The primary servicer rating reflects Fitch's assessment of the company's strong management team, appropriate internal controls, and integrated technology platform of externally developed systems. The rating also considers Walker & Dunlop's private label outsourcing agreement with
Walker & Dunlop is a commercial mortgage finance company that originates and retains servicing of commercial real estate loans primarily through government-sponsored enterprise (GSE) lending programs. Through its predecessor Walker & Dunlop Inc., founded in 1937, Walker & Dunlop has extensive experience as a mortgage finance company, particularly with multifamily properties which make up 89% of the servicing portfolio by balance as of
Walker & Dunlop has been operating on a private-label shared services agreement with Midland since 2009, with Midland responsible for most loan servicing functions such as new loan boarding, cash management and taxes and insurance. Walker & Dunlop retains responsibility primarily for customer service, investor reporting, asset administration, and oversight of outsourced functions. Although the degree to which processes are outsourced is material, the rating reflects Walker & Dunlop's ability to manage the contracted services and the company's experienced managers capable of bringing functions in-house on a limited basis. The company's outsourcing model allows it to maintain a larger servicing portfolio relative to other rated primary servicers of similar staff size.
The servicer rating is based on Fitch's methodology, as described in the reports highlighted at the end of the press release.
Additional information is available at 'www.fitchratings.com'.
--'U.S. Commercial Mortgage Servicer Rating Criteria' (
--'Rating Criteria for Structured Finance Servicers' (
U.S. Commercial Mortgage Servicer Rating Criteria -- Effective
Rating Criteria for Structured Finance Servicers
Source: Fitch Ratings
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