Walker & Dunlop, Inc. announced that Frank Cassidy has rejoined the firm as a senior managing director following his tenure as commissioner of the Federal Housing Administration (FHA) and assistant secretary for housing at the U.S. Department of Housing and Urban Development (HUD). Cassidy returns to Walker & Dunlop as the commercial real estate industry responds to evolving federal housing policies, persistent affordability challenges, and increasing demand for capital to expand the nation's housing supply.

In his new role, Cassidy will advise clients on FHA and Government-Sponsored Enterprise (GSE) financing strategies. He will work across the firm's platform to help owners, developers, lenders, and investors navigate a changing policy and capital markets environment.

"Frank returns to Walker & Dunlop at a defining moment in the housing industry," said Sheri Thompson, EVP, head of Affordable Housing at Walker & Dunlop. "Our country continues to face a significant housing shortage, and collaboration between the public and private sectors will be essential to delivering more affordable and workforce housing. Frank's leadership at HUD and deep understanding of FHA programs will be critical in helping clients navigate the evolving finance landscape."

Cassidy joined HUD in April 2025. As FHA commissioner and assistant secretary for housing, he led HUD's housing policies, programs, and operations supporting homebuyers, renters, homeowners, and communities nationwide. He oversaw the FHA's approximately $2 trillion single-family, multifamily, and healthcare mortgage insurance portfolio, serving more than eight million homeowners, approximately 1.5 million renters, and nearly 4,000 healthcare facilities across the United States and its territories.

During his tenure, HUD reduced all FHA multifamily mortgage insurance premiums to the statutory minimum of 25 basis points, eliminated the Green Mortgage Insurance Premium category and related reporting requirements, simplified multifamily mortgage insurance programs, and launched the Section 232 Express Lane initiative. Cassidy also oversaw HUD's Multifamily Assisted Housing Portfolio, serving more than 1.2 million low-income residents, along with the agency's housing counseling program and federal standards governing the design and construction of manufactured housing.

"Serving at HUD gave me the opportunity to help shape housing policy during an important period for our country’s history," Cassidy said. "I'm excited to return to Walker & Dunlop and work alongside our talented team to deliver the financing solutions our clients need to increase housing supply, improve affordability, and connect public policy with private capital."

Previously at Walker & Dunlop, Cassidy contributed to the growth of the firm's FHA lending platform, financing multifamily, affordable housing, seniors housing, and healthcare transactions across the country. His return further strengthens the firm's leadership in government-backed lending and reinforces its commitment to addressing one of the nation's most pressing economic challenges.

Walker & Dunlop is a leading HUD lender, ranked No. 5 based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025. Since its inception, the firm’s FHA/HUD platform has closed $45 billion across more than 2,000 transactions and continues to deliver consistent results, with a 99% approval rate since 2021.

Walker & Dunlop, Inc. has arranged $232,352,000 in financing for a portfolio of five multifamily properties totaling 1,585 units across Arkansas and Florida. The portfolio consists primarily of workforce housing and includes one income-restricted affordable housing community. The financing was secured on behalf of long-time client Aspen Square Management.

Walker & Dunlop Capital Markets Real Estate Finance arranged the transaction, securing a single 10-year, fixed-rate, interest-only loan through a new Tier 3 Fannie Mae credit facility. The facility is collateralized by five quality workforce housing communities. The team leading the transaction included Connor Locke, Harvey Pava, Brendan Coleman, and Skye Stansbury.

Connor Locke, managing director of Capital Markets Real Estate Finance at Walker & Dunlop, emphasized the strategic value of the deal. "This transaction reflects the strength of our longstanding relationship with Aspen Square and Fannie Mae," said Locke. "By combining high-quality workforce housing with a customized credit facility, we delivered an accretive financing solution that supports Aspen Square's long-term investment strategy while helping preserve housing affordability across multiple markets."

The transaction marks Aspen Square's 16th Fannie Mae credit facility and its eighth completed with Walker & Dunlop, highlighting the enduring partnership among the borrower, lender, and financing team. In 2025, Walker & Dunlop was recognized as the largest Fannie Mae DUS lender by volume for the seventh consecutive year, originating nearly $19 billion in Agency volume that year.