PNC Bank H.E. - Wholesale H.E.
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According to their site, "PNC Bank is a $93 billion dollar bank with more than 2.9 million consumer and small business customers. We have been in the home equity lending business since 1983, processing over 200,000 home equity loans last year."
Officially known as PNC Bank Home Equity Partners, you would think this would be a business line you would want to keep open. But in keeping with the trend of the year in the Mortgage Industry, if it's Wholesale, shut it down. And they did. Click here (.pdf) to read the entire letter.
Operating in eight states and D.C. they sold Piggyback 2nd's, Purchase Money 2nd's standalones, all the way to 3rd's in some cases. Approximately 580 Brokers were signed up with them, and they operated with 6 outside AE's and maybe 6 operations personnel.
According to information, the reason was the declining market conditions, and the continued high costs associated with doing business. Our attempts to call Jonathan Cooper, Wholesale Manager produced no 'direct' results, although he did ask an AE to send us a statement (not here by the time of this posting). We understand the last day to fund loans will be the end of February, 2008.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.