The residential mortgage industry has seen a big rise in non-bank lenders this year, but PNC Bank never got the memo; business expanded throughout the year and is poised for growth.
Realtor® Magazine spoke with Pete Boomer, Executive Vice President of mortgage originations at PNC Bank, N.A. to find out what’s new at PNC and what it has planned for next year.
Behind its success is a wide array of products. The company last year was an early adopter of the “3 percent down” mortgage products rolled out by Fannie Mae and Freddie Mac, and continues to be a major FHA lender—one of the few large banks still doing a lot of loans with the agency.
For customers who don’t fit neatly into FHA or Fannie Mae and Freddie Mac products, the company also has its own affordable 97 percent loan-to-value program, which gives underwriters the flexibility to look at nontraditional credit history criteria such as past rental payments in accessing the applicant’s ability to repay.
To improve the loan applicants’ experience, the company is doing a full underwriting within three days of receiving loan applications and has rolled out online tools—Home Insight® Tracker and PNC AgentView®—to make it easier for applicants and real estate agents to follow what’s happening throughout the processing period.
Read the full interview here to find out what’s new at PNC and what it has planned for next year.
PNC, PNC HomeHQ, PNC Home Insight, Home Insight and PNC AgentView are registered service marks of The PNC Financial Services Group, Inc. (“PNC”). PNC has pending patent applications directed at various features and functions of Home Insight® Tracker and PNC AgentView®. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal. This information is provided for business and professional uses only and is not to be provided to a consumer or the public. This information is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. Programs, interest rates, and fees are subject to change without notice.
©2016 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC