CINCINNATI, Dec. 8, 2010 /PRNewswire/ -- Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank and the 16th largest mortgage originator in the country (Inside Mortgage Finance, April 2010) is determined to help keep people in their homes. The Mortgage Company continues to outpace the industry in permanent modification conversions in the government's Home Affordable Modification Program (HAMP).
Of the Mortgage Company's portfolio eligible for HAMP consideration, nearly 77 percent of those trial plans have been converted to permanent modifications. According to U.S. Treasury data recently released for October, that percentage is more than double the national average of nearly 35 percent.
"The past several months have seen a lot of negative information about the mortgage industry, particularly along the foreclosure front," said Steve Alonso, executive vice president of Consumer Lending, Mortgage and Business Banking for Fifth Third Bank. "Fifth Third Bank is committed to helping keep our customers in their homes, and we are continuing to work hard converting eligible customers into the government's HAMP program."
The Mortgage Company uses HAMP on its Fannie Mae-and Freddie Mac-owned mortgages, per government sponsored entities' (GSE) guidelines. Housing and Urban Development (HUD) created a program similar to HAMP for the mortgages it owns and the Bank services. Both programs require a three-month trial modification period before being converted to permanent status.
In addition to utilizing the government's HAMP program, Fifth Third continues to use its "You Have Options" program for bank-owned mortgages. Fifth Third's "You Have Options" program is tailored, through a menu of options, to each customer's specific financial situation. The program allows the Bank to offer flexible-term and rate adjustments to bank-owned mortgages.
Along with the "You Have Options" program, Fifth Third Bank developed a proactive customer outreach program designed to build customer trust and enable solutions-driven interactions between the Bank and its customers, ranging from a centralized toll-free contact point ((866) 601-6391), to outreach events, to home visits.
Many portions of the Making Home Affordable Program have raised questions from borrowers completing the extensive paperwork necessary to participate in the program. Fifth Third Bank has created a Web site to help borrowers navigate through the paperwork. The site, www.53.com/bettertomorrow, explains in easy-to-understand terms the program requirements.
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company had $112 billion in assets and operated 16 affiliates with 1,311 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,435 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 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2010, had $190 billion in assets under care, of which it managed $26 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." Member FDIC. Equal Housing Lender.
SOURCE Fifth Third Bancorp