In 2018, PNC originated $7.4 billion in residential mortgage loans to those purchasing a new home or refinancing a current home loan. We support home ownership for low- and moderate-income borrowers and have helped tens of thousands of these borrowers purchase, refinance or improve their homes by 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. PNC's portfolio mortgage product, PNC Community Mortgage, offers flexible underwriting guidelines and reduced costs for prospective borrowers.
Home Lending Transformation
In 2018, we made progress on our multi-year initiative to redesign the home lending process by moving mortgage loan applications to the Empower loan originations system and converting existing home equity loans and lines of credit from their existing servicing platforms to Mortgage Servicing Platform, the platform we use to service mortgage loans.
This transformation will be more efficient, help us more easily comply with regulatory changes and create a better customer experience. In 2019, we are planning to move home equity originations into Empower as well.
We offer a variety of products so our customers can choose the mortgage option that best meets their needs. Life changes and other unexpected hardships may, however, affect a borrower’s ability to repay a mortgage loan. We participate in several government- and investor-sponsored programs to assist homeowners who are unable to meet their obligations, and we offer the Making Home Affordable® program options for those who become unemployed or are considering refinancing or selling their home for less than they owe.
We also have several loss mitigation and payment modification options, including forbearance, repayment plans, modifications, partial claims, short sales, assumptions and deed, in lieu of foreclosure. We encourage distressed homeowners to contact us to discuss the right option for their circumstances.
The foundation for our steady performance has been our unwillingness to compromise our risk appetite as competition to extend credit drives terms that do not fit within our risk and pricing parameters. Our disciplined approach to risk management has served us well and positions us to continue growing our business and creating value for our shareholders in virtually any environment.
All loans are provided by PNC Bank, National Association and are subject to credit approval and property appraisal. Terms and conditions of this offer are subject to change without notice.
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