Cardinal Financial Corp., the
Furthermore, its gain-on-sale margins have decreased in the current quarter because of competitive pressure related to the changing market positions. The company added there is no certainty that these will return to “recent historical level.”
As a result “expense reduction and revenue enhancement measures have been and will continue to be implemented.” Cardinal said the largest impact of these measures will not be realized until 4Q13.
Even with all of the market turmoil, Cardinal’s management “continues to look favorably upon its mortgage banking business, management and the industry as a whole.”
The company said its loan officers are experts in purchase money mortgage production “and have been growing that portion of its mortgage business by providing the best service in its markets.”
In the initial Origination News