PNC Financial Services Group, citing the credit crunch currently roiling the financial services industry, shut down a program last week that offers home-equity loans via third-party mortgage brokers.

But Pittsburgh's largest bank stressed yesterday that it would continue to sell home equity loans directly to customers on the telephone, in its 1,100 retail branches, at www.pnc.com, and by way of a joint sales venture with Wells Fargo called PNC Mortgage LLC.

No PNC jobs will be affected by this move, said bank spokesman Patrick McMahon.

PNC initiated the third-party program, called PNC Bank Home Equity Partners, in early 2006. Mr. McMahon said the program represents a "very small portion of our home-equity lending." He was not able to put numbers to that claim yesterday, nor did he know how many brokers around the country had agreements with PNC to sell on its behalf.

In a letter distributed to "approved brokers" on Thursday, PNC said its decision to discontinue the third-party arrangement "was based on the current market conditions and the projected impact of higher operating costs associated with wholesale home equity lending." No loan applications from brokers will be accepted, according to the letter, if they were submitted after Dec. 20. Any approved loans submitted before that date have to be closed by Feb. 29.

PNC had largely sidestepped the mortgage and credit crisis until earlier this month, when it revised fourth-quarter earnings downward and admitted to a decline in the value of $1.5 billion in commercial real estate mortages being held for sale.

PNC's share price was up 74 cents yesterday, to $66.52.