provision differs from the amounts currently receivable or payable because some income and expense items are recognized in different time periods for financial reporting purposes than for income tax purposes. The following is a summary of income tax expense for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Income Tax Expense (in thousands) 2021 2020 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 40,025 ​ $ 26,854 ​ $ 28,150 ​ State ​ ​ 12,181 ​ ​ 10,294 ​ ​ 6,959 ​ Total current expense ​ $ 52,206 ​ $ 37,148 ​ $ 35,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 26,630 ​ $ 37,354 ​ $ 17,484 ​ State ​ ​ 7,592 ​ ​ 9,811 ​ ​ 4,528 ​ Total deferred expense ​ $ 34,222 ​ $ 47,165 ​ $ 22,012 ​ Total income tax expense ​ $ 86,428 ​ $ 84,313 ​ $ 57,121 ​ ​ Excess tax benefits recognized for the years ended December 31, 2021, 2020, and 2019 reduced income tax expense by $8.6 million, $7.3 million, and $4.6 million, respectively. In the reconciliation of income tax expense presented below, the reduction of income tax expense from excess tax benefits recognized is included as a component of the “Other” line item. Under the provisions of Section 162(m) of the Internal Revenue Code, the deductibility of executive compensation is limited to $1 million per year for each named executive officer (“NEO”). Based on the information available as of December 31, 2021, 2020, and 2019, the Company believed that it is more likely than not a significant portion of NEO stock-based compensation book expense will exceed the $1 million limitation in future years when the shares vest, resulting in no tax deductibility for the book expense associated with these compensation agreements and no deferred tax assets. Additionally, for each of the years presented above, significant portions of NEO compensation were above the $1 million limitation, resulting in no tax deductibility for amounts above the $1 million limitation. The following table presents a reconciliation of the statutory federal tax expense to the income tax expense in the accompanying Consolidated Statements of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ (in thousands) 2021 2020 2019 ​ Statutory federal expense ​ $ 73,932 ​ $ 69,356 ​ $ 48,374 ​ Statutory state income tax expense, net of federal tax benefit ​ ​ 16,409 ​ ​ 13,828 ​ ​ 9,281 ​ Other ​ ​ (3,913) ​ ​ 1,129 ​ ​ (534) ​ Income tax expense ​ $ 86,428 ​ $ 84,313 ​ $ 57,121 ​ ​ Deferred Tax Assets/Liabilities The tax effects of temporary differences between reported earnings and taxable earnings consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Deferred Tax Liabilities, Net (in thousands) 2021 2020 Deferred Tax Assets ​ ​ ​ ​ ​ ​ ​ Compensation related ​ $ 5,811 ​ $ 8,760 ​ Credit losses ​ 16,748 ​ 20,163 ​ Total deferred tax assets ​ $ 22,559 ​ $ 28,923 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities ​ ​ ​ ​ ​ ​ ​ Mark-to-market of derivatives and loans held for sale ​ $ (16,874) ​ $ (22,367) ​ Mortgage servicing rights related ​ ​ (208,718) ​ ​ (180,129) ​ Acquisition related (1) ​ ​ (12,977) ​ ​ (9,594) ​ Depreciation ​ ​ (2,317) ​ ​ (2,267) ​ Other ​ ​ (6,913) ​ ​ (224) ​ Total deferred tax liabilities ​ $ (247,799) ​ $ (214,581) ​ Deferred tax liabilities, net ​ $ (225,240) ​ $ (185,658) ​ (1) Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization. The Company believes it is more likely than not that it will generate sufficient taxable income in future periods to realize the deferred tax assets. During the year ended December 31, 2021, the Company recognized deferred tax assets of $5.4 million in conjunction with the acquisition of solar income tax credits and other activity, which are not included as a component of deferred tax expense. Tax Uncertainties The Company periodically assesses its liabilities and contingencies for all periods open to examination by tax authorities based on the latest available information. Where the Company believes it is more likely than not that a tax position will not be sustained, management records its best estimate of the resulting tax liability, including interest and penalties, in the consolidated financial statements. As of December 31, 2021, based on all known facts and circumstances and current tax law, management believes that there are no material tax positions for which it is reasonably possible that the unrecognized tax benefits will materially increase or decrease over the next 12 months, producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition, or cash flows.

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 2021
SEGMENTS
Segments	NOTE 14—SEGMENTS The Company is one of the leading commercial real estate services and finance companies in the United States, with a primary focus on multifamily lending. The Company originates a range of multifamily and other commercial real estate loans that are sold to the Agencies or placed with institutional investors. The Company also services nearly all of the loans it sells to the Agencies and some of the loans that it places with institutional investors. Substantially all of the Company’s operations involve the delivery and servicing of loan products for its customers. Management makes operating decisions and assesses performance based on an ongoing review of these integrated operations, which constitute the Company's only operating segment for financial reporting purposes. The Company evaluates the performance of its business and allocates resources based on a single-segment concept. As of December 31, 2021 and 2020, no one borrower/key principal accounted for more than 2% and 3% , respectively, of our total risk-sharing loan portfolio. An analysis of the product concentrations and geographic dispersion that impact the Company’s servicing revenue is shown in the following tables. This information is based on the distribution of the loans serviced for others. The principal balance of the loans serviced for others, by product, as of December 31, 2021, 2020, and 2019 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Loan Servicing Portfolio (in thousands) 2021 2020 2019 Fannie Mae ​ $ 53,401,457 ​ $ 48,818,185 ​ $ 40,049,095 ​ Freddie Mac ​ ​ 37,138,836 ​ ​ 37,072,587 ​ ​ 32,583,842 ​ Ginnie Mae-HUD ​ ​ 9,889,289 ​ ​ 9,606,506 ​ ​ 9,972,989 ​ Life insurance companies and other ​ ​ 15,270,982 ​ ​ 11,714,694 ​ ​ 10,619,243 ​ Total ​ $ 115,700,564 ​ $ 107,211,972 ​ $ 93,225,169 ​ ​ The percentage of unpaid principal balance of the loans serviced for others as of December 31, 2021, 2020, and 2019 by geographical area is shown in the following table. No other state accounted for more than 5% of the unpaid principal balance and related servicing revenues in any of the years presented. The Company does not have any operations outside of the United States. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent of Total UPB as of December 31, ​ Loan Servicing Portfolio Concentration by State 2021 2020 2019 California ​ 16.1 % 16.2 % 16.2 % Florida ​ 10.0 ​ 10.4 ​ 9.4 ​ Texas ​ 8.6 ​ 8.8 ​ 9.3 ​ Georgia ​ 5.9 ​ 5.9 ​ 5.8 ​ All other states ​ 59.4 ​ 58.7 ​ 59.3 ​ Total ​ 100.0 % 100.0 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
Leases	NOTE 15—LEASES Right-of-use (“ROU”) assets and lease liabilities associated with the Company’s operating leases are recorded as Other assets and Other liabilities , respectively, in the Consolidated Balance Sheet. As of December 31, 2021, our leases have terms varying in duration, with the longest term ending in 2029. ​ The following table presents information about the Company’s lease arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the years ended December 31, Operating Lease Arrangements (dollars in thousands) ​ 2021 ​ 2020 ​ 2019 Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ $ 24,825 ​ $ 17,405 ​ $ 22,307 Lease Liabilities ​ ​ 29,523 ​ ​ 22,579 ​ ​ 28,156 Weighted-average remaining lease term ​ ​ 4.0 years ​ ​ 3.2 years ​ ​ 3.7 years Weighted-average discount rate ​ ​ 3.3% ​ ​ 4.6% ​ ​ 4.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Single lease costs ​ $ 9,435 ​ $ 8,856 ​ $ 7,593 Cash paid for amounts included in the measurement of lease liabilities ​ ​ 9,617 ​ ​ 8,833 ​ ​ 8,218 Right-of-use assets obtained in exchange for new lease obligations ​ ​ 13,215 ​ ​ 1,488 ​ ​ 3,013 ​ Maturities of lease liabilities as of December 31, 2021 are presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ ​ ​ 2022 ​ $ 10,412 ​ ​ 2023 ​ ​ 9,228 ​ ​ 2024 ​ ​ 3,585 ​ ​ 2025 ​ ​ 2,223 ​ ​ Thereafter ​ ​ 4,094 ​ ​ Total lease payments ​ $ 29,542 ​ ​ Less imputed interest ​ ​ (19) ​ ​ Total ​ $ 29,523 ​ ​ ​

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2021
OTHER OPERATING EXPENSES
Other Operating Expenses	NOTE 16—OTHER OPERATING EXPENSES The following table is a summary of the major components of other operating expenses for the years ended December 31, 2021, 2020, and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Other Operating Expenses (in thousands) 2021 2020 2019 Professional fees ​ $ 26,920 ​ $ 18,345 ​ $ 20,896 ​ Travel and entertainment ​ ​ 7,203 ​ ​ 4,685 ​ ​ 10,759 ​ Rent (1) ​ ​ 11,262 ​ ​ 10,486 ​ ​ 9,136 ​ Marketing and preferred broker ​ ​ 12,526 ​ ​ 9,139 ​ ​ 8,534 ​ Office expenses ​ ​ 15,056 ​ ​ 17,360 ​ ​ 9,972 ​ All other ​ ​ 25,688 ​ ​ 9,567 ​ ​ 7,299 ​ Total ​ $ 98,655 ​ $ 69,582 ​ $ 66,596 ​ ​ (1)

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2021
Variable Interest Entities
Variable Interest Entities	NOTE 17—VARIABLE INTEREST ENTITIES The Company, through its subsidiary Alliant, provides alternative investment management services through the syndication of tax credit funds and development of affordable housing projects. To facilitate the syndication and development of affordable housing projects, the Company is involved with the acquisition and/or formation of limited partnerships and joint ventures with investors, property developers, and property managers that are VIEs. The Company’s continuing involvement in the VIEs usually includes either serving as the manager of the VIE or as a majority investor in the VIE with a property developer or manager serving as the manager of the VIE. ​ When the Company determines that it is the primary beneficiary of a material VIE, the Company consolidates the VIE. The primary beneficiary of a VIE is determined as the entity that has both (1) the power to direct the activities of the VIE that most significantly impact its economic performance and (2) exposure to losses or benefits that could potentially be significant to the VIE. When the Company determines that it is not the primary beneficiary, the Company recognizes its investment in the VIE through the equity-method of accounting. The Company regularly assesses the primary beneficiary of the VIE as its involvement and ownership may change over time. Syndication of Tax Credit Funds The Company’s affordable housing syndication services subsidiary forms limited partnership funds (“the funds”) that are VIEs and hold investments in affordable housing projects. The Company identifies and enters into a commitment to invest equity in the limited partnership interests in affordable housing VIEs that own and operate affordable housing properties. The limited partnership interest exposes the Company to economic losses or benefits of the VIE but does not give it the power to direct the activities that most significantly impact the VIE’s economic performance. In such cases, the Company determined it is not the primary beneficiary and recognizes the VIE as an investment and a liability for the unfunded committed capital to the VIE. The Company’s exposure is limited to its contributed capital and remaining unfunded committed capital. The investments are included as Committed investments in tax credit equity and the unfunded committed capital are included as Commitments to fund investments in tax credit equity in the Consolidated Balance Sheets until they are transferred to the credit fund as described below. The investments and unfunded committed capital are presented in the table below. As part of the syndication of the tax credit fund, the Company transfers its limited partnership interest in affordable housing partnerships to the funds, where the Company serves as the general partner and manager and holds an insignificant ownership percentage of the funds. As the manager of the funds, the Company has the power to direct the activities that most significantly impact the economic performance of the funds; however, it does not have exposure to the economic losses or benefits significant to the VIE. Accordingly, the Company is not the primary beneficiary of the fund and does not consolidate the VIE. The Company records its general partnership interest as an equity-method investment included in Other assets in the Consolidated Balance Sheets. The Company may purchase an investor’s partnership interest. In these circumstances, the Company assesses whether its new ownership percentage could potentially be significant to the VIE. When the Company determines the new ownership percentage is significant, it consolidates the fund as the Company is the primary beneficiary. As of December 31, 2021, the assets and liabilities of the consolidated funds were immaterial. ​ Joint Development of Affordable Housing Projects ​ The Company enters joint ventures with affordable property developers and/or investors to develop affordable housing projects. The joint ventures’ objectives are to: (1) develop the affordable housing project for syndication into a tax credit fund or (2) develop the affordable housing project for capital appreciation. When the Company develops affordable housing projects to ultimately syndicate the property into a tax credit fund, the Company invests in the joint venture but does not have management rights. The Company has significant exposure to the economic losses or benefits but does not have the power to direct the activities that most significantly impact the VIE’s economic performance; consequently, the Company determined that it is not the primary beneficiary in the VIE and recognizes an equity-method investment in the VIE included in Other assets in the Consolidated Balance Sheets. ​ When the Company develops affordable housing projects for capital appreciation, the Company actively manages the joint venture and generally has an insignificant ownership percentage compared to third-party investors. The Company has the power to direct the activities that most significantly impact the VIE’s economic performance but does not have exposure to the economic losses or benefits that could be significant to the VIE; therefore, the Company determined it is not the primary beneficiary of the VIE and recognizes an equity-method investment included in Other assets in the Consolidated Balance Sheets. In certain circumstances, the Company may hold a significant ownership percentage and have exposure to significant economic losses or benefits of the VIE. When this occurs, the Company determines it has both the power to direct the activities that most significantly impact the VIE’s economic performance and the exposure to the economic losses or benefits that could be significant to the VIE. Accordingly, the Company consolidates the VIE. As of December 31, 2021, the Company consolidated a real-estate owned investment of $54.9 million and related mortgage debt of $36.5 million related to an affordable housing project VIE, included in Other assets and Other Liabilities , respectively, on the Consolidated Balance Sheets. ​ ​ The table below presents the carrying value and classification of the Company’s interests in nonconsolidated VIEs included in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ (in thousands) ​ ​ December 31, 2021 (1) Assets ​ ​ ​ ​ Committed investments in tax credit equity ​ ​ 177,322 ​ Other assets: ​ ​ 74,997 ​ Total interests in nonconsolidated VIEs ​ ​ 252,319 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ ​ 162,747 ​ Total commitments to fund nonconsolidated VIEs ​ $ 162,747 ​ ​ ​ ​ ​ ​ Maximum exposure to losses (2)(3) ​ $ 252,319 ​ ​ ​ ​ ​ ​ (1) Prior to the Alliant acquisition in the fourth quarter of 2021, the Company did not have an interest in any VIEs. (2) Maximum exposure determined as Total interests in nonconsolidated VIEs . The maximum exposure for the Company’s investments in tax credit equity is limited to the carrying value of its investment, as there are no funding obligations or other commitments related to the nonconsolidated VIEs other than the amounts presented in the table above. (3) Based on historical experience and the underlying expected cash flows from the underlying investment, the maximum exposure of loss is not representative of the actual loss, if any, that the Company may incur.

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	NOTE 18—RELATED PARTY TRANSACTION The Company, through its Alliant subsidiaries, has related party loans with its affordable housing project partners, which include property developers and managers. To facilitate the development of affordable housing projects prior to syndication into a tax credit fund, the Company extends pre-development and working capital loans to its partners in affordable housing project partnerships. The outstanding balance of these loans was $36.6 million as of December 31, 2021, and the related interest income was immaterial for the year ended December 31, 2021 as the Alliant acquisition closed on December 16, 2021. The balance of these receivables is included as Receivables, net ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation —The consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or the voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it holds a variable interest in a VIE and has a controlling financial interest and therefore is considered the primary beneficiary, the Company consolidates the entity. In instances where the Company holds a variable interest in a VIE but is not the primary beneficiary, the Company uses the equity-method of accounting. 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 on the Consolidated Balance Sheets and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income from noncontrolling interests in the Consolidated Statements of Income.
Subsequent Events	Subsequent Events —The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2021. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2021. There have been no other material subsequent events that would require recognition in the consolidated financial statements.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, allowance for risk-sharing obligations, capitalized mortgage servicing rights, derivative instruments, and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates.
Transfers of Financial Assets	Transfers of Financial Assets—Transfers of financial assets are reported as sales when (i) the transferor surrenders control over those assets, (ii) the transferred financial assets have been legally isolated from the Company’s creditors, (iii) the transferred assets can be pledged or exchanged by the transferee, and (iv) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales, except as otherwise noted.
Derivative Assets and Liabilities	Derivative Assets and Liabilities —Loan commitments that meet the definition of a derivative are recorded at fair value on the Consolidated Balance Sheets upon the executions of the commitments to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue on the Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on the anticipated sale of the loan, net of co-broker fees (included in Derivative assets in the Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Consolidated Income Statements), (ii) the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the guarantee obligation (included in Derivative assets in the Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), and (iii) the effects of interest rate movements between the trade date and balance sheet date. Loan commitments are generally derivative assets but can become derivative liabilities if the effects of the interest rate movement between the trade date and the balance sheet date are greater than the combination of (i) and (ii) above. Forward sale commitments that meet the definition of a derivative are recorded as either derivative assets or derivative liabilities depending on the effects of the interest rate movements between the trade date and the balance sheet date. Adjustments to the fair value are reflected as a component of income within Loan origination and debt brokerage fees, net in the Consolidated Statements of Income. Co-broker fees, which are netted against Loan origination and debt brokerage fees, net in the Consolidated Statements of Income, were $21.0 million, $33.1 million and $20.6 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Mortgage Servicing Rights	Mortgage Servicing Rights —When a loan is sold and the Company retains the right to service the loan, the aforementioned derivative asset is reclassified and capitalized as an individual originated mortgage servicing right (“OMSR”) at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized OMSRs. Discount Rate —Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were between 8% and 14% during 2021 and between 10% and 15% during 2020 and varied based on loan type. Estimated Life —The estimated life of the OMSRs is derived based upon the stated term of the prepayment protection provisions of the underlying loan and may be reduced by six to 12 months based upon the expiration or reduction of the prepayment provisions prior to the stated maturity date. The Company’s model for OMSRs assumes no prepayment while the prepayment provisions have not expired and full prepayment of the loan at or near the point where the prepayment provisions have expired. The Company’s historical experience is that the prepayment provisions typically do not provide a significant deterrent to a borrower’s paying off the loan within six to 12 months of the expiration of the prepayment provisions. Escrow Earnings —The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the OMSR is added to the estimated future cash flows. The assumptions used to estimate the fair value of capitalized OMSRs at loan sale are based on internal models and are compared to assumptions used by other market participants periodically. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly. For example, during the year ended December 31, 2020, the Company adjusted the escrow earnings rate assumptions twice based on changes observed from other market participants. Additionally, the Company made adjustments to the discount rate and escrow earnings rate in 2021 based on observations from other market participants and economic conditions. Subsequent to the initial measurement date, OMSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level OMSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The predominant risk characteristic affecting the OMSRs is prepayment risk, and we do not believe there is sufficient variation within the portfolio to warrant stratification. Therefore, we assess OMSR impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis. The Company tests for impairment on purchased stand-alone servicing portfolios (“PMSRs”) separately from the Company’s OMSRs. The fair value of PMSRs is equal to the purchase price paid. For PMSRs, the Company records a portfolio-level MSR asset and determines the estimated life of the portfolio based on the prepayment characteristics of the portfolio. The Company subsequently amortizes such PMSRs and tests for impairment quarterly as discussed in more detail above. For PMSRs, a constant rate of prepayments and defaults is included in the determination of the portfolio’s estimated life (and thus included as a component of the portfolio’s amortization). Accordingly, prepayments and defaults of individual loans do not change the level of amortization expense recorded for the portfolio unless the pattern of actual prepayments and defaults varies significantly from the estimated pattern. When such a significant difference in the pattern of estimated and actual prepayments and defaults occurs, the Company prospectively adjusts the estimated life of the portfolio (and thus future amortization) to approximate the actual pattern observed. For the periods reported, there were no material MSR purchases.
Guaranty Obligation, net	Guaranty Obligation, net— When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as Guaranty obligation, net of accumulated amortization on the Consolidated Balance Sheets. The recognized guaranty obligation is the fair value of the Company’s obligation to stand ready to perform and credit risk over the term of the guaranty. Generally, the estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan discounted using a rate consistent with what is used for the calculation of the mortgage servicing right for each loan. The life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income.
Allowance for Risk-Sharing Obligations	Allowance for Risk-Sharing Obligations— Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the performance of the loan serviced in the at-risk servicing portfolio. The Company records an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in our Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for Risk-Sharing Obligations on the Consolidated Balance Sheets. Prior to the adoption of Accounting Standards Update 2016-13 (“ASU 2016-13”), Financial Instruments—Credit Losses (Topic 326) on January 1, 2020, the Company recognized credit losses on risk-sharing loans and loans held for investment under the incurred loss model. Overall Current Expected Credit Losses Approach The Company uses the weighted-average remaining maturity method (“WARM”) for calculating its allowance for risk-sharing obligations, the Company’s liability for the off-balance-sheet credit exposure associated with the Fannie Mae at-risk DUS loans. WARM uses an average annual charge-off rate that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the CECL reserve. The average annual charge-off rate is applied to the unpaid principal balance (“UPB”) over the contractual term, adjusted for estimated prepayments and amortization to arrive at the CECL reserve for the entire current portfolio as described further below. The Company maximizes the use of historical internal data because the Company has extensive historical data servicing Fannie Mae DUS loans from which to calculate historical loss rates and principal paydown by loan term type for its exposure to credit loss on its homogeneous portfolio of Fannie Mae DUS multifamily loans. Additionally, the Company believes its properties, loss history, and underwriting standards are not similar to public data such as loss histories for loans originated for collateralized mortgage-backed securities conduits. Runoff Rate One of the key inputs into a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will prepay and amortize in the future. As the loans the Company originates have different original lives and run off over different periods, the Company groups loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. The Company originates loans under the DUS program with various terms generally ranging from several years to 15 years ; each of these various loan terms has a different runoff rate. The Company uses its historical runoff rate for each of the different loan term pools as a proxy for the expected runoff rate. The Company believes that borrower behavior and macroeconomic conditions will not deviate significantly from historical performance over the approximately ten-year period in which the Company has compiled the actual loss data. The ten-year period captures the various cycles of industry performance and provides a period that is long enough to capture sufficient observations of runoff history. In addition, due to the prepayment protection provisions for Fannie Mae DUS loans, the Company has not seen significant volatility in historical prepayment rates due to changes in interest rates and would not expect this to change materially in future periods. The historical annual runoff rate is calculated for each year of a loan’s life for each vintage in the portfolio and aggregated with the calculated runoff rate for each comparable year in every vintage. For example, the annual runoff rate for the first year of loans originated in 2010 is aggregated with the annual runoff rate for the first year of loans originated in 2011, 2012, and so on to calculate the average annual runoff rate for the first year of a loan. This average runoff calculation is performed for each year of a loan’s life for each of the various loan terms to create a matrix of historical average annual runoffs by year for the entire portfolio. The Company segments its current portfolio of at-risk DUS loans outstanding by original loan term type and years remaining and then applies the appropriate historical average runoff rates to calculate the expected remaining balance at the end of each reporting period in the future. For example, for a loan with an original ten-year term and seven years remaining, the Company applies the historical average annual runoff rate for a ten-year loan for year four to arrive at the estimated remaining UPB one year from the current period, the historical average runoff rate for year five to arrive at the estimated remaining UPB two years from the current period, and so on up to the loan’s maturity date. CECL Reserve Calculation Once the Company has calculated the estimated outstanding UPB for each future year until maturity for each loan term type, the Company then applies the average annual charge-off rate (as further described below) to each future year’s estimated UPB. The Company then aggregates the allowance calculated for each year within each loan term type and for all different maturity years to arrive at the CECL reserve for the portfolio. The weighted-average annual charge-off rate is calculated using a ten-year look-back period, utilizing the average portfolio balance and settled losses for each year. A ten-year period is used as the Company believes that this period of time includes sufficiently different economic conditions to generate a reasonable estimate of expected results in the future, given the relatively long-term nature of the current portfolio. This approach captures the adverse impact of the years following the great financial crisis of 2007-2010 because multifamily commercial loans have a lag period from the time of initial distress indications through the timing of loss settlement. The same loss rate is utilized across each loan term type as the Company has not observed any historical or industry-published data to indicate there is any difference in the occurrence probability or loss severity for a loan based on its loan origination term. Reasonable and Supportable Forecast Period The Company currently uses one year for its reasonable and supportable forecast period (the “forecast period”). The Company uses a forecast of unemployment rates, historically a highly correlated indicator for multifamily occupancy rates, to assess what macroeconomic and multifamily market conditions are expected to be like over the coming year. The Company then associates the forecasted conditions with a similar historical period over the past ten years, which could be one or several years, and uses the Company’s average loss rate for that historical period as a basis for the loss rate used for the forecast period. The Company reverts to a historical loss rate over a one-year period on a straight-line basis. For all remaining years until maturity, the Company uses the weighted-average annual charge-off rate as described above to estimate losses. The average loss rate from a historical period used for the forecast period may be adjusted as necessary if the forecasted macroeconomic and industry conditions differ materially from the historical period. Identification of Collateral-Based Reserves for Defaulted Loans The Company monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default. The Company’s process for identifying which risk-sharing loans may be probable of default consists of an assessment of several qualitative and quantitative factors, including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio (“DSCR”), property condition, and financial strength of the borrower or key principal(s). In instances where payment under the guaranty on a specific loan is determined to be probable (as the loan is probable of foreclosure or has foreclosed), the Company separately measures the expected loss through an assessment of the underlying fair value of the asset, disposition costs, and the risk-sharing percentage (the “collateral-based reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. These loans are removed from the WARM calculation described above, and the associated loan-specific mortgage servicing right and guaranty obligation are written off. The expected loss on the risk-sharing obligation is dependent on the fair value of the underlying property as the loans are collateral dependent. Historically, initial recognition of a collateral-based reserve occurs at or before a loan becomes 60 days delinquent. The amount of the collateral-based reserve considers historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. The estimate of property fair value at initial recognition of the collateral-based reserve is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan. The Company regularly monitors the collateral-based reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of default is generally 20% of the origination UPB of the loan.
Loans Held for Investment, net	Loans Held for Investment, net — Loans held for investment are multifamily loans originated by the Company through the Interim Loan Program for properties that currently do not qualify for permanent GSE or HUD (collectively, the “Agencies”) financing. These loans have terms of up to three years and are all interest-only, multifamily loans with similar risk characteristics and no geographic concentration. The loans are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs, and net of any allowance for loan losses. As of December 31, 2021, Loans held for investment, net consisted of 12 loans with an aggregate $274.5 million of unpaid principal balance less $1.2 million of net unamortized deferred fees and costs and $4.2 million of allowance for loan losses. As of December 31, 2020, Loans held for investment, net consisted of 18 loans with an aggregate $366.3 million of unpaid principal balance less $1.1 million of net unamortized deferred fees and costs and $4.8 million of allowance for loan losses 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 and the secured borrowing of $73.3 million presented within Other liabilities in the Consolidated Balance Sheets as of December 31, 2020. 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 as described above 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 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 December 31, 2021 and December 31, 2020, respectively. The loss rate for the remaining period until maturity was nine basis points as of both December 31, 2021 and December 31, 2020. One loan held for investment with an unpaid principal balance of $14.7 million was delinquent and on non-accrual status as of December 31, 2021 and December 31, 2020. The Company had $3.7 million in collateral-based reserves for this loan as of both December 31, 2021 and 2020 and has not recorded any interest related to this loan since it went on non-accrual status. All other loans were current as of December 31, 2021 and 2020. The amortized cost basis of loans that were current as of December 31, 2021 and 2020 was $258.6 million and $350.5 million, respectively. As of December 31, 2021, $231.5 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 December 31, 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— The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations within Provision (benefit) for credit losses in the Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. Provision (benefit) for credit losses consisted of the following activity for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2021 2020 2019 Provision (benefit) for loan losses ​ $ (610) ​ $ 3,739 ​ $ 875 ​ Provision (benefit) for risk-sharing obligations ​ (12,677) ​ 33,740 ​ 6,398 ​ Provision (benefit) for credit losses ​ $ (13,287) ​ $ 37,479 ​ $ 7,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Business Combinations	Business Combinations —The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the fair value of (i) the assets acquired, (ii) the identifiable intangible assets, and (iii) the liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustments to goodwill in the reporting period in which the adjustment is identified. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income.
Goodwill	Goodwill —The Company evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company currently has only one reporting unit; therefore, all goodwill is allocated to that one reporting unit. The Company performs its impairment testing annually as of October 1. For the 2021 assessment, the Company performed a qualitative assessment and also considered the comparison of the Company’s market capitalization to its net assets. Based on the October 1, 2021 qualitative assessment performed, the Company’s market capitalization exceeded its net asset value by $2.4 billion or 173% . As of December 31, 2021, there have been no events subsequent to that analysis that are indicative of an impairment loss.
Loans Held for Sale	Loans Held for Sale —Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company elects to measure all originated loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status at December 31, 2021 and 2020.
Share-Based Payment	Share-Based Payment —The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock, restricted stock units, and employee stock options based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors, for which the fair value of the award is calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards were granted to executive officers in the past, with an exercise price equal to the closing price of the Company’s common stock on the date of the grant, and were granted with a ten-year exercise period, vesting ratably over three years dependent solely on continued employment. To estimate the grant-date fair value of stock options, the Company used the Black-Scholes pricing model. The Company has not granted any stock option awards since 2017 and does not expect to issue stock options for the foreseeable future. Generally, the Company’s restricted stock awards for its officers and employees vest ratably over a three-year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year . Awards issued to the Company's production personnel often times vest over a period greater than three years . The Company offers a performance share plan (“PSP”) principally for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant generally forfeits a portion of the RSUs. If the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for all the PSPs issued by the Company are based on meeting diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value in an amount proportionate to the service time rendered by the participant and the expected achievement level of the goals. Compensation expense for restricted shares is adjusted for actual forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Share-based compensation is recognized within the income statement as Personnel , the same expense line as the cash compensation paid to the respective employees.
Net Warehouse Interest Income	Net Warehouse Interest Income— The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Generally, a substantial portion of the Company’s loans is financed with matched borrowings under one of its warehouse facilities. The remaining portion of loans not funded with matched borrowings is financed with the Company’s own cash. The Company also fully funds a small number of loans held for sale or loans held for investment with its own cash. Warehouse interest expense is incurred on borrowings used to fund loans solely while they are held for sale or for investment. Warehouse interest income and expense are earned or incurred on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income and expense are earned or incurred on loans held for investment after a loan is closed and before a loan is repaid. Included in Net warehouse interest income for the years ended December 31, 2021 and 2020, and 2019 are the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Net Warehouse Interest Income (in thousands) 2021 2020 2019 Warehouse interest income - loans held for sale ​ $ 42,480 ​ $ 53,090 ​ $ 48,211 Warehouse interest expense - loans held for sale ​ (28,084) ​ (35,154) ​ (46,294) Net warehouse interest income - loans held for sale ​ $ 14,396 ​ $ 17,936 ​ $ 1,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 12,406 ​ $ 17,741 ​ $ 32,059 Warehouse interest expense - loans held for investment ​ (4,694) ​ (6,351) ​ (8,277) Warehouse interest income - secured borrowings ​ ​ 1,748 ​ ​ 3,449 ​ ​ 3,549 Warehouse interest expense - secured borrowings ​ ​ (1,748) ​ ​ (3,449) ​ ​ (3,549) Net warehouse interest income - loans held for investment ​ $ 7,712 ​ $ 11,390 ​ $ 23,782
Statement of Cash Flows	Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a timing mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end. The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount. For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 10) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions in the Consolidated Balance Sheets as of December 31, 2021, 2020, 2019, and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2021 2020 2019 2018 Cash and cash equivalents $ 305,635 ​ $ 321,097 ​ $ 120,685 ​ $ 90,058 ​ Restricted cash ​ 42,812 ​ ​ 19,432 ​ ​ 8,677 ​ ​ 20,821 ​ Pledged cash and cash equivalents (NOTE 10) 44,733 ​ 17,473 ​ 7,204 ​ 9,469 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 393,180 ​ $ 358,002 ​ $ 136,566 ​ $ 120,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Income Taxes	Income Taxes —The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, and tax planning strategies. The Company had an immaterial accrual for uncertain tax positions as of December 31, 2021 and 2020.
Pledged Securities	Pledged Securities —As collateral against its Fannie Mae risk-sharing obligations (NOTES 4 and 10), certain securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. Substantially all of the balance of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2021 and 2020 was pledged against Fannie Mae risk-sharing obligations. The Company’s investments included within Pledged securities, at fair value consist primarily of money market funds and Agency debt securities. The investments in Agency debt securities consist of multifamily Agency mortgage-backed securities (“Agency MBS”) and are all accounted for as available-for-sale (“AFS”) securities. The Company does not record an allowance for credit losses for its AFS securities, including those whose fair value is less than amortized cost, when the AFS securities are issued by the GSEs. The contractual cash flows of these AFS securities are guaranteed by the GSEs, which are government-sponsored enterprises under the conservatorship of the Federal Housing Finance Agency. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of these securities. The Company does not intend to sell any of the Agency MBS, nor does the Company believe that it is more likely than not that it would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity.
Asset Management Fees	Asset Management Fees— The Company provides investment management services to investors in low-income housing tax credits (“LIHTC”) funds and earns an asset management fee. The asset management fees are earned each year over the 15-year compliance period of the properties held by the fund; however, due to the uncertainty of the timing and collectability of the asset management fees, the Company only recognizes a receivable for the amount expected to be collected from the funds over the following year. The receivable is based on the Company’s estimates of the ability of the funds to pay the asset management fees using a combination of historical and projected cash proceeds from the funds’ investments. The receivable is reduced as actual cash is received during the quarter. At quarter end, the Company reassesses the amount expected to be collected as described above and recognizes revenue for the difference between the receivable net of cash collections and the receivable based on expected collections. The asset management fee receivable was $42.3 million as of December 31, 2021 and zero as of December 31, 2020 as the Company did not have LIHTC operations prior to the acquisition of Alliant as defined and described in NOTE 7. The asset management fee receivable is included within Receivables, net on the Consolidated Balance Sheets.
Contracts with Customers	Contracts with Customers —A majority of the Company’s revenues are derived from the following sources, all of which are excluded from the accounting provisions applicable to contracts with customers: (i) financial instruments, (ii) transfers and servicing, (iii) derivative transactions, and (iv) investments in debt securities/equity-method investments. The remaining portion of revenues is derived from contracts with customers. The Company’s contracts with customers generally do not require significant judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration, except as noted above), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the Company’s contracts with customers is generally not complicated and is generally completed in a short period of time. ​ The following table presents information about the Company’s contracts with customers for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description in thousands 2021 2020 2019 Statement of income line item Certain loan origination fees ​ $ 186,986 ​ $ 64,528 ​ $ 75,599 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 119,981 ​ ​ 38,108 ​ ​ 30,917 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, revenues from LIHTC operations, and other ​ 56,557 ​ 22,999 ​ 20,968 ​ Other revenues Total revenues derived from contracts with customers ​ $ 363,524 ​ $ 125,635 ​ $ 127,484 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Cash and Cash Equivalents	Cash and Cash Equivalents —The term cash and cash equivalents, as used in the accompanying consolidated financial statements, includes currency on hand, demand deposits with financial institutions, and short-term, highly liquid investments purchased with an original maturity of three months or less. The Company had no cash equivalents as of December 31, 2021 and 2020.
Restricted Cash	Restricted Cash —Restricted cash represents primarily good faith deposits from borrowers and cash held in a collection account to be used to fund the repayment of the Alliant note payable as described more fully in NOTE 6. The Company records a corresponding liability for the good faith deposits from borrowers within Performance deposits from borrowers in the Consolidated Balance Sheets.
Net Receivables	Receivables, Net —Receivables, net represents amounts currently due to the Company pursuant to contractual servicing agreements, investor good faith deposits held in escrow by others, general accounts receivable, advances to and notes receivable from the developers of affordable housing projects, asset management fees receivable, and advances of principal and interest payments and tax and insurance escrow amounts if the borrower is delinquent in making loan payments, to the extent such amounts are determined to be reimbursable and recoverable. Substantially all of these receivables are expected to be collected within a short period of time and are with counterparties with high credit quality (such as the Agencies). Additionally, the Company has not experienced any credit losses related to these receivables. Consequently, the Company has not recorded an allowance for credit losses associated with its receivables as of December 31, 2021 and 2020.
Concentrations of Credit Risk	Concentrations of Credit Risk —Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, loans held for sale, and derivative financial instruments. The Company places the cash and temporary investments with high-credit-quality financial institutions and believes no significant credit risk exists. The counterparties to the loans held for sale and funding commitments are owners of residential multifamily properties located throughout the United States. Mortgage loans are generally transferred or sold within 60 days from the date that a mortgage loan is funded. There is no material residual counterparty risk with respect to the Company's funding commitments as each potential borrower must make a non-refundable good faith deposit when the funding commitment is executed. The counterparty to the forward sale is Fannie Mae, Freddie Mac, or a broker-dealer that has been determined to be a credit-worthy counterparty by us and our warehouse lenders. There is a risk that the purchase price agreed to by the investor will be reduced in the event of a late delivery. The risk for non-delivery of a loan primarily results from the risk that a borrower does not close on the funding commitment in a timely manner. This risk is generally mitigated by the non-refundable good faith deposit.
Leases	Leases —In the normal course of business, the Company enters into lease arrangements for all of its office space. All such lease arrangements are accounted for as operating leases. The Company initially recognizes a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The lease liability is measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee’s initial direct costs. Lease expense is generally recognized on a straight-line basis over the term of the lease. These operating leases do not provide an implicit discount rate; therefore, the Company uses the incremental borrowing rate of its note payable at lease commencement to calculate lease liabilities as the terms on this debt most closely resemble the terms on the Company’s largest leases. The Company’s lease agreements often include options to extend or terminate the lease. Single lease cost related to these lease agreements is recognized on the straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods.
Litigation	Litigation —In the ordinary course of business, the Company may be party to various claims and litigation, none of which the Company believes is material. The Company cannot predict the outcome of any pending litigation and may be subject to consequences that could include fines, penalties, and other costs, and the Company’s reputation and business may be impacted. The Company believes that any liability that could be imposed on the Company in connection with the disposition of any pending lawsuits would not have a material adverse effect on its business, results of operations, liquidity, or financial condition.
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncements —There were no recently announced but not yet effective accounting pronouncements issued that have the potential to impact the Company’s consolidated financial statements. The Company did not adopt any new accounting policies except those related to the acquisition of Alliant (as defined in NOTE 7). The significant policies resulting from the acquisition of Alliant are discussed above.
Reclassifications	Reclassifications

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Components of Provision (Benefit) for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2021 2020 2019 Provision (benefit) for loan losses ​ $ (610) ​ $ 3,739 ​ $ 875 ​ Provision (benefit) for risk-sharing obligations ​ (12,677) ​ 33,740 ​ 6,398 ​ Provision (benefit) for credit losses ​ $ (13,287) ​ $ 37,479 ​ $ 7,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Net Warehouse Interest Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Net Warehouse Interest Income (in thousands) 2021 2020 2019 Warehouse interest income - loans held for sale ​ $ 42,480 ​ $ 53,090 ​ $ 48,211 Warehouse interest expense - loans held for sale ​ (28,084) ​ (35,154) ​ (46,294) Net warehouse interest income - loans held for sale ​ $ 14,396 ​ $ 17,936 ​ $ 1,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 12,406 ​ $ 17,741 ​ $ 32,059 Warehouse interest expense - loans held for investment ​ (4,694) ​ (6,351) ​ (8,277) Warehouse interest income - secured borrowings ​ ​ 1,748 ​ ​ 3,449 ​ ​ 3,549 Warehouse interest expense - secured borrowings ​ ​ (1,748) ​ ​ (3,449) ​ ​ (3,549) Net warehouse interest income - loans held for investment ​ $ 7,712 ​ $ 11,390 ​ $ 23,782
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2021 2020 2019 2018 Cash and cash equivalents $ 305,635 ​ $ 321,097 ​ $ 120,685 ​ $ 90,058 ​ Restricted cash ​ 42,812 ​ ​ 19,432 ​ ​ 8,677 ​ ​ 20,821 ​ Pledged cash and cash equivalents (NOTE 10) 44,733 ​ 17,473 ​ 7,204 ​ 9,469 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 393,180 ​ $ 358,002 ​ $ 136,566 ​ $ 120,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description in thousands 2021 2020 2019 Statement of income line item Certain loan origination fees ​ $ 186,986 ​ $ 64,528 ​ $ 75,599 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 119,981 ​ ​ 38,108 ​ ​ 30,917 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, revenues from LIHTC operations, and other ​ 56,557 ​ 22,999 ​ 20,968 ​ Other revenues Total revenues derived from contracts with customers ​ $ 363,524 ​ $ 125,635 ​ $ 127,484 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2021
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of MSRs (in thousands) 2021 2020 Beginning balance ​ $ 862,813 ​ $ 718,799 ​ Additions, following the sale of loan ​ 313,376 ​ 321,225 ​ Amortization ​ (176,428) ​ (149,888) ​ Pre-payments and write-offs ​ (45,916) ​ (27,323) ​ Ending balance ​ $ 953,845 ​ $ 862,813 ​ ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ December 31, 2021 ​ December 31, 2020 Gross value ​ $ 1,548,870 ​ $ 1,394,901 Accumulated amortization ​ (595,025) ​ (532,088) Net carrying value ​ $ 953,845 ​ $ 862,813
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2022 ​ $ 175,191 2023 ​ 163,741 2024 ​ 143,803 2025 ​ 122,262 2026 ​ 102,269 Thereafter ​ ​ 246,579 Total ​ $ 953,845

GUARANTY OBLIGATION AND ALLOW_2

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Schedule of Activity Related to Guaranty Obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Guaranty Obligation (in thousands) 2021 2020 Beginning balance ​ $ 52,306 ​ $ 54,695 ​ Additions, following the sale of loan ​ 5,607 ​ 5,755 ​ Amortization and write-offs ​ (10,535) ​ (9,612) ​ Other ​ ​ — ​ ​ 1,468 ​ Ending balance ​ $ 47,378 ​ $ 52,306 ​
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2021 2020 Beginning balance ​ $ 75,313 ​ $ 11,471 ​ Adjustment related to adoption of CECL ​ ​ — ​ ​ 31,570 ​ Provision (benefit) for risk-sharing obligations ​ (12,677) ​ 33,740 ​ Write-offs ​ — ​ — ​ Other ​ ​ ​ ​ ​ (1,468) ​ Ending balance ​ $ 62,636 ​ $ 75,313 ​

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt
Schedule of Maturities of Warehouse Notes Payable and Note Payable	​ ​ ​ ​ ​ Year Ending December 31, Maturities 2022 ​ $ 1,836,813 ​ 2023 ​ ​ 110,290 ​ 2024 ​ ​ 53,520 ​ 2025 ​ ​ 26,000 ​ 2026 ​ ​ 24,000 ​ Thereafter ​ ​ 637,000 ​ Total ​ $ 2,687,623 ​ ​
Warehouse Facilities
Debt
Schedule of warehouse lines of credit	December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (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 ​ $ 83,336 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 460,388 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 410,546 30-day LIBOR plus 1.15% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 181,996 ​ 30-day LIBOR plus 1.40% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 522,507 30-day LIBOR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,075,000 ​ $ 1,565,000 ​ $ 3,640,000 ​ $ 1,658,773 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 725,085 ​ ​ ​ Total agency warehouse facilities ​ $ 2,075,000 ​ $ 3,065,000 ​ $ 5,140,000 ​ $ 2,383,858 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ 71,572 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ 34,000 30-day LIBOR plus 1.65% ​ Interim Warehouse Facility #3 ​ 75,000 ​ 75,000 ​ 150,000 ​ 8,861 ​ 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 interim warehouse facilities ​ $ 329,810 ​ $ 75,000 ​ $ 404,810 ​ $ 134,243 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (945) ​ ​ ​ Total warehouse facilities ​ $ 2,404,810 ​ $ 3,140,000 ​ $ 5,544,810 ​ $ 2,517,156 ​ ​ ​ (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.
Notes Payable
Debt
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, unless otherwise specified) ​ December 31, ​ ​ ​ 2021 2020 Interest rate and repayments Term Loan Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 600,000 ​ $ 294,773 ​ Interest rate varies - see above for further details; Unamortized debt discount ​ ​ (1,491) ​ ​ (1,026) ​ Quarterly principal payments of $1.5 million and $0.8 million, respectively Unamortized debt issuance costs ​ ​ (8,914) ​ ​ (2,154) ​ ​ Carrying balance ​ $ 589,595 ​ $ 291,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Alliant Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 145,175 ​ $ — ​ 4.75% Fixed-rate Fair value adjustment (1) ​ ​ 5,404 ​ ​ — ​ ​ Carrying balance ​ $ 150,579 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Notes Payable Carrying Balance ​ $ 740,174 ​ $ 291,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Fair value adjustment related to the purchase accounting for Alliant (as defined in NOTE 7).

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
Schedule of Acquisition Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Detail of Acquisition Activity (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition ​ ​ Purchase Consideration ​ ​ Assets ​ Liabilities ​ Noncontrolling ​ Goodwill Acquisition ​ Date ​ Cash ​ Stock (1) ​ 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 ​ ​ 53,459 ​ ​ 5,250 ​ ​ — ​ ​ 58,709 ​ ​ 22,866 ​ ​ 5,886 ​ ​ 19,569 ​ ​ 61,298 Acquisition #4 ​ Q4 2021 ​ ​ 379,677 ​ ​ 115,321 ​ ​ 85,800 ​ ​ 580,798 ​ ​ 688,977 ​ ​ 470,434 ​ ​ 8,618 ​ ​ 370,873 Total ​ ​ ​ $ 443,642 ​ $ 120,571 ​ $ 93,304 ​ $ 657,517 ​ $ 712,347 ​ $ 476,320 ​ $ 28,187 ​ $ 449,677 (1) The stock consideration shown above is a non-cash transaction not impacting the amount of cash consideration paid on the Consolidated Statements of Cash Flows.
Schedule of Assets and Liabilities Acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition Date (in thousands) ​ December 16, 2021 Assets acquired ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,431 ​ Restricted cash ​ ​ 7,898 ​ Other Intangible Assets ​ ​ 170,800 ​ Committed investments in tax credit equity ​ 261,936 ​ Receivables, net ​ ​ 103,439 ​ Other assets ​ 131,473 ​ Total assets acquired ​ $ 688,977 ​ ​ ​ ​ ​ ​ ​ Acquisition Date (in thousands) ​ December 16, 2021 Liabilities assumed ​ ​ ​ Warehouse notes payable ​ $ 21,682 Note payable ​ ​ 150,579 Commitments to fund investments in tax credit equity ​ ​ 244,329 Other liabilities ​ ​ 53,844 Total liabilities assumed ​ $ 470,434 ​ ​ ​ ​
Schedule of Supplementary Pro Forma Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Supplementary pro forma information (unaudited) 2021 2020 (in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,387,227 ​ $ 1,187,820 ​ Income from operations (1) ​ ​ 391,237 ​ ​ 361,489 ​ Walker & Dunlop net income (2) ​ ​ 293,062 ​ ​ 277,400 ​ Basic Earnings per share ​ ​ 8.90 ​ ​ 8.62 ​ Diluted earnings per share ​ ​ 8.78 ​ ​ 8.45 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average earnings shares outstanding ​ ​ 31,856 ​ ​ 31,253 ​ Weighted-average diluted shares outstanding ​ 32,308 ​ 31,892 ​ (1) Income from operations includes pro forma adjustments related to interest expense for additional term debt financing obtained to close the acquisition. Pro forma adjustments increasing interest expense by $9.7 million and $7.3 million are include in the supplementary pro forma information presented for 2021 and 2020, respectively . (2) In addition to pro forma adjustments for interest expense, Walker & Dunlop net income includes pro forma adjustments for purchase accounting and income tax expenses of $21.6 million and $12.9 million that decrease Alliant’s operating results for the years ended December 31, 2021 and 2020, respectively .

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Goodwill (in thousands) 2021 2020 Beginning balance ​ $ 248,958 ​ $ 180,424 ​ Additions from acquisitions ​ 449,677 ​ 68,534 ​ Impairment ​ — ​ — ​ Ending balance ​ $ 698,635 ​ $ 248,958 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2021 2020 ​ Beginning balance ​ $ 28,829 ​ $ 5,752 ​ Additions ​ ​ 93,304 ​ ​ 27,645 ​ Accretion and revaluation ​ ​ 9,755 ​ ​ 1,232 ​ Payments ​ ​ (6,080) ​ ​ (5,800) ​ Ending balance ​ $ 125,808 ​ $ 28,829 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 1,811,586 ​ $ — ​ $ 1,811,586 ​ Pledged securities ​ 44,733 ​ 104,263 ​ — ​ 148,996 ​ Derivative assets ​ — ​ — ​ 37,364 ​ 37,364 ​ Total ​ $ 44,733 ​ $ 1,915,849 ​ $ 37,364 ​ $ 1,997,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ ​ ​ ​ ​ ​ ​ 125,808 ​ ​ 125,808 ​ Total ​ $ — ​ $ — ​ $ 132,211 ​ $ 132,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Contingent consideration liabilities ​ ​ ​ ​ ​ ​ ​ ​ 28,829 ​ ​ 28,829 ​ Total ​ $ — ​ $ — ​ $ 33,895 ​ $ 33,895 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Derivative Assets and Liabilities, net (in thousands) 2021 2020 Beginning balance ​ $ 44,720 ​ $ 15,532 Settlements ​ (746,918) ​ (687,874) Realized gains recorded in earnings (1) ​ 702,198 ​ 672,342 Unrealized gains (losses) recorded in earnings (1) ​ 30,961 ​ 44,720 Ending balance ​ $ 30,961 ​ $ 44,720 (1) Realized and unrealized gains from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Consolidated Statements of Income.
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (3) Derivative assets ​ $ 37,364 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 6,403 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 125,808 ​ Various (2) ​ Probability of earn-out achievement ​ 88% - 100% ​ 92% (1) Significant changes in this input may lead to significant changes in the fair value measurements. (2) Valuation techniques used include probability-weighted achievement analysis and Monte Carlo simulation analysis. (3) Contingent consideration weighted based on maximum gross earn-out amount.
Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 305,635 ​ $ 305,635 ​ $ 321,097 ​ $ 321,097 ​ Restricted cash ​ 42,812 ​ 42,812 ​ 19,432 ​ 19,432 ​ Pledged securities ​ 148,996 ​ 148,996 ​ 137,236 ​ 137,236 ​ Loans held for sale ​ 1,811,586 ​ 1,811,586 ​ 2,449,198 ​ 2,449,198 ​ Loans held for investment, net ​ 269,125 ​ 270,826 ​ 360,402 ​ 362,586 ​ Derivative assets ​ 37,364 ​ 37,364 ​ 49,786 ​ 49,786 ​ Total financial assets ​ $ 2,615,518 ​ $ 2,617,219 ​ $ 3,337,151 ​ $ 3,339,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 6,403 ​ $ 6,403 ​ $ 5,066 ​ $ 5,066 ​ Contingent consideration liabilities ​ ​ 125,808 ​ ​ 125,808 ​ ​ 28,829 ​ ​ 28,829 ​ Secured borrowings ​ ​ — ​ ​ — ​ ​ 73,314 ​ ​ 73,314 ​ Warehouse notes payable ​ 1,941,572 ​ 1,942,448 ​ 2,517,156 ​ 2,518,101 ​ Notes payable ​ 740,174 ​ 745,175 ​ 291,593 ​ 294,773 ​ Total financial liabilities ​ $ 2,813,957 ​ $ 2,819,834 ​ $ 2,915,958 ​ $ 2,920,083 ​
Schedule of Fair Value of Derivative Instruments and Loans Held for Sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Adjustment Components ​ Balance Sheet Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Notional or ​ Estimated ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ Principal ​ Gain ​ Interest Rate ​ Fair Value ​ Derivative ​ Derivative ​ to Loans (in thousands) ​ Amount ​ on Sale ​ Movement ​ Adjustment ​ Assets ​ Liabilities ​ Held for Sale December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,115,829 ​ $ 29,837 ​ $ (4,604) ​ $ 25,233 ​ $ 26,526 ​ $ (1,293) ​ $ — ​ Forward sale contracts ​ 2,881,224 ​ — ​ 5,728 ​ 5,728 ​ 10,838 ​ ​ (5,110) ​ — ​ Loans held for sale ​ 1,765,395 ​ 47,315 ​ (1,124) ​ 46,191 ​ — ​ — ​ 46,191 ​ Total ​ ​ ​ ​ $ 77,152 ​ $ — ​ $ 77,152 ​ $ 37,364 ​ $ (6,403) ​ $ 46,191 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 2021
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Pledged Securities (in thousands) 2021 2020 2019 2018 Restricted cash $ 3,779 ​ $ 4,954 ​ $ 2,150 ​ $ 3,029 ​ Money market funds ​ 40,954 ​ ​ 12,519 ​ ​ 5,054 ​ ​ 6,440 ​ Total pledged cash and cash equivalents $ 44,733 ​ $ 17,473 ​ $ 7,204 ​ $ 9,469 ​ Agency MBS 104,263 ​ 119,763 ​ 114,563 ​ 106,862 ​ Total pledged securities, at fair value $ 148,996 ​ $ 137,236 ​ $ 121,767 ​ $ 116,331 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) December 31, 2021 December 31, 2020 Fair value $ 104,263 ​ $ 119,763 ​ Amortized cost ​ 100,847 ​ ​ 117,136 ​ Total gains for securities with net gains in AOCI ​ 3,636 ​ ​ 2,669 ​ Total losses for securities with net losses in AOCI (220) ​ (42) ​ Fair value of securities with unrealized losses 4,757 ​ 12,267 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 2,416 ​ ​ 2,412 ​ After five years through ten years ​ 73,025 ​ ​ 72,224 ​ After ten years 28,822 ​ ​ 26,211 ​ Total $ 104,263 ​ $ 100,847 ​ ​ ​ ​ ​ ​ ​ ​

SHARE-BASED PAYMENT (Tables)

SHARE-BASED PAYMENT (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE-BASED PAYMENT
Schedule of Stock Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of stock compensation expense (in thousands) 2021 2020 2019 ​ Restricted shares ​ $ 25,520 ​ $ 18,924 ​ $ 17,818 ​ Stock options ​ ​ — ​ ​ 71 ​ ​ 625 ​ PSP "RSUs" ​ ​ 11,062 ​ ​ 9,324 ​ ​ 5,632 ​ Total stock compensation expense ​ $ 36,582 ​ $ 28,319 ​ $ 24,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess tax benefit recognized ​ $ 8,620 ​ $ 7,273 ​ $ 4,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Restricted Share Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Shares Activity Shares Fair Value Nonvested at January 1, 2021 ​ 1,122,614 ​ $ 62.41 ​ Granted ​ 447,619 ​ ​ 101.48 ​ Vested ​ (403,473) ​ ​ 61.16 ​ Forfeited ​ (44,067) ​ ​ 79.65 ​ Nonvested at December 31, 2021 ​ 1,122,693 ​ $ 77.70 ​
Schedule of Restricted Share Units Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Share Units Activity Share Units Fair Value Nonvested at January 1, 2021 ​ 770,493 ​ $ 50.37 ​ Granted ​ 263,845 ​ ​ 101.04 ​ Vested ​ (55,483) ​ ​ 100.36 ​ Forfeited ​ (196,709) ​ ​ 49.80 ​ Cancelled ​ (3,600) ​ ​ 67.13 ​ Nonvested at December 31, 2021 ​ 778,546 ​ $ 67.66 ​
Schedule of Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ ​ Exercise ​ Contract Life ​ Value ​ Stock Options Activity Options Price (Years) (in thousands) Outstanding at January 1, 2021 ​ 461,340 ​ $ 22.51 ​ ​ ​ ​ ​ ​ Exercised ​ (227,334) ​ ​ 22.78 ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 234,006 ​ $ 22.25 ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2021 ​ 234,006 ​ $ 22.25 ​ 3.7 ​ $ 30,101 ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of Basic and Diluted EPS Under Two-Class Method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, EPS Calculations (in thousands, except per share amounts) ​ 2021 ​ 2020 ​ 2019 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income ​ $ 265,762 ​ $ 246,177 ​ $ 173,373 ​ Less: dividends and undistributed earnings allocated to participating securities ​ 8,837 ​ 7,337 ​ 5,649 ​ Net income applicable to common stockholders ​ $ 256,925 ​ $ 238,840 ​ $ 167,724 ​ Weighted-average basic shares outstanding ​ ​ 31,081 ​ ​ 30,444 ​ ​ 29,913 ​ Basic EPS ​ $ 8.27 ​ $ 7.85 ​ $ 5.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders ​ $ 256,925 ​ $ 238,840 ​ $ 167,724 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ ​ 93 ​ ​ 120 ​ ​ 126 ​ Net income allocated to common stockholders ​ $ 257,018 ​ $ 238,960 ​ $ 167,850 ​ Weighted-average basic shares outstanding ​ ​ 31,081 ​ ​ 30,444 ​ ​ 29,913 ​ Add: weighted-average diluted non-participating securities ​ ​ 452 ​ ​ 639 ​ ​ 902 ​ Weighted-average diluted shares outstanding ​ ​ 31,533 ​ ​ 31,083 ​ ​ 30,815 ​ Diluted EPS ​ $ 8.15 ​ $ 7.69 ​ $ 5.45 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Summary of Provision for Income Taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Income Tax Expense (in thousands) 2021 2020 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 40,025 ​ $ 26,854 ​ $ 28,150 ​ State ​ ​ 12,181 ​ ​ 10,294 ​ ​ 6,959 ​ Total current expense ​ $ 52,206 ​ $ 37,148 ​ $ 35,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 26,630 ​ $ 37,354 ​ $ 17,484 ​ State ​ ​ 7,592 ​ ​ 9,811 ​ ​ 4,528 ​ Total deferred expense ​ $ 34,222 ​ $ 47,165 ​ $ 22,012 ​ Total income tax expense ​ $ 86,428 ​ $ 84,313 ​ $ 57,121 ​
Schedule of Reconciliation of the Statutory Federal Tax Provision to Income Tax Provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ (in thousands) 2021 2020 2019 ​ Statutory federal expense ​ $ 73,932 ​ $ 69,356 ​ $ 48,374 ​ Statutory state income tax expense, net of federal tax benefit ​ ​ 16,409 ​ ​ 13,828 ​ ​ 9,281 ​ Other ​ ​ (3,913) ​ ​ 1,129 ​ ​ (534) ​ Income tax expense ​ $ 86,428 ​ $ 84,313 ​ $ 57,121 ​
Schedule of Deferred Tax Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Deferred Tax Liabilities, Net (in thousands) 2021 2020 Deferred Tax Assets ​ ​ ​ ​ ​ ​ ​ Compensation related ​ $ 5,811 ​ $ 8,760 ​ Credit losses ​ 16,748 ​ 20,163 ​ Total deferred tax assets ​ $ 22,559 ​ $ 28,923 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities ​ ​ ​ ​ ​ ​ ​ Mark-to-market of derivatives and loans held for sale ​ $ (16,874) ​ $ (22,367) ​ Mortgage servicing rights related ​ ​ (208,718) ​ ​ (180,129) ​ Acquisition related (1) ​ ​ (12,977) ​ ​ (9,594) ​ Depreciation ​ ​ (2,317) ​ ​ (2,267) ​ Other ​ ​ (6,913) ​ ​ (224) ​ Total deferred tax liabilities ​ $ (247,799) ​ $ (214,581) ​ Deferred tax liabilities, net ​ $ (225,240) ​ $ (185,658) ​ (1) Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization.

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENTS
Schedule of Loans Serviced for Others, by Product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Loan Servicing Portfolio (in thousands) 2021 2020 2019 Fannie Mae ​ $ 53,401,457 ​ $ 48,818,185 ​ $ 40,049,095 ​ Freddie Mac ​ ​ 37,138,836 ​ ​ 37,072,587 ​ ​ 32,583,842 ​ Ginnie Mae-HUD ​ ​ 9,889,289 ​ ​ 9,606,506 ​ ​ 9,972,989 ​ Life insurance companies and other ​ ​ 15,270,982 ​ ​ 11,714,694 ​ ​ 10,619,243 ​ Total ​ $ 115,700,564 ​ $ 107,211,972 ​ $ 93,225,169 ​
Schedule of Percentage of Unpaid Principal Balance of the Loans Serviced for Others	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent of Total UPB as of December 31, ​ Loan Servicing Portfolio Concentration by State 2021 2020 2019 California ​ 16.1 % 16.2 % 16.2 % Florida ​ 10.0 ​ 10.4 ​ 9.4 ​ Texas ​ 8.6 ​ 8.8 ​ 9.3 ​ Georgia ​ 5.9 ​ 5.9 ​ 5.8 ​ All other states ​ 59.4 ​ 58.7 ​ 59.3 ​ Total ​ 100.0 % 100.0 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of Lease Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the years ended December 31, Operating Lease Arrangements (dollars in thousands) ​ 2021 ​ 2020 ​ 2019 Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ $ 24,825 ​ $ 17,405 ​ $ 22,307 Lease Liabilities ​ ​ 29,523 ​ ​ 22,579 ​ ​ 28,156 Weighted-average remaining lease term ​ ​ 4.0 years ​ ​ 3.2 years ​ ​ 3.7 years Weighted-average discount rate ​ ​ 3.3% ​ ​ 4.6% ​ ​ 4.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Single lease costs ​ $ 9,435 ​ $ 8,856 ​ $ 7,593 Cash paid for amounts included in the measurement of lease liabilities ​ ​ 9,617 ​ ​ 8,833 ​ ​ 8,218 Right-of-use assets obtained in exchange for new lease obligations ​ ​ 13,215 ​ ​ 1,488 ​ ​ 3,013 ​
Schedule of Maturities of Lease Liabilities	​ ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ ​ ​ 2022 ​ $ 10,412 ​ ​ 2023 ​ ​ 9,228 ​ ​ 2024 ​ ​ 3,585 ​ ​ 2025 ​ ​ 2,223 ​ ​ Thereafter ​ ​ 4,094 ​ ​ Total lease payments ​ $ 29,542 ​ ​ Less imputed interest ​ ​ (19) ​ ​ Total ​ $ 29,523 ​ ​

OTHER OPERATING EXPENSES (Table

OTHER OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER OPERATING EXPENSES
Summary of Major Components of Other Operating Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Other Operating Expenses (in thousands) 2021 2020 2019 Professional fees ​ $ 26,920 ​ $ 18,345 ​ $ 20,896 ​ Travel and entertainment ​ ​ 7,203 ​ ​ 4,685 ​ ​ 10,759 ​ Rent (1) ​ ​ 11,262 ​ ​ 10,486 ​ ​ 9,136 ​ Marketing and preferred broker ​ ​ 12,526 ​ ​ 9,139 ​ ​ 8,534 ​ Office expenses ​ ​ 15,056 ​ ​ 17,360 ​ ​ 9,972 ​ All other ​ ​ 25,688 ​ ​ 9,567 ​ ​ 7,299 ​ Total ​ $ 98,655 ​ $ 69,582 ​ $ 66,596 ​ ​ (1)

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($) $ in Thousands	Feb. 04, 2022	Dec. 16, 2021	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Joint Venture
Contingent consideration			$ 125,808	$ 125,808		$ 28,829	$ 5,752
GeoPhy
Joint Venture
Cash consideration	$ 85,000
Contingent consideration	$ 205,000
Contingent consideration liability earnout period	4 years
Acquisition #4 - Alliant Capital
Joint Venture
Cash consideration		$ 379,700	379,677
Contingent consideration		$ 100,000	$ 85,800	$ 85,800
Contingent consideration liability earnout period		4 years
Interim Program JV
Joint Venture
Ownership interest			15.00%	15.00%
Appraisal JV
Joint Venture
Ownership interest			50.00%	50.00%
Zellman
Subsidiary
Ownership interest in WDIB					75.00%
Maximum
Joint Venture
Contingent consideration liability earnout period				5 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Banking Activities
Co-broker fees	$ 21	$ 33.1	$ 20.6
OMSRs | Minimum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	8.00%	10.00%
Reduction in estimated life of originated MSRs	6 months
OMSRs | Maximum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	14.00%	15.00%
Reduction in estimated life of originated MSRs	12 months

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Risk Sharing Obligations (Details)	12 Months Ended
	Dec. 31, 2021
Debt
Reasonable and supportable forecast period used for determining CECL reserves	1 year
Period of time rate reverts to historical rate	1 year
Fannie Mae DUS program | Maximum
Debt
Term of targeted debt	15 years
Maximum delinquency period of loans at which initial loss recognition occurs	60 days
Amount of loss absorbed at time of loan default as a percent of the origination unpaid principal balance	20.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Loans Held-for-Investment, Net
Number of loans held for investment | loan	12	18
Unpaid principal balance of loans held for investment	$ 274.5	$ 366.3
Net unamortized deferred fees and costs	1.2	1.1
Allowance for loan losses	$ 4.2	$ 4.8
Reasonable and supportable forecast period used for determining CECL reserves	1 year
Charge off rate for forecasted period	0.03%	0.06%
Charge off rate for the remaining period	0.02%
Loans Held for Investment
Transfers of financial assets accounted for as secured borrowings
Loan portfolio transferred to third party		$ 81.5
Other Liabilities
Transfers of financial assets accounted for as secured borrowings
Secured borrowing		$ 73.3
Loans Held for Investment
Loans Held-for-Investment, Net
Number of delinquent loans | loan	1	1
Charge off rate for forecasted period	0.15%	0.36%
Charge off rate for the remaining period	0.09%	0.09%
Loans held for investment, delinquent	$ 14.7	$ 14.7
Number of loans on nonaccrual status | loan	1	1
Loans, non-accrual status	$ 14.7	$ 14.7
Specific reserve for loan	3.7	3.7
Amortized cost of loans held for investment, current	258.6	350.5
Loans originated in 2021	$ 231.5
Loans originated in 2020		$ 0
Loans originated in 2019			$ 28.3
Loans Held for Investment | Maximum
Loans Held-for-Investment, Net
Term of loans	3 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Provision for Credit Losses
Provision (benefit) for loan losses	$ (610)	$ 3,739	$ 875
Provision (benefit) for risk-sharing obligations	(12,677)	33,740	6,398
Provision (benefit) for credit losses	$ (13,287)	$ 37,479	$ 7,273

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021segment	Oct. 01, 2021USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units | segment	1
Market capitalization in excess net asset value | $		$ 2.4
Market capitalization in excess net asset value, percentage		173.00%

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Sale (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans Held for Sale
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days
Loans held for sale carried at lower of cost or fair value	$ 0	$ 0
Loans, non-accrual status	$ 0	$ 0
Mortgage Loans
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Payment (Detail)	12 Months Ended
	Dec. 31, 2021
Stock Option
Fair value assumptions, Black-Scholes
Expiration period	10 years
Vesting period	3 years
Restricted Stock Units (RSUs) | PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Officers And Employees
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Officers And Employees | Minimum
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Non-Employee Directors
Fair value assumptions, Black-Scholes
Vesting period	1 year
Restricted Shares | Production Personnel | Minimum
Fair value assumptions, Black-Scholes
Vesting period	3 years

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans Held for Sale
Net Warehouse Interest Income
Warehouse interest income	$ 42,480	$ 53,090	$ 48,211
Warehouse interest expense	(28,084)	(35,154)	(46,294)
Net warehouse interest income	14,396	17,936	1,917
Loans Held for Investment
Net Warehouse Interest Income
Warehouse interest income	12,406	17,741	32,059
Warehouse interest expense	(4,694)	(6,351)	(8,277)
Net warehouse interest income	7,712	11,390	23,782
Secured Borrowings
Net Warehouse Interest Income
Warehouse interest income	1,748	3,449	3,549
Warehouse interest expense	$ (1,748)	$ (3,449)	$ (3,549)

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 305,635	$ 321,097	$ 120,685	$ 90,058
Restricted cash	42,812	19,432	8,677	20,821
Pledged cash and cash equivalents (NOTE 9)	44,733	17,473	7,204	9,469
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 393,180	$ 358,002	$ 136,566	$ 120,348

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers and Asset Management Fees (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Contracts with Customers
Revenue from contracts with customer	$ 363,524,000	$ 125,635,000	$ 127,484,000
Cash and Cash Equivalents
Cash equivalents	$ 0	0
Asset management fees
Compliance period for properties held in the LIHTC fund	15 years
Asset management fee receivable	$ 42,300,000
Loan Origination Fees | Loan Origination and Debt Brokerage Fees, Net
Contracts with Customers
Revenue from contracts with customer	186,986,000	64,528,000	75,599,000
Property Sales Broker Fees | Property Sales Broker Fees
Contracts with Customers
Revenue from contracts with customer	119,981,000	38,108,000	30,917,000
Investment management fees, application fees, subscription revenues, revenues from LIHTC operations, and other | Other Revenues
Contracts with Customers
Revenue from contracts with customer	$ 56,557,000	$ 22,999,000	$ 20,968,000

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Servicing
Fair value of the MSRs	$ 1.3	$ 1.1
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	$ 38.4
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	$ 74.3

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Servicing Rights
Beginning balance	$ 862,813
Ending balance	953,845	$ 862,813
Servicing portfolio loans unpaid principal balance	115,700,564	107,211,972	$ 93,225,169
MSRs
Mortgage Servicing Rights
Beginning balance	862,813	718,799
Additions, following the sale of loan	313,376	321,225
Amortization	(176,428)	(149,888)
Pre-payments and write-offs	(45,916)	(27,323)
Ending balance	$ 953,845	$ 862,813

MORTGAGE SERVICING RIGHTS - Sum

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,548,870	$ 1,394,901
Accumulated amortization	(595,025)	(532,088)
Net carrying value	$ 953,845	$ 862,813

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future amortization
2022	$ 175,191
2023	163,741
2024	143,803
2025	122,262
2026	102,269
Thereafter	246,579
Net carrying value	$ 953,845	$ 862,813

MORTGAGE SERVICING RIGHTS - Pre

MORTGAGE SERVICING RIGHTS - Prepayment fees and Other information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Escrow earnings and other interest income
Servicing
Escrow earnings	$ 5.6	$ 14.9	$ 51.4
MSRs
Servicing
Expected amortization period for net carrying value	7 years 6 months
MSRs | Other Revenues
Servicing
Prepayment fees	$ 40.1	$ 22	$ 26.8

GUARANTY OBLIGATION AND ALLOW_3

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Guaranty obligation, net of accumulated amortization - beginning balance	$ 52,306	$ 54,695
Additions, following the sale of loan	5,607	5,755
Amortization	(10,535)	(9,612)
Other		1,468
Guaranty obligation, net of accumulated amortization - ending balance	$ 47,378	$ 52,306

GUARANTY OBLIGATION AND ALLOW_4

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Allowance for Risk-Sharing Contracts
Beginning balance	$ 75,313	$ 11,471
Adjustment related to adoption of CECL		31,570
Provision (benefit) for risk-sharing obligations	(12,677)	33,740	$ 6,398
Other		(1,468)
Ending balance	$ 62,636	$ 75,313	11,471
Number of defaulted loans | loan	3	2
Amount of specific reserves placed on defaulted at risk loans	$ 10,300	$ 8,300
Charge off rate for forecasted period	0.03%	0.06%
Reversion period used for determining CECL reserves	1 year
Charge off rate for the remaining period	0.02%
At risk servicing portfolio	$ 115,700,564	$ 107,211,972	$ 93,225,169
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	10,100,000	9,000,000
Fannie Mae DUS Program
Allowance for Risk-Sharing Contracts
At risk servicing portfolio	48,000,000
CECL reserve for at risk servicing portfolio	$ 52,300	$ 67,000
Weighted average remaining life of the at risk servicing portfolio	7 years 6 months

SERVICING - (Detail)

SERVICING - (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Servicing
Servicing portfolio loans unpaid principal balance	$ 115,700,564	$ 107,211,972	$ 93,225,169
Loans serviced
Servicing
Servicing portfolio loans unpaid principal balance	115,700,000	107,200,000
Custodial escrow accounts	$ 3,700,000	$ 3,100,000

DEBT - Summary Information (Det

DEBT - Summary Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2022	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)facilityitemloan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Warehouse notes payable
Outstanding Balance		$ 1,941,572	$ 1,941,572	$ 2,517,156
Warehouse Facilities
Warehouse notes payable
Committed Amount		2,859,810	2,859,810	2,404,810
Uncommitted Amount		3,215,000	3,215,000	3,140,000
Total Facility Capacity		6,074,810	6,074,810	5,544,810
Outstanding Balance		1,941,572	1,941,572	2,517,156
Interest expense			34,500	45,000	$ 58,100
Debt issuance costs		(875)	(875)	(945)
Facility fees			3,800	4,100	4,900
Loans Held for Sale
Warehouse notes payable
Interest expense			28,084	35,154	46,294
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		2,375,000	2,375,000	2,075,000
Uncommitted Amount		3,215,000	3,215,000	3,065,000
Total Facility Capacity		5,590,000	5,590,000	5,140,000
Outstanding Balance		1,761,332	1,761,332	2,383,858
Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		350,000	350,000
Loans Held for Investment
Warehouse notes payable
Interest expense			4,694	6,351	$ 8,277
Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		100,000	$ 100,000
National Banks | Agency Warehouse Facility
Warehouse notes payable
Number of credit facilities | facility			7
National Banks | Alliant Warehouse Facility
Warehouse notes payable
Committed Amount		30,000	$ 30,000
Total Facility Capacity		30,000	30,000
Outstanding Balance		$ 8,296	$ 8,296
Maturity date		Apr. 30, 2022	Apr. 30, 2022
Acquisition adjustments			$ 0
National Banks | Alliant Warehouse Facility | Daily LIBOR
Warehouse notes payable
Percentage added to reference rate			3.00%
National Banks | Alliant Warehouse Facility | Daily LIBOR | Minimum
Warehouse notes payable
Interest rate floor			1.50%
National Banks | Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 2,375,000	$ 2,375,000	2,075,000
Uncommitted Amount		1,715,000	1,715,000	1,565,000
Total Facility Capacity		4,090,000	4,090,000	3,640,000
Outstanding Balance		575,026	575,026	1,658,773
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		425,000	425,000	425,000
Total Facility Capacity		425,000	425,000	425,000
Outstanding Balance		34,032	$ 34,032	$ 83,336
Maturity date			Oct. 24, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate				1.40%
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate			1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		700,000	$ 700,000	$ 700,000
Uncommitted Amount		300,000	300,000	300,000
Total Facility Capacity		1,000,000	1,000,000	1,000,000
Outstanding Balance		147,055	$ 147,055	$ 460,388
Maturity date			Apr. 14, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.40%
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		600,000	$ 600,000	$ 600,000
Uncommitted Amount		265,000	265,000	265,000
Total Facility Capacity		865,000	865,000	865,000
Outstanding Balance		156,705	$ 156,705	$ 410,546
Maturity date			May 14, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.15%
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		350,000	$ 350,000	$ 350,000
Total Facility Capacity		350,000	350,000	350,000
Outstanding Balance		45,337	$ 45,337	$ 181,996
Maturity date			Jun. 22, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%	1.40%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.05%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4, Defaulted FHA Sublimit | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		75,000	$ 75,000
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		1,000,000	1,000,000
Uncommitted Amount		1,000,000	1,000,000	$ 1,000,000
Total Facility Capacity		1,000,000	1,000,000	1,000,000
Outstanding Balance		175,608	$ 175,608	$ 522,507
Maturity date			Sep. 15, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate				1.45%
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate			1.45%
National Banks | Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		150,000	$ 150,000
Uncommitted Amount		100,000	100,000
Total Facility Capacity		250,000	$ 250,000
Maturity date			Mar. 5, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			1.40%
National Banks | Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.25%
National Banks | 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		16,289	$ 16,289
Maturity date			Aug. 24, 2022
Advances made as a percentage of the loan balance			100.00%
National Banks | Loans Held for Sale | Agency Warehouse Facility #7 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			1.30%
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Number of credit facilities | facility			4
Committed Amount		454,810	$ 454,810	$ 329,810
Uncommitted Amount				75,000
Total Facility Capacity		454,810	454,810	404,810
Outstanding Balance		172,819	172,819	134,243
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		135,000	135,000	135,000
Total Facility Capacity		135,000	$ 135,000	135,000
Outstanding Balance				$ 71,572
Maturity date			May 14, 2022
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | Maximum
Warehouse notes payable
Term over which funding of first mortgage loans on multi-family real estate properties can be made using a combination of available cash and facility advances			3 years
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			1.90%	1.90%
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Interest rate floor			0.00%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		100,000	$ 100,000	$ 100,000
Total Facility Capacity		100,000	$ 100,000	100,000
Outstanding Balance				$ 34,000
Maturity date	Dec. 13, 2023		Dec. 13, 2023
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | Maximum
Warehouse notes payable
Term over which funding of first mortgage loans on multi-family real estate properties can be made using a combination of available cash and facility advances			3 years
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate				1.65%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Percentage added to reference rate			1.65%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | 30-day LIBOR | Maximum
Warehouse notes payable
Percentage added to reference rate			2.00%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Percentage added to reference rate	1.35%
Interest rate floor	0.00%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | Adjusted Term SOFR | Maximum
Warehouse notes payable
Percentage added to reference rate	1.85%
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		200,000	$ 200,000	$ 75,000
Uncommitted Amount				75,000
Total Facility Capacity		200,000	200,000	150,000
Outstanding Balance		153,009	$ 153,009	$ 8,861
Maturity date			Sep. 29, 2022
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | Maximum
Warehouse notes payable
Term over which funding of first mortgage loans on multi-family real estate properties can be made using a combination of available cash and facility advances			3 years
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Percentage added to reference rate			1.75%	1.75%
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | 30-day LIBOR | Maximum
Warehouse notes payable
Percentage added to reference rate			3.25%	3.25%
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		19,810	$ 19,810	$ 19,810
Total Facility Capacity		19,810	19,810	19,810
Outstanding Balance		19,810	$ 19,810	$ 19,810
Number of loans funded | loan			1
Maturity date			Oct. 1, 2022
Number of financial covenants | item			2
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate			3.00%	3.00%
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Interest rate floor			4.50%
Fannie Mae | Fannie Mae Repurchase Agreement, Uncommitted Line and Open Maturity | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount		1,500,000	$ 1,500,000
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	$ 1,500,000
Total Facility Capacity		1,500,000	1,500,000	1,500,000
Outstanding Balance		$ 1,186,306	$ 1,186,306	$ 725,085
Advances made as a percentage of the loan balance			99.00%

DEBT - Covenants and Terms (Det

DEBT - Covenants and Terms (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Agency Warehouse Facilities and Interim Warehouse Facilities #1 and #2
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants	75.00%
Minimum liquid asset to be maintained under financial covenants	$ 15
Debt covenant, aggregate minimum unpaid principal amount of all mortgage loans comprising the company's consolidated servicing portfolio	20,000
Debt covenant, aggregate minimum unpaid principal amount of all Fannie Mae DUS mortgage loans comprising the company's consolidated servicing portfolio	$ 10,000
Debt covenant, exclusion from servicing portfolio measure of loans past due period	60 days
Debt covenant, maximum percentage of Fannie Mae DUS loans 60 days past due to total servicing portfolio	3.50%
Maximum indebtedness to tangible net worth	2.25
Agency Warehouse Facility #5
Warehouse notes payable
Minimum rolling four-quarter EBITDA to total debt service ratio	2.75
Interim Warehouse Facility #1 [Member]
Warehouse notes payable
Minimum rolling four-quarter EBITDA to total debt service ratio	2
Interim Warehouse Facility #4
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants	75.00%
Minimum liquid asset to be maintained under financial covenants	$ 15
Interim Warehouse Facility #2 [Member]
Warehouse notes payable
Minimum EBITDA to be maintained under financial covenants	$ 35
Minimum debt service coverage ratio	2.75
Interim Warehouse Facility #3 [Member]
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 200
Percentage of equity issued by the company or its subsidiaries added to base amount to determine compliance with tangible net worth covenants	75.00%
Minimum liquid asset to be maintained under financial covenants	$ 15
Maximum indebtedness to tangible net worth	3
Minimum debt service coverage ratio	2.75
Alliant Warehouse Facility
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 200
Minimum liquid asset to be maintained under financial covenants	10	$ 5
Minimum annual cash flows	$ 15

DEBT - Notes Payable - Term Not

DEBT - Notes Payable - Term Note Payable (Detail) $ in Millions	Dec. 16, 2021USD ($)itemloan	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Nov. 07, 2018USD ($)
Term Loan
Debt
Quarterly equal installments		$ 1.5	$ 0.8
Credit Agreement
Debt
Number of financial covenants | item	1
Credit Agreement | Minimum
Debt
Asset Coverage Ratio	1.50
Credit Agreement | Term Loan
Debt
Amount of loan agreement	$ 600
Discount on issue of term loan (as a percent)	0.25%
Percentage of original principal amount required as quarterly installment	0.25%
Debt instrument maturity date	Dec. 16, 2028
Credit Agreement | Term Loan | Minimum
Debt
Number of additional term loans | loan	1
Credit Agreement | Term Loan | Maximum
Debt
Maximum amount of all incremental term loans	$ 230
Maximum percentage of trailing four-quarter consolidated EBITDA limit for incremental term loan commitments	100.00%
Consolidated Corporate Leverage Ratio	3
Credit Agreement | Term Loan | Adjusted Term SOFR
Debt
Percentage added to reference rate	2.25%
Credit Agreement | Term Loan | Adjusted Term SOFR | Minimum
Debt
Interest rate floor	0.50%
Credit Agreement | Prior Term Loan
Debt
Amount of loan agreement				$ 300
Repayment of previous term loan		292.5
Credit Agreement | Prior Term Loan | Other operating expense
Debt
Loss on extinguishment of debt		$ 2.7

DEBT - Notes Payable - Summary

DEBT - Notes Payable - Summary (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt
Unpaid principal balance	$ 2,687,623
Carrying balance	740,174	$ 291,593
Term Loan
Debt
Quarterly equal installments	1,500	800
Unpaid principal balance	600,000	294,773
Unamortized debt discount	(1,491)	(1,026)
Debt issuance costs	(8,914)	(2,154)
Carrying balance	589,595	$ 291,593
Period for amounts drawn and repaid		60 days
Alliant Note Payable
Debt
Unpaid principal balance	145,175
Fair value adjustments	5,404
Carrying balance	$ 150,579
Stated interest rate	4.75%

DEBT - Notes Payable - Maturiti

DEBT - Notes Payable - Maturities (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt
2022	$ 1,836,813
2023	110,290
2024	53,520
2025	26,000
2026	24,000
Thereafter	637,000
Total	$ 2,687,623

ACQUISITIONS - Acquisition Acti

ACQUISITIONS - Acquisition Activity (Details) $ in Thousands	Dec. 16, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)itemcompany	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Acquisitions
Number of acquisitions during the period | company						4
Contingent consideration		$ 125,808				$ 125,808	$ 28,829	$ 5,752
Goodwill recognized		698,635				698,635	248,958	$ 180,424
Intangible assets acquired		183,900				$ 183,900	$ 1,900
2021 Acquisitions
Acquisitions
Number of acquisitions during the period | item						4
Cash consideration						$ 443,642
Stock consideration						120,571
Contingent consideration		93,304				93,304
Total consideration						657,517
Assets acquired		712,347				712,347
Liabilities assumed		476,320				476,320
Noncontrolling interest recognized		28,187				28,187
Goodwill recognized		449,677				449,677
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 - Zellman & Associates
Acquisitions
Cash consideration			$ 53,459
Stock consideration			5,250
Total consideration			58,709
Assets acquired			22,866
Liabilities assumed			5,886
Noncontrolling interest recognized			19,569
Goodwill recognized			61,298
Intangible assets acquired			$ 14,600
Acquisition #3 - Zellman & Associates | Zellman
Acquisitions
Ownership interest acquired			75.00%
Acquisition #4 - Alliant Capital
Acquisitions
Cash consideration	$ 379,700	379,677
Stock consideration	115,300	115,321
Contingent consideration	100,000	85,800				85,800
Total consideration	580,800	580,798
Assets acquired	688,977	688,977				688,977
Liabilities assumed	470,434	470,434				470,434
Noncontrolling interest recognized		8,618				8,618
Goodwill recognized		$ 370,873				$ 370,873
Intangible assets acquired	$ 170,800

ACQUISITIONS - Alliant Capital

ACQUISITIONS - Alliant Capital (Details) $ in Thousands	Dec. 16, 2021USD ($)itemshares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Acquisitions
Contingent consideration		$ 125,808	$ 28,829	$ 5,752
Assets acquired
Other intangible assets		183,900	$ 1,900
Committed investments in tax credit equity		177,322
Liabilities assumed
Commitments to fund tax credit equity investments		162,747
Acquisition #4 - Alliant Capital
Acquisitions
Total consideration	$ 580,800	580,798
Cash consideration	$ 379,700	379,677
Common stock issued | shares	808,698
Stock consideration	$ 115,300	115,321
Contingent consideration	100,000	85,800
Estimated fair value of contingent liability	$ 85,800
Term of graded vesting sale restriction on shares issued	4 years
Number of annual vesting increments | item	4
Annual vesting of graded sale restriction on common shares issued, percent	25.00%
Contingent consideration liability earnout period	4 years
Assets acquired
Cash and cash equivalents	$ 13,431
Restricted cash	7,898
Other intangible assets	170,800
Committed investments in tax credit equity	261,936
Receivables, net	103,439
Other assets	131,473
Total assets acquired	688,977	688,977
Liabilities assumed
Warehouse notes payable	21,682
Note payable	150,579
Commitments to fund tax credit equity investments	244,329
Other liabilities	53,844
Total liabilities assumed	$ 470,434	$ 470,434

ACQUISITIONS - Pro Forma Inform

ACQUISITIONS - Pro Forma Information (Details) - Acquisition #4 - Alliant Capital - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplementary pro forma information
Revenues	$ 1,387,227	$ 1,187,820
Income from operations	391,237	361,489
Walker and Dunlop net income	$ 293,062	$ 277,400
Earnings per share	$ 8.90	$ 8.62
Diluted earnings per share	$ 8.78	$ 8.45
Weighted average earnings shares outstanding	31,856	31,253
Weighted average diluted shares outstanding	32,308	31,892
Acquisition-Related Adjustments
Supplementary pro forma information
Income from operations	$ (9,700)	$ (7,300)
Walker and Dunlop net income	$ (21,600)	$ (12,900)

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)company	Dec. 31, 2020USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Number of acquisitions during the period | company	4
Intangible assets acquired	$ 183,900	$ 1,900
Weighted average amortization period	14 years 1 month 6 days
Goodwill [Roll Forward]
Beginning balance	$ 248,958	180,424
Additions from acquisitions	449,677	68,534
Impairment	0	0
Ending balance	$ 698,635	$ 248,958

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contingent consideration liabilities
Beginning balance	$ 28,829	$ 5,752
Additions	93,304	27,645
Accretion and revaluation	9,755	1,232
Payments	(6,080)	(5,800)
Ending balance	$ 125,808	$ 28,829
Maximum
Contingent consideration liabilities
Contingent consideration liability earnout period	5 years

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Loans held for sale	$ 1,811,586	$ 2,449,198
Pledged securities	148,996	137,236	$ 121,767	$ 116,331
Derivative assets	37,364	49,786
Liabilities
Derivative liabilities	6,403	5,066
Contingent consideration	125,808	28,829	$ 5,752
Recurring Basis
Assets
Loans held for sale	1,811,586	2,449,198
Pledged securities	148,996	137,236
Derivative assets	37,364	49,786
Total financial assets	1,997,946	2,636,220
Liabilities
Derivative liabilities	6,403	5,066
Contingent consideration	125,808	28,829
Total financial liabilities	132,211	33,895
Level 1 | Recurring Basis
Assets
Pledged securities	44,733	17,473
Total financial assets	44,733	17,473
Level 2 | Recurring Basis
Assets
Loans held for sale	1,811,586	2,449,198
Pledged securities	104,263	119,763
Total financial assets	1,915,849	2,568,961
Level 3 | Recurring Basis
Assets
Derivative assets	37,364	49,786
Total financial assets	37,364	49,786
Liabilities
Derivative liabilities	6,403	5,066
Contingent consideration	125,808	28,829
Total financial liabilities	$ 132,211	$ 33,895

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative assets and liabilities, net
Beginning balance	$ 44,720	$ 15,532
Settlements	(746,918)	(687,874)
Realized gains recorded in earnings	702,198	672,342
Unrealized gains recorded in earnings	30,961	44,720
Ending balance	$ 30,961	$ 44,720

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)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurements
Derivative assets	$ 37,364,000	$ 49,786,000
Derivative liabilities	6,403,000	5,066,000
Contingent consideration	125,808,000	28,829,000	$ 5,752,000
Recurring Basis
Fair Value Measurements
Derivative assets	37,364,000	49,786,000
Derivative liabilities	6,403,000	5,066,000
Contingent consideration	125,808,000	28,829,000
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	37,364,000	49,786,000
Derivative liabilities	6,403,000	5,066,000
Contingent consideration	125,808,000	$ 28,829,000
Recurring Basis | Level 3 | Discounted Cash Flow | Counterparty credit risk
Fair Value Measurements
Derivative assets	37,364,000
Derivative liabilities	6,403,000
Recurring Basis | Level 3 | Various
Fair Value Measurements
Contingent consideration	$ 125,808,000
Recurring Basis | Level 3 | Various | Probability of earnout achievement | Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.88
Recurring Basis | Level 3 | Various | Probability of earnout achievement | Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	1
Recurring Basis | Level 3 | Various | Probability of earnout achievement | Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.92

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets:
Cash and cash equivalents	$ 305,635	$ 321,097	$ 120,685	$ 90,058
Restricted cash	42,812	19,432	8,677	20,821
Pledged securities	148,996	137,236	121,767	$ 116,331
Loans held for sale	1,811,586	2,449,198
Loans held for investment, net	269,125	360,402
Derivative assets	37,364	49,786
Financial liabilities:
Derivative liabilities	6,403	5,066
Contingent consideration	125,808	28,829	$ 5,752
Warehouse notes payable	1,941,572	2,517,156
Note payable	740,174	291,593
Carrying Amount
Financial assets:
Cash and cash equivalents	305,635	321,097
Restricted cash	42,812	19,432
Pledged securities	148,996	137,236
Loans held for sale	1,811,586	2,449,198
Loans held for investment, net	269,125	360,402
Derivative assets	37,364	49,786
Total financial assets	2,615,518	3,337,151
Financial liabilities:
Derivative liabilities	6,403	5,066
Contingent consideration	125,808	28,829
Secured borrowings		73,314
Warehouse notes payable	1,941,572	2,517,156
Note payable	740,174	291,593
Total financial liabilities	2,813,957	2,915,958
Fair Value
Financial assets:
Cash and cash equivalents	305,635	321,097
Restricted cash	42,812	19,432
Pledged securities	148,996	137,236
Loans held for sale	1,811,586	2,449,198
Loans held for investment, net	270,826	362,586
Derivative assets	37,364	49,786
Total financial assets	2,617,219	3,339,335
Financial liabilities:
Derivative liabilities	6,403	5,066
Contingent consideration	125,808	28,829
Secured borrowings		73,314
Warehouse notes payable	1,942,448	2,518,101
Note payable	745,175	294,773
Total financial liabilities	$ 2,819,834	$ 2,920,083

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	12 Months Ended
	Dec. 31, 2021
Loans Held for Sale
Other information
Period of originated loans within which they are transferred or sold	60 days

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 77,152	$ 107,748
Total Fair Value Adjustment	77,152	107,748
Derivative assets	37,364	49,786
Derivative Liabilities	(6,403)	(5,066)
Fair Value Adjustment to Loans Held for Sale	46,191	63,028
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,765,395	2,386,169
Estimated Gain on Sale	47,315	62,167
Interest Rate Movement	(1,124)	861
Total Fair Value Adjustment	46,191	63,028
Fair Value Adjustment to Loans Held for Sale	46,191	63,028
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	2,881,224	3,760,953
Interest Rate Movement	5,728	836
Total Fair Value Adjustment	5,728	836
Derivative assets	10,838	5,891
Derivative Liabilities	(5,110)	(5,055)
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,115,829	1,374,784
Estimated Gain on Sale	29,837	45,581
Interest Rate Movement	(4,604)	(1,697)
Total Fair Value Adjustment	25,233	43,884
Derivative assets	26,526	43,895
Derivative Liabilities	$ (1,293)	$ (11)

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - Fannie Mae $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5.00%
Agency Mortgage Backed Securities
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4.00%
New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
DUS Risk-Sharing Obligations
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
Amount of additional capital required to be funded over the next 48 months	$ 65.3
Net worth requirement	258.2
Net worth	722.4
Minimum liquid assets to be maintained to meet operational liquidity requirements	51.1
Operational liquidity	$ 251.7

FANNIE MAE COMMITMENTS AND PL_4

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pledged Securities
Restricted cash	$ 3,779	$ 4,954	$ 2,150	$ 3,029
Money market funds	40,954	12,519	5,054	6,440
Total pledged cash and cash equivalents	44,733	17,473	7,204	9,469
Agency MBS	104,263	119,763	114,563	106,862
Pledged securities, at fair value	$ 148,996	$ 137,236	$ 121,767	$ 116,331

FANNIE MAE COMMITMENTS AND PL_5

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Agency Multifamily Mortgage Based Securities Pledged Securities (Detail) - Agency Mortgage Backed Securities - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in Agency debt securities
Fair Value	$ 104,263	$ 119,763
Amortized Cost	100,847	117,136
Total gains for securities with net gains in AOCI	3,636	2,669
Total losses for securities with net losses in AOCI	(220)	(42)
Fair value of securities with unrealized losses	4,757	12,267
Maturities - Fair Value
After one year through five years	2,416
After five years through ten years	73,025
After ten years	28,822
Total	104,263	119,763
Maturities - Amortized Cost
After one year through five years	2,412
After five years through ten years	72,224
After ten years	26,211
Total	$ 100,847	$ 117,136

SHARE-BASED PAYMENT - Plan Info

SHARE-BASED PAYMENT - Plan Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021shares	Dec. 31, 2021itemshares	Dec. 31, 2020itemshares	Dec. 31, 2019shares
Restricted Stock Units (RSUs)
Share-Based Payment
Granted (in shares)		263,845
Performance shares vested		55,483
2020 Equity Incentive Plan
Share-Based Payment
Stock authorized for issuance		10,500,000
Number of shares remaining available for grant		1,700,000
PSP | Restricted Stock Units (RSUs) | Officers And Employees
Share-Based Payment
Granted (in shares)		300,000	300,000	300,000
2017 PSP
Share-Based Payment
Number of performance targets achieved at some level | item			3
Number of performance targets deemed probable of achievement at some level | item			3
2017 PSP | Restricted Stock Units (RSUs)
Share-Based Payment
Performance shares vested	100,000
2018 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item			2
2019 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3	3
2020 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3

SHARE-BASED PAYMENT - Compensat

SHARE-BASED PAYMENT - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Compensation costs
Share-based compensation	$ 36,582	$ 28,319	$ 24,075
Excess tax benefit recognized	8,620	7,273	4,632
Restricted Shares
Compensation costs
Share-based compensation	25,520	18,924	17,818
Stock Option
Compensation costs
Share-based compensation		71	625
PSP | Restricted Stock Units (RSUs)
Compensation costs
Share-based compensation	$ 11,062	$ 9,324	$ 5,632

SHARE-BASED PAYMENT - Plan Acti

SHARE-BASED PAYMENT - Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Shares
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	1,122,614
Granted (in shares)	447,619
Vested (in shares)	(403,473)
Forfeited (in shares)	(44,067)
Nonvested at end of period (in shares)	1,122,693	1,122,614
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 62.41
Granted (in dollars per share)	101.48	$ 74.75	$ 48.39
Vested (in dollars per share)	61.16
Forfeited (in dollars per share)	79.65
Nonvested at end of period (in dollars per share)	$ 77.70	$ 62.41
Additional disclosures
Fair value, vested shares (in dollars)	$ 44,600	$ 30,400	$ 30,500
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 51,100
Unrecognized compensation cost, period for recognition	3 years 8 months 12 days
Stock Option
Options
Outstanding at beginning of period (in shares)	461,340
Exercised (in shares)	(227,334)
Outstanding at end of period (in shares)	234,006	461,340
Exercisable at end of period (in shares)	234,006
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 22.51
Exercised (in dollars per share)	22.78
Outstanding at end of period (in dollars per share)	22.25	$ 22.51
Exercisable at end of period (in dollars per share)	$ 22.25
Weighted-Average Remaining Contract Life (Years)
Exercisable at end of period (in years)	3 years 8 months 12 days
Aggregate Intrinsic Value
Exercisable at end of period (in dollars)	$ 30,101
Intrinsic value of options exercised, (in dollars)	17,500	$ 21,600	2,700
Cash received from the exercise of options	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs)
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	770,493
Granted (in shares)	263,845
Vested (in shares)	(55,483)
Forfeited (in shares)	(196,709)
Cancelled (in shares)	(3,600)
Nonvested at end of period (in shares)	778,546	770,493
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 50.37
Granted (in dollars per share)	101.04	$ 50.26	$ 52.84
Vested (in dollars per share)	100.36
Forfeited (in dollars per share)	49.80
Cancelled (in dollars per share)	67.13
Nonvested at end of period (in dollars per share)	$ 67.66	$ 50.37
Additional disclosures
Fair value, vested shares (in dollars)	$ 5,600	$ 17,500	$ 26,600
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 10,500
Unrecognized compensation cost, period for recognition	1 year 6 months

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Calculation of basic EPS
Walker and Dunlop net income	$ 265,762	$ 246,177	$ 173,373
Less: dividends and undistributed earnings allocated to participating securities	8,837	7,337	5,649
Net income applicable to common stockholders	$ 256,925	$ 238,840	$ 167,724
Basic weighted average shares outstanding	31,081	30,444	29,913
Basic EPS	$ 8.27	$ 7.85	$ 5.61
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ 93	$ 120	$ 126
Net income allocated to common stockholders	$ 257,018	$ 238,960	$ 167,850
Add: weighted-average diluted non-participating securities	452	639	902
Weighted average diluted shares outstanding	31,533	31,083	30,815
Diluted EPS	$ 8.15	$ 7.69	$ 5.45

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2022USD ($)$ / shares	Feb. 28, 2021USD ($)	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)item$ / sharesshares
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 18,872	$ 45,774	$ 30,676
Dividends
Cash dividends paid per common share | $ / shares			$ 2	$ 1.44	$ 1.20
Dividend declared per share | $ / shares	$ 0.60
Dividend payment date	Mar. 10, 2022
Restricted Shares
Repurchases of common stock
Repurchased and retired shares | shares			150	179	200
Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares			$ 109.57	$ 66.38	$ 54.02
Restricted Stock Units (RSUs)
Repurchases of common stock
Repurchased and retired shares | shares			24	99
Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares			$ 100.36	$ 78.79
Share Repurchase Program 2022 | Common shares
Repurchases of common stock
Share repurchase program, period for repurchases	12 months
Share Repurchase Program 2022 | Common shares | Maximum
Repurchases of common stock
Repurchase authorization	$ 75,000
Share Repurchase Program 2021 | Common shares
Repurchases of common stock
Share repurchase program, period for repurchases		12 months
Authorized share repurchase capacity remaining			$ 75,000
Share Repurchase Program 2021 | Common shares | Maximum
Repurchases of common stock
Repurchase authorization		$ 75,000
Share repurchase program 2020
Repurchases of common stock
Reduction of equity for retirement of repurchased shares				$ 26,100
Share repurchase program 2020 | Common shares
Repurchases of common stock
Repurchased and retired shares | shares				459
Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares				$ 56.77
Share repurchase program 2019
Repurchases of common stock
Reduction of equity for retirement of repurchased shares					$ 6,600
Share repurchase program 2019 | Common shares
Repurchases of common stock
Repurchased and retired shares | shares					135
Weighted average market price of shares repurchased and retired (in dollars per share) | $ / shares					$ 48.52
Noncontrolling interest holder
Related party transaction
Number of affiliates to whom advances were made | item					1
Advance made to affiliate					$ 1,700

EARNINGS PER SHARE AND STOCKH_5

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Other Equity Related Transactions (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)shareholder
Noncontrolling interests
Number of noncontrolling interest shareholders | shareholder		2
Aggregate consideration for purchase of noncontrolling interest		$ 32,000
Cash paid for purchase of noncontrolling interest		10,400
Reduction in receivables		5,700
Stock issued for purchase of noncontrolling interests	$ 5,900
Contingent consideration for purchase of noncontrolling interest	10,000
Reduction in APIC, excess of purchase price over noncontrolling interest balance		$ 24,100
Employees
Acquisitions
Stock issued in noncash settlement of accrued liability	9,600
2021 Acquisitions
Acquisitions
Stock consideration	$ 120,571

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 40,025	$ 26,854	$ 28,150
State	12,181	10,294	6,959
Total current expense	52,206	37,148	35,109
Deferred
Federal	26,630	37,354	17,484
State	7,592	9,811	4,528
Total deferred expense (benefit)	34,222	47,165	22,012
Income tax expense	86,428	84,313	57,121
Excess tax benefit recognized	$ 8,620	$ 7,273	$ 4,632

INCOME TAXES - Statutory Reconc

INCOME TAXES - Statutory Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation
Statutory federal expense (35%)	$ 73,932	$ 69,356	$ 48,374
Statutory state income tax expense, net of federal tax benefit	16,409	13,828	9,281
Other	(3,913)	1,129	(534)
Income tax expense	$ 86,428	$ 84,313	$ 57,121

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Compensation related	$ 5,811	$ 8,760
Credit losses	16,748	20,163
Total deferred tax assets	22,559	28,923
Deferred Tax Liabilities:
Mark-to-market of derivatives and loans held for sale	(16,874)	(22,367)
Mortgage servicing rights related	(208,718)	(180,129)
Acquisition related	(12,977)	(9,594)
Depreciation	(2,317)	(2,267)
Other	(6,913)	(224)
Total deferred tax liabilities	(247,799)	(214,581)
Deferred tax liabilities, net	(225,240)	$ (185,658)
Deferred tax assets recognized, not included as component of deferred tax expense	$ 5,400

SEGMENTS - Concentration of Ris

SEGMENTS - Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEGMENTS
Maximum borrower/key principal exposure (as a percent)	2.00%	3.00%

SEGMENTS - Product Concentratio

SEGMENTS - Product Concentration (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product concentration
Servicing portfolio loans unpaid principal balance	$ 115,700,564	$ 107,211,972	$ 93,225,169
Fannie Mae DUS Program
Product concentration
Servicing portfolio loans unpaid principal balance	53,401,457	48,818,185	40,049,095
Freddie Mac
Product concentration
Servicing portfolio loans unpaid principal balance	37,138,836	37,072,587	32,583,842
Ginnie Mae-HUD
Product concentration
Servicing portfolio loans unpaid principal balance	9,889,289	9,606,506	9,972,989
Life insurance companies and other
Product concentration
Servicing portfolio loans unpaid principal balance	$ 15,270,982	$ 11,714,694	$ 10,619,243

SEGMENTS - Geographic Concentra

SEGMENTS - Geographic Concentration (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	100.00%	100.00%	100.00%
Maximum
Geographic concentration
Threshold percentage, unpaid principal balance and related servicing revenues by geographical area	5.00%	5.00%	5.00%
California
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	16.10%	16.20%	16.20%
Florida
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	10.00%	10.40%	9.40%
Texas
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	8.60%	8.80%	9.30%
Georgia
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	5.90%	5.90%	5.80%
All Other States
Geographic concentration
Percentage of unpaid principal balance of the loans serviced for others	59.40%	58.70%	59.30%

LEASES - Operating Leases (Deta

LEASES - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Operating lease right-of-use assets	$ 24,825	$ 17,405	$ 22,307
Operating lease, right-of-use asset, Statement of Financial Position	Other assets	Other assets	Other assets
Operating lease liabilities	$ 29,523	$ 22,579	$ 28,156
Operating lease liability, Statement of Financial Position	Other liabilities	Other liabilities	Other liabilities
Operating leases, weighted average remaining lease term	4 years	3 years 2 months 12 days	3 years 8 months 12 days
Operating lease, weighted average discount rate (as a percent)	3.30%	4.60%	4.70%
Operating Lease Expense
Single lease cost	$ 9,435	$ 8,856	$ 7,593
Cash paid for amounts included in the measurement of lease liabilities	9,617	8,833	8,218
ROU assets obtained in exchange for new lease obligations	$ 13,215	$ 1,488	$ 3,013

LEASES - Future Operating Lease

LEASES - Future Operating Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Maturities of lease liabilities
2022	$ 10,412
2023	9,228
2024	3,585
2025	2,223
Thereafter	4,094
Total	29,542
Less imputed interest	(19)
Total	$ 29,523	$ 22,579	$ 28,156

OTHER OPERATING EXPENSES (Detai

OTHER OPERATING EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER OPERATING EXPENSES
Professional fees	$ 26,920	$ 18,345	$ 20,896
Travel and entertainment	7,203	4,685	10,759
Rent	11,262	10,486	9,136
Marketing and preferred broker	12,526	9,139	8,534
Office expenses	15,056	17,360	9,972
All other	25,688	9,567	7,299
Total	$ 98,655	$ 69,582	$ 66,596

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Committed investments in tax credit equity	$ 177,322
Other assets	364,746	$ 134,438
Total assets	5,205,989	4,650,975
Liabilities
Commitments to fund tax credit equity investments	162,747
Total liabilities	3,627,782	3,454,753
Other Liabilities	425,912	$ 313,193
Consolidated VIEs | Other Assets
Assets
Real-estate owned investment	54,900
Consolidated VIEs | Other Liabilities
Liabilities
Mortgage debt on real estate investment	36,500
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	177,322
Other assets	74,997
Total assets	252,319
Liabilities
Commitments to fund tax credit equity investments	162,747
Total liabilities	162,747
Maximum exposure	$ 252,319

RELATED PARTY TRANSACTION (Deta

RELATED PARTY TRANSACTION (Details) $ in Millions	Dec. 31, 2021USD ($)
Affordable Housing Project Partners | Receivables, net
Related party transactions
Related party loans outstanding	$ 36.6