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Article: PNC Bank Outsources $2.6 Billion in Commercial Loan Servicing to Midland Loan Services, Inc. of Kansas City.
- Article from:
- PR Newswire
- Article date:
- May 25, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PITTSBURGH, and KANSAS CITY, Mo., May 25 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) announced today that it has transferred the loan servicing responsibilities of $2.6 billion in commercial mortgage loans to its subsidiary, Midland Loan Services, Inc., based in Kansas City, Mo. The portfolio includes more than 4,000 permanent commercial real estate loans. Loan servicing involves the collection of mortgage payments from borrowers, loan administration and accounting, and customer service activities.
In outsourcing its commercial loan portfolio to Midland, one of the nation's largest commercial loan servicers, PNC Bank will achieve new economies of scale. In ...