As percentages for permanent modifications in the government's Home Affordable Modification Program (HAMP) have continued to increase over the past several months, Fifth Third Mortgage Company's modification rates are continuing to excel beyond the national average.
Of the 89 percent of Fifth Third Mortgage Company's portfolio eligible for HAMP consideration, more than 70 percent of trial plans started have been converted to permanent modifications. According to U.S. Treasury data recently released for June, that percentage is more than double the national average of more than 30 percent.
"Fifth Third Bank is determined to keep customers in their homes," said Steve Alonso, executive vice president of consumer lending, mortgage and business banking for Fifth Third Bank. "We are working tirelessly to convert eligible customers in the government's Home Affordable Modification Program."
Fifth Third uses HAMP on its Fannie Mae-and Freddie Mac-owned mortgages, per government sponsored entities' (GSE) guidelines. The U.S. Department of Housing & 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.
For more information, visit www.53.com.