Hi everyone!
UPDATE: Jan. 18th, 2011 (please see home page for turn times)
UPDATE: October 14,2010: Turn times have been expanded to 20 business days or about 3-4 weeks, generally. We have had them back substantially sooner (days) vs. weeks, but you must plan for the entire period.
UPDATE: August 24th, 2010.
PNC turn-times typically take about 7-15 days after the file is in place with an PNC underwriter. This is usually after about 2-3 business days has already passed with the file placed at PNC.
Please allow for the full turn-time. Once August arrived we have noticed a slowing down which is a direct result of the sheer number of subordination requests they are receiving. Word as of this morning with PNC Staff there were approx. 1,700 open subordination files at PNC. We completely understand how frustrating this can be. We are on the phone with PNC (and on hold) numerous times a day.
The dramatic rise in refinance activity over the last 5 -6 weeks has had an impact on any subordination turn time from any lender, whether it is Wells Fargo, Bank of America or PNC. You will need to adjust your time-frame accordingly for closings and be prepared to extend your interest rate lock periods.
I am in contact tracking all our files in the pipeline at PNC heavily. For our east coast clients, I have been tracking our files as early at 6:30am PST (note we don’t open until 9am) so we have been doing all we can to encourage PNC staff to move forward with decisions.
Stay positive and patient.
Tim
Support Staff, Nationwide Subordinations
[...] for PNC are taking about (see **October 14th 2010 post on PNC turn times for most accurate assessment) 7 business days for a decision and an additional 5 business days for [...]