SEGMENTS

12 Months Ended

Dec. 31, 2016

SEGMENTS

Segments

NOTE 14—SEGMENTS

The Company is one of the leading commercial real estate services and finance companies in the United States, with a primary focus on multifamily lending. The Company originates a range of multifamily and other commercial real estate loans that are sold to the Agencies or placed with institutional investors. The Company also services nearly all of the loans it sells to the Agencies and some of the loans that it places with institutional investors. Substantially all of the Company’s operations involve the delivery and servicing of loan products for its customers. Management makes operating decisions and assesses performance based on an ongoing review of these integrated operations, which constitute the Company's only operating segment for financial reporting purposes.

The Company evaluates the performance of its business and allocates resources based on a single-segment concept. No one borrower/key principal accounts for more than 3% of our total risk-sharing loan portfolio. 

An analysis of the product concentrations and geographic dispersion that impact the Company’s servicing revenue is shown in the following tables. This information is based on the distribution of the loans serviced for others. The principal balance of the loans serviced for others, by product, as of December 31, 2016,  2015, and 2014 follows:

	As of December 31,
(in thousands)	2016		2015		2014
Fannie Mae	$	27,728,164	$	22,915,088	$	20,521,425
Freddie Mac		20,688,410		17,810,007		12,916,705
Ginnie Mae-HUD		9,155,794		5,657,809		5,828,981
Life insurance companies and other		5,508,786		3,829,360		4,764,779
Total	$	63,081,154	$	50,212,264	$	44,031,890

The percentage of unpaid principal balance of the loans serviced for others as of December 31, 2016,  2015, and 2014 by geographical area, is as shown in the following table. No other state accounted for more than 5% unpaid principal balance and related servicing revenues in any of the years presented. The Company does not have any operations outside of the United States.

	Percent of Total UPB as of December 31,
	2016		2015		2014
California	17.2	%	16.1	%	14.9	%
Texas	8.5	%	7.9	%	7.5	%
Florida	8.2	%	8.4	%	8.5	%
Wisconsin	5.0	%	4.9	%	4.1	%
Virginia	4.0	%	4.7	%	5.2	%
Maryland	3.3	%	3.6	%	6.1	%
All other states	53.8	%	54.4	%	53.7	%
Total	100.0	%	100.0	%	100.0	%