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PNC is a banking service and mortgage provider. It offers its borrowers perks like interest rate discounts, cashback rewards and more. While it doesn’t operate in every state, PNC lets you manage your mortgage payments online. It does have credit score requirements for some of its loan products.
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I am a real estate agent in the Tampa Bay, FL area. Typically, I recommend that my clients use local mortgage brokers instead of big banks because the experience is leaps and bounds better. In this instance, my client was purchasing a townhome and decided she would use PNC for the mortgage, as they are who she banks with. PNC assured us that we would be able to close in a little over a month, with an original closing date of November 30, 2020. PNC began requesting all of the standard items mortgage companies request, no problem. The first problem came when they began requesting items from the client that they should have been obtaining on their own.
1. The survey for the property. For starters, this is a townhome. It does not come with land, and therefore the buyer should not need to pay for a survey. PNC did not agree. This was the first time I have ever heard of a bank requesting a survey on a home that comes with no land.
2. The HOA master insurance policy. PNC insisted that the buyer obtain this and send it to the bank. For those who do not work in the real estate industry, this is ALWAYS requested by the mortgage company, and never by the buyer. As the real estate agent in this transaction, I was luckily able to send the HOA's request website to the underwriter with a message that said "the website clearly states that only a mortgage company can request the document." They didn't bother to acknowledge this mistake.
3. The appraisal. Typically an appraisal is ordered to assure the bank that the property is worth what the buyer will be paying. Originally the underwriter told us that they felt comfortable with the purchase price, and sent a waiver stating that the buyer did not need to pay for an appraisal.
These three items caused our first delay, both of which are wholly caused by PNC. The final nail in the original closing date's coffin was that everyone at the mortgage office we are working with took off work that week for Thanksgiving. The poor buyer couldn't get ahold of a single person to find out what was going on with our closing.
Fast forward and we are now into December. PNC tells us we will likely not be able to close until December 21, 2020 -- nearly a full month after our originally scheduled closing. Why you might ask? PNC decided that they were going to need an appraisal after all. A week AFTER our scheduled November 30th closing is when they decided to change their mind on this. They did not notify us of this sudden change, we simply received a call from the appraiser who told us they had been ordered by PNC. I called the buyer to ask if she knew and she said she was not called or emailed about an appraisal.
After we missed our original deadline, it became absolutely impossible to obtain answers from PNC. The original loan officer, Sam ** had completely dropped off the face of the Earth. Only the underwriter, Rhonda ** responded when she decided she felt like it. I would send a few questions in an email to Sam and Rhonda and would be lucky to have half of one answered. They were unwilling to acknowledge their mistakes which caused several weeks worth of delays and negative consequences to the buyer. I finally had enough with the runaround and started including the underwriter's manager.
The manager responded quickly, however, even she would not acknowledge our frustrations with PNC's negligence. She would simply respond "the loan has not been fully approved yet." Nobody gave consistent loan status updates, and it felt like pulling teeth just to get vague responses. Even the title company which needs to work closely with the bank on several documents and number balancing couldn't get ahold of PNC.
At no point during this process did we feel PNC actually cared about the buyer, the deadlines, or our business. They stuck to their corporate script unwaveringly, and never once attempted to expedite the background processes after causing us several delays. The buyer has not been offered any sort of compensation for PNC's failures when at the bare minimum I would have hoped PNC would offer to waive the $500+ appraisal fee that she was told she wouldn't need.
All in all, PNC missed every deadline, seemed to know very little about their duties as a mortgage lender, and failed to maintain proper communication with all parties in the transaction. They requested documents they didn't need, asked multiple times for the same documents that they already had, and worst of all they asked the buyer for documents that only they could obtain. The only thing they were consistent with was dropping the ball and disappointing their client.
As I said before, I am a real estate agent. I have worked with just about every bank and local lender you can think of. This was my first experience with PNC, and I along with everyone else in this transaction have agreed that they have been by far the worst bank we have ever worked with. Do yourself a favor and stay away from PNC Mortgage, and definitely check out local mortgage brokers for a much better customer experience.
I am in the Army and was transferred from California to New Jersey. About a month before my move I applied for a home loan through PNC. They got all of my documents and I got a pre-approval. I made an offer on a house and moved my family across the country only for PNC to back out a week before the closing date. I am now pretty much homeless 2 weeks before Christmas. Their reasoning was because a rental property (also through them) was not claimed properly on my taxes from 2 years ago. They had my taxes for over a month. I explained that the house was my ex-wife’s that year but that I could do an amendment and could show leases and receipts from the tenant paying. They still said no. Thanks, PNC.
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I bank through PNC and figured I would use their mortgage services to buy a house. The service was very poor at best. The loan officer didn't communicate, she repeatedly requested info she already had, delayed the closing date 3 weeks, and cost me an additional $1,500. I ended up not going through with PNC because of the constant delays and awful experience. They refunded me back some of the money to try and rectify the situation, but it did not even cover the additional expenses accrued. Please do not waste your time.
Be aware. PNC takes no time in collecting mortgage payments but when it comes to reimbursement of escrow amounts once you pay off your loan they take their sweet time and make interest on your money. It has taken close to a month since my loan was paid off and I am still waiting on these bastards to refund over $3,500 in escrow they owe me.
PNC has had my original mortgage for many years. I initially refinanced in 2015 expeditiously with no problems. It was all done locally. I started my most recent refinance process in July 2020 and just closed this month (November). I dealt directly (barely) with two PNC employees who were both in different states, one in Florida and the other in Ohio. I'm not sure where the underwriter was located but I think the title company rep was local. Believe me this was the most stressful and aggravating business process I have ever endured.
All business was conducted via email...The only time I was able to speak to a live person was when I called Customer Service and complained about not getting responses to my emails or return phone calls. Documents were asked for repeatedly. Every other week there was something else that they needed. Twice, I went to the local branch to have them fax what seemed to be a ream of paper. The local branch employees hated to see me coming I'm sure... The process took so long my credit report expired. Then there was the issue with my homeowners insurance. I have a site condo and PNC needed a statement from my management company verifying the amount of my association dues and that they were paid up to date (I had already emailed a copy of my up to date payment history from management company to them).
Only the management company puts the lot number behind the mailing address on our invoices/payment history and that became an issue with PNC. I tried to explain that each property owner was able to select their lot to build their home on and we selected lot #4 and it is not included in my legal address. PNC called my property insurance company asking questions about my mailing address and then the insurance company said they didn't insure condos.... Another problem. I told PNC I've never had a problem with insurance and that its a site condo. A single family home for which I was responsible for ALL maintenance.
Finally the insurance company had to add the #4 to my mailing address to satisfy PNC. This was not an issue in 2015. I kept receiving closing estimates via email and postal mail. A few days before closing I received a closing estimate that was higher than originally quoted. I could not get an answer as to why from any of the agents that were suppose to be helping me. I do not escrow my property taxes nor my homeowners insurance. Finally I learned the title company which is owned by PNC wanted me to pay at closing 2 months homeowners insurance payments AND my Winter property taxes. I told them my homeowners insurance is on automatic deduction from my checking account each month.
I even emailed them a copy of the statement from my insurance company verifying this. They still insisted that I pay two months premiums at closing therefore my homeowners insurance will be deducted from my checking account for Nov and Dec and I've already paid it at closing. I also told the title company that I have NOT received my winter property taxes and they aren't even mailed out until December, 2020. How do I know what the amount is going to be?? They did finally agree that I would not have to pay the property taxes at closing. None of this was and issue when I refinanced in 2015. It seems they were going after as much money as they could collect from me at closing. There was one thing after another trying to refinance. I probably would have gotten a better interest rate and customer service somewhere else. I DO NOT recommend using PNC. Communications and customer service is extremely poor.
I started my refinance process in August of 2020. I am a long time PNC customer and my mortgage has always been in good standing. I have a large amount of equity in my home and I am a solid borrower with no crazy circumstances. I was told that they were a little back logged with their underwriting process but that I should close no problem in 90 days or faster. I paid for the appraisal $850 and my fee to pull my credit $31. I provided all the necessary documentation they asked for in a timely manner. All information was in house at PNC by mid September. I waited....and I waited. I called several times for a status update.
All was moving along and it was just waiting for underwriting. I was set to close on or before the 7th of November. On the 5th I had not heard anything so I began calling my loan processor daily. I left several messages. On the 10th I called the general help line and reached another processor that said everything was still moving along and they are just back logged and I should be getting a call soon when they had finalized the final underwriting process. They encouraged me to sign up for the refinance tracker tool.
I signed up for the tool and when I logged in my anticipated closing date had changed to JANUARY 9th 2021!!!! FIVE MONTHS TO CLOSE!!!! Because of the delay I now need to submit all of the documentation I originally sent over in August because the pay stubs etc are STALE!!!! WHAT???? They were also charging me almost an entire point more than one of my local banks would charge. Needless to say PNC has lost a very loyal good paying consumer!!!! SAVE YOURSELF A HEADACHE AND DO NOT USE PNC.
I initiated a refinance with PNC Mortgage in June 2020 because I already had an existing mortgage with PNC. It is now Mid October 2020 and I cannot reach another human or the bank clerk that I started with in June 2020. Nothing changed, same address, same job, increased appraisal, etc. I would not recommend using PNC and I see there are quite a few others that have experienced the same issues. I wish I had read the reviews before I made the commitment.
Has been going through excruciating process of REFI for an already existing mortgage through PNC where these folks have my history. Every week, there is request for inconsequential records/ documents delaying the REFI by almost 5 months. Very disappointed.
PNC has pushed the closing on the sale of our home 6 times after requiring 60 days initially to close. Their loan officers went on vacation and didn't hand the file off to any other person. After numerous inquiries as to what is continuing to push the closing out, after the clear to close, the bank is blaming it on the buyer who has submitted all their paper work twice. Horrible company to deal with. We still haven't closed and there are no explanations. No we pay about the mortgage payment. Do not consider working with PNC.
I applied for my mortgage 4/20. My house was ready to close mid July. Since time passed, PNC needed to re-run credit and asked for pay stubs, bank statements, etc. Every day from this processor he said, "We just need one more thing and we are so close to closing." He dragged this on and on and kept requesting more information. Guess what, I closed mid Aug. The day of the closing, the title was still not correct because the processor had the wrong names on it. He was fired two weeks before my closing. I wonder why? Everything was a mess and PNC cost me tons of money in hotel/storage costs and other expenses. I plan to refinance after my first payment. I made a complaint to BBB and they were no help. PNC never offered to reduce my closing costs despite the delays which were totally on their part. I had probably 5-6 closing dates. Very upsetting for me and my son. Never again!!! Go to your local bank. You may pay .50 pt more, but you will get customer service - not at PNC. Because of them, I could have been in my house in july instead of aug.
PNC Mortgage Company Information
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- Year Founded:
- United States
- (888) 762-2265
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