Walker & Dunlop, Inc. — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Walker & Dunlop, Inc. (WD)
CIK: 0001497770
Period of Report: 2012-04-30

Reporting Person: Warner Richard C (EVP & Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-30	Common Stock	A	11494	—	Acquired	123673	Direct
2012-04-30	Common Stock	A	4789	—	Acquired	34789	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-30	Stock Options (right to buy)	$13.05	A	25907	Acquired	2022-04-30	Common Stock (25907)	Direct

Footnotes

F1: Walker & Dunlop, Inc. (the "Company") granted these shares of restricted common stock to Mr. Warner, vesting ratably in three annual installments, approximately 1/3 on each anniversary date of grant over the next three years, under the Company's 2010 Equity Incentive Plan.

F2: The Company granted these shares of restricted common stock to Mrs. Warner, vesting ratably in three annual installments, approximately 1/3 on each anniversary date of grant over the next three years, under the Company's 2010 Equity Incentive Plan.

F3: The stock options were granted pursuant to the Company's 2010 Equity Incentive Plan. The stock options vest ratably in three annual installments, approximately 1/3 on each anniversary date of grant over the next three years.