PNC Bank is a large regional bank with over 2,700 branches in 19 states. PNC Bank has had operations for over 150 years. PNC Bank also has 90 mortgage offices which originate mortgage loans. As of December 2013, PNC Bank had a mortgage portfolio of over $114 billion. When these loans go into default, PNC Bank ends up with foreclosed properties to sell.
In 2013, PNC Bank had a pretty significant issue with loans they sold to Freddie Mac during the time frame of 2000 to 2008. The loans were deemed defective in one regard or another and didn’t meet their underwriting standards. The settlement of this issue resulted in PNC Bank paying Freddie Mac $89M to compensate for past and future losses resulting from these loans.
PNC Realty Services is the internal department within PNC Bank that is charged with managing and liquidating the bank’s inventory of foreclosed homes. PNC Realty Services also manages the commercial and bank listings for PNC Bank. Realty Services website has contacts available for direct inquiry.
PNC Bank’s foreclosed homes are listed with local real estate agents. You should be able to find PNC Bank foreclosed properties that are currently for sale in your local MLS system. PNC Bank also uses res.net to manage and sell their foreclosure inventory. You can find a list of the PNC REO homes online at this link. You can also find PNC Bank’s foreclosure properties on the buyer portal of res.net. Click on the Buyer registration and you’ll have access to PNC properties as well as a range of other homes being sold by corporate sellers.
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