Walker & Dunlop has agreed to acquire George Elkins Mortgage Banking Company, one of the country’s largest remaining independent mortgage brokers.
Elkins has served as the direct loan origination arm for an array of life insurance companies, banks, trusts, pension funds, thrifts and other private capital sources since 1922.
Headquartered in California, Elkins has five offices throughout the state and has averaged $800 million a year in brokerage transactions for all types of commercial real estate.
The acquisition will add 14 commercial real estate originators to Walker & Dunlop’s Capital Markets group.
As part of the transaction, approximately $1.7 billion in life insurance company servicing is expected to be added to Walker & Dunlop’s $57.3 billion servicing portfolio.
“Elkins was started even before my grandfather started Walker & Dunlop, and as one of the oldest, most established mortgage banking companies in the United States with a long-standing culture of success, they are a perfect add,” stated Willy Walker, Walker & Dunlop Chairman and Chief Executive Officer.
“As we have scaled Walker & Dunlop across the country, we have looked to acquire great companies with similar business cultures to ours. 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.”
Cliff Carnes, Walker & Dunlop senior vice president & capital markets west chief production officer, said Elkins brings with it a robust correspondent network that adds significant potential deal flow and new relationships to Walker & Dunlop.
Jeffrey Hudson, principal, George Elkins Mortgage Banking Company, said, “Walker & Dunlop has built the strongest Agency origination platform in the country, along with their proprietary interim loan program. As our correspondent life company relationships are integrated into Walker & Dunlop’s origination system, our ability to provide direct and unique lending sources to our clients in California and throughout the country is broadened dramatically.ˮ