PNC Mortgage Inc. Loan Modification

PNC Mortgage Modification Process

The PNC Mortgage Inc. Modification process follows the following conventional loan modification process:

1. To initiate the loan modification process you will have to give an interview over the phone.
2. You will have to submit paperwork called Request for Mortgage Assistance including the required paperwork.
3. Sometimes the lender will require valuation of property but often this valuation will be done via automatic valuation model.
4. Terms of Modification Are Reviewed, Negotiated and Sent To Underwriting
5. Lender Provides A Response

If the loan process was as simple as it looks it like we would be out of a job right now but sadly, it never is but this is why we, Absolute Consultant Group (ACG) are here to support homeowners through the process. During the Loan Modification process with PNC Mortgage there is lot of moving back and forth. It is a typical behaviour that you will have to submit paperwork again and again.  You will often get transfered from department to department and getting a runaround from PNC Mortgage Loan Modification Department to PNC Customer Service Department. Often clients come to us after getting denied due to submitting the wrong paperwork, Coming to us before can prevent you from a lot of headache. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

PNC Mortgage Inc. Loan Modification Timeline

While dealing with large companies like PNC you will notice that there are a lot of moving parts. The timeling of PNC Mortgage Loan Modification often varies on some obvious and sometimes not so obvious reasons. Here are a few of the reasons this question has such sticky answers.

• For one, PNC Mortgage Inc. is a company that is often working as a loan servicing company only. They often are representing debt on someone else’s behalf which hugely limits their decision making capability. As a servicer they have to abide by their PSA or Pooling and Servicing Agreement that they have with each investor. The investor may have delegated only some decisions to PNC Mortgage which they can make themselve but they will have to first get permission from the investor for the other decisions. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from most servicers. As you can imagine the more parties invovled the longer it takes and the more someone like PNC Mortgage Department has their hands tied.

• Another issue, The other thing that effects the loan modification timeline is urgency. The loan modification process is based on the first come first serve model until you ask that whether your loan has a sale date? If it does, There are chances that you will be bumped up in the process. The other thing to keep in mind is that the lenders like PNC Mortgage have homes going on sale almost on every day of the week. For this reason the sales set from a week from today may not be worked on as urgently as you would want because of foreclosures pending going to auction between today, tomorrow and the next days. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, there is no one size that fits all mortgage solution. You often will be reviewed for a large number of programs. If you don’t qualify for the first modification type they will review you for the next one. In the banking world departments become very specialized in their  particular types of programs. Loan modification negotiators review only loan modifications and short sale negotiators only review short sales. The method is called the waterfall process and you will also find that often you are reviewed by different loan modification departments at each step of the waterfall.

PNC Mortgage Loan Modification Timeline Conclusion: Sorry to say but time frames vary greatly. Whether the decisions can be made in house or have to be sent out for approval, whether you fit the first plan you are reviewed for or the 10th plan, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation companies, how fast documents are received legibly on their end and much much more all effect how long it will take for your PNC Mortgage Loan Modification to be reviewed.

Dealing With A PNC Mortgage Loan Modification Decline

Dealing with the decline for PNC Mortgage can be sometimes very confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your PNC Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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