Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, continues to outpace the industry in permanent loan 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 Fifth Third'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."
Fifth Third 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, www.53.com/gethelp, that has resources on completing the paperwork for participation in HAMP and other helpful tips for borrowers.