Walker & Dunlop's net income increased 59% year-over-year during the second quarter, as the company saw growth in its commercial mortgage origination volume.
The Bethesda, Md.-based company reported net income of $32 million during the quarter versus $20.2 million a year ago. Net income per share totaled $1.05.
Total revenue for the quarter ballooned 30% to $147.9 million, including a 46% increase in gains from mortgage banking activity to $102.5 million.
Loan origination volume spiked 37% from the previous year to $4.8 billion, as loan originations with Fannie Mae more than doubled, mitigating a decrease in HUD loan originations.
On the servicing side, fee income rose 17% to $32.8 million, driven by portfolio growth. The servicing portfolio during the second quarter was $57.3 billion versus $47.7 billion last year, with most of the growth stemming from the purchase of a $3.8 billion HUD servicing portfolio and additions through higher origination volume.
Total expenses were $96.2 million for the second quarter, representing an 18% increase on higher personnel costs.
