Walker & Dunlop has agreed to acquire George Elkins Mortgage Banking Co, adding $1.7B in life insurance company servicing to its $57.3B servicing portfolio.
Based in California, Elkins has five offices spread across the state and averages $800M a year in brokerage transactions for all types of commercial real estate. The deal adds 14 commercial real estate originators to Walker & Dunlop’s Capital Markets group of 24 offices across the nation.
The deal also allows Walker & Dunlop to expand its presence in California, says Walker & Dunlop senior VP Cliff Carnes, adding that the state has a huge amount of untapped business. The details of the deal were not disclosed. It is expected to close before the end of the year.
"I am thrilled that George Elkins Mortgage, one of the country’s leading independent mortgage banking firms, is joining Walker & Dunlop. The expertise and robust correspondent network will allow us to continue gaining market share in California at an accelerated pace," Cliff tells Bisnow.
