The mortgage division of PNC Financial Services saw its residential originations fall by 44% to $3.6 billion in the third quarter with the company blaming the decline on a slowing refinancing market for government-backed loans. The unit includes National City Mortgage of Ohio which PNC bought (along with the bank's parent) late last year. Despite declining loan production — and a slight drop in the bank's mortgage servicing portfolio — PNC's residential mortgage banking division earned $91 million in the quarter, flat compared to the second quarter. The entire bank (including the mortgage group) earned $559 million in the third quarter, a 170% jump from the same period last year.
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