Walker & Dunlop (WD) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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		33,340,461
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 188,389	$ 225,949
Restricted cash	20,504	17,676
Pledged securities, at fair value	165,081	157,282
Loans held for sale, at fair value	934,991	396,344
Loans held for investment, net	180,890	200,247
Mortgage servicing rights	946,406	975,226
Goodwill	959,712	959,712
Other intangible assets	194,208	198,643
Receivables, net	224,776	202,251
Committed investments in tax credit equity	207,750	254,154
Other assets	470,345	457,875
Total assets	4,493,052	4,045,359
Liabilities
Warehouse notes payable	1,031,277	537,531
Notes payable	777,311	704,103
Allowance for risk-sharing obligations	33,087	44,057
Commitments to fund investments in tax credit equity	196,522	239,281
Other liabilities	739,759	803,558
Total liabilities	2,777,956	2,328,530
Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 32,679 shares at March 31, 2023 and 32,396 shares at December 31, 2022)	327	323
Additional paid-in capital ("APIC")	405,303	412,636
Accumulated other comprehensive income (loss) ("AOCI")	(1,621)	(1,568)
Retained earnings	1,281,119	1,278,035
Total stockholders' equity	1,685,128	1,689,426
Noncontrolling interests	29,968	27,403
Total equity	1,715,096	1,716,829
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 4,493,052	$ 4,045,359

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	32,679	32,396
Common stock, outstanding	32,679	32,396

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 238,746	$ 319,444
Expenses
Personnel	118,613	144,181
Amortization and depreciation	56,966	56,152
Provision (benefit) for credit losses	(10,775)	(9,498)
Interest expense on corporate debt	15,274	6,405
Other operating expenses	24,063	32,214
Total expenses	204,141	229,454
Income from operations	34,605	89,990
Income tax expense	7,135	19,460
Net income before noncontrolling interests	27,470	70,530
Net income (loss) from noncontrolling interests	805	(679)
Walker & Dunlop net income	26,665	71,209
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	(53)	(970)
Walker & Dunlop comprehensive income	$ 26,612	$ 70,239
Basic earnings per share (NOTE 10)	$ 0.80	$ 2.14
Diluted earnings per share (NOTE 10)	$ 0.79	$ 2.12
Basic weighted-average shares outstanding	32,529	32,219
Diluted weighted-average shares outstanding	32,816	32,617
Loan origination and debt brokerage fees, Net
Revenues
Total revenues	$ 47,084	$ 82,310
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	30,013	52,730
Servicing fees
Revenues
Total revenues	75,766	72,681
Property sales broker fees
Revenues
Total revenues	11,624	23,398
Investment management fees
Revenues
Total revenues	15,173	14,858
Net warehouse interest income
Revenues
Total revenues	1	4,773
Escrow earnings and other interest income
Revenues
Total revenues	30,924	1,803
Other revenue
Revenues
Total revenues	$ 28,161	$ 66,891

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, 2021	$ 320	$ 393,022	$ 2,558	$ 1,154,252	$ 28,055	$ 1,578,207
Balance at the beginning of the period (in shares) at Dec. 31, 2021	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
Balance at the end of the period (in shares) at Mar. 31, 2022	32,398
Balances at the beginning of the period at Dec. 31, 2022	$ 323	412,636	(1,568)	1,278,035	27,403	$ 1,716,829
Balance at the beginning of the period (in shares) at Dec. 31, 2022	32,396					32,396
Change in Stockholders' Equity
Walker and Dunlop net income				26,665		$ 26,665
Net income (loss) from noncontrolling interests					805	805
Other comprehensive income (loss), net of tax			(53)			(53)
Stock-based compensation - equity classified		6,664				6,664
Issuance of common stock in connection with equity compensation plans	$ 5	3,397				3,402
Issuance of common stock in connection with equity compensation plans (in shares)	468
Repurchase and retirement of common stock	$ (1)	(17,394)				(17,395)
Repurchase and retirement of common stock (in shares)	(185)
Distributions to noncontrolling interest holders					(600)	(600)
Cash dividends paid				(21,221)		(21,221)
Other activity				(2,360)	2,360
Balances at the end of the period at Mar. 31, 2023	$ 327	$ 405,303	$ (1,621)	$ 1,281,119	$ 29,968	$ 1,715,096
Balance at the end of the period (in shares) at Mar. 31, 2023	32,679					32,679

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 0.63	$ 0.60

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income before noncontrolling interests	$ 27,470	$ 70,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains attributable to the fair value of future servicing rights, net of guaranty obligation	(30,013)	(52,730)
Change in the fair value of premiums and origination fees	2,536	2,883
Amortization and depreciation	56,966	56,152
Provision (benefit) for credit losses	(10,775)	(9,498)
Gain from revaluation of previously held equity-method investment		(39,641)
Originations of loans held for sale	(2,512,635)	(3,185,019)
Proceeds from transfers of loans held for sale	2,001,507	4,198,206
Other operating activities, net	(81,728)	(68,955)
Net cash provided by (used in) operating activities	(546,672)	971,928
Cash flows from investing activities
Capital expenditures	(2,526)	(11,790)
Purchases of equity-method investments	(11,049)	(5,941)
Purchases of pledged available-for-sale ("AFS") securities		(7,010)
Proceeds from prepayment and sale of pledged AFS securities	2,797	1,672
Investments in joint ventures		(5,040)
Distributions from joint ventures	733	9,241
Originations of loans held for investment	(139)	(107)
Principal collected on loans held for investment	19,468	53,000
Acquisitions, net of cash acquired		(78,465)
Net cash provided by (used in) investing activities	9,284	(44,440)
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	516,288	(1,006,545)
Repayments of interim warehouse notes payable	(14,521)	(11,200)
Repayments of notes payable	(116,046)	(13,759)
Borrowings of notes payable	196,000
Proceeds from issuance of common stock	449	153
Repurchase of common stock	(17,395)	(27,049)
Cash dividends paid	(21,221)	(20,077)
Payment of contingent consideration	(25,690)	(17,612)
Distributions to noncontrolling interest holders	(600)
Debt issuance costs	(3,460)	(567)
Net cash provided by (used in) financing activities	513,804	(1,096,656)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	(23,584)	(169,168)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	258,283	393,180
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	234,699	224,012
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	26,393	13,037
Cash paid for income taxes	$ 1,236	$ 1,290

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Disclosure of Non-Cash Activity:
Issuance of common stock to settle compensation liabilities	$ 2,953	$ 6,551
Issuance of common stock to settle contingent consideration liabilities (NOTE 7)		8,750
Net increase in total equity due to consolidations of tax credit entities (NOTE 10)		10,187
Net increase in total assets due to consolidations of tax credit entities (NOTE 10)		13,746
Net increase in total liabilities due to consolidations of tax credit entities (NOTE 10)		3,559
Forgiveness of receivables related to acquisitions (NOTE 7)		5,404
Additions of contingent consideration liabilities from acquisitions (NOTE 7)		$ 119,000

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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, 2022 (“2022 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 Use of Estimates sharing obligations, initial fair value of capitalized mortgage servicing rights, and the initial and recurring fair value assessments of contingent consideration liabilities. Actual results may vary from these estimates. 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) 2023 2022 Provision (benefit) for loan losses ​ $ 195 ​ $ (106) ​ Provision (benefit) for risk-sharing obligations ​ (10,970) ​ (9,392) ​ Provision (benefit) for credit losses ​ $ (10,775) ​ $ (9,498) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Held for Investment, net As of March 31, 2023, Loans held for investment, net Loans held for investment, net 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, 2023 and December 31, 2022. The Company had $5.9 million in collateral-based reserves for this loan as of both March 31, 2023 and December 31, 2022 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, 2023 and December 31, 2022. The amortized cost basis of loans that were current as of March 31, 2023 and December 31, 2022 was $172.5 million and $191.7 million, respectively. As of March 31, 2023, $3.5 million, $143.0 million and $26.3 million of the loans that were current were originated in 2022, 2021 and 2019, respectively. No loans Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (in thousands) 2023 2022 2022 2021 Cash and cash equivalents $ 188,389 ​ $ 141,375 ​ $ 225,949 ​ $ 305,635 ​ Restricted cash ​ 20,504 ​ ​ 41,584 ​ ​ 17,676 ​ ​ 42,812 ​ Pledged cash and cash equivalents (NOTE 9) 25,806 ​ 41,053 ​ 14,658 ​ 44,733 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 234,699 ​ $ 224,012 ​ $ 258,283 ​ $ 393,180 ​ ​ Income Taxes Net Warehouse Interest Income— Net warehouse interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Net Warehouse Interest Income (in thousands) 2023 2022 Warehouse interest income - loans held for sale ​ $ 6,312 ​ $ 8,863 ​ Warehouse interest expense - loans held for sale ​ (8,001) ​ (5,333) ​ Net warehouse interest income (expense) - loans held for sale ​ $ (1,689) ​ $ 3,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 4,195 ​ $ 2,350 ​ Warehouse interest expense - loans held for investment ​ (2,505) ​ (1,107) ​ Net warehouse interest income - loans held for investment ​ $ 1,690 ​ $ 1,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 1 ​ $ 4,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Co-broker Fees— Loan origination and debt brokerage fees, net Contracts with Customers The majority of the Company’s contracts with customers do not require significant judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the majority all of the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The following table presents information about the Company’s contracts with customers for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ March 31, ​ ​ Description in thousands 2023 2022 Statement of income line item Certain loan origination fees ​ $ 14,029 ​ $ 37,365 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 11,624 ​ ​ 23,398 ​ Property sales broker fees Investment management fees ​ ​ 15,173 ​ ​ 14,858 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, other revenues from LIHTC operations, and other revenues ​ 22,538 ​ 13,447 ​ Other revenues Total revenues derived from contracts with customers ​ $ 63,364 ​ $ 89,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation Recently Adopted and Recently Announced Accounting Pronouncement s Reclassifications

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2023
MSRs
Mortgage Servicing Rights
MORTGAGE SERVICING RIGHTS	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of the mortgage servicing rights (“MSRs”) was $1.4 billion as of both March 31, 2023 and December 31, 2022. 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, 2023 would be a decrease in the fair value of $43.4 million to the MSRs outstanding as of March 31, 2023. The impact of a 200 - basis point increase in the discount rate at March 31, 2023 would be a decrease in the fair value of $83.9 million to the MSRs outstanding as of March 31, 2023. 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, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of MSRs (in thousands) 2023 2022 Beginning balance ​ $ 975,226 ​ $ 953,845 ​ Additions, following the sale of loan ​ 24,030 ​ 76,854 ​ Amortization ​ (49,442) ​ (46,357) ​ Pre-payments and write-offs ​ (3,408) ​ (7,788) ​ Ending balance ​ $ 946,406 ​ $ 976,554 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ March 31, 2023 ​ December 31, 2022 Gross value ​ $ 1,663,933 ​ $ 1,659,185 Accumulated amortization ​ (717,527) ​ (683,959) Net carrying value ​ $ 946,406 ​ $ 975,226 ​ The expected amortization of MSRs shown in the Condensed Consolidated Balance Sheet as of March 31, 2023 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2023 ​ $ 143,146 Year Ending December 31, ​ ​ ​ 2024 ​ $ 176,366 2025 ​ 153,355 2026 ​ 127,756 2027 ​ 108,636 2028 ​ 88,482 Thereafter ​ ​ 148,665 Total ​ $ 946,406 ​

ALLOWANCE FOR RISK-SHARING OBLI

ALLOWANCE FOR RISK-SHARING OBLIGATIONS	3 Months Ended
	Mar. 31, 2023
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
ALLOWANCE FOR RISK-SHARING OBLIGATIONS	NOTE 4—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. Substantially all loans sold under the Fannie Mae DUS program contain modified or full-risk sharing guaranties that are based on the credit performance of the loan. The Company records an estimate of the contingent loss reserve for Current Expected Credit Losses (“CECL”) for all loans in its Fannie Mae at-risk servicing portfolio and also records collateral-based reserves as necessary and presents this combined loss reserve as Allowance for risk-sharing obligations Activity related to the allowance for risk-sharing obligations for the three months ended March 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2023 2022 Beginning balance ​ $ 44,057 ​ $ 62,636 ​ Provision (benefit) for risk-sharing obligations ​ (10,970) ​ (9,392) ​ Write-offs ​ — ​ — ​ Ending balance ​ $ 33,087 ​ $ 53,244 ​ ​ The Company assesses several factors impacting the current and expected unemployment rate, macroeconomic conditions and multifamily market to calculate the Company’s CECL allowance each quarter. The key inputs for the CECL allowance are the historic loss rate, the forecast-period loss rate, the reversion-period loss rate, and the UPB of the at-risk servicing portfolio. A summary of the key inputs of the CECL allowance and provision impact as of and for the quarters ended March 31, 2023 and 2022 follows. ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended ​ ​ March 31, CECL Calculation Details and Provision Impact 2023 2022 Forecast-period loss rate in basis points ​ 2.3 ​ 3.0 Reversion-period loss rate in basis points ​ 1.5 ​ 2.0 Historical loss rate in basis points ​ 0.6 ​ 1.2 At-risk Fannie Mae servicing portfolio UPB in billions $ 54.5 $ 49.7 CECL allowance (in millions) $ 28.7 $ 42.5 Provision (benefit) for risk-sharing obligations in millions $ (11.0) $ (9.4) ​ During the first quarters of 2023 and 2022, the Company updated its 10-year look-back period resulting in loss data from earlier periods being replaced with more recent loss data. The look-back period updates resulted in the historical loss rate factor decreasing and the benefit for risk-sharing obligations as noted in the table above. The Company also slightly increased its forecast-period loss rate to incorporate its current economic expectations over the next year during the three months ended March 31, 2023. For the three months ended March 31, 2022, no adjustment was made to the forecast-period loss rate. The weighted average remaining life of the at-risk Fannie Mae servicing portfolio as of March 31, 2023 was 7.0 years compared to 7.2 years as of December 31, 2022. Two loans had aggregate collateral-based reserves of $4.4 million as of both March 31, 2023 and December 31, 2022. As of March 31, 2023 and 2022, the maximum quantifiable contingent liability associated with the Company’s guaranties for the at-risk loans serviced under the Fannie Mae DUS agreement was $11.1 billion and $10.2 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, 2023
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 $124.6 billion as of March 31, 2023 compared to $123.1 billion as of December 31, 2022. ​ As of March 31, 2023 and December 31, 2022 custodial escrow accounts relating to loans serviced by the Company totaled $2.2 billion and $2.7 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 placement fees on these escrow balances, presented within Escrow earnings and other interest income ​

WAREHOUSE NOTES PAYABLE AND NOT

WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE	3 Months Ended
	Mar. 31, 2023
WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE
WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE	NOTE 6—WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE As of March 31, 2023, to provide financing to borrowers under the Agencies’ programs, the Company has committed and uncommitted warehouse lines of credit in the amount of $3.9 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 financings on acceptable terms. Additionally, as of March 31, 2023, 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 market conditions and its ability to secure and maintain these types of financings on acceptable terms. The interest rate for all our warehouse facilities and debt is based on either an Adjusted Term Secured Overnight Financing Rate (“SOFR”) or London Interbank Offered Rate (“LIBOR”). The Company has updated all its debt agreements with warehouse facility providers to include fallback language governing the transition from LIBOR to SOFR and have already transitioned all but one warehouse facility to SOFR. ​ The maximum amount and outstanding borrowings under Warehouse notes payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate (1) Agency Warehouse Facility #1 ​ $ 325,000 ​ $ 250,000 ​ $ 575,000 ​ $ 168,150 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 176,022 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 306,491 SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 48,818 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 57,860 ​ SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 757,341 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 143,338 ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 900,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — SOFR plus 1.80% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — SOFR plus 1.35% to 1.85% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 112,489 30-day LIBOR plus 1.75% to 3.25% ​ Interim Warehouse Facility #4 ​ ​ 19,810 ​ ​ — ​ ​ 19,810 ​ ​ 18,410 ​ SOFR plus 3.11% ​ Total National Bank Interim Warehouse Facilities ​ $ 454,810 ​ $ — ​ $ 454,810 ​ $ 130,899 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (301) ​ ​ ​ Total warehouse facilities ​ $ 2,279,810 ​ $ 3,540,000 ​ $ 5,819,810 ​ $ 1,031,277 ​ ​ ​ (1) Interest rate presented does not include the effect of any applicable interest rate floors. ​ During 2023, the following amendments to the Company’s Warehouse Facilities and Term Debt were executed in the normal course of business to support the growth of the Company’s business. The Company had a note payable through its wholly-owned subsidiary, Alliant, which had an outstanding balance of $114.5 million as of December 31, 2022. As noted below, on January 12, 2023, the Company repaid the Alliant note payable in full with proceeds from the Incremental Term Loan (as defined below). Warehouse Facilities ​ During April 2023, the Company executed an amendment to Agency Warehouse Facility #2 that extended the maturity date to April 12, 2024. No other material modifications have been made to the agreement during 2023. No other material modifications have been made to the Agency or Interim Warehouse Facilities during the year. Notes payable ​ Incremental Term Loan As of December 31, 2022, the Company had a senior secured credit agreement (the “Credit Agreement”) that provided for a $600 million term loan (the “Term Loan”). On January 12, 2023, the Company entered into a lender joinder agreement and amendment to the Credit Agreement that provided for an increment term loan (“Incremental Term Loan”) with a principal amount of $200.0 million, modified the ratio thresholds related to mandatory prepayments, and included a provision that allows additional types of indebtedness. The Incremental Term Loan was issued at a 2.0% discount and contains similar repayment terms as the Term Loan, bears interest at a rate equal to SOFR plus 300 basis points, and matures on December 16, 2028 . The Company used approximately $115.9 million of the proceeds to pay off the Alliant note payable, accrued interest, and other fees. The Company is obligated to make principal payments on the Incremental Term Loan in consecutive quarterly installments equal to 0.25% of the aggregate original principal amount of the Incremental Term Loan on the last business day of each March, June, September, and December that commences on June 30, 2023. The warehouse notes payable and notes payable are subject to various financial covenants. The Company is in compliance with all of these financial covenants. As a result of the expected transition from LIBOR, the Company has transitioned all of its debt agreements to a SOFR-based benchmark or has included 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, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill A summary of the Company’s goodwill for the three months ended March 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Goodwill (in thousands) 2023 2022 Beginning balance ​ $ 959,712 ​ $ 698,635 ​ Additions from acquisitions ​ — ​ 213,874 ​ Measurement-period adjustments ​ ​ — ​ ​ (3,765) ​ Impairment ​ — ​ — ​ Ending balance ​ $ 959,712 ​ $ 908,744 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table shows goodwill by reportable segments as of March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of Goodwill by Reportable Segment (in thousands) ​ March 31, 2023 ​ December 31, 2022 Capital Markets ​ $ 520,191 ​ $ 520,191 Servicing & Asset Management ​ ​ 439,521 ​ ​ 439,521 Corporate ​ ​ — ​ ​ — Ending balance ​ $ 959,712 ​ $ 959,712 ​ Other Intangible Assets ​ Activity related to other intangible assets for the three months ended March 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Other Intangible Assets (in thousands) 2023 2022 Beginning balance ​ $ 198,643 ​ $ 183,904 Additions from acquisitions ​ — ​ 31,000 Amortization ​ (4,435) ​ (3,499) Ending balance ​ $ 194,208 ​ $ 211,405 ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ March 31, 2023 ​ December 31, 2022 Gross value ​ $ 220,682 ​ $ 220,682 Accumulated amortization ​ (26,474) ​ (22,039) Net carrying value ​ $ 194,208 ​ $ 198,643 ​ ​ The expected amortization of other intangible assets shown in the Condensed Consolidated Balance Sheet as of March 31, 2023 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2023 ​ $ 12,828 Year Ending December 31, ​ ​ ​ 2024 ​ $ 16,206 2025 ​ 16,206 2026 ​ 16,206 2027 ​ 16,206 2028 ​ 16,206 Thereafter ​ ​ 100,350 Total ​ $ 194,208 ​ 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) 2023 2022 ​ Beginning balance ​ $ 200,346 ​ $ 125,808 ​ Additions ​ ​ — ​ ​ 119,000 ​ Accretion ​ ​ 177 ​ ​ 359 ​ Payments ​ ​ (25,690) ​ ​ (26,438) ​ Ending balance ​ $ 174,833 ​ $ 218,729 ​ ​ The contingent consideration liabilities presented in the table above relate to (i) acquisitions of debt brokerage and investment sales brokerage companies 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 third quarter of 2027. In each case, t he Company estimated the initial fair value of the contingent consideration using a Monte Carlo simulation. The recognition of the contingent consideration liability for the GeoPhy acquisition in the first quarter of 2022 is non-cash, and thus not reflected in the amount of cash consideration paid on the Condensed Consolidated Statements of Cash Flows. In addition, ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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 approa ch, 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 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 recognized at fair value and subsequently remeasured using a Monte Carlo simulation that uses updated management forecasts and current valuation assumptions and discount rates. The Company determines the fair value of each contingent consideration liability based on 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, 2023 and December 31, 2022, 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 934,991 ​ $ — ​ $ 934,991 ​ Pledged securities ​ 25,806 ​ 139,275 ​ — ​ 165,081 ​ Derivative assets ​ — ​ — ​ 14,531 ​ 14,531 ​ Total ​ $ 25,806 ​ $ 1,074,266 ​ $ 14,531 ​ $ 1,114,603 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 22,260 ​ $ 22,260 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 174,833 ​ ​ 174,833 ​ Total ​ $ — ​ $ — ​ $ 197,093 ​ $ 197,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 396,344 ​ $ — ​ $ 396,344 ​ Pledged securities ​ 14,658 ​ 142,624 ​ — ​ 157,282 ​ Derivative assets ​ — ​ — ​ 17,636 ​ 17,636 ​ Total ​ $ 14,658 ​ $ 538,968 ​ $ 17,636 ​ $ 571,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 200,346 ​ ​ 200,346 ​ Total ​ $ — ​ $ — ​ $ 202,422 ​ $ 202,422 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the three months ended March 31, 2023 and 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Derivative Assets and Liabilities, net (in thousands) 2023 2022 Beginning balance ​ $ 15,560 ​ $ 30,961 Settlements ​ (100,386) ​ (66,378) Realized gains recorded in earnings (1) ​ 84,826 ​ 35,417 Unrealized gains (losses) recorded in earnings (1) ​ (7,729) ​ 99,623 Ending balance ​ $ (7,729) ​ $ 99,623 (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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (2) Derivative assets ​ $ 14,531 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 22,260 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 174,833 ​ Monte Carlo Simulation ​ Probability of earn-out achievement ​ 64% - 100% ​ 77% (1) Significant increases in this input may lead to significantly lower fair value measurements. (2) 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, 2023 and December 31, 2022 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 188,389 ​ $ 188,389 ​ $ 225,949 ​ $ 225,949 ​ Restricted cash ​ 20,504 ​ 20,504 ​ 17,676 ​ 17,676 ​ Pledged securities ​ 165,081 ​ 165,081 ​ 157,282 ​ 157,282 ​ Loans held for sale ​ 934,991 ​ 934,991 ​ 396,344 ​ 396,344 ​ Loans held for investment, net ​ 180,890 ​ 181,646 ​ 200,247 ​ 200,900 ​ Derivative assets (1) ​ 14,531 ​ 14,531 ​ 17,636 ​ 17,636 ​ Total financial assets ​ $ 1,504,386 ​ $ 1,505,142 ​ $ 1,015,134 ​ $ 1,015,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities (2) ​ $ 22,260 ​ $ 22,260 ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities (2) ​ ​ 174,833 ​ ​ 174,833 ​ ​ 200,346 ​ ​ 200,346 ​ Warehouse notes payable ​ 1,031,277 ​ 1,031,578 ​ 537,531 ​ 538,134 ​ Notes payable ​ 777,311 ​ 792,500 ​ 704,103 ​ 708,546 ​ Total financial liabilities ​ $ 2,005,681 ​ $ 2,021,171 ​ $ 1,444,056 ​ $ 1,449,102 ​ (1) Included as a component of Other Assets on the Condensed Consolidated Balance Sheet. (2) Included as a component of Other Liabilities on the Condensed Consolidated Balance Sheet. ​ The following methods and assumptions were used for recurring fair value measurements as of March 31, 2023 and December 31, 2022. 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 Liabilities— Consists of the estimated fair values of expected future earn-out payments related to acquisitions completed over the past several years. The earn-out liabilities are valued using a Monte Carlo simulation analysis. The fair value of the contingent consideration liabilities incorporates unobservable inputs, such as the probability of earn-out achievement, volatility rates, and discount rate, to determine the expected earn-out cash flows. The probability of the earn-out achievement is based on management’s estimate of the expected future performance and other financial metrics of each of the acquired entities, which are subject to significant uncertainty . Derivative Instruments — Consist of interest rate lock commitments and forward sale agreements. These instruments are valued using discounted cash flow models developed based on changes in the U.S. Treasury rate and other observable market data. The value is determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company . Fair Value of Derivative Instruments and Loans Held for Sale — In the normal course of business, the Company enters into contractual commitments to originate and sell multifamily mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by the Company. All mortgagors are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor . To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into a sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The sale contract with the investor locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for the closing of the loan and processing of paperwork to deliver the loan into the sale commitment . Both the rate lock commitments to borrowers and the forward sale contracts to buyers are undesignated derivatives and, accordingly, are marked to fair value through Loan origination and debt brokerage fees, net in the 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, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 382,230 ​ $ 11,583 ​ $ 2,356 ​ $ 13,939 ​ $ 13,939 ​ $ — ​ $ — ​ Forward sale contracts ​ 1,286,072 ​ — ​ (21,668) ​ (21,668) ​ 592 ​ ​ (22,260) ​ — ​ Loans held for sale ​ 903,842 ​ 11,837 ​ 19,312 ​ 31,149 ​ — ​ — ​ 31,149 ​ Total ​ ​ ​ ​ $ 23,420 ​ $ — ​ $ 23,420 ​ $ 14,531 ​ $ (22,260) ​ $ 31,149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 376,870 ​ $ 12,349 ​ $ (4,495) ​ $ 7,854 ​ $ 7,854 ​ $ — ​ $ — ​ Forward sale contracts ​ 769,585 ​ — ​ 7,706 ​ 7,706 ​ 9,782 ​ ​ (2,076) ​ — ​ Loans held for sale ​ 392,715 ​ 6,840 ​ (3,211) ​ 3,629 ​ — ​ — ​ 3,629 ​ Total ​ ​ ​ ​ $ 19,189 ​ $ — ​ $ 19,189 ​ $ 17,636 ​ $ (2,076) ​ $ 3,629 ​ ​ ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	3 Months Ended
	Mar. 31, 2023
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, 2023 collateral requirements as outlined above. As of March 31, 2023, reserve requirements for the DUS loan portfolio will require the Company to fund $75.3 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within the at-risk portfolio. Fannie Mae has reassessed the DUS Capital Standards in the past 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, 2023. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. As of March 31, 2023, the net worth requirement was $287.3 million, and the Company's net worth, as defined in the requirements, was $1.0 billion, as measured at our wholly-owned operating subsidiary, Walker & Dunlop, LLC. As of March 31, 2023, the Company was required to maintain at least $57.2 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 $164.5 million as of March 31, 2023, 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) 2023 2022 2022 2021 Restricted cash $ 8,536 ​ $ 4,099 ​ $ 5,788 ​ $ 3,779 ​ Money market funds ​ 17,270 ​ ​ 36,954 ​ ​ 8,870 ​ ​ 40,954 ​ Total pledged cash and cash equivalents $ 25,806 ​ $ 41,053 ​ $ 14,658 ​ $ 44,733 ​ Agency MBS 139,275 ​ ​ 107,594 ​ 142,624 ​ 104,263 ​ Total pledged securities, at fair value $ 165,081 ​ $ 148,647 ​ $ 157,282 ​ $ 148,996 ​ ​ 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, 2023 December 31, 2022 Fair value $ 139,275 ​ $ 142,624 ​ Amortized cost ​ 141,302 ​ ​ 144,801 ​ Total gains for securities with net gains in AOCI ​ 643 ​ ​ 797 ​ Total losses for securities with net losses in AOCI (2,670) ​ (2,974) ​ Fair value of securities with unrealized losses 114,010 ​ 118,565 ​ ​ Ten of the pledged securities with a fair value of $37.7 million, an amortized cost of $39.5 million, and a net unrealized loss of $1.8 million have been in a continuous unrealized loss position for more than 12-months, with the unrealized losses driven primarily by widening investor spreads as a result of the rapid increase in interest rates and related market uncertainty over the last 12 months. All ten securities that have been in a continuous loss position are Agency debt securities that carry a guarantee of the contractual payments. The Company concluded that an allowance for credit losses is not warranted, as the Company does not intend to sell the securities and does not believe it would be required to sell the securities, and as they carry the guarantee of payment from the Agencies. 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, 2023 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 15,345 ​ ​ 15,403 ​ After five years through ten years ​ 102,288 ​ ​ 102,719 ​ After ten years 21,642 ​ ​ 23,180 ​ Total $ 139,275 ​ $ 141,302 ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 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) 2023 ​ 2022 Calculation of basic EPS ​ ​ ​ ​ ​ Walker & Dunlop net income $ 26,665 ​ $ 71,209 Less: dividends and undistributed earnings allocated to participating securities 707 ​ 2,172 Net income applicable to common stockholders $ 25,958 ​ $ 69,037 Weighted-average basic shares outstanding ​ 32,529 ​ ​ 32,219 Basic EPS $ 0.80 ​ $ 2.14 ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 25,958 ​ $ 69,037 Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 1 ​ ​ 19 Net income allocated to common stockholders $ 25,959 ​ $ 69,056 Weighted-average basic shares outstanding ​ 32,529 ​ ​ 32,219 Add: weighted-average diluted non-participating securities ​ 287 ​ ​ 398 Weighted-average diluted shares outstanding ​ 32,816 ​ ​ 32,617 Diluted EPS $ 0.79 ​ $ 2.12 ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method includes the unrecognized compensation costs associated with the awards. For the three months ended March 31, 2023, 368 thousand average restricted shares were excluded from the computation of diluted EPS under the treasury-stock method. For the three months ended March 31, 2022, an immaterial number of average restricted shares were excluded from the computation. These average restricted shares were excluded from the computation of diluted EPS under the treasury method because the effect would have been anti-dilutive, as the grant date market price of the restricted shares was greater than the average market price of the Company’s shares of common stock during the periods presented. The following non-cash transactions did not impact the amount of cash paid on the Condensed Consolidated Statements of Cash Flows. During the first quarter of 2022, the operating agreement of three of the Company’s tax-credit-related joint ventures changed. The Company reconsidered its consolidation conclusion based on these changes and concluded that the joint ventures 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 for the three months ended March 31, 2022. The consolidation also resulted in a $35.0 million increase in Receivables, net Other assets Other liabilities. In February 2023, 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 23, 2023. During the first quarter of 2023, the Company did no t repurchase any shares of its common stock under the share repurchase program. As of March 31, 2023, the Company had $75.0 million of authorized share repurchase capacity remaining under the 2023 share repurchase program. During the first quarter of 2023, the Company paid a dividend of $0.63 per share. On May 3, 2023, the Company’s Board of Directors declared a dividend of $0.63 per share for the second quarter of 2023. The dividend will be paid on June 2, 2023 to all holders of record of the Company’s restricted and unrestricted common stock as of May 18, 2023. 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, 2023
SEGMENTS
SEGMENTS	NOTE 11—SEG MENTS The Company’s executive leadership team, which functions as the Company’s chief operating decision making body, makes decisions and assesses performance based on the following three reportable segments. The reportable 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 its 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. CM also provides real estate-related investment banking and advisory services, including housing market research. 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, fees for property sales, appraisals, and investment banking and advisory services, and subscription revenue for its housing market research. Direct internal, including compensation, and external costs that are specific to CM are included within the results of this reportable segment. (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, and (ii) managing third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate. 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, and (iii) 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 reportable 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 equity-method investments, accounting, information technology, legal, human resources, marketing, 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. The Company does allocate interest expense and income tax expense. Corporate debt and the related interest expense are allocated first based on specific acquisitions where debt was directly used to fund the acquisition, such as the acquisition of Alliant, and then based on the remaining segment assets. Income tax expense is allocated proportionally based on income from operations at each segment, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. ​ The following tables provide a summary and reconciliation of each segment’s results for the three months ended March 31, 2023 and 2022 and total assets as of March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended March 31, 2023 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 46,956 ​ $ 128 ​ $ — ​ $ 47,084 Fair value of expected net cash flows from servicing, net ​ ​ 30,013 ​ ​ — ​ ​ — ​ ​ 30,013 Servicing fees ​ ​ — ​ ​ 75,766 ​ ​ — ​ ​ 75,766 Property sales broker fees ​ ​ 11,624 ​ ​ — ​ ​ — ​ ​ 11,624 Investment management fees ​ ​ — ​ ​ 15,173 ​ ​ — ​ ​ 15,173 Net warehouse interest income ​ ​ (1,689) ​ ​ 1,690 ​ ​ — ​ ​ 1 Escrow earnings and other interest income ​ ​ — ​ ​ 28,824 ​ ​ 2,100 ​ ​ 30,924 Other revenues ​ ​ 17,100 ​ ​ 11,615 ​ ​ (554) ​ ​ 28,161 Total revenues ​ $ 104,004 ​ $ 133,196 ​ $ 1,546 ​ $ 238,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 90,462 ​ $ 15,341 ​ $ 12,810 ​ $ 118,613 Amortization and depreciation ​ ​ 1,186 ​ ​ 54,010 ​ ​ 1,770 ​ ​ 56,966 Provision (benefit) for credit losses ​ — ​ (10,775) ​ — ​ (10,775) Interest expense on corporate debt ​ 4,269 ​ 9,582 ​ 1,423 ​ 15,274 Other operating expenses ​ 5,644 ​ 1,480 ​ 16,939 ​ 24,063 Total expenses ​ $ 101,561 ​ $ 69,638 ​ $ 32,942 ​ $ 204,141 Income from operations ​ $ 2,443 ​ $ 63,558 ​ $ (31,396) ​ $ 34,605 Income tax expense (benefit) ​ 504 ​ ​ 13,104 ​ ​ (6,473) ​ 7,135 Net income before noncontrolling interests ​ $ 1,939 ​ $ 50,454 ​ $ (24,923) ​ $ 27,470 Less: net income (loss) from noncontrolling interests ​ 1,435 ​ (630) ​ — ​ 805 Walker & Dunlop net income ​ $ 504 ​ $ 51,084 ​ $ (24,923) ​ $ 26,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,586,339 ​ $ 2,484,437 ​ $ 422,276 ​ $ 4,493,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Investment management fees ​ ​ — ​ ​ 14,858 ​ ​ — ​ ​ 14,858 Net warehouse interest income ​ ​ 3,530 ​ ​ 1,243 ​ ​ — ​ ​ 4,773 Escrow earnings and other interest income ​ ​ — ​ ​ 1,758 ​ ​ 45 ​ ​ 1,803 Other revenues ​ ​ 7,336 ​ ​ 15,466 ​ ​ 44,089 ​ ​ 66,891 Total revenues ​ $ 168,817 ​ $ 106,493 ​ $ 44,134 ​ $ 319,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 104,959 ​ $ 16,664 ​ $ 22,558 ​ $ 144,181 Amortization and depreciation ​ ​ 56 ​ ​ 54,893 ​ ​ 1,203 ​ ​ 56,152 Provision (benefit) for credit losses ​ — ​ (9,498) ​ — ​ (9,498) Interest expense on corporate debt ​ 1,523 ​ 4,536 ​ 346 ​ 6,405 Other operating expenses ​ 7,201 ​ 5,029 ​ 19,984 ​ 32,214 Total expenses ​ $ 113,739 ​ $ 71,624 ​ $ 44,091 ​ $ 229,454 Income from operations ​ $ 55,078 ​ $ 34,869 ​ $ 43 ​ $ 89,990 Income tax expense (benefit) ​ 11,911 ​ ​ 7,540 ​ ​ 9 ​ 19,460 Net income before noncontrolling interests ​ $ 43,167 ​ $ 27,329 ​ $ 34 ​ $ 70,530 Less: net income (loss) from noncontrolling interests ​ 65 ​ (744) ​ — ​ (679) Walker & Dunlop net income ​ $ 43,102 ​ $ 28,073 ​ $ 34 ​ $ 71,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,475,655 ​ $ 2,495,729 ​ $ 368,247 ​ $ 4,339,631 ​ ​

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
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. 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 2022 Form 10-K. As of March 31, 2023 and December 31, 2022, 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, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 314 ​ $ 201 Restricted cash ​ ​ 1,532 ​ ​ 1,532 Receivables, net ​ ​ 33,321 ​ ​ 33,593 Other Assets ​ ​ 50,909 ​ ​ 49,768 Total assets of consolidated VIEs ​ $ 86,076 ​ $ 85,094 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 40,622 ​ $ 39,148 Total liabilities of consolidated VIEs ​ $ 40,622 ​ $ 39,148 ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 ​ December 31, 2022 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 207,750 ​ $ 254,154 Other assets: Equity-method investments ​ ​ 57,466 ​ ​ 57,981 Total interests in nonconsolidated VIEs ​ $ 265,216 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 196,522 ​ $ 239,281 Total commitments to fund nonconsolidated VIEs ​ $ 196,522 ​ $ 239,281 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 265,216 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ (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, 2023
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 sharing obligations, initial fair value of capitalized mortgage servicing rights, and the initial and recurring fair value assessments of contingent consideration liabilities. Actual results may vary from these estimates.
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) 2023 2022 Provision (benefit) for loan losses ​ $ 195 ​ $ (106) ​ Provision (benefit) for risk-sharing obligations ​ (10,970) ​ (9,392) ​ Provision (benefit) for credit losses ​ $ (10,775) ​ $ (9,498) ​ ​ ​ ​ ​ ​ ​ ​ ​
Loans Held for Investment, net	Loans Held for Investment, net As of March 31, 2023, Loans held for investment, net Loans held for investment, net 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, 2023 and December 31, 2022. The Company had $5.9 million in collateral-based reserves for this loan as of both March 31, 2023 and December 31, 2022 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, 2023 and December 31, 2022. The amortized cost basis of loans that were current as of March 31, 2023 and December 31, 2022 was $172.5 million and $191.7 million, respectively. As of March 31, 2023, $3.5 million, $143.0 million and $26.3 million of the loans that were current were originated in 2022, 2021 and 2019, respectively. No loans
Statement of Cash Flows	Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (in thousands) 2023 2022 2022 2021 Cash and cash equivalents $ 188,389 ​ $ 141,375 ​ $ 225,949 ​ $ 305,635 ​ Restricted cash ​ 20,504 ​ ​ 41,584 ​ ​ 17,676 ​ ​ 42,812 ​ Pledged cash and cash equivalents (NOTE 9) 25,806 ​ 41,053 ​ 14,658 ​ 44,733 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 234,699 ​ $ 224,012 ​ $ 258,283 ​ $ 393,180 ​ ​
Income Taxes	Income Taxes
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) 2023 2022 Warehouse interest income - loans held for sale ​ $ 6,312 ​ $ 8,863 ​ Warehouse interest expense - loans held for sale ​ (8,001) ​ (5,333) ​ Net warehouse interest income (expense) - loans held for sale ​ $ (1,689) ​ $ 3,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 4,195 ​ $ 2,350 ​ Warehouse interest expense - loans held for investment ​ (2,505) ​ (1,107) ​ Net warehouse interest income - loans held for investment ​ $ 1,690 ​ $ 1,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 1 ​ $ 4,773 ​ ​ ​ ​ ​ ​ ​ ​ ​
Co-broker Fees	Co-broker Fees— Loan origination and debt brokerage fees, net
Contracts with Customers	Contracts with Customers The majority of the Company’s contracts with customers do not require significant judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the majority all of the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The following table presents information about the Company’s contracts with customers for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ March 31, ​ ​ Description in thousands 2023 2022 Statement of income line item Certain loan origination fees ​ $ 14,029 ​ $ 37,365 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 11,624 ​ ​ 23,398 ​ Property sales broker fees Investment management fees ​ ​ 15,173 ​ ​ 14,858 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, other revenues from LIHTC operations, and other revenues ​ 22,538 ​ 13,447 ​ Other revenues Total revenues derived from contracts with customers ​ $ 63,364 ​ $ 89,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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, 2023
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) 2023 2022 Provision (benefit) for loan losses ​ $ 195 ​ $ (106) ​ Provision (benefit) for risk-sharing obligations ​ (10,970) ​ (9,392) ​ Provision (benefit) for credit losses ​ $ (10,775) ​ $ (9,498) ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (in thousands) 2023 2022 2022 2021 Cash and cash equivalents $ 188,389 ​ $ 141,375 ​ $ 225,949 ​ $ 305,635 ​ Restricted cash ​ 20,504 ​ ​ 41,584 ​ ​ 17,676 ​ ​ 42,812 ​ Pledged cash and cash equivalents (NOTE 9) 25,806 ​ 41,053 ​ 14,658 ​ 44,733 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 234,699 ​ $ 224,012 ​ $ 258,283 ​ $ 393,180 ​ ​
Schedule of Net Warehouse Interest Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Components of Net Warehouse Interest Income (in thousands) 2023 2022 Warehouse interest income - loans held for sale ​ $ 6,312 ​ $ 8,863 ​ Warehouse interest expense - loans held for sale ​ (8,001) ​ (5,333) ​ Net warehouse interest income (expense) - loans held for sale ​ $ (1,689) ​ $ 3,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 4,195 ​ $ 2,350 ​ Warehouse interest expense - loans held for investment ​ (2,505) ​ (1,107) ​ Net warehouse interest income - loans held for investment ​ $ 1,690 ​ $ 1,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 1 ​ $ 4,773 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ March 31, ​ ​ Description in thousands 2023 2022 Statement of income line item Certain loan origination fees ​ $ 14,029 ​ $ 37,365 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 11,624 ​ ​ 23,398 ​ Property sales broker fees Investment management fees ​ ​ 15,173 ​ ​ 14,858 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, other revenues from LIHTC operations, and other revenues ​ 22,538 ​ 13,447 ​ Other revenues Total revenues derived from contracts with customers ​ $ 63,364 ​ $ 89,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2023
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of MSRs (in thousands) 2023 2022 Beginning balance ​ $ 975,226 ​ $ 953,845 ​ Additions, following the sale of loan ​ 24,030 ​ 76,854 ​ Amortization ​ (49,442) ​ (46,357) ​ Pre-payments and write-offs ​ (3,408) ​ (7,788) ​ Ending balance ​ $ 946,406 ​ $ 976,554 ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ March 31, 2023 ​ December 31, 2022 Gross value ​ $ 1,663,933 ​ $ 1,659,185 Accumulated amortization ​ (717,527) ​ (683,959) Net carrying value ​ $ 946,406 ​ $ 975,226 ​
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2023 ​ $ 143,146 Year Ending December 31, ​ ​ ​ 2024 ​ $ 176,366 2025 ​ 153,355 2026 ​ 127,756 2027 ​ 108,636 2028 ​ 88,482 Thereafter ​ ​ 148,665 Total ​ $ 946,406

ALLOWANCE FOR RISK-SHARING OB_2

ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2023 2022 Beginning balance ​ $ 44,057 ​ $ 62,636 ​ Provision (benefit) for risk-sharing obligations ​ (10,970) ​ (9,392) ​ Write-offs ​ — ​ — ​ Ending balance ​ $ 33,087 ​ $ 53,244 ​ ​
Schedule of CECL provision impact	​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended ​ ​ March 31, CECL Calculation Details and Provision Impact 2023 2022 Forecast-period loss rate in basis points ​ 2.3 ​ 3.0 Reversion-period loss rate in basis points ​ 1.5 ​ 2.0 Historical loss rate in basis points ​ 0.6 ​ 1.2 At-risk Fannie Mae servicing portfolio UPB in billions $ 54.5 $ 49.7 CECL allowance (in millions) $ 28.7 $ 42.5 Provision (benefit) for risk-sharing obligations in millions $ (11.0) $ (9.4) ​

WAREHOUSE NOTES PAYABLE AND N_2

WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2023
WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ (dollars in thousands) Committed Uncommitted ​ Total Facility ​ Outstanding Facility ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate (1) Agency Warehouse Facility #1 ​ $ 325,000 ​ $ 250,000 ​ $ 575,000 ​ $ 168,150 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 176,022 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 306,491 SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 48,818 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 57,860 ​ SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 757,341 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 143,338 ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 900,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — SOFR plus 1.80% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — SOFR plus 1.35% to 1.85% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 112,489 30-day LIBOR plus 1.75% to 3.25% ​ Interim Warehouse Facility #4 ​ ​ 19,810 ​ ​ — ​ ​ 19,810 ​ ​ 18,410 ​ SOFR plus 3.11% ​ Total National Bank Interim Warehouse Facilities ​ $ 454,810 ​ $ — ​ $ 454,810 ​ $ 130,899 ​ ​ ​ Debt issuance costs ​ — ​ — ​ — ​ (301) ​ ​ ​ Total warehouse facilities ​ $ 2,279,810 ​ $ 3,540,000 ​ $ 5,819,810 ​ $ 1,031,277 ​ ​ ​ (1) 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, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Goodwill (in thousands) 2023 2022 Beginning balance ​ $ 959,712 ​ $ 698,635 ​ Additions from acquisitions ​ — ​ 213,874 ​ Measurement-period adjustments ​ ​ — ​ ​ (3,765) ​ Impairment ​ — ​ — ​ Ending balance ​ $ 959,712 ​ $ 908,744 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of Goodwill by Reportable Segment (in thousands) ​ March 31, 2023 ​ December 31, 2022 Capital Markets ​ $ 520,191 ​ $ 520,191 Servicing & Asset Management ​ ​ 439,521 ​ ​ 439,521 Corporate ​ ​ — ​ ​ — Ending balance ​ $ 959,712 ​ $ 959,712 ​
Schedule of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Roll Forward of Other Intangible Assets (in thousands) 2023 2022 Beginning balance ​ $ 198,643 ​ $ 183,904 Additions from acquisitions ​ — ​ 31,000 Amortization ​ (4,435) ​ (3,499) Ending balance ​ $ 194,208 ​ $ 211,405
Summary of Components of Net Carrying Value of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ March 31, 2023 ​ December 31, 2022 Gross value ​ $ 220,682 ​ $ 220,682 Accumulated amortization ​ (26,474) ​ (22,039) Net carrying value ​ $ 194,208 ​ $ 198,643 ​
Schedule of Expected Amortization of Other Intangible Assets	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Nine Months Ending December 31, ​ ​ ​ 2023 ​ $ 12,828 Year Ending December 31, ​ ​ ​ 2024 ​ $ 16,206 2025 ​ 16,206 2026 ​ 16,206 2027 ​ 16,206 2028 ​ 16,206 Thereafter ​ ​ 100,350 Total ​ $ 194,208 ​
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ March 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2023 2022 ​ Beginning balance ​ $ 200,346 ​ $ 125,808 ​ Additions ​ ​ — ​ ​ 119,000 ​ Accretion ​ ​ 177 ​ ​ 359 ​ Payments ​ ​ (25,690) ​ ​ (26,438) ​ Ending balance ​ $ 174,833 ​ $ 218,729 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 934,991 ​ $ — ​ $ 934,991 ​ Pledged securities ​ 25,806 ​ 139,275 ​ — ​ 165,081 ​ Derivative assets ​ — ​ — ​ 14,531 ​ 14,531 ​ Total ​ $ 25,806 ​ $ 1,074,266 ​ $ 14,531 ​ $ 1,114,603 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 22,260 ​ $ 22,260 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 174,833 ​ ​ 174,833 ​ Total ​ $ — ​ $ — ​ $ 197,093 ​ $ 197,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 396,344 ​ $ — ​ $ 396,344 ​ Pledged securities ​ 14,658 ​ 142,624 ​ — ​ 157,282 ​ Derivative assets ​ — ​ — ​ 17,636 ​ 17,636 ​ Total ​ $ 14,658 ​ $ 538,968 ​ $ 17,636 ​ $ 571,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 200,346 ​ ​ 200,346 ​ Total ​ $ — ​ $ — ​ $ 202,422 ​ $ 202,422 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, Derivative Assets and Liabilities, net (in thousands) 2023 2022 Beginning balance ​ $ 15,560 ​ $ 30,961 Settlements ​ (100,386) ​ (66,378) Realized gains recorded in earnings (1) ​ 84,826 ​ 35,417 Unrealized gains (losses) recorded in earnings (1) ​ (7,729) ​ 99,623 Ending balance ​ $ (7,729) ​ $ 99,623 (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 (2) Derivative assets ​ $ 14,531 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 22,260 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 174,833 ​ Monte Carlo Simulation ​ Probability of earn-out achievement ​ 64% - 100% ​ 77% (1) Significant increases in this input may lead to significantly lower fair value measurements. (2) 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, 2023 ​ December 31, 2022 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 188,389 ​ $ 188,389 ​ $ 225,949 ​ $ 225,949 ​ Restricted cash ​ 20,504 ​ 20,504 ​ 17,676 ​ 17,676 ​ Pledged securities ​ 165,081 ​ 165,081 ​ 157,282 ​ 157,282 ​ Loans held for sale ​ 934,991 ​ 934,991 ​ 396,344 ​ 396,344 ​ Loans held for investment, net ​ 180,890 ​ 181,646 ​ 200,247 ​ 200,900 ​ Derivative assets (1) ​ 14,531 ​ 14,531 ​ 17,636 ​ 17,636 ​ Total financial assets ​ $ 1,504,386 ​ $ 1,505,142 ​ $ 1,015,134 ​ $ 1,015,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities (2) ​ $ 22,260 ​ $ 22,260 ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities (2) ​ ​ 174,833 ​ ​ 174,833 ​ ​ 200,346 ​ ​ 200,346 ​ Warehouse notes payable ​ 1,031,277 ​ 1,031,578 ​ 537,531 ​ 538,134 ​ Notes payable ​ 777,311 ​ 792,500 ​ 704,103 ​ 708,546 ​ Total financial liabilities ​ $ 2,005,681 ​ $ 2,021,171 ​ $ 1,444,056 ​ $ 1,449,102 ​
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 382,230 ​ $ 11,583 ​ $ 2,356 ​ $ 13,939 ​ $ 13,939 ​ $ — ​ $ — ​ Forward sale contracts ​ 1,286,072 ​ — ​ (21,668) ​ (21,668) ​ 592 ​ ​ (22,260) ​ — ​ Loans held for sale ​ 903,842 ​ 11,837 ​ 19,312 ​ 31,149 ​ — ​ — ​ 31,149 ​ Total ​ ​ ​ ​ $ 23,420 ​ $ — ​ $ 23,420 ​ $ 14,531 ​ $ (22,260) ​ $ 31,149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 376,870 ​ $ 12,349 ​ $ (4,495) ​ $ 7,854 ​ $ 7,854 ​ $ — ​ $ — ​ Forward sale contracts ​ 769,585 ​ — ​ 7,706 ​ 7,706 ​ 9,782 ​ ​ (2,076) ​ — ​ Loans held for sale ​ 392,715 ​ 6,840 ​ (3,211) ​ 3,629 ​ — ​ — ​ 3,629 ​ Total ​ ​ ​ ​ $ 19,189 ​ $ — ​ $ 19,189 ​ $ 17,636 ​ $ (2,076) ​ $ 3,629 ​ ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ Pledged Securities (in thousands) 2023 2022 2022 2021 Restricted cash $ 8,536 ​ $ 4,099 ​ $ 5,788 ​ $ 3,779 ​ Money market funds ​ 17,270 ​ ​ 36,954 ​ ​ 8,870 ​ ​ 40,954 ​ Total pledged cash and cash equivalents $ 25,806 ​ $ 41,053 ​ $ 14,658 ​ $ 44,733 ​ Agency MBS 139,275 ​ ​ 107,594 ​ 142,624 ​ 104,263 ​ Total pledged securities, at fair value $ 165,081 ​ $ 148,647 ​ $ 157,282 ​ $ 148,996 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) March 31, 2023 December 31, 2022 Fair value $ 139,275 ​ $ 142,624 ​ Amortized cost ​ 141,302 ​ ​ 144,801 ​ Total gains for securities with net gains in AOCI ​ 643 ​ ​ 797 ​ Total losses for securities with net losses in AOCI (2,670) ​ (2,974) ​ Fair value of securities with unrealized losses 114,010 ​ 118,565 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 15,345 ​ ​ 15,403 ​ After five years through ten years ​ 102,288 ​ ​ 102,719 ​ After ten years 21,642 ​ ​ 23,180 ​ Total $ 139,275 ​ $ 141,302 ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 ​ 2022 Calculation of basic EPS ​ ​ ​ ​ ​ Walker & Dunlop net income $ 26,665 ​ $ 71,209 Less: dividends and undistributed earnings allocated to participating securities 707 ​ 2,172 Net income applicable to common stockholders $ 25,958 ​ $ 69,037 Weighted-average basic shares outstanding ​ 32,529 ​ ​ 32,219 Basic EPS $ 0.80 ​ $ 2.14 ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 25,958 ​ $ 69,037 Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 1 ​ ​ 19 Net income allocated to common stockholders $ 25,959 ​ $ 69,056 Weighted-average basic shares outstanding ​ 32,529 ​ ​ 32,219 Add: weighted-average diluted non-participating securities ​ 287 ​ ​ 398 Weighted-average diluted shares outstanding ​ 32,816 ​ ​ 32,617 Diluted EPS $ 0.79 ​ $ 2.12

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
SEGMENTS
Schedule of segment results and total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended March 31, 2023 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 46,956 ​ $ 128 ​ $ — ​ $ 47,084 Fair value of expected net cash flows from servicing, net ​ ​ 30,013 ​ ​ — ​ ​ — ​ ​ 30,013 Servicing fees ​ ​ — ​ ​ 75,766 ​ ​ — ​ ​ 75,766 Property sales broker fees ​ ​ 11,624 ​ ​ — ​ ​ — ​ ​ 11,624 Investment management fees ​ ​ — ​ ​ 15,173 ​ ​ — ​ ​ 15,173 Net warehouse interest income ​ ​ (1,689) ​ ​ 1,690 ​ ​ — ​ ​ 1 Escrow earnings and other interest income ​ ​ — ​ ​ 28,824 ​ ​ 2,100 ​ ​ 30,924 Other revenues ​ ​ 17,100 ​ ​ 11,615 ​ ​ (554) ​ ​ 28,161 Total revenues ​ $ 104,004 ​ $ 133,196 ​ $ 1,546 ​ $ 238,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 90,462 ​ $ 15,341 ​ $ 12,810 ​ $ 118,613 Amortization and depreciation ​ ​ 1,186 ​ ​ 54,010 ​ ​ 1,770 ​ ​ 56,966 Provision (benefit) for credit losses ​ — ​ (10,775) ​ — ​ (10,775) Interest expense on corporate debt ​ 4,269 ​ 9,582 ​ 1,423 ​ 15,274 Other operating expenses ​ 5,644 ​ 1,480 ​ 16,939 ​ 24,063 Total expenses ​ $ 101,561 ​ $ 69,638 ​ $ 32,942 ​ $ 204,141 Income from operations ​ $ 2,443 ​ $ 63,558 ​ $ (31,396) ​ $ 34,605 Income tax expense (benefit) ​ 504 ​ ​ 13,104 ​ ​ (6,473) ​ 7,135 Net income before noncontrolling interests ​ $ 1,939 ​ $ 50,454 ​ $ (24,923) ​ $ 27,470 Less: net income (loss) from noncontrolling interests ​ 1,435 ​ (630) ​ — ​ 805 Walker & Dunlop net income ​ $ 504 ​ $ 51,084 ​ $ (24,923) ​ $ 26,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,586,339 ​ $ 2,484,437 ​ $ 422,276 ​ $ 4,493,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Investment management fees ​ ​ — ​ ​ 14,858 ​ ​ — ​ ​ 14,858 Net warehouse interest income ​ ​ 3,530 ​ ​ 1,243 ​ ​ — ​ ​ 4,773 Escrow earnings and other interest income ​ ​ — ​ ​ 1,758 ​ ​ 45 ​ ​ 1,803 Other revenues ​ ​ 7,336 ​ ​ 15,466 ​ ​ 44,089 ​ ​ 66,891 Total revenues ​ $ 168,817 ​ $ 106,493 ​ $ 44,134 ​ $ 319,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 104,959 ​ $ 16,664 ​ $ 22,558 ​ $ 144,181 Amortization and depreciation ​ ​ 56 ​ ​ 54,893 ​ ​ 1,203 ​ ​ 56,152 Provision (benefit) for credit losses ​ — ​ (9,498) ​ — ​ (9,498) Interest expense on corporate debt ​ 1,523 ​ 4,536 ​ 346 ​ 6,405 Other operating expenses ​ 7,201 ​ 5,029 ​ 19,984 ​ 32,214 Total expenses ​ $ 113,739 ​ $ 71,624 ​ $ 44,091 ​ $ 229,454 Income from operations ​ $ 55,078 ​ $ 34,869 ​ $ 43 ​ $ 89,990 Income tax expense (benefit) ​ 11,911 ​ ​ 7,540 ​ ​ 9 ​ 19,460 Net income before noncontrolling interests ​ $ 43,167 ​ $ 27,329 ​ $ 34 ​ $ 70,530 Less: net income (loss) from noncontrolling interests ​ 65 ​ (744) ​ — ​ (679) Walker & Dunlop net income ​ $ 43,102 ​ $ 28,073 ​ $ 34 ​ $ 71,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,475,655 ​ $ 2,495,729 ​ $ 368,247 ​ $ 4,339,631 ​

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Consolidated VIEs
Schedule of the carrying value and classification of assets and liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) ​ March 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 314 ​ $ 201 Restricted cash ​ ​ 1,532 ​ ​ 1,532 Receivables, net ​ ​ 33,321 ​ ​ 33,593 Other Assets ​ ​ 50,909 ​ ​ 49,768 Total assets of consolidated VIEs ​ $ 86,076 ​ $ 85,094 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 40,622 ​ $ 39,148 Total liabilities of consolidated VIEs ​ $ 40,622 ​ $ 39,148 ​ ​ ​ ​ ​ ​ ​
Nonconsolidated VIEs
Schedule of the carrying value and classification of assets and liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) ​ ​ March 31, 2023 ​ December 31, 2022 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 207,750 ​ $ 254,154 Other assets: Equity-method investments ​ ​ 57,466 ​ ​ 57,981 Total interests in nonconsolidated VIEs ​ $ 265,216 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 196,522 ​ $ 239,281 Total commitments to fund nonconsolidated VIEs ​ $ 196,522 ​ $ 239,281 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 265,216 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ (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_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details)	Apr. 17, 2023
Subsequent Event [Member]
Subsequent Event [Line Items]
Reduction in workforce, percentage	8%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Provision for Credit Losses
Provision (benefit) for loan losses	$ 195	$ (106)
Provision (benefit) for risk-sharing obligations	(10,970)	(9,392)
Provision (benefit) for credit losses	$ (10,775)	$ (9,498)

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail) - Loans Held for Investment $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Loans Held-for-Investment, Net
Number of loans held for investment | loan	8	9
Unpaid principal balance of loans held for investment	$ 187.5	$ 206.8
Net unamortized deferred fees and costs	0.3	0.4
Financing receivable allowance for credit loss	$ 6.3	$ 6.2
Number of delinquent loans | loan	1	1
Loans held for investment, delinquent	$ 14.7	$ 14.7
Number of loans on nonaccrual status | loan	1	1
Loans, non-accrual status	$ 14.7	$ 14.7
Specific reserve for loan	5.9	5.9
Amortized cost of loans held for investment, current	172.5	$ 191.7
Financial Asset, Not Past Due
Loans Held-for-Investment, Net
Loans originated in 2023	0
Loans originated in 2022	3.5
Loans originated in 2021	143
Loan originated in 2020	0
Loan originated in 2019	$ 26.3
Maximum
Loans Held-for-Investment, Net
Loan term (in years)	3 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 188,389	$ 225,949	$ 141,375	$ 305,635
Restricted cash	20,504	17,676	41,584	42,812
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	234,699	258,283	224,012	393,180
Total pledged cash and cash equivalents
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Pledged cash and cash equivalents (NOTE 9)	$ 25,806	$ 14,658	$ 41,053	$ 44,733

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Excess tax benefits recognized	$ 1.5	$ 4.9

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Warehouse Interest Income
Net warehouse interest income	$ 1	$ 4,773
Co-broker fees	3,300	5,900
Loans Held for Sale
Net Warehouse Interest Income
Warehouse interest income	6,312	8,863
Warehouse interest expense	(8,001)	(5,333)
Net warehouse interest income	(1,689)	3,530
Loans Held for Investment
Net Warehouse Interest Income
Warehouse interest income	4,195	2,350
Warehouse interest expense	(2,505)	(1,107)
Net warehouse interest income	$ 1,690	$ 1,243

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers and Asset Management Fees (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contracts with Customers
Revenue from contracts with customer	$ 63,364	$ 89,068
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues
Loan Origination Fees
Contracts with Customers
Revenue from contracts with customer	$ 14,029	$ 37,365
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues
Property Sales Broker Fees
Contracts with Customers
Revenue from contracts with customer	$ 11,624	$ 23,398
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues
Investment management fees
Contracts with Customers
Revenue from contracts with customer	$ 15,173	$ 14,858
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues
Application fees, appraisal revenues, subscription revenues, other revenues from LIHTC operations, and other revenues
Contracts with Customers
Revenue from contracts with customer	$ 22,538	$ 13,447
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Servicing
Fair value of the MSRs	$ 1,400	$ 1,400
Sensitivity Analysis of Fair Value, example 1, impact of percent adverse change in discount rate, percent	1%
Decrease in fair value as a result of 100 basis point increase in discount rate	$ 43.4
Sensitivity Analysis of Fair Value, example 2, impact of percent adverse change in discount rate, percent	2%
Decrease in fair value as a result of 200 basis point increase in discount rate	$ 83.9

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Mortgage Servicing Rights
Beginning balance	$ 975,226
Ending balance	946,406
MSRs
Mortgage Servicing Rights
Beginning balance	975,226	$ 953,845
Additions, following sale of loan	24,030	76,854
Amortization	(49,442)	(46,357)
Pre-payments and write-offs	(3,408)	(7,788)
Ending balance	$ 946,406	$ 976,554

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, 2023	Dec. 31, 2022
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,663,933	$ 1,659,185
Accumulated amortization	(717,527)	(683,959)
Net carrying value	$ 946,406	$ 975,226

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Future amortization
Nine Months Ending December 31, 2023	$ 143,146
2024	176,366
2025	153,355
2026	127,756
2027	108,636
2028	88,482
Thereafter	148,665
Net carrying value	$ 946,406	$ 975,226

ALLOWANCE FOR RISK-SHARING OB_3

ALLOWANCE FOR RISK-SHARING OBLIGATIONS - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Allowance for Risk-Sharing Contracts
Beginning balance	$ 44,057	$ 62,636	$ 62,636
Provision (benefit) for risk-sharing obligations	(10,970)	(9,392)
Ending balance	$ 33,087	53,244	$ 44,057
Number of defaulted loans | loan	2		2
Amount of specific reserves placed on defaulted at risk loans	$ 4,400		$ 4,400
Weighted average remaining life of the at risk servicing portfolio	7 years		7 years 2 months 12 days
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 11,100,000	$ 10,200,000

ALLOWANCE FOR RISK-SHARING OB_4

ALLOWANCE FOR RISK-SHARING OBLIGATIONS - CECL Provision Impact (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Forecast-period loss rate	0.023	0.030
Reversion-period loss rate	0.015	0.020
Historical loss rate	0.006	0.012
At-risk Fannie Mae servicing portfolio UPB	$ 54,500,000	$ 49,700,000
CECL allowance	28,700	42,500
Provision (benefit) for risk-sharing obligations	$ (10,970)	$ (9,392)

SERVICING - (Detail)

SERVICING - (Detail) - Loans serviced - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2022
Servicing
Servicing portfolio loans unpaid principal balance	$ 124.6	$ 123.1
Custodial escrow accounts	$ 2.2	$ 2.7

WAREHOUSE NOTES PAYABLE AND N_3

WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE - Summary Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Warehouse notes payable
Committed Amount		$ 2,279,810
Uncommitted Amount		3,540,000
Total Facility Capacity		5,819,810
Outstanding Balance		1,031,277	$ 537,531
Debt issuance costs		(301)
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		1,825,000
Uncommitted Amount		3,540,000
Total Facility Capacity		5,365,000
Outstanding Balance		900,679
National Banks | Agency Warehouse Facility
Warehouse notes payable
Total Facility Capacity		3,900,000
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
Committed Amount		1,825,000
Uncommitted Amount		2,040,000
Total Facility Capacity		3,865,000
Outstanding Balance		757,341
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		325,000
Uncommitted Amount		250,000
Total Facility Capacity		575,000
Outstanding Balance		$ 168,150
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | 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		$ 176,022
Maturity date	Apr. 12, 2024
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility | 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		$ 306,491
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate		1.35%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 200,000
Uncommitted Amount		225,000
Total Facility Capacity		425,000
Outstanding Balance		$ 48,818
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | SOFR
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		$ 57,860
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate		1.45%
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Committed Amount		$ 454,810
Total Facility Capacity		454,810
Outstanding Balance		130,899
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 | SOFR
Warehouse notes payable
Percentage added to reference rate		1.80%
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
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | 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 | 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		$ 112,489
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		$ 18,410
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate		3.11%
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		$ 143,338

WAREHOUSE NOTES PAYABLE AND N_4

WAREHOUSE NOTES PAYABLE AND NOTES PAYABLE - Notes Payable - Term Note Payable (Detail) - USD ($) $ in Millions	Jan. 12, 2023	Dec. 31, 2022
Alliant Note Payable
Debt
Unpaid principal balance		$ 114.5
Credit Agreement | Term Loan
Debt
Amount of loan agreement		$ 600
Credit Agreement | Incremental Term Loan
Debt
Amount of loan agreement	$ 200
Discount on issue of term loan (as a percent)	2%
Term Loan proceeds used to repay certain existing indebtedness	$ 115.9
Percentage of original principal amount required as quarterly installment	0.25%
Maturity date	Dec. 16, 2028
Credit Agreement | Incremental Term Loan | SOFR
Debt
Percentage added to reference rate	3%

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 959,712	$ 698,635
Additions from acquisitions		213,874
Measurement-period adjustments		(3,765)
Ending balance	$ 959,712	$ 908,744

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill.	$ 959,712	$ 959,712	$ 908,744	$ 698,635
Capital Markets
Goodwill [Line Items]
Goodwill.	520,191	520,191
Servicing and Asset Management
Goodwill [Line Items]
Goodwill.	$ 439,521	$ 439,521

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other intangible assets
Beginning Balance	$ 198,643	$ 183,904
Additions from acquisitions		31,000
Amortization	(4,435)	(3,499)
Ending balance	194,208	211,405	$ 198,643
Components of other intangible assets
Gross value	220,682		220,682
Accumulated amortization	(26,474)		(22,039)
Net carrying value	$ 194,208	$ 211,405	$ 198,643

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Future amortization
Nine Months Ending December 31, 2023	$ 12,828
2024	16,206
2025	16,206
2026	16,206
2027	16,206
2028	16,206
Thereafter	100,350
Net carrying value	$ 194,208	$ 198,643	$ 211,405	$ 183,904

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contingent consideration liabilities
Additions		$ 119,000
Stock issued for settlement of contingent liabilities		8,750
Maximum
Contingent consideration liabilities
Contingent consideration liability earnout period	5 years
Other Liabilities
Contingent consideration liabilities
Beginning balance	$ 200,346	125,808
Additions		119,000
Accretion and revaluation	177	359
Payments	(25,690)	(26,438)
Ending balance	$ 174,833	$ 218,729

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, 2023	Dec. 31, 2022
Assets
Loans held for sale	$ 934,991	$ 396,344
Pledged securities	165,081	157,282
Derivative assets	14,531	17,636
Liabilities
Derivative liabilities	22,260	2,076
Recurring Basis
Assets
Loans held for sale	934,991	396,344
Pledged securities	165,081	157,282
Derivative assets	14,531	17,636
Total financial assets	1,114,603	571,262
Liabilities
Derivative liabilities	22,260	2,076
Contingent consideration liabilities	174,833	200,346
Total financial liabilities	197,093	202,422
Level 1 | Recurring Basis
Assets
Pledged securities	25,806	14,658
Total financial assets	25,806	14,658
Level 2 | Recurring Basis
Assets
Loans held for sale	934,991	396,344
Pledged securities	139,275	142,624
Total financial assets	1,074,266	538,968
Level 3 | Recurring Basis
Assets
Derivative assets	14,531	17,636
Total financial assets	14,531	17,636
Liabilities
Derivative liabilities	22,260	2,076
Contingent consideration liabilities	174,833	200,346
Total financial liabilities	$ 197,093	$ 202,422

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
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, 2023	Mar. 31, 2022
Derivative assets and liabilities, net
Beginning balance	$ 15,560	$ 30,961
Settlements	(100,386)	(66,378)
Realized gains recorded in earnings	84,826	35,417
Unrealized gains (losses) recorded in earnings	(7,729)	99,623
Ending balance	$ (7,729)	$ 99,623

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, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurements
Derivative assets	$ 14,531	$ 17,636
Derivative liabilities	22,260	2,076
Recurring Basis
Fair Value Measurements
Derivative assets	14,531	17,636
Derivative liabilities	22,260	2,076
Contingent consideration liabilities	174,833	200,346
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	14,531	17,636
Derivative liabilities	22,260	2,076
Contingent consideration liabilities	174,833	$ 200,346
Recurring Basis | Level 3 | Derivative Liabilities | Discounted Cash Flows
Fair Value Measurements
Derivative liabilities	22,260
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation
Fair Value Measurements
Contingent consideration liabilities	$ 174,833
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.64
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	1
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.77
Recurring Basis | Level 3 | Derivative Assets | Discounted Cash Flows
Fair Value Measurements
Derivative assets	$ 14,531

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, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Cash and cash equivalents	$ 188,389	$ 225,949	$ 141,375	$ 305,635
Restricted cash	20,504	17,676	$ 41,584	$ 42,812
Pledged securities	165,081	157,282
Loans held for sale	934,991	396,344
Derivative assets	14,531	17,636
Financial liabilities:
Derivative liabilities	22,260	2,076
Warehouse notes payable	1,031,277	537,531
Notes payable	777,311	704,103
Carrying Amount
Financial assets:
Cash and cash equivalents	188,389	225,949
Restricted cash	20,504	17,676
Pledged securities	165,081	157,282
Loans held for sale	934,991	396,344
Loans held for investment, net	180,890	200,247
Derivative assets	14,531	17,636
Total financial assets	1,504,386	1,015,134
Financial liabilities:
Derivative liabilities	22,260	2,076
Contingent consideration liabilities	174,833	200,346
Warehouse notes payable	1,031,277	537,531
Notes payable	777,311	704,103
Total financial liabilities	2,005,681	1,444,056
Fair Value
Financial assets:
Cash and cash equivalents	188,389	225,949
Restricted cash	20,504	17,676
Pledged securities	165,081	157,282
Loans held for sale	934,991	396,344
Loans held for investment, net	181,646	200,900
Derivative assets	14,531	17,636
Total financial assets	1,505,142	1,015,787
Financial liabilities:
Derivative liabilities	22,260	2,076
Contingent consideration liabilities	174,833	200,346
Warehouse notes payable	1,031,578	538,134
Notes payable	792,500	708,546
Total financial liabilities	$ 2,021,171	$ 1,449,102

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	3 Months Ended
	Mar. 31, 2023
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, 2023	Dec. 31, 2022
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 23,420	$ 19,189
Total Fair Value Adjustment	23,420	19,189
Derivative assets	14,531	17,636
Derivative Liabilities	(22,260)	(2,076)
Fair Value Adjustment to Loans Held for Sale	31,149	3,629
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	903,842	392,715
Estimated Gain on Sale	11,837	6,840
Interest Rate Movement	19,312	(3,211)
Total Fair Value Adjustment	31,149	3,629
Fair Value Adjustment to Loans Held for Sale	31,149	3,629
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	1,286,072	769,585
Interest Rate Movement	(21,668)	7,706
Total Fair Value Adjustment	(21,668)	7,706
Derivative assets	592	9,782
Derivative Liabilities	(22,260)	(2,076)
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	382,230	376,870
Estimated Gain on Sale	11,583	12,349
Interest Rate Movement	2,356	(4,495)
Total Fair Value Adjustment	13,939	7,854
Derivative assets	$ 13,939	$ 7,854

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, 2023 USD ($)
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	$ 75.3
Net worth	1,000
Minimum liquid assets to be maintained to meet operational liquidity requirements	57.2
Operational liquidity	164.5
Minimum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Net worth requirement	$ 287.3
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%
New Tier 2 loans | Agency Mortgage Backed Securities
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4%

FANNIE MAE COMMITMENTS AND PL_4

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) $ in Thousands	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Pledged securities
Pledged securities	$ 165,081	$ 157,282
Pledged Securities - Fannie Mae DUS Program
Pledged securities
Pledged securities in a continuous unrealized loss position for more than 12 months | security	10
Fair value of pledged securities in a continuous unrealized loss position for more than 12 months	$ 37,700
Amortized cost of pledged securities in a continuous unrealized loss position for more than 12 months	39,500
Net unrealized loss of pledged securities in a continuous unrealized loss position for more than 12 months	1,800
Total pledged cash and cash equivalents
Pledged securities
Pledged securities	25,806	14,658	$ 41,053	$ 44,733
Restricted Cash - Pledged
Pledged securities
Pledged securities	8,536	5,788	4,099	3,779
Money Market Funds
Pledged securities
Pledged securities	17,270	8,870	36,954	40,954
Agency MBS
Pledged securities
Pledged securities	$ 139,275	142,624	107,594	104,263
Pledged securities in a continuous unrealized loss position for more than 12 months | security	10
Asset Pledged as Collateral with Right | Pledged Securities - Fannie Mae DUS Program
Pledged securities
Pledged securities	$ 165,081	$ 157,282	$ 148,647	$ 148,996

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, 2023	Dec. 31, 2022
Investments in Agency debt securities
Fair Value	$ 139,275	$ 142,624
Amortized Cost	141,302	144,801
Total gains for securities with net gains in AOCI	643	797
Total losses for securities with net losses in AOCI	(2,670)	(2,974)
Fair value of securities with unrealized losses	114,010	118,565
Maturities - Fair Value
After one year through five years	15,345
After five years through ten years	102,288
After ten years	21,642
Total	139,275	142,624
Maturities - Amortized Cost
After one year through five years	15,403
After five years through ten years	102,719
After ten years	23,180
Total	$ 141,302	$ 144,801

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, 2023	Mar. 31, 2022
Calculation of basic EPS
Walker and Dunlop net income	$ 26,665	$ 71,209
Less: dividends and undistributed earnings allocated to participating securities	707	2,172
Net income applicable to common stockholders	$ 25,958	$ 69,037
Basic weighted-average shares outstanding	32,529	32,219
Basic EPS	$ 0.80	$ 2.14
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ 1	$ 19
Net income allocated to common stockholders	$ 25,959	$ 69,056
Add: weighted-average diluted non-participating securities	287	398
Weighted average diluted shares outstanding	32,816	32,617
Diluted EPS	$ 0.79	$ 2.12
Shares outstanding excluded from computation of earnings per share	368

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Other Equity Related Transactions (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) item	Dec. 31, 2022 USD ($)
Acquisitions
Additional paid-in capital ("APIC")	$ 405,303		$ 412,636
Noncontrolling interests	29,968		27,403
Receivables, net	224,776		202,251
Other Assets	470,345		457,875
Other Liabilities	739,759		$ 803,558
Noncontrolling interests
Distributions to noncontrolling interest	$ 600
Consolidation of joint venture
Acquisitions
Number of joint ventures with operating agreement changes causing reconsideration of consolidation conclusion | item		3
Additional paid-in capital ("APIC")		$ (5,300)
Noncontrolling interests		15,500
Receivables, net		35,000
Other Assets		(21,300)
Other Liabilities		$ 3,600

EARNINGS PER SHARE AND STOCKH_5

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	3 Months Ended
	May 03, 2023	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 17,395	$ 27,049
Dividends
Cash dividends paid per common share			$ 0.63	$ 0.60
Cash dividends declared per common share	$ 0.63
Share Repurchase Program 2023
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 2023 | Maximum
Repurchases of common stock
Repurchase authorization		$ 75,000

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segments
Number of operating segments | segment	3
Revenues
Total revenues	$ 238,746	$ 319,444
Expenses
Personnel	118,613	144,181
Amortization and depreciation	56,966	56,152
Provision (benefit) for credit losses	(10,775)	(9,498)
Interest expense on corporate debt	15,274	6,405
Other operating expenses	24,063	32,214
Total expenses	204,141	229,454
Income from operations	34,605	89,990
Income tax expense	7,135	19,460
Net income before noncontrolling interests	27,470	70,530
Net income (loss) from noncontrolling interests	805	(679)
Walker & Dunlop net income	26,665	71,209
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	(53)	(970)
Walker & Dunlop comprehensive income	26,612	70,239
Total assets	4,493,052	4,339,631	$ 4,045,359
Loan origination and debt brokerage fees, Net
Revenues
Total revenues	47,084	82,310
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	30,013	52,730
Servicing fees
Revenues
Total revenues	75,766	72,681
Property sales broker fees
Revenues
Total revenues	11,624	23,398
Investment management fees
Revenues
Total revenues	15,173	14,858
Net warehouse interest income
Revenues
Total revenues	1	4,773
Escrow earnings and other interest income
Revenues
Total revenues	30,924	1,803
Other revenue
Revenues
Total revenues	28,161	66,891
Operating Segments | Capital Markets
Revenues
Total revenues	104,004	168,817
Expenses
Personnel	90,462	104,959
Amortization and depreciation	1,186	56
Interest expense on corporate debt	4,269	1,523
Other operating expenses	5,644	7,201
Total expenses	101,561	113,739
Income from operations	2,443	55,078
Income tax expense	504	11,911
Net income before noncontrolling interests	1,939	43,167
Net income (loss) from noncontrolling interests	1,435	65
Walker & Dunlop net income	504	43,102
Total assets	1,586,339	1,475,655
Operating Segments | Capital Markets | Loan origination and debt brokerage fees, Net
Revenues
Total revenues	46,956	81,823
Operating Segments | Capital Markets | Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	30,013	52,730
Operating Segments | Capital Markets | Property sales broker fees
Revenues
Total revenues	11,624	23,398
Operating Segments | Capital Markets | Net warehouse interest income
Revenues
Total revenues	(1,689)	3,530
Operating Segments | Capital Markets | Other revenue
Revenues
Total revenues	17,100	7,336
Operating Segments | Servicing and Asset Management
Revenues
Total revenues	133,196	106,493
Expenses
Personnel	15,341	16,664
Amortization and depreciation	54,010	54,893
Provision (benefit) for credit losses	(10,775)	(9,498)
Interest expense on corporate debt	9,582	4,536
Other operating expenses	1,480	5,029
Total expenses	69,638	71,624
Income from operations	63,558	34,869
Income tax expense	13,104	7,540
Net income before noncontrolling interests	50,454	27,329
Net income (loss) from noncontrolling interests	(630)	(744)
Walker & Dunlop net income	51,084	28,073
Total assets	2,484,437	2,495,729
Operating Segments | Servicing and Asset Management | Loan origination and debt brokerage fees, Net
Revenues
Total revenues	128	487
Operating Segments | Servicing and Asset Management | Servicing fees
Revenues
Total revenues	75,766	72,681
Operating Segments | Servicing and Asset Management | Investment management fees
Revenues
Total revenues	15,173	14,858
Operating Segments | Servicing and Asset Management | Net warehouse interest income
Revenues
Total revenues	1,690	1,243
Operating Segments | Servicing and Asset Management | Escrow earnings and other interest income
Revenues
Total revenues	28,824	1,758
Operating Segments | Servicing and Asset Management | Other revenue
Revenues
Total revenues	11,615	15,466
Operating Segments | Corporate
Revenues
Total revenues	1,546	44,134
Expenses
Personnel	12,810	22,558
Amortization and depreciation	1,770	1,203
Interest expense on corporate debt	1,423	346
Other operating expenses	16,939	19,984
Total expenses	32,942	44,091
Income from operations	(31,396)	43
Income tax expense	(6,473)	9
Net income before noncontrolling interests	(24,923)	34
Walker & Dunlop net income	(24,923)	34
Total assets	422,276	368,247
Operating Segments | Corporate | Escrow earnings and other interest income
Revenues
Total revenues	2,100	45
Operating Segments | Corporate | Other revenue
Revenues
Total revenues	$ (554)	$ 44,089

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 188,389	$ 225,949	$ 141,375	$ 305,635
Restricted cash	20,504	17,676	41,584	$ 42,812
Receivables, net	224,776	202,251
Committed investments in tax credit equity	207,750	254,154
Other assets	470,345	457,875
Total assets	4,493,052	4,045,359	$ 4,339,631
Liabilities
Commitments to fund investments in tax credit equity	196,522	239,281
Other Liabilities	739,759	803,558
Total liabilities	2,777,956	2,328,530
Consolidated VIEs
Assets
Cash and cash equivalents	314	201
Restricted cash	1,532	1,532
Receivables, net	33,321	33,593
Other assets	50,909	49,768
Total assets	86,076	85,094
Liabilities
Other Liabilities	40,622	39,148
Total liabilities	40,622	39,148
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	207,750	254,154
Other assets	57,466	57,981
Total assets	265,216	312,135
Liabilities
Commitments to fund investments in tax credit equity	196,522	239,281
Total liabilities	196,522	239,281
Maximum exposure	$ 265,216	$ 312,135