If I could give PNC half a star, I would. Their mortgage practices feel predatory, and the most frustrating part is that homeowners have no control over who ends up servicing their loan unless they refinance.
I recently tried--for the second time--to remove my PMI. Two months ago, my home appraised significantly higher, yet PNC's new appraisal came back $60,000 lower with zero adjustments, even though the comparable properties were clearly different. After I challenged the report, they suddenly approved it, which raises even more concerns.
From there, things only got worse. PNC completed another escrow analysis, but instead of removing PMI entirely, they reduced only about half. Their comparison statement is confusing and misleading--one column shows annual insurance, taxes, and PMI, while the other shows monthly principal, interest, and escrow. It's literally comparing apples to oranges, and it seems designed to make customers feel powerless.
On top of that, when they returned the appraisal, the report was printed on a quarter of an 8x11 page--making it nearly impossible to review the comps for four properties in spreadsheet format. It's unprofessional and feels intentionally obstructive.
If you bank with PNC, please reconsider. In my experience, if this is how they handle mortgage servicing, there may be other areas where customers are being taken advantage of.
If your appraisal was denied and you'd like support, you can reach me at properties.care2019@gmail.com.
PNC hires the appraisers they use, which creates an obvious conflict of interest--the appraiser has every incentive to favor the bank to keep getting their business. read more
