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Press release from Business Wire

Regions Bank Helps Thousands Save Money Through HARP Refinances

<p class='bwalignc'> <i>Exceeding $1 Billion in HARP refinances attributed to strong demand, low rates and added processing capacity</i> </p> <p class='bwalignc'> </p>

Monday, September 17, 2012

Regions Bank Helps Thousands Save Money Through HARP Refinances09:10 EDT Monday, September 17, 2012 BIRMINGHAM, Ala. (Business Wire) -- By participating in the Federal Housing and Finance Administration's Home Affordable Refinance Program (HARP), Regions Bank (NYSE:RF) has helped more than 6,000 homeowners refinance their mortgages during this time of exceptionally low interest rates. At the beginning of September, the total volume of loans refinanced by Regions this year through HARP surpassed $1 billion – a mark that the company had previously announced it expected to exceed by the end of 2012. The average savings for a homeowner refinancing through HARP with Regions is $285 a month. “We've been able to help many people through this program,” said Logan Pichel, head of Regions Mortgage. “The demand and interest in HARP has been so strong that we exceeded the $1 billion forecast that we set for 2012 four months early.” Anticipating interest in HARP, Regions increased staffing earlier this year to handle additional application volume, opening two operations centers dedicated to HARP loans and providing opportunities for both current Regions mortgage customers and non-customers to refinance. While the majority of HARP refinances completed by Regions between March and August 2012 were for current customers, some 40 percent helped homeowners whose mortgage was not originally serviced by Regions. Under HARP, homeowners with loans owned by Fannie Mae or Freddie Mac – including those whose property values have declined and have been unable to refinance – may qualify based on when they purchased their home and other criteria. HARP features: Loans designed to help homeowners -- who may not be candidates for conventional refinances or who may owe more than their home is worth -- take advantage of historically low interest rates and other refinancing benefits. Opportunities to refinance with a current loan servicer or other lenders. Elimination of certain risk-based fees for borrowers who refinance into shorter-term mortgages and lower fees for others. Simplification of various paperwork involved in processing the loan. “We continue to find strong interest for HARP,” said Pichel. “There are thousands more who could benefit from it, whether it's because of the value of their home or because of low rates.” The government's HARP program is slated to continue until December 2013. Interested homeowners can contact 1-888-FOR-REFI [367-7334] or http://www.regions.com/harp for more information on the HARP program. About Regions Financial Corporation Regions Financial Corporation, with $122 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,700 banking offices and 2,100 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com. Regions is an Equal Housing Lender. Regions Financial CorporationMel Campbell, 205-264-4551