Fifth Third Bank

News Release

 

Fifth Third Mortgage Company Now Implementing Government’s “Making Home Affordable” Program

03/06/09

Mortgage Company reviewing more than 200,000 mortgage customers for eligibility

Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, is pleased to play a key role in supporting home ownership by offering refinancing and modification opportunities under the federal government’s Making Home Affordable Program. This program outlines options for mortgage refinancing and modifications to customers who already have a mortgage relationship with the company.

The Mortgage Company is currently reviewing more than 200,000 mortgage customers to determine eligibility and to identify and communicate to customers who could benefit from this refinance program. Fifth Third Mortgage customers interested in reviewing refinancing eligibility under these guidelines should visit their local Financial Center or call (866) 849-0588.

Since President Obama’s announcement nearly two weeks ago, the Bank’s Call Center has experienced an increase in calls regarding questions and information about the programs.

“We are excited about making this program available and believe that it will be truly beneficial for our customers,” said Bob Lewis, president of Fifth Third Mortgage Company. “This program is an especially great opportunity to help our customers with their refinance options in a declining market and further build consumer confidence.”

The Home Affordable Refinance Program will make refinancing easier for many homeowners. Some benefits include:

  • Refinance up to 105 percent loan-to-value ratio. For instance, if a home is worth $100,000 (using an automated valuation model), under this program, a homeowner may be able to refinance their mortgage up to $105,000.
  • No appraisal required on most single-family homes
  • No minimum credit score
  • No income or asset verification required

The Mortgage Company will also offer the Home Affordable Modification Program to help eligible customers who have fallen behind on mortgage payments or are in imminent danger of missing a payment. Fifth Third Mortgage customers needing this type of assistance should call (888) 393-1351.

Fifth Third Mortgage Company is committed to this effort and is taking steps to support this initiative and help eligible borrowers participate in the new programs. Since January 2007, Fifth Third Bank has been reaching out to its customers – including mortgage customers – to discuss finances. The Bank has several programs including “You Have Options,” and the early intervention program, designed to educate customers who could have difficulty making mortgage and other asset payments. The Bank also introduced Dream Guard - a disciplined approach to helping customers make it through today’s financial uncertainty.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $120 billion in assets, operates 16 affiliates with 1,307 full-service Banking Centers, including 92 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,341 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2008, has $179 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for- profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB."