Fitch Affirms PNC’s Servicer Ratings

Fitch Ratings has affirmed PNC Bank NA's residential primary servicer ratings for both prime and Alt-A products at RPS2.

The actions reflect changes PNC has made to address foreclosure processing deficiencies, as well as the bank's investment in technology, including a proprietary real estate owned grading model.

The ratings also reflect Fitch's overall concerns for the U.S. residential servicing industry, which Fitch says include the ability to maintain high performance standards while addressing the rising cost of servicing and changes to industry practices.

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