PNC Bank 2013 Annual Report Download - page 6
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Building a stronger mortgage business
We are making important customer-focused
changes in our residential mortgage banking
business, too. Last year was a difficult one for
the entire industry. Overall, origination volumes
were down significantly as higher interest
rates led to reduced refinancing activity. PNC
outperformed the industry with 2013 origination
volume remaining essentially even with 2012.
And in keeping with our strategic focus, we grew
the volume of home purchase loan transactions
year over year by 31 percent,
more than double the industry
purchase volume growth rate.
We made significant progress in
our work to build an integrated
mortgage lending business that is a contributor
to the PNC brand. In 2013, PNC introduced
seamless delivery, the first step in a long-
term effort to re-engineer the home-buying
experience, to get customers from application
31%
Purchase volume
growth rate
our employees to become more knowledgeable
sales- and solutions-oriented consultants.
When customers enter a branch today, they
are looking for someone who will help them
open a new account, apply for a loan, decide
on an investment or take ownership to solve
a problem. It is important that we are there to
serve them. And it is important that we continue
to invest in the innovations that will enable us
to meet our customers’ needs for all the times
when they do not want to visit a branch, too.
The world is changing, and we are testing new
approaches that are helping us to determine
how best to provide the experience and
convenience our customers want as well as
the products, services and insight that will
help them achieve their financial goals.
Ultimately, we believe these efforts will
serve to create stronger, more profitable
and mutually satisfying relationships with
our retail customers.