Tag Archives: PNC Bank

Flagstar adds 30-plus-year industry vet to the fold as the firm expands its wholesale banking business.

Financial services vet joins PennyMac to lead the company’s recruiting and human resources efforts.

Click through to learn what an OCC report on mortgage performance data of some of the largest banks in the U.S. revealed about the state of mortgage loans.

PNC and Freddie Mac announced an agreement to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008.

Wells Fargo is the largest servicer of commercial and multifamily mortgages by dollar volume as of the end of June, according to the Mortgage Bankers Association (MBA).

After recently reporting predictions of declining originations, FBR Capital Markets & Co., now says the market looks a little brighter, and a resurgence of refinances through the Home Affordable Refinance Program (HARP) will contribute to originations volumes this year. While FBR maintains its prediction that origination volume will be lower than the volumes recorded in the second half of last year, the company now suggests originations "will largely be better than the 20-25 percent drop-off we projected late last week."

Wells Fargo has another jewel to add to its crown: The Mortgage Bankers Association (MBA) ranked the bank as the top commercial/multifamily mortgage originator for 2012. Among other categories: Bank of America Merrill Lynch was the top originator for commercial bank loans, while Red Mortgage Capital, LLC was No. 1 for loans guaranteed by Ginnie Mae or the Federal Housing Administration. Cohen Financial was the top originator for specialty finance.

The PNC Financial Services Group, Inc., a diversified financial services organization with headquarters in Pittsburgh, Pennsylvania, announced that Robert Q. Reilly will take over the CFO position following the retirement of current executive Richard J. Johnson.

In Pittsburgh, PNC Financial Services Group's board of directors elected president William S. Demchak as director and announced that he will succeed chairman James E. Rohr as CEO. The board held the election in response to Rohr's desire to step down as CEO at the company's 2013 Annual Meeting of Shareholders on April 23 and his intention to retire from the company and the board next year.

The Mortgage Bankers Association (MBA) has assembled a GSE Single Family Task Force to revisit the association's 2009 proposal for the future of the secondary market and to further discourse on this topic. The task force will work in two phases. First, they will review the 2009 position and determine potential issues during a transition. Next, they will put together a "roadmap" for the transition.