The strength in Valley’s residential mortgage banking division has consistently generated positive returns for the organization and we anticipate continued benefits. During the second quarter, Valley closed nearly $0.5 billion of new residential mortgage loans. For the year, total closed residential loans exceeded $1.0 billion and we are on pace to surpass all of 2011’s actual volume by the end of this month.We anticipate significant increases in mortgage banking revenue for the remainder of 2012, as we intend to sell a larger percentage of originations into the secondary market. For the first six months of 2012, Valley earned approximately $6.3 million in gains on sale of loans into the secondary market.
Valley National Bancorp CEO Discusses Q2 2012 Results - Earnings Call Transcript
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