Freddie Mac's Program Plus Seller/Servicer network consists of lenders approved to originate and service multifamily loans for specific geographic areas. The GSE does permit participants to ask for a waiver for states in which they are not approved.

Getting a waiver could be problematic, depending on the deal. For example, the lender would have to prove that the Freddie Mac wouldn't have gotten the business from another source –say, from a company who was a long-term, repeat client of the lender.

"It will allow us to directly quote to borrowers the stable of Freddie Mac products," Vic Clark, SVP in the Plano, Texas office, tells GlobeSt.com. "We plan to try to gain more territory with Freddie Mac." To get approved for a new coverage area a lender has to prove it will be a dominant force in that market and send them a fair share of business, Clark explains.

The approval is another plank in its already strong multifamily platform. One of the largest providers of such finance on the East Coast, the company has large books of business with Fannie Mae, Freddie Mac and the Department of Housing and Urban Development.

Earlier this year Walker & Dunlop merged with Column Guaranteed, a Credit Suisse Group subsidiary -- a move that beefed up its Freddie Mac platform in particular. Recent transactions from the company include a $34.4 million loan to Campus Living Villages, for the acquisition of a student housing facility, the Cottages of Lubbock in Texas; a $15 refinance loan for a portfolio of 30 properties in New Haven, CT; and a $150 million refinance loan for the Ritz Plaza Apartments on West 48th Street in midtown Manhattan.