They hold our mortgage. Should we be worried?
Also our mortgage.
A residual $15k...so am thinking of paying it off.
“They hold our mortgage. Should we be worried?”
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Why would you be worried? Do you think that if PNC went under they would take your home with it?
Ok not to sound harsh, we do our banking at PNC. There is a branch near where I work and there were 2 branches (both closed) near our home which is 45 miles from my workplace. By sheer luck PNC bought the service rights on our mortgage, as they are sold from time to time, so it was simple, we made our payments on-line, account to account.
When it came time to make the last payment (we paid of our 15 year fixed 3 years early), on-line wouldn’t accept our final payment. We then had to get PNC to issue us a payoff quote, then had PNC issue a cashiers check from money in our PNC checking account, we then handed that check over to the same PNC teller who applied it to our mortgage.
We have direct deposit and bill auto pay and there is a branch near my workplace but PNC is getting on my nerves. We ae small potato’s for sure but we do have deposits in the $30k range. I spoke to a PNC banker last Dec regarding a short term CD she asked me a few (non-relevant) question regardng our personal finances and told me a personal planner would contact me to discuss the purchase of the CDs, gave a time and date but no one ever contacted me so I moved on.
I don’t think so. From the articles I’m reading, it has more to do with people switching to mobile banking. I rarely go into my local branch. Mostly I use the ATM.
I think THEY should be worried more than you.
if anything
they might sell your mortgage to another bank
that happened to me twice
the terms of the loan did not change
I just made payments to someone else