Fifth Third Mortgage Company Refinances $4 billion in loans
Mortgage Company working hard to help homeowners during troubled times
Cincinnati – Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank and the 16th largest mortgage originator in the country (Inside Mortgage Finance, April 30, 2010) has been hard at work to help those looking to refinance their homes do so.
Since the Freddie Mac Relief RefinanceSM Mortgage Program began in April 2009, Fifth Third Mortgage Company has refinanced more than 23,500 mortgages totaling nearly $4 billion. Freddie Mac has noted on numerous occasions that the Mortgage Company has one of the most efficient Relief Refinance operations in the country.
"Fifth Third Mortgage Company has been working hard to do what’s right for our customers," said Bob Lewis, president of Fifth Third Mortgage Company. "We remain committed to helping mortgage borrowers with refinancing options and to help rebuild consumer confidence."
Many homeowners have taken advantage of low mortgage rates since the government's Home Affordable Refinance Program began. According to the government, more than four million homeowners have refinanced their mortgages, with customers saving an average of $150 per month.
"With 15-and 30-year mortgage rates at near 50-year lows, now could be a great time to refinance your home," said Lewis. "Homebuyers and those looking to refinance have been fortunate as mortgage rates have continued to stay in the four-to-five percent range over the past two years. It would be hard to predict how long these rates will stay at these levels."
Freddie Mac's program is a component of the Obama Administration's Making Home Affordable plan to refinance or modify as many as nine million mortgages. Fifth Third Mortgage Company is committed to the government effort and has taken steps to support this initiative and help eligible borrowers participate in the new programs.
"We applaud Fifth Third Mortgage Company for its success at helping borrowers save money by taking advantage of our Relief Refinance Mortgage and today’s extraordinarily low mortgage rates," said Paul Mullings, senior vice president of single family sourcing at Freddie Mac.
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.
For more information about refinancing, Fifth Third Mortgage customers can visit www.53.com, call (866) 849-0588 or visit a local Fifth Third Bank Financial Center.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $112 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,363 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2010, had $178 billion in assets under care, of which it managed $24 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." Member FDIC. Equal Housing Lender.