Walker & Dunlop to benefit from stronger GSE volumes, says Keefe Bruyette

Keefe Bruyette says Friday’s Commercial Mortgage Alert characterized Fannie Mae (FNMA) and Freddie Mac (FMCC) as “leaning in on price and structure” to gain market share, with some sources saying they aim to achieve this year’s lending caps. The article also cites data from Recursion, showing Fannie Mae’s volumes through May at $22.8B, up 48% year-over-year, while Freddie Mac is cited as flat year-over-year through April, the analyst tells investors in a research note. Keefe believes that while macro uncertainty is a risk, stronger government sponsored entity volumes benefit Walker & Dunlop (WD) in particular, as well as Arbor Realty (ABR), CBRE Group (CBRE), JLL (JLL), and Newmark (NMRK).