Skip to main content

Fifth Third Converts More Than 79 Percent of Trial Mods to Permanent Mods

NationalMortgageProfessional.com
May 31, 2011

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 Fifth Third's portfolio eligible for HAMP consideration, more than 79 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data recently released through March 2011, that percentage is well above the national average of 42.9 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 continues to work hard in converting eligible homeowners into this program and into others that help keep customers in their homes." Fifth Third uses HAMP on its Fannie Mae- and Freddie Mac-owned mortgages, per government sponsored enterprise (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. 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 Fifth Third to offer flexible-term and rate adjustments to bank-owned mortgages.
Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021
Verus Title Inc. Expands Into Dallas-Fort Worth Texas

Verus plans to take advantage of the Dallas-Fort Worth market before expanding throughout the state.

Community
Jun 07, 2021
Freddie Mac Multifamily Extends Forbearance Deadline To September

Freddie Mac Multifamily extended the deadline for requesting a new COVID-19 forbearance agreement for its Multifamily loans to September 30, 2021.

Industry News
Jun 04, 2021
Fannie Mae Launches 'Your Own Story' To Educate Future Homebuyers

Fannie Mae is seeking to help demystify the homebuying process for future homeowners with “Your Own Story.” A new campaign to educate future homebuyers on the entire process.

Industry News
Jun 04, 2021