Adjust oven rack to the middle position and heat oven to 350°F. Spray the inside of a 9×5-inch loaf pan with nonstick cooking spray. Place a wide strip of parchment paper along the width of the bottom of the loaf pan, and up the long sides. Set aside.
In a large bowl, beat the butter and sugar together until light and fluffy, about 5 minutes. Add the eggs, one at a time, mixing well after each addition. Beat in the orange extract.
In a separate bowl, whisk together the flour, baking soda, baking powder, and salt. Add half of the flour mixture to the butter mixture followed by the sour cream then the remaining flour mixture, beating just until incorporated.
Using a silicone spatula, gently fold in the cranberries and walnuts.
Transfer the batter to the prepared pan and spread evenly with a silicone spatula. Bake for about 55-65 minutes, until the golden brown and a toothpick inserted into the center comes out clean.
Cool in the pan for 10 minutes, then transfer to a wire rack to cool completely before slicing and serving.