PNC Financial in Pittsburgh recorded a
The $345 billion-asset company said in its fourth-quarter earnings release that its mortgage unit lost $9 million, after earning $55 million a year ago.
The loss was driven lower revenue, as net interest income plunged 31%, to $34 million.
The mortgage division also recorded a $4 million provision for repurchase obligations, after posting a $124 million benefit last year. The company attributed the difference to a release of reserves in the fourth quarter of 2013.
Noninterest expenses dropped 19%, to $196 million.
Overall, PNC reported a quarterly profit of $1.1 billion, relatively unchanged from last year.
