PNC Financial Services Group, the nation's ninth largest residential servicer, said it plans to resume foreclosures with "enhanced procedures."
Individual foreclosures have been delayed "until we are confident that any pending documentation issues have been resolved," the Pittsburgh-based bank said in a regulatory filing. "We are currently proceeding with new foreclosures under enhanced procedures designed as part of this review to minimize the risk of errors."
In early October PNC halted sales of foreclosed homes for a month to examine documents and procedures used to justify foreclosures.
"Based upon our review thus far, we believe that PNC has systems designed to ensure that no foreclosure proceeds unless the loan is genuinely in default," it said.
PNC became a larger player in the mortgage space when it bought National City of Cleveland two years ago.
PNC said its average loan in foreclosure is more than one year delinquent.
