Fifth Third Mortgage Company continues to outpace the industry in permanent 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 the company’s portfolio eligible for HAMP consideration, approximately 97 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data released through January 2013, that percentage is higher than the national average of 87 percent.
“Fifth Third is dedicated to keeping customers in their homes by converting eligible borrowers into this program,” said Steven Alonso, EVP and head of Fifth Third’s Consumer Bank. “We remain focused on providing our customers the best guidance on their mortgage loan options and payments.”
Fifth Third Mortgage 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, www.53.com/gethelp, to provide easy-to-understand guidelines for the program requirements. The site has resources on completing the paperwork for participation in HAMP and other helpful tips for borrowers. In addition to the Bank’s involvement with the HAMP program, Fifth Third offers multiple programs to help borrowers facing hardships stay in their homes. Most recently, the Bank announced an initiative with NextJob, a nationwide reemployment solutions company, to offer an industry-first program that gives unemployed mortgage borrowers job search assistance. Fifth Third invites eligible borrowers to learn more about its homeowner reemployment program with NextJob.