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Originations Up at PNC

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Home loan production and delinquency improved at The PNC Financial Services Group Inc. But the company cut its residential servicing portfolio and mortgage holdings.

Second-quarter loan origination volume was $4.7 billion, PNC said in its earnings report released Wednesday.

Production picked up from the first quarter, when $4.2 billion was funded. It was also better than the second-quarter 2012, when PNC generated $3.6 billion in loan closings.

The latest activity brought year-to-date volume to $8.9 billion.

Refinance share fell to 72 percent from 81 percent but was the same as a year earlier. Refinances closed through the Home Affordable Refinance Program accounted for 34 percent of overall second-quarter originations.

At $116 billion, the third-party residential servicing portfolio was lower than $120 billion at the end of March but unchanged from a year earlier.

The Pittsburgh-based company owned $14.051 billion in residential loans, less than the $14.217 billion owned as of March 31 and the $14.927 in mortgages on the books as of June 30, 2012.

Delinquency of at least 30 days on non-government loans was 1.35 percent, lower than 1.63 percent as of March 31. As of the same date last year, the rate was 1.93 percent.

On government-insured mortgages, delinquency fell to 10.24 percent from 11.06 percent and was 13.53 percent at the same point in 2012.

Home-equity lines of credit on the books finished June at $22.559 billion. HELOC holdings were off from $23.029 billion three months earlier and $24.360 billion a year earlier.

Installment home-equity loans, however, grew to $13.857 billion from $13.001 billion and were just $11.478 billion at the same point last year.

Home-equity delinquency of between 30 and 89 days was reduced to 0.29 percent from 0.33 percent in the prior quarter and 0.54 percent in the same quarter the prior year.

Residential construction loans owned were $0.726 billion, slipping from $0.768 billion at the end of the first quarter and falling from $0.896 billion as of the second quarter last year.

The commercial mortgage servicing portfolio inched up to $294 billion from $290 billion and was also better than $264 billion a year earlier.

Commercial real estate assets inched up to $18.991 billion from $18.779 billion and were $18.480 billion a year earlier. Last month’s total reflected $12.636 billion in real estate projects and $6.355 billion in commercial mortgages.

CRE delinquency of at least 30 days plummeted to 0.47 percent from 0.80 percent. The CRE rate was 1.33 percent as of the same date in 2012.

The residential mortgage banking business segment earned $20 million, plunging from $45 million earned in the prior quarter. But mortgage income swung from a $213 million loss in the second-quarter 2012.

“Residential Mortgage Banking earnings for the second quarter of 2013 declined compared with the first quarter due to an increase in the provision for residential mortgage repurchase obligations and reduced net hedging gains on residential mortgage servicing rights partially offset by increased loan sales revenue and a lower provision for credit losses,” the report said. “The higher provision for residential mortgage repurchase obligations reflected an expected increase in repurchase demands of a government sponsored enterprise.”

Company-wide income before income taxes and non-controlling interests increased to $1.5 billion from the first quarter’s $1.3 billion. Income more than doubled from $0.7 billion in the second quarter of last year.

PNC finished last month with 55,780 employees, fewer than the 56,172 people on board at the end of March. Headcount was 56,633 as of June 30, 2012.

As of the close of the second quarter, branch count was 2,780, down from 2,856 as of March 31.

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