Is Pnc Bank Na An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Pnc Bank Na with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: lower than average (-$629)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Pnc Bank Na originated 53024 mortgages, a national market share of 0.8%. It was most active in PA (4.5% market share), DE (3.6% market share), and DC (3.2% market share).

On average, Pnc Bank Na’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for Pnc Bank Na’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $3147, which was lower than those of comparable mortgages at $3777, with a difference of -$629. Overall, we estimate that Pnc Bank Na tends to be an cheap lender, with a cost-adjusted-rate difference of -0.10% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Pnc Bank Na.

Pnc Bank Na originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Pnc Bank Na compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.05% -0.22% -0.12% -0.07% -0.06%
Loan related Closing Cost Difference -$144 -$843 -$705 -$502 -$562
Cost Adjusted Rate Difference -0.06% -0.33% -0.14% -0.14% -0.12%

Based on the table above, Pnc Bank Na is cheap for Conforming, FHA, Jumbo, USDA and VA purchase mortgages.

Mortgage Refinancing from Pnc Bank Na compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference +0.06% -0.07% -0.12% -0.07%
Loan Related Closing Cost Difference -$1095 -$1336 -$1427 -$1178
Cost Adjusted Rate Difference -0.10% -0.24% -0.15% -0.17%

Based on the table above, Pnc Bank Na is cheap for Conforming, FHA, Jumbo and VA mortgage refinance.

Other information about Pnc Bank Na:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Top holder: PNC FINANCIAL SERVICES GROUP, INC., THE
Registered city and state: Pittsburgh, PA, 15222

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for Pnc Bank Na’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.