- Mortgage originations in Q3 have declined about 40% from Q2, says Cardinal (NASDAQ:CFNL), blaming factors affecting the entire industry. Additionally, gain on sale margins have slimmed. "There is no certainty that marketing gain percentages will return to recent historical levels."
- Press release.
- The downgrades fly in, with RayJay cutting to Buy from Strong Buy and FBR to Hold from buy.
Cardinal Financial warns of drastic decline in mortgage production
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| Symbol | Last Price | % Chg |
|---|---|---|
| CFNL | - | - |
| Cardinal Financial Corporation | ||