PNC’s Demchak Sees Mortgage Production Lowest Since 1990s
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PNC Financial Services Group Inc., the second-largest U.S. regional bank, said total home loan production this year could be the lowest since the 1990s.
“It’s going to be a real tough year in origination,” Chief Executive Officer Bill Demchak said today at an investor conference in New York. “You’re going to see it shake out a number of players at the margin because there is quite clearly much more capacity in the market right now than there is people who want mortgages.”