PNC is Committed Responsible Lending and Mortgage Practices

In 2016, PNC originated $10.6 billion in residential mortgage loans to those purchasing a new home or refinancing a current home.

We are committed to supporting homeownership for low- and moderate income borrowers and offering mortgage products that are affordable, flexible and sustainable. Among these products are those that adhere to Federal Housing Administration and Department of Veterans Affairs guidelines. Furthermore, our portfolio mortgage product, PNC Community Mortgage, offers flexible underwriting guidelines and a reduced cost structure for prospective borrowers.

Over the past three years, we have helped more than 58,000 low- to moderate-income borrowers purchase, refinance or improve their homes.

In the past year, PNC began to redesign its consumer lending processes and technology through a multi-year home lending transformation project. Our goal is to deliver a seamless home lending experience for our customers by integrating our residential mortgage and home equity lending on a common platform. We will continue to offer the products and services customers want —with the precision and speed they rightfully expect — well into the future. With this long-term effort, we plan to drive both efficiency and growth over time. 

As part of this project, we have contracted with Black Knight Financial Services to implement its mortgage originations technologies and a state-ofthe-art loan servicing platform, which will allow us to expand our products and services and enhance the customer experience. Work on these projects began in 2016 and will continue throughout 2017 and beyond. 

As one of the nation’s top retail lenders and servicers of residential mortgage loans, we are committed to understanding our customers and offering them a variety of products so that they can choose an option that best meets their needs. We understand, however, that life changes and other unexpected hardships can come in many forms and may affect a borrower’s ability to repay a mortgage loan. PNC participates in several government- and investor-sponsored programs, including the Home Affordable Modification Program (HAMP), to assist homeowners who are having trouble meeting their obligations. The HAMP is part of the federal Making Home Affordable® (MHA) Program, which permanently changed the original terms of struggling homeowners’ mortgages to make monthly payments more affordable. We also offer other MHA options for those who are unemployed or considering refinancing or selling their home for less than they owe.

We also maintain numerous lossmitigation and payment modification options, including forbearance, repayment plans, modifications, partial claims, short sales, assumptions and deeds in lieu of payment. Distressed homeowners are encouraged to contact PNC directly to discuss the right option for their individual circumstances.

So that PNC can continue to put customers at the center of the decisionmaking process, we are committed to preparing our mortgage employees for changes in the marketplace and regulatory environment. This preparation ensures that we can help customers make educated decisions that allow them to buy and stay in their homes.

Read more and Download the Full 2016 Corporate Social Responsibility report