SEGMENTS

12 Months Ended

Dec. 31, 2019

SEGMENTS

Segments

NOTE 13—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 4% 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, 2019, 2018, and 2017 follows:

	As of December 31,
Components of Loan Servicing Portfolio (in thousands)	2019		2018		2017
Fannie Mae	$	40,049,095	$	35,983,178	$	32,075,617
Freddie Mac		32,583,842		30,350,724		26,782,581
Ginnie Mae-HUD		9,972,989		9,944,222		9,640,312
Life insurance companies and other		10,619,243		9,411,138		5,811,481
Total	$	93,225,169	$	85,689,262	$	74,309,991

The percentage of unpaid principal balance of the loans serviced for others as of December 31, 2019, 2018, and 2017 by geographical area is as shown in the following table. No other state accounted for more than 5% of the 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,
Loan Servicing Portfolio Concentration by State	2019		2018		2017
California	16.2	%	16.3	%	18.4	%
Florida	9.4		9.0		9.4
Texas	9.3		9.7		9.2
Georgia	5.8		6.1		4.9
All other states	59.3		58.9		58.1
Total	100.0	%	100.0	%	100.0	%