BETHESDA, Md., June 7, 2016 /PRNewswire/ -- Walker
& Dunlop, Inc. (NYSE: WD) (the "Company") announced today that
it has agreed to purchase the commercial mortgage servicing rights
associated with a $3.8 billion
servicing portfolio from Oppenheimer Multifamily Housing &
Healthcare Finance, Inc. a subsidiary of Oppenheimer Holdings Inc.
(NYSE: OPY). The portfolio is comprised of over 480 multifamily and
healthcare loans insured by the U.S. Department of Housing and
Urban Development (HUD). The acquisition is expected to close on
June 20, 2016 making Walker &
Dunlop the largest HUD Multifamily/Healthcare servicer in the U.S.
The Company will be using available capital to fund the
approximately $45 million purchase
price.
Walker & Dunlop's Chief Financial Officer, Stephen
Theobald, stated, "In 2012, Walker & Dunlop set a goal to
increase the proportion of revenues that comes from servicing and
other non-transaction based fees. Over the past several years, the
servicing portfolio has seen steady growth with the value of its
revenue streams becoming increasingly apparent in the financial
stability and flexibility provided to the business. The opportunity
to acquire a portfolio of this size is rare and our strong cash
position allowed us to move quickly to accelerate the
accomplishment of our goal."
Closing of the transaction is subject to certain conditions set
forth in the purchase agreement, including but not limited to
approval of the Government National Mortgage Association.
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
finance companies in the United
States providing financing and investment sales to
owners of multifamily and commercial properties. Walker &
Dunlop, which is included in the S&P SmallCap 600 Index, has
over 500 professionals in 25 offices across the nation with an
unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.