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: Smith Howard W III (Director, EVP & Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-30	Common Stock	A	6130	—	Acquired	1353261	Direct
2012-05-01	Common Stock	S	20000	$12.94	Disposed	1333261	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-30	Stock Options (right to buy)	$13.05	A	55268	Acquired	2022-04-30	Common Stock (55268)	Direct

Footnotes

F1: Walker & Dunlop, Inc. (the "Company") granted these shares of restricted common stock to Mr. Smith, 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 sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Smith on December 2, 2011.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.85 to $13.02, inclusive. Mr. Smith undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote 3.

F4: 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.