PNC mortgage investigation may be just the start


The investigation into PNC's mortgage practices may just be the start, lenders fear, as regulators crack down on lending and servicing discrimination ahead of a Supreme Court decision which could end the use the "disparate impact" theory.

The bank last week disclosed the DOJ's civil rights division and the CFPB were looking into mortgage loan pricing by National City (purchased by PNC in 2008) and PNC and whether they had a "disparate impact" on protected classes.

Comments (4)
  • j1s24o1@yahoo.com
    , contributor
    Comments (14) | Send Message
     
    30 years in the mortgage business, some of that with National City. So Obama and Holder want to go after another mortgage company for acting with disparate impact of those who are protected by Title VII or VIII.
    You can't just hire someone who applies for a job. In the mortgage business one needs to be intelligent and talented and if not experienced in the business pass the qualifying test. Their are way too many regulations that must be followed to hire just anyone.
    15 Aug 2013, 09:10 AM Reply Like
  • Swliv
    , contributor
    Comments (134) | Send Message
     
    The probe is on lending practices and pricing, not hiring, as I read last week's linked article.

     

    Interesting to me, also, it was a joint DOJ/Consumer Finance Protection Bureau initiative, the CFPB the recently upgraded (confirmed head, I think) new agency.

     

    Long PNC.

     

    The American Banker link is subscription only.
    15 Aug 2013, 10:14 AM Reply Like
  • mortgage banker
    , contributor
    Comment (1) | Send Message
     
    Having been employed at PNC Mortgage for the past year, I can honestly tell you that they DO discriminate against Black individuals. I am not black, but I see clearly how these individuals are driven out and how they are forced to work a lot harder, than most. And the caucasian people are the one's that get promoted. I've been in the mortgage industry for over 30yrs, I do know what I'm talking about. It's very clear & unfortunately - top management, fails to see the discrimination that is done right in front of the rest of the people BY it's Managers. One of these days, it's gonna catch up with them. Trust me.
    16 Aug 2013, 05:45 PM Reply Like
  • shar362
    , contributor
    Comment (1) | Send Message
     
    PNC is doing more then just discriminating...follow link:

     

    http://bit.ly/1u7DjJP

     

    Someone needs to look into this. These people all can't be in the wrong.
    30 Sep 2014, 12:33 AM Reply Like
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