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Home » Store » Taxable » National City Closes PCFS Platform, Sells Servicing

National City Closes PCFS Platform, Sells Servicing

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A major subprime servicing portfolio appears to be in play thanks to National City’s decision to shed the remnants of a subprime unit it acquired in its merger with Ohio-based Provident Bank. Earlier this month, National City announced that it would shut down Provident’s PCFS Mortgage Resources subprime origination platform, and cut about 500 jobs, after unsuccessfully shopping it. Officials told Inside B&C Lending that the PCFS platform…
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