Fifth Third Mortgage's HAMP Conversion Rate Ahead of the National Average
Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, continues to outpace the industry in permanent modifications in the government's Home Affordable Modification Program (HAMP). Of the mortgage company's portfolio eligible for HAMP consideration, more than 78 percent of trial plans have been converted to permanent modifications. According to U.S. Department of the Treasury data recently released through December 2010, that percentage is nearly double the national average of 39.5 percent.
"Foreclosures and modifications continue to be an important item in today's environment," said Steve Alonso, executive vice president and head of Fifth Third's Consumer Bank. "As we have said and committed to since the inception of HAMP and programs like it, Fifth Third Bank continues to work hard in converting eligible homeowners into this program and into others that help keep customers in their homes."
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