Walker & Dunlop is a commercial real-estate finance platform using Agency lending, brokerage, servicing, and related capital-markets businesses; its servicing portfolio was $145.8 billion at June 30, 2026, while second-quarter transaction volume rose 3% year over year even as revenue fell 4%. This facility supports the lending engine by financing mortgage loans before they are sold or otherwise taken out.
The borrowing capacity is preserved, not expanded. The amended side letter keeps a maximum aggregate purchase price of $1.0 billion, but JPMorgan agrees to consider transactions only on an “uncommitted and wholly discretionary basis.” 〔0〕 That distinction matters: the headline capacity is meaningful operational support, but it is not committed liquidity that Walker & Dunlop can automatically draw when loan volume rises.
| Term | Amended provision | Business read |
|---|---|---|
| Facility amount | $1.0 billion (Facility Amount) | Same broad capacity already disclosed for the existing warehouse facility |
| Base pricing | Adjusted Term SOFR + 1.35% (Pricing Rate) | 10 basis points below the previously disclosed +1.45% spread for this facility, modestly lowering funding cost |
| Pricing ceiling | Adjusted Term SOFR + 1.45% (Pricing Rate) | JPMorgan can specify a higher rate, subject to the cap |
| Purchase price | 100% of the lower of principal balance or takeout value (Purchase Price) | Full advance against eligible collateral, subject to eligibility and other conditions |
| Non-usage fee | 0.25% annualized on the shortfall below $50 million average usage (Non-Usage Fee) | Creates a small cost for keeping the line lightly used |
| Per-loan fee | $250 plus standard wire and shipping fees (Package and Funding Fee) | Adds transaction-level funding friction |
The economics improve slightly, but the liquidity protection does not. The stated pricing rate is now Adjusted Term SOFR plus 1.35%, while the agreement caps any JPMorgan-selected rate at Adjusted Term SOFR plus 1.45%. 〔1〕 That is a modest funding-cost improvement relative to Walker & Dunlop’s previously disclosed +1.45% uncommitted facility, but JPMorgan retains discretion over whether to enter transactions and can change benchmark-administration mechanics without further consent.
This looks like maintenance of the lending infrastructure, not a new growth signal. The $1 billion line was already public and the filing is a third amended and restated side letter, so the existence of the facility is partly known. The new information is mainly the detailed fee and pricing reset: Walker & Dunlop retains warehouse capacity as Agency lending activity improves, but the amendment does not add committed funding or materially change the scale of the platform. 〔2〕
Bottom line: Walker & Dunlop has kept an important $1 billion mortgage-warehouse channel open on slightly better headline pricing. It supports ongoing lending capacity, but because the line remains uncommitted and discretionary, this is more operational continuity than a major change to the business outlook.
Read the original 8-K on SEC EDGAR ↗