Lenders › Cardinal Financial Company, Li
Cardinal Financial Company, Li
HMDA reporter, headquartered in Charlotte, North Carolina. Record for calendar year 2024.
HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Figures are from the 2024 public HMDA loan/application register; cells under 25 applications are withheld.
Cardinal Financial Company, Li reported 21,458 mortgage applications under the Home Mortgage Disclosure Act for 2024 in 41 states, of which 15,327 became loans it originated, for $4.6bn in total.
Its denial rate, the share of decided applications the lender denied, was 10.1%, below the national rate of 24.3% and below the Texas rate of 26.0%. 902 applications were withdrawn by the applicant and 496 files were closed for incompleteness; those are not counted in the denial rate.
The median rate spread on its originated loans, the difference between the loan's APR and the average prime offer rate, was 0.5 percentage points (national median 0.3); 13.5% of its originations had a spread of 1.5 points or more.
By loan purpose the originations were mostly home purchase (82%) and cash-out refinancing (9%); by loan type, conventional (51%) and FHA (39%).
The largest volumes were in Texas (3,028 originations), Florida (1,700 originations) and New York (969 originations).
Applications were down 44% on 2023.
Compared with Texas and the nation
| Measure | This lender | Texas, all lenders | United States |
|---|---|---|---|
| Denial rate (denied ÷ decided applications) | 10.1% | 26.0% | 24.3% |
| Median rate spread, percentage points | 0.5 | 0.2 | 0.3 |
| Originations with spread of 1.5 pp or more | 13.5% | 11.8% | 15.6% |
| Average originated loan | $299k | $350k | $329k |
| Home purchase share of originations | 82.0% | 72.8% | 57.0% |
| FHA-insured share of originations | 39.3% | 19.8% | 13.4% |
| VA-guaranteed share of originations | 9.1% | 10.4% | 7.9% |
| Applications withdrawn by applicant | 4.2% | 15.5% | 14.3% |
Texas is the lender's largest state by applications. State and national columns cover every HMDA reporter. Rate spread is reported on originated loans only.
Trend by year
ApplicationsOriginations
This lenderTexasUnited States
| Year | Applications | Originations | Amount | Denial rate | Median spread | LAR records |
|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | 55,425 |
| 2019 | — | — | — | — | — | 99,472 |
| 2020 | — | — | — | — | — | 198,137 |
| 2021 | — | — | — | — | — | 231,879 |
| 2022 | 83,638 | 41,404 | $12bn | 36.5% | 0.7 | 91,195 |
| 2023 | 38,442 | 27,175 | $7.9bn | 10.0% | 0.5 | 55,866 |
| 2024 | 21,458 | 15,327 | $4.6bn | 10.1% | 0.5 | 30,212 |
Applications, originations and rates are computed from the public LAR for 2022, 2023, 2024; LAR record counts come from each year's transmittal sheet.
Loan purpose and loan type
By purpose
Home purchase 82% (12,565)Home improvement 0% (13)Refinancing 6% (934)Cash-out refinancing 9% (1,437)Other purpose 2% (378)
By type
Conventional 51% (7,798)FHA 39% (6,024)VA 9% (1,391)USDA 1% (114)
| Loan type | Applications | Originations | Denied | Denial rate (of applications) |
|---|---|---|---|---|
| Conventional | 10,521 | 7,798 | 842 | 8.0% |
| FHA-insured | 8,871 | 6,024 | 1,005 | 11.3% |
| VA-guaranteed | 1,903 | 1,391 | 144 | 7.6% |
| USDA Rural Housing Service or Farm Service Agency guaranteed | 163 | 114 | 29 | 17.8% |
Shares are of originated loans. The per-type denial rate here divides denials by all applications of that type, because decided counts are not kept per type.
Action taken
| HMDA action taken | Records | Share |
|---|---|---|
| 1 Loan originated | 15,327 | 50.7% |
| 2 Application approved but not accepted | 2,713 | 9.0% |
| 3 Application denied | 2,020 | 6.7% |
| 4 Application withdrawn by applicant | 902 | 3.0% |
| 5 File closed for incompleteness | 496 | 1.6% |
| 6 Purchased loan | 0 | 0.0% |
| 7 Preapproval request denied | 1,988 | 6.6% |
| 8 Preapproval request approved but not accepted | 6,766 | 22.4% |
Codes and labels are the HMDA action-taken codes. Applications are codes 1–5; the denial rate divides code 3 by codes 1–3.
Denial reasons as coded
Share of the lender's 2,020 denials by the first denial reason it coded (outlined bar: all lenders nationally). Lenders may record up to four reasons; only the first is counted here.
States
| State | Applications | Originations | Amount | Denial rate | Median spread |
|---|---|---|---|---|---|
| Texas | 4,051 | 3,028 | $834m | 8.5% | 0.5 |
| Florida | 2,546 | 1,700 | $522m | 13.0% | 0.3 |
| New York | 1,347 | 969 | $500m | 9.7% | 0.5 |
| North Carolina | 967 | 682 | $188m | 9.0% | 0.7 |
| Indiana | 920 | 802 | $151m | 4.4% | 1.0 |
| Tennessee | 866 | 610 | $161m | 8.9% | 0.6 |
| Georgia | 801 | 510 | $134m | 15.0% | 0.6 |
| Virginia | 644 | 475 | $142m | 9.8% | 0.7 |
| Wisconsin | 608 | 507 | $105m | 6.4% | 0.7 |
| New Jersey | 608 | 394 | $140m | 11.2% | 0.5 |
| South Carolina | 553 | 371 | $97m | 12.9% | 0.6 |
| Pennsylvania | 550 | 381 | $89m | 9.8% | 0.4 |
| Nevada | 525 | 384 | $147m | 8.3% | 0.5 |
| Minnesota | 520 | 436 | $108m | 3.6% | 0.7 |
| California | 509 | 349 | $187m | 13.1% | 0.5 |
| Washington | 436 | 335 | $127m | 6.8% | 0.4 |
| Illinois | 420 | 266 | $74m | 16.5% | 0.6 |
| Missouri | 397 | 319 | $65m | 6.5% | 0.6 |
| Michigan | 361 | 257 | $52m | 10.3% | 0.7 |
| Arizona | 338 | 250 | $90m | 8.4% | 0.5 |
| Louisiana | 317 | 195 | $43m | 17.6% | 0.5 |
| Alabama | 317 | 199 | $52m | 13.4% | 0.5 |
| Maryland | 292 | 165 | $61m | 15.7% | 0.3 |
| Mississippi | 291 | 204 | $42m | 7.4% | 0.4 |
| Iowa | 265 | 205 | $34m | 8.9% | 1.2 |
| Ohio | 236 | 143 | $35m | 12.1% | 0.6 |
| New Mexico | 235 | 163 | $55m | 10.1% | 0.4 |
| Oklahoma | 206 | 125 | $29m | 16.9% | 0.6 |
| Massachusetts | 187 | 124 | $54m | 15.7% | 0.3 |
| Delaware | 169 | 119 | $39m | 3.8% | 0.4 |
| Colorado | 146 | 101 | $42m | 14.2% | 0.3 |
| Oregon | 113 | 72 | $28m | 18.6% | 0.5 |
| Kentucky | 111 | 77 | $15m | 7.1% | 0.7 |
| Connecticut | 108 | 78 | $29m | 7.0% | 0.7 |
| Utah | 105 | 77 | $32m | 6.9% | 0.2 |
| Nebraska | 51 | 35 | $7.3m | 4.7% | 0.6 |
| Arkansas | 50 | 27 | $7.8m | 17.4% | 0.2 |
| Idaho | 38 | 22 | $9.4m | 11.4% | — |
| South Dakota | 36 | 27 | $8.0m | 12.5% | 1.1 |
| Kansas | 34 | 26 | $5.9m | 3.1% | 0.9 |
| New Hampshire | 33 | 17 | $7.8m | 14.3% | — |
States with at least 25 applications. States with 100 or more link to the lender's page for that state.
Counties
| County | State | Applications | Originations | Amount | Denial rate |
|---|---|---|---|---|---|
| Tarrant County | TX | 477 | 386 | $110m | 6.0% |
| Suffolk County | NY | 497 | 379 | $190m | 9.3% |
| Elkhart County | IN | 349 | 326 | $65m | 2.3% |
| Clark County | NV | 398 | 305 | $121m | 6.6% |
| Harris County | TX | 366 | 272 | $90m | 9.4% |
| St. Joseph County | IN | 270 | 248 | $42m | 2.7% |
| Lubbock County | TX | 279 | 211 | $34m | 8.8% |
| Hillsborough County | FL | 300 | 204 | $64m | 13.7% |
| Pasco County | FL | 259 | 184 | $53m | 9.0% |
| Dallas County | TX | 231 | 171 | $51m | 12.1% |
| Duval County | FL | 223 | 157 | $46m | 9.9% |
| Nassau County | NY | 191 | 150 | $92m | 4.9% |
| Maricopa County | AZ | 193 | 149 | $61m | 9.8% |
| Bexar County | TX | 183 | 131 | $38m | 7.3% |
| El Paso County | TX | 173 | 123 | $31m | 8.1% |
| Cook County | IL | 197 | 111 | $34m | 23.9% |
| Parker County | TX | 137 | 109 | $37m | 5.3% |
| Hennepin County | MN | 116 | 101 | $28m | 6.3% |
| Pinellas County | FL | 155 | 100 | $37m | 10.0% |
| San Diego County | CA | 123 | 100 | $66m | 8.3% |
| Polk County | FL | 125 | 98 | $24m | 7.5% |
| Denton County | TX | 124 | 96 | $34m | 9.3% |
| Queens County | NY | 129 | 92 | $47m | 11.0% |
| Ector County | TX | 116 | 92 | $19m | 6.5% |
| Broward County | FL | 160 | 88 | $29m | 20.0% |
| Palm Beach County | FL | 138 | 86 | $28m | 18.2% |
| Collin County | TX | 110 | 85 | $37m | 9.9% |
| Milwaukee County | WI | 85 | 70 | $14m | 8.5% |
| Midland County | TX | 81 | 68 | $16m | 5.2% |
| Santa Fe County | NM | 86 | 66 | $23m | 4.8% |
Up to 30 counties with at least 50 applications, by originations.
Questions and answers
How many mortgages did Cardinal Financial Company, Li originate in 2024?
15,327 loans totalling $4.6bn, from 21,458 applications reported under HMDA. It also purchased 0 loans from other institutions, which are counted separately.
What is Cardinal Financial Company, Li's denial rate and how does it compare?
10.1% of decided applications were denied in 2024, against 24.3% nationally and 26.0% in Texas. HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws; the data do not include some legitimate credit risk considerations.
Which counties does Cardinal Financial Company, Li lend in most?
By originations: Tarrant County, TX (386), Suffolk County, NY (379), Elkhart County, IN (326), Clark County, NV (305) and Harris County, TX (272).
What loan types does Cardinal Financial Company, Li make?
Conventional 7,798, FHA 6,024, VA 1,391 and USDA 114 originations in 2024; by purpose, home purchase 12,565, home improvement 13, refinancing 934, cash-out refinancing 1,437 and other purpose 378.
What reasons did Cardinal Financial Company, Li report for denials?
The first denial reason recorded most often was debt-to-income ratio (797), credit history (265) and credit application incomplete (257), as coded by the lender in its HMDA filing.
Where does this data come from?
From the 2024 public HMDA loan/application register published by the FFIEC and CFPB, with the lender's name from its HMDA transmittal sheet. Cells under 25 applications are withheld.
Provenance
Source: Home Mortgage Disclosure Act public loan/application register for 2024 (trend years 2022, 2023, 2024) and transmittal sheets 2018–2024, published by the FFIEC and CFPB at ffiec.cfpb.gov, public domain. Lender identity is the LEI and name on its transmittal sheet. This site was built 30 Sep 2026. Errors in processing are corrected at the next build; see corrections. Data through 1 Aug 2026.