Mortgage Daily Logo

PNC Performance Better, Employees Added

Mortgage News

Quarterly loan production improved at The PNC Financial Services Group Inc., though annual originations sank by nearly half. As the company cut its servicing portfolio and mortgage holdings, residential delinquency has improved. Late payments on commercial mortgages have tumbled over the past year. The mortgage staff grew by 200.

Mortgage originations climbed to $3.5 billion in the fourth-quarter earnings report. Business improved from the third quarter’s $2.7 billion and $2.3 billion funded in the final quarter of 2009.

Refinance share shot up to 83 percent of fourth-quarter volume from 76 percent three months prior. The share was just 59 percent at the end of 2009.

Full-year production sank to $10.5 billion from the $19.1 billion originated during 2009.

The company serviced $125 billion for investors in the latest period. The third-party servicing portfolio fell from $131 billion in the prior quarter and $145 billion in the same quarter of the prior year.

Residential loan holdings were $15.3 billion on Dec. 31, lower than $15.7 billion on Sept. 30 and $18.2 billion on Dec. 31, 2009.

Home-equity lines-of-credit outstanding amounted to $23.5 billion. HELOC assets edged down from $23.8 billion three months earlier but rose from $24.2 billion a year earlier.

Home-equity loans totaled $10.8 billion at the end of last year, a hair short of the balance at the end of the third quarter. HEL holdings were higher at the end of 2009 at $11.7 billion.

The Pittsburgh-based company reported that 30-day delinquency on its residential real estate loans was 4.18 percent at the close of last month, improving from 4.30 percent at the end of the third quarter. Delinquency was also better than the fourth-quarter 2009’s 5.19 percent.

Residential construction loans finished 2010 at $0.7 billion. Construction assets dropped from the prior quarter’s $0.8 billion and were less than half of the $1.6 billion owned on Dec. 31, 2009.

Commercial real estate assets closed out 2010 at $17.9 billion. PNC trimmed its CRE holdings from $19.1 billion at the end of September. Commercial mortgages were down significantly from $23.1 billion at the end of the previous year.

Delinquency on CRE loans sank — falling to 1.39 percent from the third quarter’s 2.29 percent. Commercial mortgage delinquency was 241 BPS better than at the same point in 2009.

Residential lending earnings tumbled to just $3 million from the third quarter’s $98 million and from the final quarter of 2009, when mortgage banking earnings were $25 million.

The parent company earned $1.1 billion before taxes during the last quarter of 2010, more than the $1.0 billion reported for the prior quarter. Income, however, was lower than $1.6 billion in the final quarter of 2009.

The number of people working in residential mortgage banking was 3,539 at the end of last month, 200 more than at the end of September. Employee count at the end of the previous year was 3,267.

PNC closed out last year with 50,769 employees across all businesses, increasing its staff from 50,393 three months earlier. Headcount finished 2009 at 55,820 employees.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

The Mortgage Graveyard 2018 Archives

The Mortgage Graveyard 2018 Archives Failed, Struggling and Acquired Mortgage-Related Companies Non-Bank Closures 3 Bank Failures (FDIC) 0 Credit Union Failures 0 Total Mortgage-Related Failures 3  

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

MBS Statistics

MBS Statistics Non-Agency Issuance 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Private Label RMBS Issuance (S&P) $80 billion to $100 billion (est) $70 billion $34...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Sample E-Mail

Sample E-Mail   Covering the Real Estate Finance Since 1999  Mortgage Industry News free news content | view headlines online  Advertorial Text Ad This ad includes a linked bold headline of up to 50 characters and up to 100 words of text. The ad can be...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI