Press release from Business Wire
Fifth Third Mortgage Company Continues to Surpass the National Average in HAMP Conversions
Friday, April 19, 2013
Fifth Third Mortgage Company Continues to Surpass the National Average in HAMP Conversions09:00 EDT Friday, April 19, 2013
CINCINNATI (Business Wire) -- Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, and the 13th largest originator in the country (Inside Mortgage Finance, Fourth Quarter 2012) continues to outpace the industry in permanent modifications in the government's Home Affordable Modification Program (HAMP). This is the third consecutive year Fifth Third Mortgage Company has exceeded the national average.
Of the Mortgage Company's portfolio eligible for HAMP consideration, approximately 97 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data released through January 2013, that percentage is higher than the national average of 87 percent.
“Fifth Third is dedicated to keeping customers in their homes by converting eligible borrowers into this program,” said Steven Alonso, executive vice president and head of Fifth Third's Consumer Bank. “We remain focused on providing our customers the best guidance on their mortgage loan options and payments.”
The Mortgage Company uses HAMP on its Fannie Mae-and Freddie Mac-owned mortgages, per government sponsored entities' (GSE) guidelines. The program requires a three-month trial modification period before being converted to permanent status.
For eligible homeowners, Fifth Third Bank has created a Web site to provide easy-to-understand guidelines for the program requirements. The site, www.53.com/gethelp, has resources on completing the paperwork for participation in HAMP and other helpful tips for borrowers.
In addition to the Bank's involvement with the HAMP program, Fifth Third offers multiple programs to help borrowers facing hardships stay in their homes. Most recently, the Bank announced an initiative with NextJob, a nationwide reemployment solutions company, to offer an industry-first program that gives unemployed mortgage borrowers job search assistance. Fifth Third invites eligible borrowers to learn more about its homeowner reemployment program with NextJob.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $121 billion in assets and operates 18 affiliates with 1,321 full-service Banking Centers, including 104 Bank Mart® locations open seven days a week inside select grocery stores and 2,440 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 33% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2013, had $318 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the Nasdaq® National Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Fifth Third Bank. Member FDIC. Equal Housing Lender.
Fifth Third Bank
Barbara Grimsley, 513-534-6791