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CMA
April 01, 2016  

Freddie's Resnick Jumps to Walker & Dunlop

Industry veteran Mitch Resnick is joining the securitization team of Walker & Dunlop after a nearly five-year run as capital-markets chief for Freddie Mac.

Resnick, a former Goldman Sachs executive, was named managing director and head of capital markets for Walker & Dunlop. He will oversee loan pricing, develop hedging strategies and interact with rating agencies, broker-dealers and other market participants. Resnick will leave Freddie next Friday and start at his new job on April 25.

“I’m proud to say I was a member of the multi-family team at Freddie Mac, but after four-plus years at a [government-sponsored enterprise], it was time for me to rotate back to the private sector,” Resnick said.

He will report to Bob Restrick, who himself joined Walker & Dunlop only a few months ago as chief executive of the firm’s commercial MBS platform.

The position is a new one for Walker & Dunlop, a finance shop in Bethesda, Md. “Historically, the capital-markets duties here were performed by me or my predecessor,” said Restrick. “But now we’re ramping up our loan production ahead of the large wave of borrowers who will need to refinance their maturing loans, and we realized we needed to fill this position.”

Walker & Dunlop is a major originator of agency mortgages. Last year, it sold $10.1 billion of multi-family loans to Fannie Mae and Freddie, ranking third among agency lenders.

The shop expanded into the conduit market in late 2013 via a joint venture with Fortress Investment, then a major investor in Walker & Dunlop. Last year, the joint venture, which operated under the Walker & Dunlop brand, securitized $279.7 million of loans, ranking 31st among the 38 lenders that contributed loans to CMBS transactions.

At the beginning of this year, Fortress exited the joint venture, but Walker & Dunlop is continuing to operate the platform on its own and has reconfirmed its commitment to the conduit sector despite the recent market rout.

“We consider our CMBS origination business to be a core component of Walker & Dunlop that has considerable room to grow,” said proprietary capital chief Jeffrey Goodman. “We have over a hundred loan officers deployed into every major market, which distinguishes us from some other lenders. We are fully committed to this market.”

In his new job, Resnick will have capital-markets oversight for both agency and conduit loans.

Resnick joined Freddie in September 2011, after a 14-year stint at Goldman, where he was co-head of real estate capital markets. During his tenure, Freddie significantly increased issuance via its K-series deals and rolled out a small-balance securitization program.

At Freddie, Resnick will be replaced by Robert Koontz, vice president of multi-family securitization. Koontz has worked at Freddie for nearly eight years.