Fifth Third Mortgage Company’s HAMP Conversion Exceeds National Average
by Business Wire
Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, and the 13th largest originator in the country (Inside Mortgage Finance 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 97.3 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data released through November 2012, that percentage is higher than the national average of 87 percent. The Home Affordable program now reports HAMP modification conversions completed since June 1, 2010.
“Fifth Third remains committed to providing our customers with helpful advice on payments and loan options,” said Steven Alonso, executive vice president and head of Fifth Third’s Consumer Bank. “We continue to focus on converting eligible homeowners into this program to help them maintain homeownership.”
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.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $122 billion in assets and operates 18 affiliates with 1,324 full-service Banking Centers, including 106 Bank Mart® locations open seven days a week inside select grocery stores and 2,413 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 December 31, 2012, had $308 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. Member FDIC. Equal Housing Lender.