In 2017, PNC originated approximately $9 billion in residential mortgage loans to those purchasing a new home or financing a current home. We have helped tens of thousands of low- to moderate-income borrowers purchase, refinance or improve their homes. We are committed to supporting home ownership 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. Our portfolio mortgage product, PNC Community Mortgage, offers flexible underwriting guidelines and a reduced cost structure for prospective borrowers.
In 2017, PNC continued to make progress on its multi-year initiative to redesign the home lending process by integrating mortgage and home equity lending onto a common platform.
This transformation, which aims to enhance the customer experience by better aligning all of PNC’s home lending products, is designed to drive greater efficiencies and help us more easily comply with regulatory changes.
PNC is committed to understanding our customers and offering them a variety of products so that they can choose a mortgage option that best meets their needs. We understand, however, that life changes and other unexpected hardships may affect a borrower’s ability to repay a mortgage loan. PNC participates in several government- and investor-sponsored programs to assist homeowners who are unable to meet their obligations. The Home Affordable Modification Program (HAMP) is part of the federal Making Home Affordable (MHA) Program, which permanently changes 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 loss-mitigation 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.
In 2017, PNC launched its Home Insight Planner, a tool that gives customers the power to create real life budgets, determine what kind of house they can afford and then view houses within their budget.
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