CEO Willy Walker
BETHESDA, MD–Walker & Dunlop has announced it has agreed to acquire the independent mortgage broker company George Elkins Mortgage Banking Co. The transaction will add $1.7 billion in life insurance company servicing to Walker & Dunlop's now $57.3-billion servicing portfolio.
Established in 1922 and headquartered in Los Angeles, CA, Elkins averages $800 million a year in brokerage transactions, originating direct loans for a slew of private capital sources including life insurance companies, banks, trusts, pension funds and thrifts from its five offices in the state.
“George Elkins Mortgage will integrate nicely into Walker & Dunlop's loan origination footprint and culture, and bring with it a wonderful group of mortgage banking professionals and clients that will add value to Walker & Dunlop,” chairman and CEO Willy Walker said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
