Walker & Dunlop (WD) posted total revenues of $98.1 million for the third quarter 2014, up 33% from $73.7 million for the third quarter 2013.
GAAP net income and adjusted net income for the third quarter 2014 were the same at $15.1 million, or $0.47 per diluted share.
This is significantly up compared to third quarter 2013 GAAP net income of $8.1 million, or $0.23 per diluted share and adjusted net income of $8.7 million, or $0.25 per diluted share.
"This quarter marks the highest loan origination volume in the history of Walker & Dunlop and reflects the dramatic growth and market leadership position we have gained over the past several years," said Walker & Dunlop Chairman and CEO Willy Walker.
"Our originations for the quarter increased by 77% year over year, outpacing the growth of the overall commercial real estate market that saw originations increase by 16% during the same period. Of our $3.1 billion volume, we originated $2.3 billion of loans with Fannie Mae and Freddie Mac, up dramatically over previous quarters, driving a 33% increase in total revenues to $98.1 million,” he added.
Although the company continues to see pressure on servicing fees in the competitive lending environment, due to the volume of loan originations and growth in servicing fees, net income almost doubled from the same quarter last year to $15.1 million.
Additionally, servicing income surpassed $25 million this quarter for the first time ever due to the aggregate portfolio now exceeding $41.2 billion.
