PNC FINANCIAL SERVICES GROUP INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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Sep 30, 2024 · Filed Nov 1, 2024
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Loan Sale and Servicing Activities
The following table provides our loan sale and servicing activities:
Table 51: Loan Sale and Servicing Activities
| In millions | Residential Mortgages | Commercial Mortgages (a) |
|---|---|---|
| Sales of loans and related securitization activity (b) | $884 | $937 |
| Repurchases of previously transferred loans (c) | $30 | |
| Servicing fees (d) | $138 | $53 |
| Servicing advances recovered/(funded), net | $9 | $(20) |
| Cash flows on mortgage-backed securities held (e) | $969 | $32 |
| Sales of loans and related securitization activity (b) | $873 | $398 |
| Repurchases of previously transferred loans (c) | $16 | $(9) |
| Servicing fees (d) | $129 | $51 |
| Servicing advances recovered/(funded), net | $5 | $(22) |
| Cash flows on mortgage-backed securities held (e) | $710 | $19 |
| Sales of loans and related securitization activity (b) | $2,112 | $1,604 |
| Repurchases of previously transferred loans (c) | $71 | $9 |
| Servicing fees (d) | $415 | $152 |
| Servicing advances recovered/(funded), net | $49 | $(37) |
| Cash flows on mortgage-backed securities held (e) | $2,789 | $133 |
| Sales of loans and related securitization activity (b) | $2,044 | $2,554 |
| Repurchases of previously transferred loans (c) | $67 | |
| Servicing fees (d) | $384 | $146 |
| Servicing advances recovered/(funded), net | $44 | $(86) |
| Cash flows on mortgage-backed securities held (e) | $2,008 | $49 |
(a)Represents both commercial mortgage loan transfer and servicing activities.
(b)Gains/losses recognized on sales of loans were insignificant for the periods presented.
(c)Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers.
(d)Includes contractually specified servicing fees, late charges and ancillary fees.
(e)Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $19.0 billion, $20.4 billion and $20.5 billion in residential mortgage-backed securities at September 30, 2024, December 31, 2023, and September 30, 2023, respectively. The carrying values of commercial mortgage-backed securities were $0.7 billion at each September 30, 2024, December 31, 2023 and September 30, 2023.
The PNC Financial Services Group, Inc. –Form 10-Q 67
Table 52 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan’s fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at September 30, 2024 and December 31, 2023.
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