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Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 3 Months Ended
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Mar. 31, 2023
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] |
Loan Sale and Servicing Activities | The following table provides our loan sale and servicing activities: Table 50: Loan Sale and Servicing Activities
In millions | Residential Mortgages | Commercial Mortgages (a) |
Cash Flows - Three months ended March 31, 2023 |  |  |  |
Sales of loans and related securitization activity (b) | $ | 516 |  |  | $ | 954 |  |
Repurchases of previously transferred loans (c) | $ | 29 |  |  | $ | 9 |  |
Servicing fees (d) | $ | 128 |  |  | $ | 46 |  |
Servicing advances recovered/(funded), net | $ | 28 |  |  | $ | (49) |  |
Cash flows on mortgage-backed securities held (e) | $ | 603 |  |  | $ | 12 |  |
Cash Flows - Three months ended March 31, 2022 |  |  |  |
Sales of loans and related securitization activity (b) | $ | 1,894 |  |  | $ | 910 |  |
Repurchases of previously transferred loans (c) | $ | 48 |  |  | $ | 27 |  |
Servicing fees (d) | $ | 93 |  |  | $ | 42 |  |
Servicing advances recovered/(funded), net | $ | 32 |  |  | $ | 21 |  |
Cash flows on mortgage-backed securities held (e) | $ | 1,296 |  |  | $ | 14 |  |
(a)Represents both commercial mortgage loan transfer and servicing activities. (b)Gains/losses recognized on sales of loans were insignificant for the periods presented. (c)Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d)Includes contractually specified servicing fees, late charges and ancillary fees. (e)Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $21.6 billion, $21.4 billion and $18.9 billion in residential mortgage-backed securities and $0.7 billion, $0.7 billion and $0.8 billion in commercial mortgage-backed securities at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 51: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others
In millions | Residential Mortgages |  |  | Commercial Mortgages (a) |
March 31, 2023 |  |  |  |  |
Total principal balance | $ | 40,451 |  |  |  | $ | 58,186 |  |
Delinquent loans (b) | $ | 322 |  |  |  |  |  |
December 31, 2022 |  |  |  |  |
Total principal balance | $ | 41,031 |  |  |  | $ | 57,974 |  |
Delinquent loans (b) | $ | 346 |  |  |  |  |
Three months ended March 31, 2023 |  |  |  |  |
Net charge-offs (c) | $ | 2 |  |  |  | $ | 4 |  |
Three months ended March 31, 2022 |  |  |  |  |
Net charge-offs (c) | $ | 1 |  |  |  |  |
(a)Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b)Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c)Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information.
Non-Consolidated VIEs | The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 52 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 52. These loans are included as part of the credit quality disclosures that we make in Note 3 Loans and Related Allowance for Credit Losses. Table 52: Non-Consolidated VIEs
In millions | PNC Risk of Loss (a) |  |  | Carrying Value of Assets Owned by PNC |  |  |  | Carrying Value of Liabilities Owned by PNC |
March 31, 2023 |  |  |  |  |  |  |  |  |
Mortgage-backed securitizations (b) | $ | 22,925 |  |  |  | $ | 22,928 |  | (c) |  |  | $ | 1 |  |
Tax credit investments and other | 4,338 |  |  |  | 4,171 |  | (d) |  |  | 2,032 |  | (e)
Total | $ | 27,263 |  |  |  | $ | 27,099 |  |  |  |  | $ | 2,033 |  |
December 31, 2022 |  |  |  |  |  |  |  |  |
Mortgage-backed securitizations (b) | $ | 22,666 |  |  |  | $ | 22,670 |  | (c) |  |  | $ | 1 |  |
Tax credit investments and other | 4,411 |  |  |  | 4,240 |  | (d) |  |  | 2,063 |  | (e)
Total | $ | 27,077 |  |  |  | $ | 26,910 |  |  |  |  | $ | 2,064 |  |
(a)Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments. (b)Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c)Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d)Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.

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