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Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 30, 2024
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 51: Loan Sale and Servicing Activities
In millions | Residential Mortgages | Commercial Mortgages (a) |
Cash Flows - Three months ended September 30, 2024 |  |  |  |
Sales of loans and related securitization activity (b) | $ | 884 |  |  | $ | 937 |  |
Repurchases of previously transferred loans (c) | $ | 30 |  |  |  |  |
Servicing fees (d) | $ | 138 |  |  | $ | 53 |  |
Servicing advances recovered/(funded), net | $ | 9 |  |  | $ | (20) |  |
Cash flows on mortgage-backed securities held (e) | $ | 969 |  |  | $ | 32 |  |
Cash Flows - Three months ended September 30, 2023 |  |  |  |
Sales of loans and related securitization activity (b) | $ | 873 |  |  | $ | 398 |  |
Repurchases of previously transferred loans (c) | $ | 16 |  |  | $ | (9) |  |
Servicing fees (d) | $ | 129 |  |  | $ | 51 |  |
Servicing advances recovered/(funded), net | $ | 5 |  |  | $ | (22) |  |
Cash flows on mortgage-backed securities held (e) | $ | 710 |  |  | $ | 19 |  |
Cash Flows - Nine months ended September 30, 2024 |  |  |  |
Sales of loans and related securitization activity (b) | $ | 2,112 |  |  | $ | 1,604 |  |
Repurchases of previously transferred loans (c) | $ | 71 |  |  | $ | 9 |  |
Servicing fees (d) | $ | 415 |  |  | $ | 152 |  |
Servicing advances recovered/(funded), net | $ | 49 |  |  | $ | (37) |  |
Cash flows on mortgage-backed securities held (e) | $ | 2,789 |  |  | $ | 133 |  |
Cash Flows - Nine months ended September 30, 2023 |  |  |  |
Sales of loans and related securitization activity (b) | $ | 2,044 |  |  | $ | 2,554 |  |
Repurchases of previously transferred loans (c) | $ | 67 |  |  |  |  |
Servicing fees (d) | $ | 384 |  |  | $ | 146 |  |
Servicing advances recovered/(funded), net | $ | 44 |  |  | $ | (86) |  |
Cash flows on mortgage-backed securities held (e) | $ | 2,008 |  |  | $ | 49 |  |
(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 $19.0 billion, $20.4 billion and $20.5 billion in residential mortgage-backed securities at September 30, 2024, December 31, 2023, and September 30, 2023, respectively. The carrying values of commercial mortgage-backed securities were $0.7 billion at each September 30, 2024, December 31, 2023 and September 30, 2023.
Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others | Table 52: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others
In millions | Residential Mortgages |  |  | Commercial Mortgages (a) |
September 30, 2024 |  |  |  |  |
Total principal balance | $ | 37,861 |  |  |  | $ | 53,473 |  |
Delinquent loans (b) | $ | 271 |  |  |  | $ | 91 |  |
December 31, 2023 |  |  |  |  |
Total principal balance | $ | 39,016 |  |  |  | $ | 57,492 |  |
Delinquent loans (b) | $ | 329 |  |  |  | $ | 89 |  |
Three months ended September 30, 2024 |  |  |  |  |
Net charge-offs (c) |  |  |  |  | $ | 30 |  |
Three months ended September 30, 2023 |  |  |  |  |
Net charge-offs (c) |  |  |  |  | $ | 14 |  |
Nine months ended September 30, 2024 |  |  |  |  |
Net charge-offs (c) | $ | 1 |  |  |  | $ | 91 |  |
Nine months ended September 30, 2023 |  |  |  |  |
Net charge-offs (c) | $ | 2 |  |  |  | $ | 18 |  |
(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 53 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 53. 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 53: Non-Consolidated VIEs
In millions | PNC Risk of Loss (a) |  |  | Carrying Value of Assets | Carrying Value of Liabilities
September 30, 2024 |  |  |  |  |  |  |
Mortgage-backed securitizations (b) | $ | 20,002 |  |  |  | $ | 20,004 |  | (c) |  |  |
Tax credit investments and other | 5,157 |  |  |  | 5,104 |  | (d) (e) | $ | 2,181 |  | (f) (g)
Total | $ | 25,159 |  |  |  | $ | 25,108 |  |  | $ | 2,181 |  |
December 31, 2023 |  |  |  |  |  |  |
Mortgage-backed securitizations (b) | $ | 21,451 |  |  |  | $ | 21,453 |  | (c) |  |  |
Tax credit investments and other | 4,709 |  |  |  | 4,631 |  | (d) (e) | $ | 2,119 |  | (f) (g)
Total | $ | 26,160 |  |  |  | $ | 26,084 |  |  | $ | 2,119 |  |
(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)Amount includes $3.4 billion of LIHTCs and $0.2 billion of NMTCs at September 30, 2024, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2023 were $3.0 billion and $0.2 billion, respectively. (f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet. (g)Amount includes $1.8 billion of LIHTCs and less than $0.1 billion of NMTCs at September 30, 2024, which are included in Other liabilities on our Consolidated Balance Sheet. Comparable amounts at December 31, 2023 were $1.6 billion and $0.2 billion, respectively.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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