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PNC proceeds with new foreclosures, continues review of individual cases

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PNC Financial Services Group is proceeding with new foreclosure actions, lifting a suspension it put in place in early October, a spokesman said Wednesday. “New foreclosure actions will proceed,” PNC spokesman Fred Solomon told HousingWire. “For foreclosures that were in the pipeline when this issue arose, those mortgages continue to be evaluated.” The Pittsburgh, Penn.-based residential loan servicer said in its recent third-quarter earnings report that the reviewal process for individual cases is likely to continue for several months. Solomon declined to comment on PNC's  meeting last week with Florida Attorney General Bill McCollum to discuss foreclosure practices. McCollum has been investigating problems with home foreclosures in Florida, and sought meetings with several mortgage lenders and servicers, including PNC. PNC Financial Services Group said it will resume foreclosures with "enhanced procedures," according to its recent third-quarter earnings report. The procedures are “designed to ensure that the documentation accompanying the foreclosures it pursues complies with all relevant law.” Based on its review to date, PNC said it believes the company “has systems designed to ensure that no foreclosure proceeds unless the loan is genuinely in default. On average, our residential mortgage loans in foreclosure are more than one year delinquent.” PNC also disclosed in its filing that it faces increased risk due to numerous federal and state investigations into the mortgage lending and servicing industries. Regulatory actions or litigation and claims “could, individually or in the aggregate, result in significant expense,” the company said, but did not give an estimate of potential costs. The author holds no relevant investments. Write to Kerry Curry.

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