INVESTOR INFORMATION

November 2017

Forward-Looking Statements

Some of the statements contained in this presentation may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking

statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In

some cases, you can identify forward-looking statements by the use of forward-looking terminology such as ''may,'' ''will,'' ''should,'' ''expects,'' ''intends,'' ''plans,'' ''anticipates,''

''believes,'' ''estimates,'' ''predicts,'' or ''potential'' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or

trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

The forward-looking statements contained in this presentation reflect our current views about future events and are subject to numerous known and unknown risks,

uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking

statement. While forward-looking statements reflect our good faith projections, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly

revise any forward-looking statement to reflect changes in our projections, except as required by applicable law. Factors that could cause our results to differ materially

include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) regulatory and or legislative changes to the

Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”), or the

U.S. Department of Housing and Urban Development, (3) our ability to retain and attract loan originators and other professionals, and (4) the future of the GSEs, including

their origination capacities, and their impact on our business. For a further discussion of these and other factors that could cause future results to differ materially from those

expressed in any forward-looking statements, see the section titled ''Risk Factors" in our most recent Annual Report on Form 10-K together with subsequent Quarterly

Reports on Form 10-Q and our other filings with the SEC, which are available publicly on our Investor Relations web page at www.walkerdunlop.com.

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), we use adjusted EBITDA, a

non-GAAP financial measure. The presentation of adjusted EBITDA is not intended to be considered in isolation of, as a substitute for, or superior to, the financial

information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA in addition to, and not as

an alternative for, net income. Adjusted EBITDA represents net income before income taxes, interest expense on our term loan facility, and amortization and depreciation,

adjusted for provision for credit losses net of write-offs, stock-based incentive compensation charges, and non-cash revenues such as gains attributable to MSRs.

Furthermore, adjusted EBITDA excludes certain costs associated with a significant acquisition in 2012, integration and restructuring costs, severance relating to the

significant acquisition in 2012 and our 2013 expense reduction efforts, early extinguishment of our term debt in 2013 and revenues from the termination fee related to the

transfer of servicing for a portion of the small loan portfolio, all of which are not part of our ongoing operations. Because not all companies use identical calculations, our

presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, adjusted EBITDA is not intended to be a measure of

free cash flow for our management’s discretionary use, as it does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for

adjusted EBITDA may also differ from the amounts calculated under similarly titled definitions in our debt agreements, which are further adjusted to reflect certain other cash

and non-cash charges that are used to determine compliance with financial covenants. We use adjusted EBITDA to evaluate the operating performance of our business, for

comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. We believe that adjusted EBITDA, when read in

conjunction with our GAAP financials, provides useful information to investors by offering:

> the ability to make more meaningful period-to-period comparisons of our on-going operating results;

> the ability to better identify trends in our underlying business and perform related trend analyses; and

> a better understanding of how management plans and measures our underlying business.

We believe that adjusted EBITDA has limitations in that it does not reflect all of the amounts associated with our results of operations as determined in accordance with

GAAP and that adjusted EBITDA should only be used to evaluate our results of operations in conjunction with net income.

For more information on adjusted EBITDA, refer to the appendix of this presentation.

F O R W A R D L O O K I N G S T A T E M E N T S A N D N O N -

G A A P F I N A N C I A L M E A S U R E S

2

T A B L E O F C O N T E N T S

4 Company Overview

11 Historical Financial Performance

19 Commercial Real Estate Market Trends

25 Transaction Platform

35 Servicing Portfolio & Mortgage Servicing Rights

39 Future Goals

43 Appendix

C O M PA N Y O V E RV I E W

4

Founded in 1937, the Walker & Dunlop went public in

2010. Walker & Dunlop provides customized

financing solutions to owners and operators of

commercial real estate properties across the United

States and is one of the largest commercial real

estate lenders in the country. The Company was the

country’s 8th largest commercial/multifamily

mortgage servicer in 2016.

5

28 OfficesNationwide

600+Professionals

Nationwide

The Company originates commercial real estate loans

for Fannie Mae, Freddie Mac, HUD, and its on-balance

sheet lending program and brokers loans to life

insurance companies, banks, CMBS originators, and

other capital providers. Walker & Dunlop also provides

investment advisory and brokerage services in the

multifamily sector through its investment sales platform,

Walker & Dunlop Investment Sales.

Headquartered in Bethesda, MD, with over 500

employees in 25+ offices across the country.

Walker & Dunlop maintains a cohesive and unique

corporate culture, as exemplified by its recognition as one

the “Top Workplaces” in the greater Washington area by

The Washington Post for the past four years.

1937

One of

the first companies

to use FHA insurance

to finance

single-family home

loans

First life

company

correspondent

appointed

First mortgage

banking

company in

~4 years

to go publicNamed

one of the

first Fannie

Mae DUS®

lenders

Arranged

the first off

balance

sheet

financing

for the U.S.

government

Completed acquisition

of certain

assets of

Column

Guaranteed LLC

Completed

acquisition of

CWCapital LLC

Acquired

Johnson Capital

Group Inc.’s

origination platform

and

servicing portfolio,

expanding the

Company’s Capital

Markets group

KEY HISTORICAL MILESTONES

Founded

IPO

W & D ’ S D I S T I N G U I S H E D 8 0 - Y E A R

H I S T O R Y

6

Entered multifamily

investment sales

business through

acquisition of Engler

Financial Group

1947

1971

1988

2009

2010

2012

2014

2015

2016

Acquired $3.6

million HUD

servicing portfolio

from a subsidiary

of Oppenheimer

Holdings Inc.

Acquired

origination

platform and

servicing portfolio

of George Elkins

Mortgage Banking

Company

(“Elkins”)

2017

Acquired

brokerage

origination

platform of

Deerwood Real

Estate Capital

(“Deerwood”)

Entered joint

venture with

Blackstone

Mortgage Trust

to originate, hold

and finance

multifamily

bridge loans

W H AT M A K E S W & D A C O M P E L L I N G

I N V E S T M E N T

7

DIVERSE AND PROFITABLE PLATFORM, PROVEN THROUGH CYCLES: Walker &

Dunlop provides a broad range of financing solutions for every type of commercial real estate

asset, including short term bridge, as well as investment sales services for multifamily properties.

Freddie Mac estimates that from 2017-2019 approximately $300 billion of multifamily financing is

expected each year. Walker & Dunlop’s national scale and reputation positions it well to capitalize

on this growing market opportunity.

MARKET LEADING POSITION: As the #2 Fannie Mae DUS® lender, the #3 Freddie Mac

Multifamily Approved Seller/Servicer, and the #4 HUD multifamily lender, Walker & Dunlop has

impressive scale and market presence in the multifamily space, which continues to create

momentum for taking additional market share and gaining access to a broader client base.

2016 Top Fannie Mae Lenders Originations(in billions)

1 Wells Fargo $11.7

2 Walker & Dunlop $6.0

3 CBRE $4.8

4 Berkadia $4.2

5 Berkeley Point $3.9

6 Capital One $2.7

7 Prudential $2.5

8 Arbor Commercial Funding $2.3

9 Greystone $2.2

10 KeyBank $2.2

2016 Top Freddie Mac Lenders Originations (in billions)

1 CBRE $10.6

2 Berkadia $9.8

3 Walker & Dunlop $5.8

4 HFF $4.6

5 Berkeley Point $2.9

6 KeyBank $2.7

7 Capital One $2.4

8 Wells Fargo $2.3

9 Northmarq $1.9

10 Greystone $1.6

10 JLL $1.6

LONG TERM GROWTH: The Company has laid out its short and long term growth strategy,

which aims to grow revenues to $1 billion by the end of 2020. This includes growth and expansion of

the current platform, as well as launching an asset management platform.

STABLE REVENUE SOURCES: Walker & Dunlop’s $63.1 billion servicing portfolio (at

December 31, 2016) provides a stable and durable source of cash flow and income, ensuring

financial flexibility.

RETURN OF CAPITAL: Over the past few years, Walker & Dunlop has returned capital to

shareholders through share repurchases, while also making strategic investments to grow its

platform and increase profitability. In February 2017, the Company’s Board of Directors authorized

the repurchase of up to $75 million of outstanding common stock over a one-year period. Walker &

Dunlop will continue to deploy capital in a disciplined manner to drive future growth and generate

returns for its shareholders.

MANAGEMENT TEAM ALIGNED: Walker & Dunlop has a strong track

record of growth and an experienced management team fully aligned to

drive shareholder value.

> Joined Company in 2003 and is third generation of Walker family leadership

> Became President in 2005, CEO in 2007 and Chairman in 2010

> Has led Company through period of significant growth including IPO and multiple acquisitions

> Serves on the Boards of Children’s National Medical Center, the Federal City Council and Sustainable Technology Fund

> Prior to joining Walker & Dunlop, Mr. Walker was President of the European and Latin American Divisions of TeleTech, a

global business process outsourcing company

> BA from St. Lawrence University and MBA from Harvard University

> Joined Company in 1980 and became member of management team in 1988

> Named Executive Vice President and Chief Operating Officer in 2004 and assumed role of President in 2015

> Oversees loan origination and investment sales operations and is a member of the Board of Directors

> Past Chairman of the Advisory Council to the Fannie Mae DUS Peer Group; Member of the National Multi Housing Council

Board of Directors

> BA from Washington & Lee University

> Joined Company in 2013

> Responsible for financial planning and reporting, accounting, investor relations, servicing, and marketing, as well as

overseeing overall strategic financial direction of the Company

> Served as Chief Financial Officer of Hampton Roads Bankshares, Inc. from 2010 to 2013

> Prior to Hampton Roads, he held numerous senior financial positions at Capital One Financial Corporation from 1999 to

2010, including Chief Financial Officer, Local Banking

> Began his career at KPMG LLP in 1984 and served as audit partner, Financial Services from 1996 to 1999

> BSBA from University of Notre Dame

W & D ’ S E X P E R I E N C E D L E A D E R S H I P

8

Willy WalkerChairman & CEO

Stephen TheobaldChief Financial Officer

Howard SmithPresident

W & D ’ S E X P E R I E N C E D L E A D E R S H I P

9

> Joined Company in 2002

> Responsible for Company’s credit risk and portfolio management departments, including day-to-day management of the

asset management and underwriting groups

> Prior to joining Walker & Dunlop, Mr. Warner held a number of leadership positions with Main America Capital and its

successors, a company that originated commercial and multifamily loans nationwide

> BA from McGill University

> Joined Company in 2010

> Responsible for legal, human resources, information technology and office services groups

> Administrative oversight of Company’s Internal Audit function; leads Risk Committee

> Prior to joining Walker & Dunlop, Mr. Lucas was General Counsel for Hilton Worldwide, Inc., a global hospitality company

> Prior to joining Hilton, he was a partner at the law firm of Arnold & Porter LLP in Washington, D.C., where he was in

private practice for 18 years

> BSBA from Georgetown University and JD from Yale Law SchoolRichard LucasEVP & General Counsel

Richard WarnerEVP & Chief Credit Officer

C O M PA N Y A WA R D S A N D R E C O G N I T I O N

10

> Fortune Top 100 Fastest Growing Companies – 2017

> Fortune Magazine and Great Place to Work® Best Workplaces for Millennials- 2017

> Fortune Magazine and Great Place to Work® Best Financial Services Workplaces List –

2017

> Washington Post Top Workplace (midsize employer) – 2014, 2015, 2016, 2017

> Fortune Magazine and Great Place to Work® Best Small & Medium Workplaces List –

2012, 2013, 2015, 2016, 2017

> Real Estate Forum Fastest Growing Companies – 2015

> Fortune Top 100 Fastest Growing Companies – 2014

> Healthiest Employer – Washington Business Journal – 2014

> Washington Business Journal Great Places to Work (large company) – 2012, 2013,

2014

> Washington Business Journal Fastest Growing Companies – 2011, 2012, 2013, 2014

> The Washingtonian's 50 Great Places to Work – 2013

> ACG® National Capital’s Corporate Growth Award for M&A Deal of the Year – 2013

H I S T O R I C A L F I N A N C I A L

P E R F O R M A N C E

The platform, brand, and client base we have built coupled with the strong

macroeconomic drivers behind commercial real estate, and more specifically,

multifamily, lead us to believe we will continue growing quarterly EPS for many

quarters to come.

- Willy Walker, August 2017

12

E X C E P T I O N A L G R O W T H S I N C E I P O

13

Total Revenues Price Per Share(as of December 31st)

Diluted EPS

30% CAGR

Total Transaction

Volume

35% CAGR

37% CAGR

21% CAGR

2014 2015 2016 2014 2015 2016

O U T PA C I N G R E C E N T C R E M A R K E T

G R O W T H

14

W&D Total RevenuesTotal CRE Market

Volume(1) W&D Diluted EPS

22% 3-YR CAGR

W&D Total

Transaction Volume

32% 3- YR CAGR

44% 3-YR CAGR

11% 3-YR CAGR

2014 2015 2016

(1) MBA Commercial/Multifamily Real Estate Finance Forecast, October 2017

2014 2015 2016

$508 $674 $1,731 $1,583

$4,348 $2,616$1,309 $1,337

$2,559 $2,385

$3,787

$5,389

$907 $2,181

$1,764 $3,124

$4,937 $5,032

$1,302

$2,910

$2,341

$4,275

$4,686$6,261

$4,026

$7,102

$8,395

$11,367

$17,758

$19,298

2011 2012 2013 2014 2015 2016

Q1 Q2 Q3 Q4

(1) Includes loans brokered to CMBS, life insurance companies and commercial banks

(2) Includes our on-balance sheet interim loans

Q U A R T E R LY A N D A N N U A L T O T A L

T R A N S A C T I O N V O L U M E

15

Total Transaction Volume by Quarter(in millions)

Mix of Transaction Volume by Year

46% 47%

33% 35%28%

36%

21% 24%

20%

32%

36% 22%

13%12%

14%

6%3%

5%

20% 17%

31%24%

23%

22%

2% 3%

1%2%

9%13%

2011 2012 2013 2014 2015 2016

Fannie Mae Freddie Mac HUD/Ginnie Mae

Brokered (1) Interim (2) Investment Sales

$152,350

$256,770

$319,039

$360,772

$468,198

$575,276

2011 2012 2013 2014 2015 2016

T O T A L R E V E N U E S & E A R N I N G S P E R

S H A R E

16

Total Revenues(in thousands)

Diluted Earnings Per Share

$1.60

$1.31 $1.21

$1.58

$2.65

$3.65

2011 2012 2013 2014 2015 2016

O P E R AT I N G M A R G I N & R O E

17

Operating Margin Return on Equity

37%

22%21%

23%

29%

32%

2011 2012 2013 2014 2015 2016

24%

14%

11%

13%

19%

21%

2011 2012 2013 2014 2015 2016

$32,163 $29,377

$56,783

$84,804

$124,279 $129,928

2011 2012 2013 2014 2015 2016

A D J U S T E D E B I T D A

18

Strong cash flow has allowed us to invest

in the business, generating higher returns

and profitability

> Returned $9 million to shareholders through

share repurchases in 2016

> Funded on-balance sheet loans

> Made several acquisitions over past 12 months,

which have lead to growth and scale in the

platform, leading to increased lending and

profitability

Debt to adjusted EBITDA ratio(2) : 1.3x as of

December 31, 2016

(1) This is a non-GAAP financial measure. For a reconciliation of the metric to GAAP, refer to the appendix of this presentation.

(2) Calculated using term debt balance of $167.2 million and 2016 adjusted EBITDA of $129.9 million

Adjusted EBITDA(1)

(in thousands)

C O M M E R C I A L R E A L E S T AT E

M A R K E T T R E N D S

20

Even with high levels of supply hitting the market, housing starts are still well below the

historic average. The combination of a healthy economy and strong renter demand has

renewed investor interest in the multifamily industry which should boost investment

sales activity and continue to drive strength in the financing markets.

- Willy Walker, August 2017

$ 3 . 1 T R I L L I O N I N C R E D E B T

O U T S T A N D I N G

21

Multifamily vs. Non-Multifamily(in billions)

By Lender(in billions)

*Includes loans supported by office, retail, industrial, hospitality, land and mixed use properties that rely on rents and leases to make their payments

Source: Mortgage Banker’s Association Commercial/Multifamily Mortgage Debt Outstanding (Q3 2017)

$1,889

$1,220

Non-multifamily*

Multifamily

$1,252

$454

$573

$454

$399

Bank & Thrift

CMBS

Agency/GSE Portfolios & MBS

Life Companies

Other

$16.9

$24.4

$33.8

$28.8 28.9

$42.4

$55.3

$14.8

$20.3

$28.8 $25.9

$28.3

$47.3

$56.8

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

Capped Volume Volume Excluded from Lending Cap

F H F A S C O R E C A R D R E M A I N S

P O S I T I V E I N 2 0 1 7

> After raising the lending caps significantly throughout 2016, the FHFA scorecard left Fannie Mae’s and Freddie Mac’s multifamilylending caps at $36.5 each for 2017. The scorecard includes a quarterly review of the size of the multifamily market to ensure the GSEs are meeting the market’s liquidity needs.

> In 2017, just as in 2016, the GSEs have the ability to go beyond their lending caps, as affordable housing loans, loans on manufactured housing, qualified “Green” loans, and small loans are excluded from the lending caps.

22Source: Fannie Mae, Freddie Mac

$16.2Fannie Mae

Green Financing

2016

#1

Fannie MaeSmall Loans

2016

#5

Fannie Mae and Freddie Mac

Annual Volumes(in billions)

F A N N I E M A E F R E D D I E M A C

$110

$146

$173

$195

$250

$269

$290 $305

2.8%

5.2%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

2011 2012 2013 2014 2015 2016 2017 2018

$0

$50

$100

$150

$200

$250

$300

$350

Multifamily Loan Originations W&D Multifamily Originations as % of Overall Multifamily Market

P R O J E C T E D C O N T I N U E D G R O W T H O F

M U LT I F A M I LY M A R K E T

23 (1) MBA Annual Report on Multifamily Lending & Freddie Mac Origination Forecast for years 2017-2020

Total Multifamily Loan Originations(1)

(in billions)

(F O R E C A S T)

$233.8

$298.9

$362.7

$432.4

$533.6

$488.6

2011 2012 2013 2014 2015 2016

I N V E S T M E N T S A L E S V O L U M E

24

Total Apartment Sales Volume(in billions)

Source: Real Capital Analytics

(1) Includes sales of office, industrial, retail, apartment, hotel and development properties

Total Commercial Real Estate Sales Volume(1)

(in billions)

$59.0

$87.7

$103.6

$113.9

$150.0 $158.4

2011 2012 2013 2014 2015 2016

T R A N S A C T I O N P L AT F O R M

26

The core to our success has been our scale, brand development, and capabilities in the

multifamily finance industry. We have invested considerable energy and capital in

building our loan origination platform to capture deal flow and then use the underwriting

and closing talent at W&D to deliver a best-in-class financing experience to our

customers.

- Willy Walker, August 2017

E S T A B L I S H E D P L AT F O R M

27

B U I L D I N G T H E P R E M I E R C O M M E R C I A L

R E A L E S T AT E F I R M I N T H E U . S .

28 As of January 30, 2017

New York

Bethesda

Walker & Dunlop Offices (28)

Atlanta

Chicago

Dallas

Fort Lauderdale

Irvine Nashville

New Orleans

San Francisco

Baltimore

Boston

Walker & Dunlop Correspondents (23)

MilwaukeeMadison

Seattle

Phoenix

Tampa

Denver

Orlando

Los Angeles &West Lake Village

Birmingham

Miami

Sacramento

Torrance

New Jersey

Charlotte

Raleigh/Durham

Jacksonville

A G E N C Y L O A N F I N A N C I N G P R O C E S S

29

GOAL: To facilitate efficient, timely loan origination without compromising effective risk-management controls

Loan is sourced by one of W&D’s

originators

The loan & borrower are pre-screened, W&D’s investment

committee is engaged

Loan application is completed

Loan goes through underwriting process at

W&D inclusive of property visits and

inspections

Investment committee does final review and

approves loan

Rate lock & forward sell the loan. At this point,

W&D recognizes income

Loan closes

Loan sits on warehouse prior to delivery to investor

Loan is delivered to investor. FNM / FRE recognize volume at

time of delivery

Asset management & loan servicing takes over management of

the loan

LOAN APPLICATION UNDERWRITING RATE LOCK to

CLOSING

POST-CLOSING

45-60 days

5-30 days

> W&D received one of the first Fannie Mae

DUS licenses in 1988 and has grown to be

Fannie Mae’s largest DUS partner

> Walker & Dunlop services all of the Agency

loans it originates. At the end of 2016, 91%

of the total servicing portfolio was for

Agency loans

$836

$1,685 $1,710

$3,626

$6,326

$4,234

2011 2012 2013 2014 2015 2016

$1,870

$3,230$2,763

$4,000

$5,013

$7,001

2011 2012 2013 2014 2015 2016

> W&D gained a HUD license with

acquisition of Column Guaranteed in 2009

> HUD products allow W&D to offer our

clients a more diverse array of financing

solutions, including financing for skilled

nursing facilities and construction projects

> W&D became a Freddie Mac Seller/Servicer

with the acquisition of Column Guaranteed

in 2009 and has since been one of the

fastest growing Freddie Mac lenders

> The acquisition of CW Capital in 2012

significantly expanded W&D’s Agency

lending business

A G E N C Y L E N D I N G

30

COMPOUD ANNUAL GROWTH

RATE

38%COMPOUD ANNUAL GROWTH

RATE

11%COMPOUND

ANNUAL GROWTH

RATE

30%

Fannie Mae(loan originations in millions)

Freddie Mac(loan originations in millions)

HUD(loan originations in millions)

$512

$855

$1,138

$704

$592

$880

2011 2012 2013 2014 2015 2016

$1,657

$3,112 $3,264 $3,571

$5,029

$5,971

7.0%

9.5%

11.3%

12.4%11.9%

10.8%

2011 2012 2013 2014 2015 2016

W&D Deliveries W&D Market Share

G S E M A R K E T S H A R E

31

Note: Market share is calculated using loan delivery data for Walker & Dunlop, Fannie Mae and Freddie Mac through the end of each year

Fannie Mae and Freddie Mac disclose delivery data on a monthly basis.

Fannie Mae

($ in millions)

Freddie Mac

($ in millions)

Rank 3 1 1 1 2 2 11 4 3 3 4 3

$785 $1,313

$1,997

$2,841

$5,119

$5,919 3.9%

4.6%

7.7%

10.0%10.8%

10.4%

2011 2012 2013 2014 2015 2016

C A P I T A L M A R K E T S L O A N B R O K E R A G E

32

The Capital Markets group is known for creative structured financing of all real estate asset classes. The acquisition

of Johnson Capital in 2014 doubled the size of the Capital Markets team and expanded geographic presence in the

West and Southwest. Walker & Dunlop has continued to grow its Capital Markets team through hiring and

acquisitions, including the acquisitions of Elkins in early 2016 and Deerwood in early 2017.

Over 150 Capital Sources

Securitized

LendersCommercial

Banks

Life

Insurance

Companies

Pension

Funds

Credit

Companies

Hedge

Funds

Savings

Banks39%COMPOUND

ANNUAL GROWTH RATE

Brokered Loan Originations(in millions)

$808

$1,196

$2,593$2,697

$4,122 $4,189

2011 2012 2013 2014 2015 2016

P R O P R I E T A R Y C A P I T A L L E N D I N G

33

> Walker & Dunlop’s ILP offers short-term non-recourse loans to

borrowers seeking to acquire or reposition multifamily properties

that do not currently qualify for permanent financing. Once the

property is ready for permanent financing, W&D can facilitate a

transition to Fannie Mae, Freddie Mac or HUD financing.

> The portfolio has had no delinquent loans since the program’s

inception in 2012.

> Since the inception of the ILP, W&D has refinanced 79% of the

paid-off loans into permanent loans that are now in the servicing

portfolio (as of December 31, 2016).

> In April 2017, W&D entered a joint venture with Blackstone

Mortgage Trust (BXMT) to originate, hold, and finance multifamily

bridge loans before they become eligible for permanent agency

financing.

> W&D will contribute 15% of the equity capital to the venture,

and BXMT will contribute 85%.

> With a goal of growing the portfolio to $1 billion in

outstanding loans, the partnership will allow W&D to expand

its bridge lending capacity, further tapping into the $20 billion

addressable market.

Interim Loan Program (ILP)(loan originations in millions)

$35

$192

$340

$185

$420

2012 2013 2014 2015 2016

WA L K E R & D U N L O P I N V E S T M E N T

S A L E S

34

> In April 2015, Walker & Dunlop completed the

acquisition of 75% of certain assets of Engler

Financial Group, adding multifamily investment

sales to its platform (WDIS)

> The synergies between multifamily investment

sales and multifamily financing have allowed

Walker & Dunlop to capture additional financing

business and tap into new clients since acquiring

Engler Financial Group

> Walker & Dunlop’s goal is to expand the

investment sales platform, which currently

operates in the Southeastern United States, to

new MSAs

Investment Sales Volume(in millions)

$664

$1,283

$1,818

$2,574

2013 2014 2015 2016

Engler Financial Group volume WDIS volume

S E R V I C I N G P O R T F O L I O &

M O R T G A G E S E R V I C I N G R I G H T S

36

Servicing revenue has grown dramatically and our weighted average servicing fee is

now 27 basis points. Due to 86% of our servicing fees being prepayment protected, we

currently have nearly $1 billion of forward revenues that are contractually obligated to

Walker & Dunlop. Mortgage servicing rights are the present value of the future servicing

income and are very similar to software licensing fees or subscription fees, that are

contractually obligated income and, unless a loan defaults, we will collect every dollar of

those forward revenues. Similar to a software or subscription fee business, investors in

Walker & Dunlop should pay close attention to the quarterly change in net mortgage

servicing rights as a leading indicator of future growth in servicing fees.

- Willy Walker, May 2017

$99,979

$115,469

$139,719

$163,581

2013 2014 2015 2016

Escrow Earnings & Other Interest IncomeAssumption FeesPrepayment FeesServicing Fees

$ 6 3 B I L L I O N C O M M E R C I A L S E RV I C I N G P O R T F O L I O

> As of December 31, 2016, the servicing portfolio had a weighted

average remaining life of 10 years and a weighted average

servicing fee of 26 bps

37

Total Servicing Portfolio(in thousands)

Income Received from Servicing(in thousands)

(1) Includes our on-balance sheet interim loans

(2) Includes loans brokered to CMBS originators, life insurance companies and commercial banks

> Unlike single family loans, multifamily loans are prepayment protected. As

of December 31, 2016, 87% of W&D’s servicing portfolio was protected

against prepayments.

$38,937,027

$44,031,890

$50,212,264

$63,081,154

at December 31,2013

at December 31,2014

at December 31,2015

at December 31,2016

Interim Loans (1) Brokered (2)

HUD Freddie Mac

Fannie Mae

I N H E R E N T VA L U E O F S E R V I C I N G

P O R T F O L I O

38

The fair value of our mortgage servicing rights as of December 31, 2016 was $669.4 million, compared

to our net book value of $521.9 million, indicating a substantial amount of inherent value

Book Value vs. Fair Value of MSRs(in millions)

$412.3

$521.9 $510.6

$669.4

at December 31, 2015 at December 31, 2016

Book Value Fair Value

F U T U R E G O A L S

40

Our business plan for the next four years includes three major components: continued

growth of our loan origination and investment sales platforms, dramatically scaling our

servicing portfolio and building an asset management business. If we execute on our

growth initiatives in each of these areas, we will generate over $1 billion in revenues by

the end of 2020.

- Willy Walker, February 2017

C U R R E N T G O A L S & E X P E C T AT I O N S

F O R 2 0 1 7

Financial

> Expect to grow diluted earnings per share by over

10%

> Targeting an operating margin in the range of 27%

to 33%

> Expect to deliver return on equity in the mid-to-high

teens

> Expect adjusted EBITDA to grow by over 10%

> Gain on sale margin expected to be in the range of

180 – 200 basis points over the course of the year

> Based on current size of servicing portfolio, 2017

servicing fees will be $164 million, up 16% from

2016 before taking into account any 2017

originations

Operational

> Expect strong market conditions again in 2017 with

continued growth in the multifamily market

> Anticipate growth in total transaction volumes in

2017 given the 36% increase in bankers and

brokers since the middle of 2016

• Expect brokered originations to grow at a

faster pace than other products given that

the majority of the 2016 new hires were

on the Capital Markets team

• Do not expect the difference between

Fannie Mae and Freddie Mac volumes to

be as pronounced in 2017 as it was in

2016

• Expect year-over-year growth in HUD

> Goal to hire between 15 and 25 bankers and

brokers

41

WA L K E R & D U N L O P ’ S 2 0 2 0 G O A L S

42

Sales

ProfessionalsTransaction

Volume

Servicing

PortfolioAsset

ManagementTotal

Revenues

125

200-225

$19billion

$35billion

2016Year-end

2020Year-end

$63billion

$100billion

Development

Stage$575

million

$8-$10billion

$1billion

A P P E N D I X

A D J U S T E D E B I T D A

R E C O N C I L I AT I O N T O N E T I N C O M E

For the year ended December 31,

(in thousands)2016 2015 2014 2013 2012 2011

Walker & Dunlop Net Income $113,897 $82,128 $51,422 $41,530 $33,772 $34,864

Income tax expense 71,470 52,771 32,490 25,257 21,998 21,797

Interest expense 9,851 9,918 10,311 3,743 1,649 823

Amortization and depreciation 111,427 98,173 80,138 75,955 53,925 22,514

Provision (benefit) for credit losses (612) 1,644 2,206 1,322 3,140 4,724

Net write-offs (1,757) (808) (5,242) (9,188) (6,450) (680)

Stock compensation expense 18,477 14,084 9,994 9,194 5,176 2,422

Gains attributable to mortgage servicing rights (1) (192,825) (133,631) (96,515) (91,972) (92,594) (54,301)

Severance costs (2) — — — 429 2,223 —

Deal-related expenses (3) — — — — 6,538 —

Lease modification and exit charges — — — 1,137 — —

Loss on extinguishment of debt — — — 1,214 — —

Gain on termination of servicing (4) — — — (1,838) — —

Adjusted EBITDA $129,928 $124,279 $84,804 $56,783 $29,377 $32,163

1) Represents the fair value of the expected net cash flows from servicing recognized at commitment, net of the expected guaranty obligation

2) Severance costs incurred in connection with a significant acquisition (2012) and cost reduction plan (2013)

3) Includes legal, advisory fees, other professional fees, and a transaction services agreement incurred in connection with a significant

acquisition

4) Gain attributable to the termination of the servicing rights associated with a portion of our Fannie Mae small loan portfolio

Phone 301.215.5515

7501 Wisconsin Avenue, Suite 1200E

Bethesda, Maryland 20814