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Walker & Dunlop, Inc. (“the Company”) announced today the closing of a $100 million<\/span> servicing advance line with Bank of America. The advance line is structured as a sublimit to an existing BofA warehouse line and may be used to fund advances of principal and interest payments on loans that are in forbearance or are delinquent within the Company’s Fannie Mae DUS portfolio. The facility will provide 90% of the principal and interest advance payment at a rate of LIBOR plus 1.75% and will be collateralized by Fannie Mae’s commitment to repay advances.<\/p>\n “I am extremely pleased to have this P&I advancing facility in place,” commented Walker & Dunlop Chief Financial Officer Steve Theobald<\/span>. “While forbearance requests have been far fewer than anticipated and fully funded using Corporate cash to date, it is nice to have this added liquidity in place.”<\/p>\n The Company also provided information regarding the amounts advanced by the Company for the payment of principal and interest and guaranty fees on its Fannie Mae and Ginnie Mae<\/span> portfolios since the onset of the pandemic. Less than 1% of the Company’s Fannie Mae loans and 2.4% of the Company’s Ginnie Mae<\/span> loans have been granted forbearance or otherwise required the advance of principal and interest payments through the end of May 2020<\/span>. Forbearance advances will be repaid to the Company by Fannie Mae after the fourth month advances are made on a loan. Advances on Ginnie Mae<\/span> loans are repaid when the loan returns to performing status or it is assigned back to the FHA. The Company holds no credit risk on its Ginnie Mae<\/span> portfolio. <\/p>\n\n\n\n