Walker & Dunlop (WD) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,130,194
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 141,375	$ 305,635
Restricted cash	41,584	42,812
Pledged securities, at fair value	148,647	148,996
Loans held for sale, at fair value	703,629	1,811,586
Loans held for investment, net	216,620	269,125
Mortgage servicing rights	976,554	953,845
Goodwill	908,744	698,635
Other intangible assets	211,405	183,904
Derivative assets	112,023	37,364
Receivables, net	249,305	212,019
Committed investments in tax credit equity	223,771	177,322
Other assets	405,974	364,746
Total assets	4,339,631	5,205,989
Liabilities
Warehouse notes payable	924,280	1,941,572
Note payable	726,555	740,174
Allowance for risk-sharing obligations	53,244	62,636
Derivative liabilities	12,400	6,403
Commitments to fund investments in tax credit equity	206,605	162,747
Other liabilities	779,376	714,250
Total liabilities	2,702,460	3,627,782
Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 32,398 shares at March 31, 2022 and 32,049 shares at December 31, 2021)	324	320
Additional paid-in capital ("APIC")	387,009	393,022
Accumulated other comprehensive income ("AOCI")	1,588	2,558
Retained earnings	1,205,384	1,154,252
Total stockholders' equity	1,594,305	1,550,152
Noncontrolling interests	42,866	28,055
Total equity	1,637,171	1,578,207
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 4,339,631	$ 5,205,989

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
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	32,398	32,049
Common stock, outstanding	32,398	32,049

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Loan origination and debt brokerage fees, net	$ 82,310	$ 75,879
Fair value of expected net cash flows from servicing, net	52,730	57,935
Servicing fees	72,681	65,978
Property sales broker fees.	23,398	9,042
Net warehouse interest income	4,773	4,555
Escrow earnings and other interest income	1,803	2,117
Other revenues	81,749	8,782
Total revenues	319,444	224,288
Expenses
Personnel	144,181	96,215
Amortization and depreciation	56,152	46,871
Provision (benefit) for credit losses	(9,498)	(11,320)
Interest expense on corporate debt	6,405	1,765
Other operating expenses	32,214	17,587
Total expenses	229,454	151,118
Income from operations	89,990	73,170
Income tax expense	19,460	15,118
Net income before noncontrolling interests	70,530	58,052
Less: net income (loss) from noncontrolling interests	(679)
Walker and Dunlop net income	71,209	58,052
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	(970)	(158)
Walker and Dunlop comprehensive income	$ 70,239	$ 57,894
Basic earnings per share (NOTE 10)	$ 2.14	$ 1.82
Diluted earnings per share (NOTE 10)	$ 2.12	$ 1.79
Basic weighted average shares outstanding	32,219	30,823
Diluted weighted average shares outstanding	32,617	31,276

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	APIC	AOCI	Retained Earnings	Noncontrolling Interests	Total
Balances at the beginning of the period at Dec. 31, 2020	$ 307	$ 241,004	$ 1,968	$ 952,943		$ 1,196,222
Balance at the beginning of the period (in shares) at Dec. 31, 2020	30,678
Change in Stockholders' Equity
Walker and Dunlop net income				58,052		58,052
Other comprehensive income (loss), net of tax			(158)			(158)
Stock-based compensation - equity classified		7,836				7,836
Issuance of common stock in connection with equity compensation plans	$ 4	12,602				12,606
Issuance of common stock in connection with equity compensation plans (in shares)	430
Repurchase and retirement of common stock	$ (1)	(13,373)				(13,374)
Repurchase and retirement of common stock (in shares)	(131)
Cash dividends paid				(16,052)		(16,052)
Balances at the end of the period at Mar. 31, 2021	$ 310	248,069	1,810	994,943		1,245,132
Balance at the end of the period (in shares) at Mar. 31, 2021	30,977
Balances at the beginning of the period at Dec. 31, 2021	$ 320	393,022	2,558	1,154,252	$ 28,055	1,578,207
Balances at the beginning of the period at Dec. 31, 2021						$ 1,550,152
Balance at the beginning of the period (in shares) at Dec. 31, 2021	32,049					32,049
Change in Stockholders' Equity
Walker and Dunlop net income				71,209		$ 71,209
Net income (loss) from noncontrolling interests					(679)	(679)
Other comprehensive income (loss), net of tax			(970)			(970)
Stock-based compensation - equity classified		10,812				10,812
Issuance of common stock in connection with equity compensation plans	$ 5	15,526				15,531
Issuance of common stock in connection with equity compensation plans (in shares)	544
Repurchase and retirement of common stock	$ (1)	(27,048)				(27,049)
Repurchase and retirement of common stock (in shares)	(195)
Noncontrolling interests added due to new consolidations		(5,303)			15,490	10,187
Cash dividends paid				(20,077)		(20,077)
Balances at the end of the period at Mar. 31, 2022	$ 324	$ 387,009	$ 1,588	$ 1,205,384	$ 42,866	1,637,171
Balances at the end of the period at Mar. 31, 2022						$ 1,594,305
Balance at the end of the period (in shares) at Mar. 31, 2022	32,398					32,398

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 0.60	$ 0.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income before noncontrolling interests	$ 70,530	$ 58,052
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	(52,730)	(57,935)
Change in the fair value of premiums and origination fees	2,883	21,562
Amortization and depreciation	56,152	46,871
Provision (benefit) for credit losses	(9,498)	(11,320)
Gain from revaluation of previously held equity-method investment	(39,641)
Originations of loans held for sale	(3,185,019)	(3,577,153)
Proceeds from transfers of loans held for sale	4,198,206	4,917,187
Other operating activities, net	(68,955)	(81,572)
Net cash provided by (used in) operating activities	971,928	1,315,692
Cash flows from investing activities
Capital expenditures	(11,790)	(1,794)
Purchase of equity-method investments	(5,941)	(1,124)
Purchase of pledged available-for-sale ("AFS") securities	(7,010)	(2,000)
Proceeds from prepayment and sale of pledged AFS securities	1,672	20,884
Investments in joint ventures	(5,040)	(18,445)
Distributions from joint ventures	9,241	11,419
Acquisitions, net of cash acquired	(78,465)	(7,506)
Originations of loans held for investment	(107)	(33,750)
Principal collected on loans held for investment upon payoff	53,000	113,495
Net cash provided by (used in) investing activities	(44,440)	81,179
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	(1,006,545)	(1,400,704)
Borrowings of interim warehouse notes payable		25,313
Repayments of interim warehouse notes payable	(11,200)	(29,534)
Repayments of notes payable	(13,759)	(745)
Proceeds from issuance of common stock	153	12,606
Repurchase of common stock	(27,049)	(13,374)
Cash dividends paid	(20,077)	(16,052)
Payment of contingent consideration	(17,612)
Debt issuance costs	(567)	(769)
Net cash provided by (used in) financing activities	(1,096,656)	(1,423,259)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	(169,168)	(26,388)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	393,180	358,002
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	224,012	331,614
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	13,037	$ 9,621
Cash paid for income taxes	$ 1,290

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
ORGANIZATION AND BASIS OF PRESENTATION
Organization and Basis of Presentation	NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION These financial statements represent the condensed consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “we,” “us,” “our,” “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies. The statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they may not include certain financial statement disclosures and other information required for annual financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the Company in the interim periods presented have been included. Results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or thereafter. Walker & Dunlop, Inc. is a holding company and conducts the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides multifamily property sales brokerage and valuation services, engages in commercial real estate investment management activities with a particular focus on the affordable housing sector through low-income housing tax credit (“LIHTC”) syndication, 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. 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”).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests Net income (loss) from noncontrolling interests Subsequent Events 31, 2022. There have been no other material subsequent events that would require recognition in the condensed consolidated financial statements. Use of Estimates Co-broker Fees— Loan origination and debt brokerage fees, net Loans Held for Investment, net As of March 31, 2022, Loans held for investment, net Loans held for investment, net The Company assesses the credit quality of loans held for investment in the same manner as it does for the loans in the Fannie Mae at-risk portfolio and records an allowance for these loans as necessary. The allowance for loan losses is estimated collectively for loans with similar characteristics. The collective allowance is based on the same methodology that the Company uses to estimate its allowance for risk-sharing obligations under the Current Expected Credit Losses (“CECL”) standard for at-risk Fannie Mae Delegated Underwriting and Servicing (“DUS”) loans (with the exception of a reversion period) because the nature of the underlying collateral is the same, and the loans have similar characteristics, except they are significantly shorter in maturity. The reasonable and supportable forecast period used for the CECL allowance for loans held for investment is one year. The loss rate for the forecast period was 15 basis points as of both March 31, 2022 and December 31, 2021. The loss rate for the remaining period until maturity was six basis points and nine basis points as of March 31, 2022 and December 31, 2021, respectively. One loan held for investment with an unpaid principal balance of $14.7 million was delinquent and on non-accrual status as of March 31, 2022 and December 31, 2021. The Company had $3.7 million in collateral-based reserves for this loan as of both March 31, 2022 and December 31, 2021 and has not recorded any interest related to this loan since it went on non-accrual status. All other loans were current as of March 31, 2022 and December 31, 2021. The amortized cost basis of loans that were current as of March 31, 2022 and December 31, 2021 was $206.0 million and $258.6 million, respectively. As of March 31, 2022, $178.6 million and $28.3 million of the loans that were current were originated in 2021 and 2019, respectively. Other than the defaulted loan noted above, the Company has not experienced any delinquencies related to loans held for investment. Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2022 2021 Provision (benefit) for loan losses ​ $ (106) ​ $ (587) ​ Provision (benefit) for risk-sharing obligations ​ (9,392) ​ (10,733) ​ Provision (benefit) for credit losses ​ $ (9,498) ​ $ (11,320) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Warehouse Interest Income— Net warehouse interest income Net warehouse interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Net Warehouse Interest Income (in thousands) 2022 2021 Warehouse interest income - loans held for sale ​ $ 8,863 ​ $ 9,118 ​ Warehouse interest expense - loans held for sale ​ (5,333) ​ (6,659) ​ Net warehouse interest income - loans held for sale ​ $ 3,530 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 2,350 ​ $ 3,228 ​ Warehouse interest expense - loans held for investment ​ (1,107) ​ (1,132) ​ Warehouse interest income - secured borrowings ​ ​ — ​ ​ 865 ​ Warehouse interest expense - secured borrowings ​ ​ — ​ ​ (865) ​ Net warehouse interest income - loans held for investment ​ $ 1,243 ​ $ 2,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 4,773 ​ $ 4,555 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (in thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 141,375 ​ $ 277,277 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 41,584 ​ ​ 14,805 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 41,053 ​ 39,532 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 224,012 ​ $ 331,614 ​ $ 393,180 ​ $ 358,002 ​ ​ Income Taxes ​ Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ March 31, ​ ​ Description in thousands 2022 2021 Statement of income line item Certain loan origination fees ​ $ 37,365 ​ $ 23,901 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 23,398 ​ ​ 9,042 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, other revenues from LIHTC operations, and other ​ 28,305 ​ 6,250 ​ Other revenues Total revenues derived from contracts with customers ​ $ 89,068 ​ $ 39,193 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation Recently Adopted and Recently Announced Accounting Pronouncement s Reclassifications

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2022
MSRs
Mortgage Servicing Rights
Mortgage Servicing Rights	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of the mortgage servicing rights (“MSRs”) was $1.3 billion as of both March 31, 2022 and December 31, 2021. The Company uses a discounted static cash flow valuation approach, and the key economic assumption is the discount rate. For example, see the following sensitivities related to the discount rate: The impact of a 100 - basis point increase in the discount rate at March 31, 2022 would be a decrease in the fair value of $39.1 million to the MSRs outstanding as of March 31, 2022. The impact of a 200 - basis point increase in the discount rate at March 31, 2022 would be a decrease in the fair value of $75.6 million to the MSRs outstanding as of March 31, 2022. These sensitivities are hypothetical and should be used with caution. These estimates do not include interplay among assumptions and are estimated as a portfolio rather than individual assets. ​ Activity related to MSRs for the three months ended March 31, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of MSRs (in thousands) 2022 2021 Beginning balance ​ $ 953,845 ​ $ 862,813 ​ Additions, following the sale of loan ​ 76,854 ​ 96,640 ​ Amortization ​ (46,357) ​ (42,552) ​ Pre-payments and write-offs ​ (7,788) ​ (7,017) ​ Ending balance ​ $ 976,554 ​ $ 909,884 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ March 31, 2022 ​ December 31, 2021 Gross value ​ $ 1,598,350 ​ $ 1,548,870 Accumulated amortization ​ (621,796) ​ (595,025) Net carrying value ​ $ 976,554 ​ $ 953,845 ​ The expected amortization of MSRs shown in the Condensed Consolidated Balance Sheet as of March 31, 2022 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2022 ​ $ 135,495 Year Ending December 31, ​ ​ ​ 2023 ​ $ 171,194 2024 ​ 152,155 2025 ​ 129,694 2026 ​ 109,489 2027 ​ 92,535 Thereafter ​ ​ 185,992 Total ​ $ 976,554 ​

GUARANTY OBLIGATION AND ALLOWAN

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS	3 Months Ended
	Mar. 31, 2022
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. The guaranty obligation is presented as a component of Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Guaranty Obligation (in thousands) 2022 2021 Beginning balance ​ $ 47,378 ​ $ 52,306 ​ Additions, following the sale of loan ​ 1,551 ​ 1,721 ​ Amortization and write-offs ​ (2,439) ​ (2,191) ​ Ending balance ​ $ 46,490 ​ $ 51,836 ​ ​ 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 Activity related to the allowance for risk-sharing obligations for the three months ended March 31, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2022 2021 Beginning balance ​ $ 62,636 ​ $ 75,313 ​ Provision (benefit) for risk-sharing obligations ​ (9,392) ​ (10,733) ​ Write-offs ​ — ​ — ​ Ending balance ​ $ 53,244 ​ $ 64,580 ​ ​ During the first quarter of 2022, the Company updated its historical loss rate factor calculation to the current 10-year The calculated CECL reserve for the Company’s $49.7 billion at-risk Fannie Mae servicing portfolio as of March 31, 2022 was $42.5 million compared to $52.3 million as of December 31, 2021. The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of March 31, 2022 was 7.4 years compared to 7.5 years as of December 31, 2021. Three loans had aggregate collateral-based reserves of $10.8 million and $10.3 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and 2021, the maximum quantifiable contingent liability associated with the Company’s guaranties for the at-risk loans serviced under the Fannie Mae DUS agreement was $10.2 billion and $9.3 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	3 Months Ended
	Mar. 31, 2022
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 $116.3 billion as of March 31, 2022 compared to $115.7 billion as of December 31, 2021. As of March 31, 2022 and December 31, 2021, custodial escrow accounts relating to loans serviced by the Company totaled $2.5 billion and $3.7 billion, respectively. These amounts are not included in the Condensed Consolidated Balance Sheets as such amounts are not Company assets; however, the Company is entitled to earn interest income on these escrow balances, presented as a component of Escrow earnings and other interest income ​

WAREHOUSE NOTES PAYABLE

WAREHOUSE NOTES PAYABLE	3 Months Ended
	Mar. 31, 2022
WAREHOUSE NOTES PAYABLE
Warehouse Notes Payable	NOTE 6—WAREHOUSE NOTES PAYABLE As of March 31, 2022, to provide financing to borrowers under the Agencies’ programs, the Company has committed and uncommitted warehouse lines of credit in the amount of $3.8 billion with certain national banks and a $1.5 billion uncommitted facility with Fannie Mae (collectively, the “Agency Warehouse Facilities”). In support of these Agency Warehouse Facilities, the Company has pledged substantially all of its loans held for sale under the Company’s approved programs. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. Additionally, as of March 31, 2022, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ (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 ​ $ 49,860 Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 46,647 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 274,690 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 128,298 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 135,453 ​ Adjusted Term SOFR plus 1.45% ​ Agency Warehouse Facility #6 ​ ​ 150,000 ​ ​ 50,000 ​ ​ 200,000 ​ ​ 24,800 ​ 30-day LIBOR plus 1.30% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,225,000 ​ $ 1,615,000 ​ $ 3,840,000 ​ $ 659,748 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 91,330 ​ ​ Total Agency Warehouse Facilities ​ $ 2,225,000 ​ $ 3,115,000 ​ $ 5,340,000 ​ $ 751,078 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — Adjusted Term SOFR plus 1.35% to 1.85% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 141,809 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 ​ $ 161,619 ​ ​ ​ Alliant Warehouse Facility ​ $ 30,000 ​ $ — ​ $ 30,000 ​ $ 12,005 ​ Daily LIBOR plus 3.00% ​ Debt issuance costs ​ — ​ — ​ — ​ (422) ​ ​ ​ Total warehouse facilities ​ $ 2,709,810 ​ $ 3,115,000 ​ $ 5,824,810 ​ $ 924,280 ​ ​ ​ (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 any applicable interest rate floors. ​ During 2022, the following amendments to the Warehouse Facilities were executed in the normal course of business to support the growth of the Company’s business. During the second quarter of 2022, the Company executed an amended and restated agreement related to Agency Warehouse Facility #2 that extended the maturity date to April 13, 2023 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 130 basis points. No other material modifications have been made to the agreement during 2022. During the first quarter of 2022, the Company executed an amended and restated agreement related to Interim Warehouse Facility #2 that extended the maturity date to December 13, 2023 and transitioned the interest rate from 30-day LIBOR floor to Adjusted Term SOFR plus 135 to 185 basis points. No other material modifications have been made to the agreement during 2022. During the second quarter of 2022, the Company executed an amendment related to the Alliant Warehouse Facility that extended the maturity date to July 31, 2022. Additionally, the amendment transitioned the interest rate from Daily LIBOR plus 300 basis points to Adjusted Daily SOFR plus 300 basis points, with a SOFR floor of 150 basis points. No other material modifications have been made to the agreement during 2022. During the first quarter of 2022, an Agency Warehouse Facility with a $150.0 million maximum committed borrowing capacity expired according to its terms. The Company believes that the six remaining committed and uncommitted credit facilities from nation banks, the uncommitted credit facility from Fannie Mae, and the Company’s corporate cash provide the Company with sufficient borrowing capacity to conduct is Agency lending operations without this facility. The warehouse notes payable are subject to various financial covenants, all of which the Company was in compliance with as of March 31, 2022. Interest on the Company’s warehouse notes payable is based on 30-day LIBOR or Adjusted Term SOFR. As a result of the expected transition from LIBOR, the Company has updated its debt agreements to include fallback language to govern the transition from 30-day LIBOR to an alternative reference rate.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and Other Intangible Assets	NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill and Acquisition Activities A summary of the Company’s goodwill for the three months ended March 31, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Goodwill (in thousands) 2022 2021 Beginning balance ​ $ 698,635 ​ $ 248,958 ​ Additions from acquisitions ​ 213,874 ​ 12,231 ​ Measurement-period adjustments ​ ​ (3,765) ​ ​ — ​ Impairment ​ — ​ — ​ Ending balance ​ $ 908,744 ​ $ 261,189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The addition to goodwill from acquisitions during 2022 shown in the table above during the three months ended March 31, 2022 relates to the Company’s February 28, 2022 acquisition of 100% of the equity interests of GeoPhy B.V. (“GeoPhy”), a Netherlands-based commercial real-estate technology company. As part of the acquisition, the Company also obtained GeoPhy’s 50% interest in the Company’s appraisal joint venture, Apprise. The Company now owns 100% of Apprise and consolidates its balances and its operating results post acquisition. Prior to the acquisition, the Company accounted for its investment in Apprise under the equity method. The fair value of the consideration was $212.0 million and consisted of $87.6 million of cash, $5.4 million of forgiveness of a receivable the Company had with the joint venture (non-cash activity not reflected in the Condensed Consolidated Statements of Cash Flows), and $119.0 million of contingent consideration. ​ GeoPhy’s data analytics and development capabilities are expected to dramatically accelerate the growth of the Company’s lending, brokerage, and appraisal operations. The GeoPhy acquisition is also expected to allow the Company to meet its goal of $5 billion of annual small balance lending volume and appraisal revenue of $75 million by 2025 as part of the Company’s overall growth targets. A significant portion of the value associated with the GeoPhy acquisition was related to the assembled workforces with their combined expertise in information technology, data science, and commercial real estate. The Company believes that the combination of GeoPhy’s personnel, appraisal technology platform, and the future development of technology to accelerate growth in the origination of small balance commercial loans, along with Walker & Dunlop’s financial resources will (i) drive a significant increase in the identification and retention of borrowers in the small-balance segment of the multifamily market and (ii) continue to drive significant growth in appraisal revenues over the next five years. ​ The contingent consideration noted above is contingent on achieving certain Apprise revenue and productivity milestones and small balance loan volume and revenue milestones over a four-year period. The maximum earnout included as part of the GeoPhy acquisition is $205.0 million. The Company estimated that $182.5 million, or 89%, of the maximum earnout is achievable based on management forecasts. The discounted balance of $119.0 million is 58% of the maximum earnout amount. The Company estimated the fair value of this contingent consideration using a Monte Carlo simulation. The discount rate used for the valuation of the contingent consideration was 17.0% for the Apprise portion of the earnout and 14.5% for the small-balance portion of the earnout. The discount rates reflect the additional risk inherent in the Apprise estimates as it is still in the startup stage of its development. ​ The calculation of goodwill of $213.9 million included the fair value of the consideration transferred of $212.0 million and the acquisition-date fair value of the Company’s previously-held equity-method investment in Apprise of $58.5 million. The book value of the Company equity-method investment in Apprise prior to the acquisition date was $18.9 million, resulting in a $39.6 million gain from remeasuring to fair value. The gain is included as a component of Other revenues ​ The Company expects a large portion of the goodwill to be tax deductible, with the tax-deductible amount of goodwill related to the contingent consideration to be determined once the cash payments to settle the contingent consideration are made. The goodwill resulting from the GeoPhy acquisition was allocated to the Company’s Capital Markets reportable segment. The other assets primarily consisted of technology intangible assets of $31.0 million and deferred tax assets of $9.4 million. The technology intangible assets will be amortized over a 10-year ​ As of March 31, 2022, the amounts recorded for the GeoPhy acquisition were provisional as the Company had not completed the purchase accounting for the GeoPhy acquisition. ​ The immaterial measurement-period adjustments above relate to the Company’s acquisition of Alliant Capital Limited (“Alliant”), an acquisition completed in December of 2021 as more fully described in the Company’s 2021 Form 10-K. The Company has not completed the purchase accounting for the Alliant acquisition as the working capital adjustments have not been agreed upon. The Company expects the accounting to be completed in the second quarter of 2022. ​ As discussed in NOTE 11 below, the Company transitioned to segment reporting during the first quarter of 2022. The following table shows goodwill by reportable segments as of March 31, 2022. As the Company did not have segment reporting as of December 31, 2021, all of the goodwill balances were allocated to the Company’s one reportable segment as of December 31, 2021. As noted above, the additions in the first quarter of 2022 were allocated to Capital Markets and the measurement-period adjustments relate to Servicing & Asset Management. ​ ​ ​ ​ ​ ​ ​ As of March 31, Goodwill by Reportable Segment (in thousands) ​ 2022 Capital Markets ​ $ 449,992 Servicing & Asset Management ​ ​ 458,752 Corporate ​ ​ — Ending balance ​ $ 908,744 ​ Other Intangible Assets ​ Activity related to other intangible assets for the three months ended March 31, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Other Intangible Assets (in thousands) 2022 2021 Beginning balance ​ $ 183,904 ​ $ 1,880 Additions from acquisitions ​ ​ 31,000 ​ ​ 504 Amortization ​ ​ (3,499) ​ ​ (667) Ending balance ​ $ 211,405 ​ $ 1,717 ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, Components of Other Intangible Assets (in thousands) ​ 2022 ​ 2021 Gross value ​ $ 220,682 ​ $ 189,682 Accumulated amortization ​ (9,277) ​ (5,778) Net carrying value ​ $ 211,405 ​ $ 183,904 ​ The expected amortization of other intangible assets shown in the Condensed Consolidated Balance Sheet as of March 31, 2022 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2022 ​ $ 13,496 Year Ending December 31, ​ ​ ​ 2023 ​ $ 16,246 2024 ​ 16,246 2025 ​ 16,206 2026 ​ 16,206 2027 ​ 16,206 Thereafter ​ ​ 116,799 Total ​ $ 211,405 ​ Contingent Consideration Liabilities ​ A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2022 2021 ​ Beginning balance ​ $ 125,808 ​ $ 28,829 ​ Additions ​ ​ 119,000 ​ ​ 5,229 ​ Accretion and revaluation ​ ​ 359 ​ ​ 430 ​ Payments ​ ​ (26,438) ​ ​ — ​ Ending balance ​ $ 218,729 ​ $ 34,488 ​ ​ 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, (ii) the purchase of noncontrolling interests in 2020 that was fully earned as of December 31, 2021 and paid in 2022, (iii) the Alliant acquisition, and (iv) the GeoPhy acquisition. The contingent consideration for each of the acquisitions may be earned over various lengths of time after each acquisition, with a maximum earn-out period of five years , provided certain revenue targets and other metrics have been met. The last of the earn-out periods related to the contingent consideration ends in the first quarter of 2026. In each case, t he Company estimated the initial fair value of the contingent consideration using a Monte Carlo simulation. The contingent consideration for the GeoPhy acquisition is non-cash and thus not reflected in the amount of cash consideration paid on the Condensed Consolidated Statements of Cash Flows.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
FAIR VALUE MEASUREMENTS
Fair Value Measurements	NOTE 8—FAIR VALUE MEASUREMENTS The Company uses valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach to measure assets and liabilities that are measured at fair value. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 —Financial assets and liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2 —Financial assets and liabilities whose values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, discount rates, volatilities, prepayment speeds, earnings rates, credit risk, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. ● Level 3 —Financial assets and liabilities whose values are based on inputs that are both unobservable and significant to the overall valuation. The Company's MSRs are measured at fair value at inception, and thereafter on a nonrecurring basis. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment and for disclosure purposes (NOTE 3). The Company's MSRs do not trade in an active, open market with readily observable prices. Accordingly, the estimated fair value of the Company’s MSRs was developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, estimated revenue from escrow accounts, costs to service, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that market participants consider in valuing MSR assets. MSRs are carried at the lower of amortized cost or fair value. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. ● Derivative Instruments —The derivative positions consist of interest rate lock commitments with borrowers and forward sale agreements to the Agencies. The fair value of these instruments is estimated using a discounted cash flow model developed based on changes in the applicable U.S. Treasury rate and other observable market data. The value was determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company, and are classified within Level 3 of the valuation hierarchy . ● Loans Held for Sale —All loans held for sale presented in the Condensed Consolidated Balance Sheets are reported at fair value. The Company determines the fair value of the loans held for sale using discounted cash flow models that incorporate quoted observable inputs from market participants such as changes in the U.S. Treasury rate. Therefore, the Company classifies these loans held for sale as Level 2 . ● Pledged Securities —Investments in money market funds are valued using quoted market prices from recent trades. Therefore, the Company classifies this portion of pledged securities as Level 1. The Company determines the fair value of its AFS investments in Agency debt securities using discounted cash flows that incorporate observable inputs from market participants and then compares the fair value to broker estimates of fair value . Consequently, the Company classifies this portion of pledged securities as Level 2. ● 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 703,629 ​ $ — ​ $ 703,629 ​ Pledged securities ​ 41,053 ​ 107,594 ​ — ​ 148,647 ​ Derivative assets ​ — ​ — ​ 112,023 ​ 112,023 ​ Total ​ $ 41,053 ​ $ 811,223 ​ $ 112,023 ​ $ 964,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 12,400 ​ $ 12,400 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 218,729 ​ ​ 218,729 ​ Total ​ $ — ​ $ — ​ $ 231,129 ​ $ 231,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the three months ended March 31, 2022. Derivative instruments (Level 3) are outstanding for short periods of time (generally less than 60 days). A roll forward of derivative instruments is presented below for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Derivative Assets and Liabilities, net (in thousands) 2022 2021 Beginning balance ​ $ 30,961 ​ $ 44,720 Settlements ​ (66,378) ​ (129,655) Realized gains recorded in earnings (1) ​ 35,417 ​ 84,935 Unrealized gains (losses) recorded in earnings (1) ​ 99,623 ​ 48,880 Ending balance ​ $ 99,623 ​ $ 48,880 (1) Realized and unrealized gains (losses) from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Condensed Consolidated Statements of Income. ​ The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 112,023 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 12,400 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 218,729 ​ Various (2) ​ Probability of earn-out achievement ​ 88% - 100% ​ 90% (1) Significant increases in this input may lead to significantly lower fair value measurements. (2) Primary valuation technique used was a 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 March 31, 2022 and December 31, 2021 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 141,375 ​ $ 141,375 ​ $ 305,635 ​ $ 305,635 ​ Restricted cash ​ 41,584 ​ 41,584 ​ 42,812 ​ 42,812 ​ Pledged securities ​ 148,647 ​ 148,647 ​ 148,996 ​ 148,996 ​ Loans held for sale ​ 703,629 ​ 703,629 ​ 1,811,586 ​ 1,811,586 ​ Loans held for investment, net ​ 216,620 ​ 217,932 ​ 269,125 ​ 270,826 ​ Derivative assets ​ 112,023 ​ 112,023 ​ 37,364 ​ 37,364 ​ Total financial assets ​ $ 1,363,878 ​ $ 1,365,190 ​ $ 2,615,518 ​ $ 2,617,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 12,400 ​ $ 12,400 ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ 218,729 ​ ​ 218,729 ​ ​ 125,808 ​ ​ 125,808 ​ Warehouse notes payable ​ 924,280 ​ 924,702 ​ 1,941,572 ​ 1,942,448 ​ Notes payable ​ 726,555 ​ 731,416 ​ 740,174 ​ 745,175 ​ Total financial liabilities ​ $ 1,881,964 ​ $ 1,887,247 ​ $ 2,813,957 ​ $ 2,819,834 ​ ​ The following methods and assumptions were used for recurring fair value measurements as of March 31, 2022 and 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 over th Derivative Instruments — Consist of interest rate lock commitments and forward sale agreements. These instruments are valued using discounted cash flow models developed based on changes in the U.S. Treasury rate and other observable market data. The value is determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company . Fair Value of Derivative Instruments and Loans Held for Sale — In the normal course of business, the Company enters into contractual commitments to originate and sell multifamily mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by the Company. All mortgagors are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor . To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into a sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The sale contract with the investor locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for the closing of the loan and processing of paperwork to deliver the loan into the sale commitment . Both the rate lock commitments to borrowers and the forward sale contracts to buyers are undesignated derivatives and, accordingly, are marked to fair value through Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income. The fair value of the Company's rate lock commitments to borrowers and loans held for sale and the related input levels includes, as applicable : ​ ● the estimated gain of the expected loan sale to the investor (Level 2); ● the expected net cash flows associated with servicing the loan, net of any guaranty obligations retained (Level 2); ● the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and ● the nonperformance risk of both the counterparty and the Company (Level 3; derivative instruments only). The estimated gain considers the origination fees the Company expects to collect upon loan closing (derivative instruments only) and premiums the Company expects to receive upon sale of the loan (Level 2). The fair value of the expected net cash flows associated with servicing the loan is calculated pursuant to the valuation techniques applicable to the fair value of future servicing, net at loan sale (Level 2). To calculate the effects of interest rate movements, the Company uses applicable published U.S. Treasury prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount (Level 2). The fair value of the Company's forward sales contracts to investors considers effects of interest rate movements between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. The fair value of the Company’s interest rate lock commitments and forward sales contracts is adjusted to reflect the risk that the agreement will not be fulfilled. The Company’s exposure to nonperformance in interest rate lock commitments and forward sale contracts is represented by the contractual amount of those instruments. Given the credit quality of our counterparties and the short duration of interest rate lock commitments and forward sale contracts, the risk of nonperformance by the Company’s counterparties has historically been minimal (Level 3). ​ The following table presents the components of fair value and other relevant information associated with the Company’s derivative instruments and loans held for sale as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,179,917 ​ $ 36,930 ​ $ (10,360) ​ $ 26,570 ​ $ 33,564 ​ $ (6,994) ​ $ — ​ Forward sale contracts ​ 1,932,125 ​ — ​ 73,053 ​ 73,053 ​ 78,459 ​ ​ (5,406) ​ — ​ Loans held for sale ​ 752,208 ​ 14,114 ​ (62,693) ​ (48,579) ​ — ​ — ​ (48,579) ​ Total ​ ​ ​ ​ $ 51,044 ​ $ — ​ $ 51,044 ​ $ 112,023 ​ $ (12,400) ​ $ (48,579) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	3 Months Ended
	Mar. 31, 2022
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Fannie Mae Commitments and Pledged Securities	​ NOTE 9—FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES ​ Fannie Mae DUS Related Commitments ​ The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae, which are classified as Pledged securities, at fair value The Company is in compliance with the March 31, 2022 collateral requirements as outlined above. As of March 31, 2022, reserve requirements for the DUS loan portfolio will require the Company to fund $68.2 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within the at-risk portfolio. Fannie Mae has in the past reassessed the DUS Capital Standards and may make changes to these standards in the future. The Company generates sufficient cash flow from its operations to meet these capital standards and does not expect any future changes to have a material impact on its future operations; however, any future increases to collateral requirements may adversely impact the Company’s available cash. Fannie Mae has established benchmark standards for capital adequacy and reserves the right to terminate the Company's servicing authority for all or some of the portfolio if, at any time, it determines that the Company's financial condition is not adequate to support its obligations under the DUS agreement. The Company is required to maintain acceptable net worth as defined in the agreement, and the Company satisfied the requirements as of March 31, 2022. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. At March 31, 2022, the net worth requirement was $261.2 million, and the Company's net worth, as defined in the requirements, was $704.8 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of March 31, 2022, the Company was required to maintain at least $51.8 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae, and the Company had operational liquidity, as defined in the requirements, of $98.6 million as of March 31, 2022, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities, at Fair Value Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ Pledged Securities (in thousands) 2022 2021 2021 2020 Restricted cash $ 4,099 ​ $ 24,578 ​ $ 3,779 ​ $ 4,954 ​ Money market funds ​ 36,954 ​ ​ 14,954 ​ ​ 40,954 ​ ​ 12,519 ​ Total pledged cash and cash equivalents $ 41,053 ​ $ 39,532 ​ $ 44,733 ​ $ 17,473 ​ Agency MBS 107,594 ​ ​ 100,038 ​ 104,263 ​ 119,763 ​ Total pledged securities, at fair value $ 148,647 ​ $ 139,570 ​ $ 148,996 ​ $ 137,236 ​ ​ The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Condensed Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The Company’s investments included within Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) March 31, 2022 December 31, 2021 Fair value $ 107,594 ​ $ 104,263 ​ Amortized cost ​ 105,484 ​ ​ 100,847 ​ Total gains for securities with net gains in AOCI ​ 2,743 ​ ​ 3,636 ​ Total losses for securities with net losses in AOCI (633) ​ (220) ​ Fair value of securities with unrealized losses 38,964 ​ 4,757 ​ ​ An immaterial amount 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 2,253 ​ ​ 2,248 ​ After five years through ten years ​ 78,112 ​ ​ 77,631 ​ After ten years 27,229 ​ ​ 25,605 ​ Total $ 107,594 ​ $ 105,484 ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY	3 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Earnings Per Share and Stockholders' Equity	NOTE 10—EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY Earnings per share (“EPS”) is calculated under the two-class method. The two-class method allocates all earnings (distributed and undistributed) to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants share-based awards to various employees and nonemployee directors under the 2020 Equity Incentive Plan that entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2022 and 2021 under the two-class method. Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the treasury-stock method. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, EPS Calculations (in thousands, except per share amounts) 2022 ​ 2021 Calculation of basic EPS ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 71,209 ​ $ 58,052 ​ Less: dividends and undistributed earnings allocated to participating securities 2,172 ​ 1,967 ​ Net income applicable to common stockholders $ 69,037 ​ $ 56,085 ​ Weighted-average basic shares outstanding ​ 32,219 ​ ​ 30,823 ​ Basic EPS $ 2.14 ​ $ 1.82 ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 69,037 ​ $ 56,085 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 19 ​ ​ 20 ​ Net income allocated to common stockholders $ 69,056 ​ $ 56,105 ​ Weighted-average basic shares outstanding ​ 32,219 ​ ​ 30,823 ​ Add: weighted-average diluted non-participating securities ​ 398 ​ ​ 453 ​ Weighted-average diluted shares outstanding ​ 32,617 ​ ​ 31,276 ​ Diluted EPS $ 2.12 ​ $ 1.79 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method includes the unrecognized compensation costs associated with the awards. An immaterial number of average restricted shares were excluded from the computation of diluted earnings per share under the treasury-stock method for the three months ended March 31, 2022 and March 31, 2021, respectively, because the effect would have been anti-dilutive, as the grant date market price of the restricted shares was greater than the average market price of the Company’s shares of common stock during the periods presented. The following non-cash transactions did not impact the amount of cash paid on the Condensed Consolidated Statements of Cash Flows. For the three months ended March 31, 2022, the Company issued shares of common stock totaling $6.6 million to settle compensation liabilities. During the three months ended March 31, 2022, the operating agreement of one of the Company’s joint ventures changed. The Company reconsidered its consolidation conclusion based on this change and concluded that the joint venture should be consolidated, resulting in a $5.3 million reduction in APIC and $15.5 million of noncontrolling interests consolidated as shown on the Consolidated Statements of Changes in Equity. The consolidation also resulted in a $35.0 million increase in Receivables, net Other assets Other liabilities. In February 2022, the Company’s Board of Directors approved a stock repurchase program that permits the repurchase of up to $75.0 million of the Company’s common stock over a 12-month period beginning on February 13, 2022. During the first quarter of 2022, the Company did no t repurchase any shares of its common stock under the share repurchase program. As of March 31, 2022, the Company had $75.0 million of authorized share repurchase capacity remaining under the 2022 share repurchase program. In February 2022, our Board of Directors declared a dividend of $0.60 per share for the first quarter of 2022, which the Company paid during the first quarter of 2022. On May 4, 2022, the Company’s Board of Directors declared a dividend of $0.60 per share for the second quarter of 2022. The dividend will be paid on June 3, 2022 to all holders of record of the Company’s restricted and unrestricted common stock as of May 19, 2022. The Company’s Note Payable (“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.

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2022
SEGMENTS
Segments	NOTE 11—SEGMENTS In the first quarter of 2022, as a result of the Company’s growth and recent acquisitions, the Company’s chief operating decision maker began making decisions and assessing performance based on the following three operating segments. The operating segments are determined based on the product or service provided and reflect the manner in which management is currently evaluating the Company’s financial information. (i) Capital Markets (“CM”) —CM provides a comprehensive range of commercial real estate finance products to our customers, including Agency lending, debt brokerage, property sales, and appraisal and valuation services. The Company’s long-established relationships with the Agencies and institutional investors enable CM to offer a broad range of loan products and services to the Company’s customers, including first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, and small-balance loans. CM provides property sales services to owners and developers of multifamily properties and commercial real estate and multifamily property appraisals for various investors. As part of Agency lending, CM temporarily funds the loans it originates (loans held for sale) before selling them to the Agencies and earns net interest income on the spread between the interest income on the loans and the warehouse interest expense. For Agency loans, CM recognizes the fair value of expected net cash flows from servicing, which represents the right to receive future servicing fees. CM also earns fees for origination of loans for both Agency lending and debt brokerage and fees for property sales and appraisals. Direct internal, including compensation, and external costs that are specific to CM are included within the results of this operating segments. (ii) Servicing & Asset Management (“SAM”) —SAM’s activities include: (i) servicing and asset-managing the portfolio of loans the Company (a) originates and sells to the Agencies, (b) brokers to certain life insurance companies, and (c) originates through its principal lending and investing activities, (ii) managing third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate, and (iii) real estate-related investment banking and advisory services, include housing market research. SAM earns revenue through (i) fees for servicing the loans in the Company’s servicing portfolio, (ii) asset management fees for managing third-party capital invested in funds, primarily LIHTC tax credit funds, (iii) subscription revenue for its housing market research, and (iv) net interest income on the spread between the interest income on the loans and the warehouse interest expense for loans held for investment. Direct internal, including compensation, and external costs that are specific to SAM are included within the results of this operating segment. (iii) Corporate —The Corporate segment consists primarily of the Company’s treasury operations and other corporate-level activities. The Company’s treasury activities include monitoring and managing liquidity and funding requirements, including corporate debt. Other corporate-level activities include strategic equity-method investments, information technology, legal, human resources, marketing, accounting, internal audit, and various other corporate groups (“support functions”). The Company does not allocate costs from these support functions to the CM or SAM segments in presenting segment operating results, other than income tax expense which is allocated proportionally based on income from operations at each segment. ​ The following table provides a summary and reconciliation of each segment’s results for the three months ended March 31, 2022 and 2021 and total assets as of March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended March 31, 2022 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 81,823 ​ $ 487 ​ $ — ​ $ 82,310 Fair value of expected net cash flows from servicing, net ​ ​ 52,730 ​ ​ — ​ ​ — ​ ​ 52,730 Servicing fees ​ ​ — ​ ​ 72,681 ​ ​ — ​ ​ 72,681 Property sales broker fees ​ ​ 23,398 ​ ​ — ​ ​ — ​ ​ 23,398 Net warehouse interest income, loans held for sale ​ ​ 3,530 ​ ​ — ​ ​ — ​ ​ 3,530 Net warehouse interest income, loans held for investment ​ ​ — ​ ​ 1,243 ​ ​ — ​ ​ 1,243 Escrow earnings and other interest income ​ ​ — ​ ​ 1,758 ​ ​ 45 ​ ​ 1,803 Other revenues ​ ​ 2,763 ​ ​ 34,897 ​ ​ 44,089 ​ ​ 81,749 Total revenues ​ $ 164,244 ​ $ 111,066 ​ $ 44,134 ​ $ 319,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 98,726 ​ $ 18,638 ​ $ 26,817 ​ $ 144,181 Amortization and depreciation ​ ​ — ​ ​ 54,931 ​ ​ 1,221 ​ ​ 56,152 Provision (benefit) for credit losses ​ — ​ (9,498) ​ — ​ (9,498) Interest expense on corporate debt ​ — ​ — ​ 6,405 ​ 6,405 Other operating expenses ​ 6,111 ​ 6,119 ​ 19,984 ​ 32,214 Total expenses ​ $ 104,837 ​ $ 70,190 ​ $ 54,427 ​ $ 229,454 Income from operations ​ $ 59,407 ​ $ 40,876 ​ $ (10,293) ​ $ 89,990 Income tax expense ​ 12,847 ​ ​ 8,839 ​ ​ (2,226) ​ 19,460 Net income before noncontrolling interests ​ $ 46,560 ​ $ 32,037 ​ $ (8,067) ​ $ 70,530 Less: net income (loss) from noncontrolling interests ​ — ​ (679) ​ — ​ (679) Walker & Dunlop net income ​ $ 46,560 ​ $ 32,716 ​ $ (8,067) ​ $ 71,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,398,272 ​ $ 2,573,112 ​ $ 368,247 ​ $ 4,339,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended March 31, 2021 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 75,295 ​ $ 584 ​ $ — ​ $ 75,879 Fair value of expected net cash flows from servicing, net ​ ​ 57,935 ​ ​ — ​ ​ — ​ ​ 57,935 Servicing fees ​ ​ — ​ ​ 65,978 ​ ​ — ​ ​ 65,978 Property sales broker fees ​ ​ 9,042 ​ ​ — ​ ​ — ​ ​ 9,042 Net warehouse interest income, loans held for sale ​ ​ 2,459 ​ ​ — ​ ​ — ​ ​ 2,459 Net warehouse interest income, loans held for investment ​ ​ — ​ ​ 2,096 ​ ​ — ​ ​ 2,096 Escrow earnings and other interest income ​ ​ — ​ ​ 1,999 ​ ​ 118 ​ ​ 2,117 Other revenues ​ ​ 2,560 ​ ​ 7,508 ​ ​ (1,286) ​ ​ 8,782 Total revenues ​ $ 147,291 ​ $ 78,165 ​ $ (1,168) ​ $ 224,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 72,635 ​ $ 7,111 ​ $ 16,469 ​ $ 96,215 Amortization and depreciation ​ ​ 521 ​ ​ 45,378 ​ ​ 972 ​ ​ 46,871 Provision (benefit) for credit losses ​ — ​ (11,320) ​ — ​ (11,320) Interest expense on corporate debt ​ — ​ — ​ 1,765 ​ 1,765 Other operating expenses ​ 3,402 ​ 2,253 ​ 11,932 ​ 17,587 Total expenses ​ $ 76,558 ​ $ 43,422 ​ $ 31,138 ​ $ 151,118 Income from operations ​ $ 70,733 ​ $ 34,743 ​ $ (32,306) ​ $ 73,170 Income tax expense ​ 14,615 ​ ​ 7,178 ​ ​ (6,675) ​ 15,118 Net income before noncontrolling interests ​ $ 56,118 ​ $ 27,565 ​ $ (25,631) ​ $ 58,052 Less: net income (loss) from noncontrolling interests ​ — ​ — ​ — ​ — Walker & Dunlop net income ​ $ 56,118 ​ $ 27,565 ​ $ (25,631) ​ $ 58,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,394,741 ​ $ 1,402,627 ​ $ 406,597 ​ $ 3,203,965 ​

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities
Variable Interest Entities	NOTE 12—VARIABLE INTEREST ENTITIES The Company, through its subsidiary Alliant, provides alternative investment management services through the syndication of tax credit funds and the joint 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 (as is the case in the tax credit funds) or as a majority investor in the VIE with a third-party property developer or property manager serving as the manager of the VIE. A detailed discussion of the Company’s accounting policies regarding the consolidation of VIEs and significant transactions involving VIEs is included in NOTE 2 and NOTE 17 of the Company’s 2021 Form 10-K. As of March 31, 2022 and December 31, 2021, the assets and liabilities of the consolidated tax credit funds were immaterial. ​ ​ The table below presents the assets and liabilities of the Company’s consolidated joint development VIEs included in the Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) : ​ March 31, 2022 ​ December 31, 2021 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 321 ​ $ — Restricted cash ​ ​ 849 ​ ​ — Receivables, net ​ ​ 35,675 ​ ​ — Other Assets ​ ​ 59,283 ​ ​ 54,880 Total assets of consolidated VIEs ​ $ 96,128 ​ $ 54,880 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 40,778 ​ $ 36,480 Total liabilities of consolidated VIEs ​ $ 40,778 ​ $ 36,480 ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the carrying value and classification of the Company’s interests in nonconsolidated VIEs included in the Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) : ​ ​ March 31, 2022 ​ December 31, 2021 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 223,771 ​ $ 177,322 Other assets: ​ ​ 54,335 ​ ​ 74,997 Total interests in nonconsolidated VIEs ​ $ 278,106 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ ​ 206,605 ​ ​ 162,747 Total commitments to fund nonconsolidated VIEs ​ $ 206,605 ​ $ 162,747 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 278,106 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ (1) 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. (2) 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests Net income (loss) from noncontrolling interests
Subsequent Events	Subsequent Events
Use of Estimates	Use of Estimates
Co-broker Fees	Co-broker Fees— Loan origination and debt brokerage fees, net
Loans Held for Investment, net	Loans Held for Investment, net As of March 31, 2022, Loans held for investment, net Loans held for investment, net The Company assesses the credit quality of loans held for investment in the same manner as it does for the loans in the Fannie Mae at-risk portfolio and records an allowance for these loans as necessary. The allowance for loan losses is estimated collectively for loans with similar characteristics. The collective allowance is based on the same methodology that the Company uses to estimate its allowance for risk-sharing obligations under the Current Expected Credit Losses (“CECL”) standard for at-risk Fannie Mae Delegated Underwriting and Servicing (“DUS”) loans (with the exception of a reversion period) because the nature of the underlying collateral is the same, and the loans have similar characteristics, except they are significantly shorter in maturity. The reasonable and supportable forecast period used for the CECL allowance for loans held for investment is one year. The loss rate for the forecast period was 15 basis points as of both March 31, 2022 and December 31, 2021. The loss rate for the remaining period until maturity was six basis points and nine basis points as of March 31, 2022 and December 31, 2021, respectively. One loan held for investment with an unpaid principal balance of $14.7 million was delinquent and on non-accrual status as of March 31, 2022 and December 31, 2021. The Company had $3.7 million in collateral-based reserves for this loan as of both March 31, 2022 and December 31, 2021 and has not recorded any interest related to this loan since it went on non-accrual status. All other loans were current as of March 31, 2022 and December 31, 2021. The amortized cost basis of loans that were current as of March 31, 2022 and December 31, 2021 was $206.0 million and $258.6 million, respectively. As of March 31, 2022, $178.6 million and $28.3 million of the loans that were current were originated in 2021 and 2019, respectively. Other than the defaulted loan noted above, the Company has not experienced any delinquencies related to loans held for investment.
Provision (Benefit) for Credit Losses	Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2022 2021 Provision (benefit) for loan losses ​ $ (106) ​ $ (587) ​ Provision (benefit) for risk-sharing obligations ​ (9,392) ​ (10,733) ​ Provision (benefit) for credit losses ​ $ (9,498) ​ $ (11,320) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Warehouse Interest Income	Net Warehouse Interest Income— Net warehouse interest income Net warehouse interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Net Warehouse Interest Income (in thousands) 2022 2021 Warehouse interest income - loans held for sale ​ $ 8,863 ​ $ 9,118 ​ Warehouse interest expense - loans held for sale ​ (5,333) ​ (6,659) ​ Net warehouse interest income - loans held for sale ​ $ 3,530 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 2,350 ​ $ 3,228 ​ Warehouse interest expense - loans held for investment ​ (1,107) ​ (1,132) ​ Warehouse interest income - secured borrowings ​ ​ — ​ ​ 865 ​ Warehouse interest expense - secured borrowings ​ ​ — ​ ​ (865) ​ Net warehouse interest income - loans held for investment ​ $ 1,243 ​ $ 2,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 4,773 ​ $ 4,555 ​ ​ ​ ​ ​ ​ ​ ​ ​
Statement of Cash Flows	Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (in thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 141,375 ​ $ 277,277 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 41,584 ​ ​ 14,805 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 41,053 ​ 39,532 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 224,012 ​ $ 331,614 ​ $ 393,180 ​ $ 358,002 ​
Income Taxes	Income Taxes ​
Contracts with Customers	Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ March 31, ​ ​ Description in thousands 2022 2021 Statement of income line item Certain loan origination fees ​ $ 37,365 ​ $ 23,901 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 23,398 ​ ​ 9,042 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, other revenues from LIHTC operations, and other ​ 28,305 ​ 6,250 ​ Other revenues Total revenues derived from contracts with customers ​ $ 89,068 ​ $ 39,193 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Litigation	Litigation
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncement s
Reclassifications	Reclassifications

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Components of Provision (Benefit) for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2022 2021 Provision (benefit) for loan losses ​ $ (106) ​ $ (587) ​ Provision (benefit) for risk-sharing obligations ​ (9,392) ​ (10,733) ​ Provision (benefit) for credit losses ​ $ (9,498) ​ $ (11,320) ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Net Warehouse Interest Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Net Warehouse Interest Income (in thousands) 2022 2021 Warehouse interest income - loans held for sale ​ $ 8,863 ​ $ 9,118 ​ Warehouse interest expense - loans held for sale ​ (5,333) ​ (6,659) ​ Net warehouse interest income - loans held for sale ​ $ 3,530 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 2,350 ​ $ 3,228 ​ Warehouse interest expense - loans held for investment ​ (1,107) ​ (1,132) ​ Warehouse interest income - secured borrowings ​ ​ — ​ ​ 865 ​ Warehouse interest expense - secured borrowings ​ ​ — ​ ​ (865) ​ Net warehouse interest income - loans held for investment ​ $ 1,243 ​ $ 2,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 4,773 ​ $ 4,555 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (in thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 141,375 ​ $ 277,277 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 41,584 ​ ​ 14,805 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 41,053 ​ 39,532 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 224,012 ​ $ 331,614 ​ $ 393,180 ​ $ 358,002 ​
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ March 31, ​ ​ Description in thousands 2022 2021 Statement of income line item Certain loan origination fees ​ $ 37,365 ​ $ 23,901 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 23,398 ​ ​ 9,042 ​ Property sales broker fees Investment management fees, application fees, subscription revenues, other revenues from LIHTC operations, and other ​ 28,305 ​ 6,250 ​ Other revenues Total revenues derived from contracts with customers ​ $ 89,068 ​ $ 39,193 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2022
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of MSRs (in thousands) 2022 2021 Beginning balance ​ $ 953,845 ​ $ 862,813 ​ Additions, following the sale of loan ​ 76,854 ​ 96,640 ​ Amortization ​ (46,357) ​ (42,552) ​ Pre-payments and write-offs ​ (7,788) ​ (7,017) ​ Ending balance ​ $ 976,554 ​ $ 909,884 ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ March 31, 2022 ​ December 31, 2021 Gross value ​ $ 1,598,350 ​ $ 1,548,870 Accumulated amortization ​ (621,796) ​ (595,025) Net carrying value ​ $ 976,554 ​ $ 953,845
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2022 ​ $ 135,495 Year Ending December 31, ​ ​ ​ 2023 ​ $ 171,194 2024 ​ 152,155 2025 ​ 129,694 2026 ​ 109,489 2027 ​ 92,535 Thereafter ​ ​ 185,992 Total ​ $ 976,554

GUARANTY OBLIGATION AND ALLOW_2

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Schedule of Activity Related to Guaranty Obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Guaranty Obligation (in thousands) 2022 2021 Beginning balance ​ $ 47,378 ​ $ 52,306 ​ Additions, following the sale of loan ​ 1,551 ​ 1,721 ​ Amortization and write-offs ​ (2,439) ​ (2,191) ​ Ending balance ​ $ 46,490 ​ $ 51,836 ​
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2022 2021 Beginning balance ​ $ 62,636 ​ $ 75,313 ​ Provision (benefit) for risk-sharing obligations ​ (9,392) ​ (10,733) ​ Write-offs ​ — ​ — ​ Ending balance ​ $ 53,244 ​ $ 64,580 ​

WAREHOUSE NOTES PAYABLE (Tables

WAREHOUSE NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2022
WAREHOUSE NOTES PAYABLE
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ (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 ​ $ 49,860 Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 46,647 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 274,690 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 350,000 ​ ​ — ​ ​ 350,000 ​ ​ 128,298 ​ 30-day LIBOR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 135,453 ​ Adjusted Term SOFR plus 1.45% ​ Agency Warehouse Facility #6 ​ ​ 150,000 ​ ​ 50,000 ​ ​ 200,000 ​ ​ 24,800 ​ 30-day LIBOR plus 1.30% ​ Total National Bank Agency Warehouse Facilities ​ $ 2,225,000 ​ $ 1,615,000 ​ $ 3,840,000 ​ $ 659,748 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 91,330 ​ ​ Total Agency Warehouse Facilities ​ $ 2,225,000 ​ $ 3,115,000 ​ $ 5,340,000 ​ $ 751,078 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — 30-day LIBOR plus 1.90% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — Adjusted Term SOFR plus 1.35% to 1.85% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 141,809 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 ​ $ 161,619 ​ ​ ​ Alliant Warehouse Facility ​ $ 30,000 ​ $ — ​ $ 30,000 ​ $ 12,005 ​ Daily LIBOR plus 3.00% ​ Debt issuance costs ​ — ​ — ​ — ​ (422) ​ ​ ​ Total warehouse facilities ​ $ 2,709,810 ​ $ 3,115,000 ​ $ 5,824,810 ​ $ 924,280 ​ ​ ​ (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 any applicable interest rate floors.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Goodwill (in thousands) 2022 2021 Beginning balance ​ $ 698,635 ​ $ 248,958 ​ Additions from acquisitions ​ 213,874 ​ 12,231 ​ Measurement-period adjustments ​ ​ (3,765) ​ ​ — ​ Impairment ​ — ​ — ​ Ending balance ​ $ 908,744 ​ $ 261,189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, Goodwill by Reportable Segment (in thousands) ​ 2022 Capital Markets ​ $ 449,992 Servicing & Asset Management ​ ​ 458,752 Corporate ​ ​ — Ending balance ​ $ 908,744
Schedule of Activity Related to Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Other Intangible Assets (in thousands) 2022 2021 Beginning balance ​ $ 183,904 ​ $ 1,880 Additions from acquisitions ​ ​ 31,000 ​ ​ 504 Amortization ​ ​ (3,499) ​ ​ (667) Ending balance ​ $ 211,405 ​ $ 1,717
Summary of Components of Net Carrying Value of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, Components of Other Intangible Assets (in thousands) ​ 2022 ​ 2021 Gross value ​ $ 220,682 ​ $ 189,682 Accumulated amortization ​ (9,277) ​ (5,778) Net carrying value ​ $ 211,405 ​ $ 183,904
Schedule of Expected Amortization of Other Intangible Assets	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2022 ​ $ 13,496 Year Ending December 31, ​ ​ ​ 2023 ​ $ 16,246 2024 ​ 16,246 2025 ​ 16,206 2026 ​ 16,206 2027 ​ 16,206 Thereafter ​ ​ 116,799 Total ​ $ 211,405
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2022 2021 ​ Beginning balance ​ $ 125,808 ​ $ 28,829 ​ Additions ​ ​ 119,000 ​ ​ 5,229 ​ Accretion and revaluation ​ ​ 359 ​ ​ 430 ​ Payments ​ ​ (26,438) ​ ​ — ​ Ending balance ​ $ 218,729 ​ $ 34,488 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 703,629 ​ $ — ​ $ 703,629 ​ Pledged securities ​ 41,053 ​ 107,594 ​ — ​ 148,647 ​ Derivative assets ​ — ​ — ​ 112,023 ​ 112,023 ​ Total ​ $ 41,053 ​ $ 811,223 ​ $ 112,023 ​ $ 964,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 12,400 ​ $ 12,400 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 218,729 ​ ​ 218,729 ​ Total ​ $ — ​ $ — ​ $ 231,129 ​ $ 231,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Derivative Assets and Liabilities, net (in thousands) 2022 2021 Beginning balance ​ $ 30,961 ​ $ 44,720 Settlements ​ (66,378) ​ (129,655) Realized gains recorded in earnings (1) ​ 35,417 ​ 84,935 Unrealized gains (losses) recorded in earnings (1) ​ 99,623 ​ 48,880 Ending balance ​ $ 99,623 ​ $ 48,880 (1) Realized and unrealized gains (losses) from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Condensed Consolidated Statements of Income.
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (3) Derivative assets ​ $ 112,023 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 12,400 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 218,729 ​ Various (2) ​ Probability of earn-out achievement ​ 88% - 100% ​ 90% (1) Significant increases in this input may lead to significantly lower fair value measurements. (2) Primary valuation technique used was a 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 141,375 ​ $ 141,375 ​ $ 305,635 ​ $ 305,635 ​ Restricted cash ​ 41,584 ​ 41,584 ​ 42,812 ​ 42,812 ​ Pledged securities ​ 148,647 ​ 148,647 ​ 148,996 ​ 148,996 ​ Loans held for sale ​ 703,629 ​ 703,629 ​ 1,811,586 ​ 1,811,586 ​ Loans held for investment, net ​ 216,620 ​ 217,932 ​ 269,125 ​ 270,826 ​ Derivative assets ​ 112,023 ​ 112,023 ​ 37,364 ​ 37,364 ​ Total financial assets ​ $ 1,363,878 ​ $ 1,365,190 ​ $ 2,615,518 ​ $ 2,617,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 12,400 ​ $ 12,400 ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ 218,729 ​ ​ 218,729 ​ ​ 125,808 ​ ​ 125,808 ​ Warehouse notes payable ​ 924,280 ​ 924,702 ​ 1,941,572 ​ 1,942,448 ​ Notes payable ​ 726,555 ​ 731,416 ​ 740,174 ​ 745,175 ​ Total financial liabilities ​ $ 1,881,964 ​ $ 1,887,247 ​ $ 2,813,957 ​ $ 2,819,834 ​
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 March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,179,917 ​ $ 36,930 ​ $ (10,360) ​ $ 26,570 ​ $ 33,564 ​ $ (6,994) ​ $ — ​ Forward sale contracts ​ 1,932,125 ​ — ​ 73,053 ​ 73,053 ​ 78,459 ​ ​ (5,406) ​ — ​ Loans held for sale ​ 752,208 ​ 14,114 ​ (62,693) ​ (48,579) ​ — ​ — ​ (48,579) ​ Total ​ ​ ​ ​ $ 51,044 ​ $ — ​ $ 51,044 ​ $ 112,023 ​ $ (12,400) ​ $ (48,579) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2022
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ Pledged Securities (in thousands) 2022 2021 2021 2020 Restricted cash $ 4,099 ​ $ 24,578 ​ $ 3,779 ​ $ 4,954 ​ Money market funds ​ 36,954 ​ ​ 14,954 ​ ​ 40,954 ​ ​ 12,519 ​ Total pledged cash and cash equivalents $ 41,053 ​ $ 39,532 ​ $ 44,733 ​ $ 17,473 ​ Agency MBS 107,594 ​ ​ 100,038 ​ 104,263 ​ 119,763 ​ Total pledged securities, at fair value $ 148,647 ​ $ 139,570 ​ $ 148,996 ​ $ 137,236 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) March 31, 2022 December 31, 2021 Fair value $ 107,594 ​ $ 104,263 ​ Amortized cost ​ 105,484 ​ ​ 100,847 ​ Total gains for securities with net gains in AOCI ​ 2,743 ​ ​ 3,636 ​ Total losses for securities with net losses in AOCI (633) ​ (220) ​ Fair value of securities with unrealized losses 38,964 ​ 4,757 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 2,253 ​ ​ 2,248 ​ After five years through ten years ​ 78,112 ​ ​ 77,631 ​ After ten years 27,229 ​ ​ 25,605 ​ Total $ 107,594 ​ $ 105,484 ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of Basic and Diluted EPS Under Two-Class Method	​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, EPS Calculations (in thousands, except per share amounts) 2022 ​ 2021 Calculation of basic EPS ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 71,209 ​ $ 58,052 ​ Less: dividends and undistributed earnings allocated to participating securities 2,172 ​ 1,967 ​ Net income applicable to common stockholders $ 69,037 ​ $ 56,085 ​ Weighted-average basic shares outstanding ​ 32,219 ​ ​ 30,823 ​ Basic EPS $ 2.14 ​ $ 1.82 ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 69,037 ​ $ 56,085 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 19 ​ ​ 20 ​ Net income allocated to common stockholders $ 69,056 ​ $ 56,105 ​ Weighted-average basic shares outstanding ​ 32,219 ​ ​ 30,823 ​ Add: weighted-average diluted non-participating securities ​ 398 ​ ​ 453 ​ Weighted-average diluted shares outstanding ​ 32,617 ​ ​ 31,276 ​ Diluted EPS $ 2.12 ​ $ 1.79 ​

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
SEGMENTS
Schedule of Segment Results and Total Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended March 31, 2022 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 81,823 ​ $ 487 ​ $ — ​ $ 82,310 Fair value of expected net cash flows from servicing, net ​ ​ 52,730 ​ ​ — ​ ​ — ​ ​ 52,730 Servicing fees ​ ​ — ​ ​ 72,681 ​ ​ — ​ ​ 72,681 Property sales broker fees ​ ​ 23,398 ​ ​ — ​ ​ — ​ ​ 23,398 Net warehouse interest income, loans held for sale ​ ​ 3,530 ​ ​ — ​ ​ — ​ ​ 3,530 Net warehouse interest income, loans held for investment ​ ​ — ​ ​ 1,243 ​ ​ — ​ ​ 1,243 Escrow earnings and other interest income ​ ​ — ​ ​ 1,758 ​ ​ 45 ​ ​ 1,803 Other revenues ​ ​ 2,763 ​ ​ 34,897 ​ ​ 44,089 ​ ​ 81,749 Total revenues ​ $ 164,244 ​ $ 111,066 ​ $ 44,134 ​ $ 319,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 98,726 ​ $ 18,638 ​ $ 26,817 ​ $ 144,181 Amortization and depreciation ​ ​ — ​ ​ 54,931 ​ ​ 1,221 ​ ​ 56,152 Provision (benefit) for credit losses ​ — ​ (9,498) ​ — ​ (9,498) Interest expense on corporate debt ​ — ​ — ​ 6,405 ​ 6,405 Other operating expenses ​ 6,111 ​ 6,119 ​ 19,984 ​ 32,214 Total expenses ​ $ 104,837 ​ $ 70,190 ​ $ 54,427 ​ $ 229,454 Income from operations ​ $ 59,407 ​ $ 40,876 ​ $ (10,293) ​ $ 89,990 Income tax expense ​ 12,847 ​ ​ 8,839 ​ ​ (2,226) ​ 19,460 Net income before noncontrolling interests ​ $ 46,560 ​ $ 32,037 ​ $ (8,067) ​ $ 70,530 Less: net income (loss) from noncontrolling interests ​ — ​ (679) ​ — ​ (679) Walker & Dunlop net income ​ $ 46,560 ​ $ 32,716 ​ $ (8,067) ​ $ 71,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,398,272 ​ $ 2,573,112 ​ $ 368,247 ​ $ 4,339,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended March 31, 2021 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 75,295 ​ $ 584 ​ $ — ​ $ 75,879 Fair value of expected net cash flows from servicing, net ​ ​ 57,935 ​ ​ — ​ ​ — ​ ​ 57,935 Servicing fees ​ ​ — ​ ​ 65,978 ​ ​ — ​ ​ 65,978 Property sales broker fees ​ ​ 9,042 ​ ​ — ​ ​ — ​ ​ 9,042 Net warehouse interest income, loans held for sale ​ ​ 2,459 ​ ​ — ​ ​ — ​ ​ 2,459 Net warehouse interest income, loans held for investment ​ ​ — ​ ​ 2,096 ​ ​ — ​ ​ 2,096 Escrow earnings and other interest income ​ ​ — ​ ​ 1,999 ​ ​ 118 ​ ​ 2,117 Other revenues ​ ​ 2,560 ​ ​ 7,508 ​ ​ (1,286) ​ ​ 8,782 Total revenues ​ $ 147,291 ​ $ 78,165 ​ $ (1,168) ​ $ 224,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 72,635 ​ $ 7,111 ​ $ 16,469 ​ $ 96,215 Amortization and depreciation ​ ​ 521 ​ ​ 45,378 ​ ​ 972 ​ ​ 46,871 Provision (benefit) for credit losses ​ — ​ (11,320) ​ — ​ (11,320) Interest expense on corporate debt ​ — ​ — ​ 1,765 ​ 1,765 Other operating expenses ​ 3,402 ​ 2,253 ​ 11,932 ​ 17,587 Total expenses ​ $ 76,558 ​ $ 43,422 ​ $ 31,138 ​ $ 151,118 Income from operations ​ $ 70,733 ​ $ 34,743 ​ $ (32,306) ​ $ 73,170 Income tax expense ​ 14,615 ​ ​ 7,178 ​ ​ (6,675) ​ 15,118 Net income before noncontrolling interests ​ $ 56,118 ​ $ 27,565 ​ $ (25,631) ​ $ 58,052 Less: net income (loss) from noncontrolling interests ​ — ​ — ​ — ​ — Walker & Dunlop net income ​ $ 56,118 ​ $ 27,565 ​ $ (25,631) ​ $ 58,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,394,741 ​ $ 1,402,627 ​ $ 406,597 ​ $ 3,203,965

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Consolidated VIEs
Schedule of the Carrying Value and Classification of Assets and Liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) : ​ March 31, 2022 ​ December 31, 2021 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 321 ​ $ — Restricted cash ​ ​ 849 ​ ​ — Receivables, net ​ ​ 35,675 ​ ​ — Other Assets ​ ​ 59,283 ​ ​ 54,880 Total assets of consolidated VIEs ​ $ 96,128 ​ $ 54,880 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 40,778 ​ $ 36,480 Total liabilities of consolidated VIEs ​ $ 40,778 ​ $ 36,480 ​ ​ ​ ​ ​ ​ ​
Nonconsolidated VIEs
Schedule of the Carrying Value and Classification of Assets and Liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) : ​ ​ March 31, 2022 ​ December 31, 2021 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 223,771 ​ $ 177,322 Other assets: ​ ​ 54,335 ​ ​ 74,997 Total interests in nonconsolidated VIEs ​ $ 278,106 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ ​ 206,605 ​ ​ 162,747 Total commitments to fund nonconsolidated VIEs ​ $ 206,605 ​ $ 162,747 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 278,106 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ (1) 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. (2) 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.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	Mar. 31, 2022
Interim Program JV
Joint Venture
Ownership interest	15.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Mortgage Banking Activities
Co-broker fees	$ 5.9	$ 5.3

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)loan
Financial Asset, Not Past Due
Loans Held-for-Investment, Net
Amortized cost of loans held for investment, current	$ 206,000,000	$ 258,600,000
Loans originated in 2021	178,600,000
Loans originated in 2019	$ 28,300,000
Loans Held for Investment
Loans Held-for-Investment, Net
Number of loans held for investment | loan	10	12
Unpaid principal balance of loans held for investment	$ 221,600,000	$ 274,500,000
Net unamortized deferred fees and costs	900,000	1,200,000
Allowance for loan losses	$ 4,100,000	$ 4,200,000
Reasonable and supportable forecast period used for determining CECL reserves	1 year
Number of delinquent loans	1	1
Charge off rate for forecasted period	0.15%	0.15%
Charge off rate for the remaining period	0.06%	0.09%
Loans held for investment, delinquent	$ 14,700,000	$ 14,700,000
Number of loans on nonaccrual status | loan	1	1
Loans, non-accrual status	$ 14,700,000	$ 14,700,000
Specific reserve for loan	$ 3,700,000	$ 3,700,000
Loans Held for Investment | Maximum
Loans Held-for-Investment, Net
Loan term (in years)	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Components of Provision for Credit Losses
Provision (benefit) for loan losses	$ (106)	$ (587)
Provision (benefit) for risk-sharing obligations	(9,392)	(10,733)
Provision (benefit) for credit losses	$ (9,498)	$ (11,320)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Warehouse Interest Income
Net warehouse interest income	$ 4,773	$ 4,555
Loans Held for Sale
Net Warehouse Interest Income
Warehouse interest income	8,863	9,118
Warehouse interest expense	(5,333)	(6,659)
Net warehouse interest income	3,530	2,459
Loans Held for Investment
Net Warehouse Interest Income
Warehouse interest income	2,350	3,228
Warehouse interest expense	(1,107)	(1,132)
Net warehouse interest income	$ 1,243	2,096
Secured Borrowings
Net Warehouse Interest Income
Warehouse interest income		865
Warehouse interest expense		$ (865)

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 141,375	$ 305,635	$ 277,277	$ 321,097
Restricted cash	41,584	42,812	14,805	19,432
Pledged cash and cash equivalents (NOTE 9)	41,053	44,733	39,532	17,473
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 224,012	$ 393,180	$ 331,614	$ 358,002

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Excess tax benefits recognized	$ 4.9	$ 4.1

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contracts with Customers
Revenue from contracts with customer	$ 89,068	$ 39,193
Loan Origination Fees | Loan Origination and Debt Brokerage Fees, Net
Contracts with Customers
Revenue from contracts with customer	37,365	23,901
Property Sales Broker Fees | Property Sales Broker Fees
Contracts with Customers
Revenue from contracts with customer	23,398	9,042
Investment management fees, application fees, subscription revenues, other revenues from LIHTC operations, and other | Other Revenues
Contracts with Customers
Revenue from contracts with customer	$ 28,305	$ 6,250

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Servicing
Fair value of the MSRs	$ 1,300	$ 1,300
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	$ 39.1
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	$ 75.6

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Mortgage Servicing Rights
Beginning balance	$ 953,845
Ending balance	976,554
MSRs
Mortgage Servicing Rights
Beginning balance	953,845	$ 862,813
Additions, following sale of loan	76,854	96,640
Amortization	(46,357)	(42,552)
Pre-payments and write-offs	(7,788)	(7,017)
Ending balance	$ 976,554	$ 909,884

MORTGAGE SERVICING RIGHTS - Sum

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,598,350	$ 1,548,870
Accumulated amortization	(621,796)	(595,025)
Net carrying value	$ 976,554	$ 953,845

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Future amortization
Nine Months Ending December 31, 2022	$ 135,495
2023	171,194
2024	152,155
2025	129,694
2026	109,489
2027	92,535
Thereafter	185,992
Net carrying value	$ 976,554	$ 953,845

GUARANTY OBLIGATION AND ALLOW_3

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Guaranty obligation, net of accumulated amortization - beginning balance	$ 47,378	$ 52,306
Additions, following the sale of loan	1,551	1,721
Amortization	(2,439)	(2,191)
Guaranty obligation, net of accumulated amortization - ending balance	$ 46,490	$ 51,836

GUARANTY OBLIGATION AND ALLOW_4

GUARANTY OBLIGATION AND ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020
Allowance for Risk-Sharing Contracts
Beginning balance	$ 62,636		$ 75,313	$ 75,313
Provision (benefit) for risk-sharing obligations	(9,392)		(10,733)
Ending balance	$ 53,244	$ 62,636	64,580	$ 62,636
Number of defaulted loans | loan	3			3
Amount of specific reserves placed on defaulted at risk loans	$ 10,800	$ 10,300		$ 10,300
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 10,200,000		$ 9,300,000
Fannie Mae DUS Program
Allowance for Risk-Sharing Contracts
Period of time used to determine the historical loss rate	10 years
Charge off rate for forecasted period			0.04%		0.06%
Charge off rate for the remaining period	0.012%	0.018%		0.018%
At risk servicing portfolio	$ 49,700,000
CECL reserve for at risk servicing portfolio	$ 42,500	$ 52,300		$ 52,300
Weighted average remaining life of the at risk servicing portfolio	7 years 4 months 24 days	7 years 6 months

SERVICING - (Detail)

SERVICING - (Detail) - Loans serviced - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021
Servicing
Servicing portfolio loans unpaid principal balance	$ 116.3	$ 115.7
Custodial escrow accounts	$ 2.5	$ 3.7

WAREHOUSE NOTES PAYABLE - Summa

WAREHOUSE NOTES PAYABLE - Summary Information (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022USD ($)facility	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Warehouse notes payable
Committed Amount		$ 2,709,810
Uncommitted Amount		3,115,000
Total Facility Capacity		5,824,810
Outstanding Balance		924,280		$ 1,941,572
Debt issuance costs		(422)
Alliant Warehouse Facility
Warehouse notes payable
Committed Amount		30,000
Total Facility Capacity		30,000
Outstanding Balance		$ 12,005
Maturity date	Jul. 31, 2022
Alliant Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate	3.00%
Alliant Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Interest rate floor	1.50%
Alliant Warehouse Facility | Daily LIBOR
Warehouse notes payable
Percentage added to reference rate		3.00%
Loans Held for Sale
Warehouse notes payable
Interest expense		$ 5,333	$ 6,659
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		2,225,000
Uncommitted Amount		3,115,000
Total Facility Capacity		5,340,000
Outstanding Balance		751,078
Loans Held for Investment
Warehouse notes payable
Interest expense		1,107	$ 1,132
National Banks | Agency Warehouse Facility
Warehouse notes payable
Total Facility Capacity		3,800,000
National Banks | Interim Warehouse Facility
Warehouse notes payable
Total Facility Capacity		$ 500,000
National Banks | Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Number of credit facilities | facility		6
Committed Amount		$ 2,225,000
Uncommitted Amount		1,615,000
Total Facility Capacity		3,840,000
Outstanding Balance		659,748
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		425,000
Total Facility Capacity		425,000
Outstanding Balance		$ 49,860
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
Uncommitted Amount		300,000
Total Facility Capacity		1,000,000
Outstanding Balance		$ 46,647
Maturity date	Apr. 13, 2023
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%
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | 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 #3 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 600,000
Uncommitted Amount		265,000
Total Facility Capacity		865,000
Outstanding Balance		$ 274,690
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%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 350,000
Total Facility Capacity		350,000
Outstanding Balance		$ 128,298
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%
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount		$ 1,000,000
Total Facility Capacity		1,000,000
Outstanding Balance		$ 135,453
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
Uncommitted Amount		50,000
Total Facility Capacity		200,000
Outstanding Balance		$ 24,800
National Banks | Loans Held for Sale | Agency Warehouse Facility #6 | Agency Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate		1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility, Expired | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 150,000
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		454,810
Total Facility Capacity		454,810
Outstanding Balance		161,619
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		135,000
Total Facility Capacity		$ 135,000
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%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		$ 100,000
Total Facility Capacity		$ 100,000
Maturity date		Dec. 13, 2023
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%
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
Total Facility Capacity		200,000
Outstanding Balance		$ 141,809
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%
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%
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		$ 19,810
Total Facility Capacity		19,810
Outstanding Balance		$ 19,810
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%
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
Total Facility Capacity		1,500,000
Outstanding Balance		$ 91,330

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 698,635	$ 248,958
Additions from acquisitions	213,874	12,231
Measurement-period adjustments	(3,765)
Ending balance	$ 908,744	$ 261,189

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - GeoPhy Acquisition (Detail) $ in Thousands	Feb. 28, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Acquisitions
Gain on remeasurement of equity investment to fair value prior to acquisition of controlling interest		$ 39,641
Goodwill recognized		908,744	$ 698,635	$ 261,189	$ 248,958
Number of reportable segments | segment			1
Annual small balance lending volume goal by 2025		5,000,000
Annual appraisal revenue goal by 2025		$ 75,000
Expected period of significant appraisal revenue growth		5 years
Maximum
Acquisitions
Contingent consideration liability earnout period		5 years
Discounted Cash Flows | Measurement Input, Discount Rate
Fair value valuation
Investment, Measurement Input	0.170
Capital Markets
Acquisitions
Goodwill recognized		$ 449,992
Apprise
Acquisitions
Book value of equity method investment prior to transaction	$ 18,900
Fair value of equity method investment prior to transaction	58,500
Apprise | Other Revenues
Acquisitions
Gain on remeasurement of equity investment to fair value prior to acquisition of controlling interest	$ 39,600
Apprise
Acquisitions
Total ownership interest	100.00%
GeoPhy
Acquisitions
Ownership interest acquired	100.00%
Cash consideration	$ 87,600
Receivable forgiven	5,400
Contingent consideration liabilities	119,000
Total consideration	$ 212,000
Contingent consideration liability earnout period	4 years
Maximum earnout of contingent consideration	$ 205,000
Estimated undiscounted maximum earnout of contingent consideration	$ 182,500
Estimated maximum percentage earnout of contingent consideration	89.00%
Liability recognized as a percentage of the maximum consideration which may be paid	58.00%
Deferred tax assets	$ 9,400
GeoPhy | Contingent Consideration Liability, Apprise Portion | Probability-weighted Expected Return | Probability of earnout achievement
Fair value valuation
Contingent consideration liabilities, Measurement input	0.170
GeoPhy | Contingent Consideration Liability, Small Balance Portion | Probability-weighted Expected Return | Probability of earnout achievement
Fair value valuation
Contingent consideration liabilities, Measurement input	0.145
GeoPhy | Technology intangible assets
Acquisitions
Intangible assets acquired	$ 31,000
Amortization period of intangible assets	10 years
GeoPhy | Capital Markets
Acquisitions
Goodwill recognized	$ 213,900
Apprise
Acquisitions
Ownership interest acquired	50.00%

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill.	$ 908,744	$ 698,635	$ 261,189	$ 248,958
Capital Markets
Goodwill [Line Items]
Goodwill.	449,992
Servicing and Asset Management
Goodwill [Line Items]
Goodwill.	$ 458,752

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Other intangible assets
Beginning Balance	$ 183,904	$ 1,880
Additions from acquisitions	31,000	504
Amortization	(3,499)	(667)
Ending balance	211,405	1,717	$ 183,904
Components of other intangible assets
Gross value	220,682		189,682
Accumulated amortization	(9,277)		(5,778)
Net carrying value	$ 211,405	$ 1,717	$ 183,904

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Future amortization
Nine Months Ending December 31, 2022	$ 13,496
2023	16,246
2024	16,246
2025	16,206
2026	16,206
2027	16,206
Thereafter	116,799
Net carrying value	$ 211,405	$ 183,904	$ 1,717	$ 1,880

GOODWILL AND OTHER INTANGIBLE_8

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Maximum
Contingent consideration liabilities
Contingent consideration liability earnout period	5 years
Other Liabilities
Contingent consideration liabilities
Beginning balance	$ 125,808	$ 28,829
Additions	119,000	5,229
Accretion and revaluation	359	430
Payments	(26,438)
Ending balance	$ 218,729	$ 34,488

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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Loans held for sale	$ 703,629	$ 1,811,586
Pledged securities	148,647	148,996	$ 139,570	$ 137,236
Derivative assets	112,023	37,364
Liabilities
Derivative liabilities	12,400	6,403
Recurring Basis
Assets
Loans held for sale	703,629	1,811,586
Pledged securities	148,647	148,996
Derivative assets	112,023	37,364
Total financial assets	964,299	1,997,946
Liabilities
Derivative liabilities	12,400	6,403
Contingent consideration liabilities	218,729	125,808
Total financial liabilities	231,129	132,211
Level 1 | Recurring Basis
Assets
Pledged securities	41,053	44,733
Total financial assets	41,053	44,733
Level 2 | Recurring Basis
Assets
Loans held for sale	703,629	1,811,586
Pledged securities	107,594	104,263
Total financial assets	811,223	1,915,849
Level 3 | Recurring Basis
Assets
Derivative assets	112,023	37,364
Total financial assets	112,023	37,364
Liabilities
Derivative liabilities	12,400	6,403
Contingent consideration liabilities	218,729	125,808
Total financial liabilities	$ 231,129	$ 132,211

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Measurements
Amount of transfers between any of the levels within the fair value hierarchy	$ 0
Maximum
Fair Value Measurements
Contract term	60 days

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Roll Forward of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative assets and liabilities, net
Beginning balance	$ 30,961	$ 44,720
Settlements	(66,378)	(129,655)
Realized gains recorded in earnings	35,417	84,935
Unrealized gains recorded in earnings	99,623	48,880
Ending balance	$ 99,623	$ 48,880

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) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Fair Value Measurements
Derivative assets	$ 112,023	$ 37,364
Derivative liabilities	12,400	6,403
Recurring Basis
Fair Value Measurements
Derivative assets	112,023	37,364
Derivative liabilities	12,400	6,403
Contingent consideration liabilities	218,729	125,808
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	112,023	37,364
Derivative liabilities	12,400	6,403
Contingent consideration liabilities	218,729	$ 125,808
Recurring Basis | Level 3 | Derivative Liabilities | Discounted Cash Flow
Fair Value Measurements
Derivative liabilities	12,400
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Various
Fair Value Measurements
Contingent consideration liabilities	$ 218,729
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Various | Probability of earnout achievement | Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.88
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Various | Probability of earnout achievement | Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	1
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Various | Probability of earnout achievement | Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.90
Recurring Basis | Level 3 | Derivative Assets | Discounted Cash Flow
Fair Value Measurements
Derivative assets	$ 112,023

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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 141,375	$ 305,635	$ 277,277	$ 321,097
Restricted cash	41,584	42,812	14,805	19,432
Pledged securities	148,647	148,996	$ 139,570	$ 137,236
Loans held for sale	703,629	1,811,586
Loans held for investment, net	216,620	269,125
Derivative assets	112,023	37,364
Financial liabilities:
Derivative liabilities	12,400	6,403
Warehouse notes payable	924,280	1,941,572
Note payable	726,555	740,174
Carrying Amount
Financial assets:
Cash and cash equivalents	141,375	305,635
Restricted cash	41,584	42,812
Pledged securities	148,647	148,996
Loans held for sale	703,629	1,811,586
Loans held for investment, net	216,620	269,125
Derivative assets	112,023	37,364
Total financial assets	1,363,878	2,615,518
Financial liabilities:
Derivative liabilities	12,400	6,403
Contingent consideration liabilities	218,729	125,808
Warehouse notes payable	924,280	1,941,572
Note payable	726,555	740,174
Total financial liabilities	1,881,964	2,813,957
Fair Value
Financial assets:
Cash and cash equivalents	141,375	305,635
Restricted cash	41,584	42,812
Pledged securities	148,647	148,996
Loans held for sale	703,629	1,811,586
Loans held for investment, net	217,932	270,826
Derivative assets	112,023	37,364
Total financial assets	1,365,190	2,617,219
Financial liabilities:
Derivative liabilities	12,400	6,403
Contingent consideration liabilities	218,729	125,808
Warehouse notes payable	924,702	1,942,448
Note payable	731,416	745,175
Total financial liabilities	$ 1,887,247	$ 2,819,834

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	3 Months Ended
	Mar. 31, 2022
Loans Held for Sale
Other information
Period of originated loans within which they are transferred or sold	60 days
Money Market Funds | Maximum
Other information
Maximum term of maturity of pledged securities	90 days

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 51,044	$ 77,152
Total Fair Value Adjustment	51,044	77,152
Derivative assets	112,023	37,364
Derivative Liabilities	(12,400)	(6,403)
Fair Value Adjustment to Loans Held for Sale	(48,579)	46,191
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	752,208	1,765,395
Estimated Gain on Sale	14,114	47,315
Interest Rate Movement	(62,693)	(1,124)
Total Fair Value Adjustment	(48,579)	46,191
Fair Value Adjustment to Loans Held for Sale	(48,579)	46,191
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,932,125	2,881,224
Interest Rate Movement	73,053	5,728
Total Fair Value Adjustment	73,053	5,728
Derivative assets	78,459	10,838
Derivative Liabilities	(5,406)	(5,110)
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,179,917	1,115,829
Estimated Gain on Sale	36,930	29,837
Interest Rate Movement	(10,360)	(4,604)
Total Fair Value Adjustment	26,570	25,233
Derivative assets	33,564	26,526
Derivative Liabilities	$ (6,994)	$ (1,293)

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - DUS Risk-Sharing Obligations - Fannie Mae $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
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	$ 68.2
Net worth	704,800
Minimum liquid assets to be maintained to meet operational liquidity requirements	51.8
Operational liquidity	98.6
Minimum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Net worth requirement	$ 261.2
New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
Period of funding for collateral requirement	48 months
New Tier 2 loans | Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5.00%
New Tier 2 loans | Agency Mortgage Backed Securities
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4.00%

FANNIE MAE COMMITMENTS AND PL_4

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Pledged Securities
Restricted cash	$ 4,099	$ 3,779	$ 24,578	$ 4,954
Money market funds	36,954	40,954	14,954	12,519
Total pledged cash and cash equivalents	41,053	44,733	39,532	17,473
Agency MBS	107,594	104,263	100,038	119,763
Pledged securities, at fair value	$ 148,647	$ 148,996	$ 139,570	$ 137,236

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	Mar. 31, 2022	Dec. 31, 2021
Investments in Agency debt securities
Fair Value	$ 107,594	$ 104,263
Amortized Cost	105,484	100,847
Total gains for securities with net gains in AOCI	2,743	3,636
Total losses for securities with net losses in AOCI	(633)	(220)
Fair value of securities with unrealized losses	38,964	4,757
Maturities - Fair Value
After one year through five years	2,253
After five years through ten years	78,112
After ten years	27,229
Total	107,594	104,263
Maturities - Amortized Cost
After one year through five years	2,248
After five years through ten years	77,631
After ten years	25,605
Total	$ 105,484	$ 100,847

EARNINGS PER SHARE AND STOCKH_3

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Calculation of basic EPS
Walker and Dunlop net income	$ 71,209	$ 58,052
Less: dividends and undistributed earnings allocated to participating securities	2,172	1,967
Net income applicable to common stockholders	$ 69,037	$ 56,085
Basic weighted average shares outstanding	32,219	30,823
Basic EPS	$ 2.14	$ 1.82
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ 19	$ 20
Net income allocated to common stockholders	$ 69,056	$ 56,105
Add: weighted-average diluted non-participating securities	398	453
Weighted average diluted shares outstanding	32,617	31,276
Diluted EPS	$ 2.12	$ 1.79

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY - Noncash Transactions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)item	Dec. 31, 2021USD ($)
Noncash transactions not impacting cash paid on Statements of Cash Flows
Additional paid-in capital ("APIC")	$ 387,009	$ 393,022
Noncontrolling interests	42,866	28,055
Receivables, net	249,305	212,019
Other assets	405,974	364,746
Other liabilities	779,376	$ 714,250
Settlement of compensation liabilities
Noncash transactions not impacting cash paid on Statements of Cash Flows
Stock issued for settlement of liabilities	$ 6,600
Consolidation of joint venture
Noncash transactions not impacting cash paid on Statements of Cash Flows
Number of joint ventures with operating agreement changes causing reconsideration of consolidation conclusion | item	1
Additional paid-in capital ("APIC")	$ 5,300
Noncontrolling interests	15,500
Receivables, net	35,000
Other assets	(21,300)
Other liabilities	3,600
Settlement of contingent consideration liabilities
Noncash transactions not impacting cash paid on Statements of Cash Flows
Stock issued for settlement of liabilities	$ 8,800

EARNINGS PER SHARE AND STOCKH_5

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands	May 04, 2022	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 27,049	$ 13,374
Dividends
Cash dividends declared per common share	$ 0.60	$ 0.60
Share Repurchase Program 2022
Repurchases of common stock
Shares repurchased during the period			0
Share repurchase program, period for repurchases		12 months
Authorized share repurchase capacity remaining			$ 75,000
Share Repurchase Program 2022 | Maximum
Repurchases of common stock
Repurchase authorization		$ 75,000

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Segments
Number of operating segments | segment	3
Revenues
Loan origination and debt brokerage fees, net	$ 82,310	$ 75,879
Fair value of expected net cash flows from servicing, net	52,730	57,935
Servicing fees	72,681	65,978
Property sales broker fees.	23,398	9,042
Net warehouse interest income	4,773	4,555
Escrow earnings and other interest income	1,803	2,117
Other revenues	81,749	8,782
Total revenues	319,444	224,288
Expenses
Personnel	144,181	96,215
Amortization and depreciation	56,152	46,871
Provision (benefit) for credit losses	(9,498)	(11,320)
Interest expense on corporate debt	6,405	1,765
Other operating expenses	32,214	17,587
Total expenses	229,454	151,118
Income from operations	89,990	73,170
Income tax expense	19,460	15,118
Net income before noncontrolling interests	70,530	58,052
Less: net income (loss) from noncontrolling interests	(679)
Walker and Dunlop net income	71,209	58,052
Total assets	4,339,631	3,203,965	$ 5,205,989
Loans Held for Sale
Revenues
Net warehouse interest income	3,530	2,459
Loans Held for Investment
Revenues
Net warehouse interest income	1,243	2,096
Operating Segments | Capital Markets
Revenues
Loan origination and debt brokerage fees, net	81,823	75,295
Fair value of expected net cash flows from servicing, net	52,730	57,935
Property sales broker fees.	23,398	9,042
Other revenues	2,763	2,560
Total revenues	164,244	147,291
Expenses
Personnel	98,726	72,635
Amortization and depreciation		521
Other operating expenses	6,111	3,402
Total expenses	104,837	76,558
Income from operations	59,407	70,733
Income tax expense	12,847	14,615
Net income before noncontrolling interests	46,560	56,118
Walker and Dunlop net income	46,560	56,118
Total assets	1,398,272	1,394,741
Operating Segments | Capital Markets | Loans Held for Sale
Revenues
Net warehouse interest income	3,530	2,459
Operating Segments | Servicing and Asset Management
Revenues
Loan origination and debt brokerage fees, net	487	584
Servicing fees	72,681	65,978
Escrow earnings and other interest income	1,758	1,999
Other revenues	34,897	7,508
Total revenues	111,066	78,165
Expenses
Personnel	18,638	7,111
Amortization and depreciation	54,931	45,378
Provision (benefit) for credit losses	(9,498)	(11,320)
Other operating expenses	6,119	2,253
Total expenses	70,190	43,422
Income from operations	40,876	34,743
Income tax expense	8,839	7,178
Net income before noncontrolling interests	32,037	27,565
Less: net income (loss) from noncontrolling interests	(679)
Walker and Dunlop net income	32,716	27,565
Total assets	2,573,112	1,402,627
Operating Segments | Servicing and Asset Management | Loans Held for Investment
Revenues
Net warehouse interest income	1,243	2,096
Operating Segments | Corporate
Revenues
Escrow earnings and other interest income	45	118
Other revenues	44,089	(1,286)
Total revenues	44,134	(1,168)
Expenses
Personnel	26,817	16,469
Amortization and depreciation	1,221	972
Interest expense on corporate debt	6,405	1,765
Other operating expenses	19,984	11,932
Total expenses	54,427	31,138
Income from operations	(10,293)	(32,306)
Income tax expense	(2,226)	(6,675)
Net income before noncontrolling interests	(8,067)	(25,631)
Walker and Dunlop net income	(8,067)	(25,631)
Total assets	$ 368,247	$ 406,597

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 141,375	$ 305,635	$ 277,277	$ 321,097
Restricted cash	41,584	42,812	14,805	$ 19,432
Receivables, net	249,305	212,019
Committed investments in tax credit equity	223,771	177,322
Other assets	405,974	364,746
Total assets	4,339,631	5,205,989	$ 3,203,965
Liabilities
Commitments to fund investments in tax credit equity	206,605	162,747
Other Liabilities	779,376	714,250
Total liabilities	2,702,460	3,627,782
Consolidated VIEs
Assets
Cash and cash equivalents	321
Restricted cash	849
Receivables, net	35,675
Other assets	59,283	54,880
Total assets	96,128	54,880
Liabilities
Other Liabilities	40,778	36,480
Total liabilities	40,778	36,480
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	223,771	177,322
Other assets	54,335	74,997
Total assets	278,106	252,319
Liabilities
Commitments to fund investments in tax credit equity	206,605	162,747
Total liabilities	206,605	162,747
Maximum exposure	$ 278,106	$ 252,319