Fifth Third Mortgage Company Servicing Portfolio Tops $65 Billion
Mortgage portfolio up 11 percent, added 38,000 customers in 2010
Cincinnati – Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank and the 14th largest mortgage originator in the country (Inside Mortgage Finance, December 2010), recently broke the $65 billion total servicing portfolio threshold for the first time in company history.
"To reach the $65 billion threshold is an incredible feat, especially with the economic downturn that we've just been through," said Bob Lewis, president of Fifth Third Mortgage Company. "We're grateful of the 38,000 customers that we’ve added this past year selected Fifth Third Mortgage Company to help get their piece of the American Dream.”
The Mortgage Company has been reaching to current customers and first-time homebuyers out over the past two years with information buy their dream home. The Company has tools for homebuyers to give confidence and knowledge to pursue homeownership, which include a website, www.53.com/mortgagedream, which provides information about loan options. The site also includes mortgage tools, including a home valuation model and an affordability calculator to help determine a comfortable monthly mortgage payment.
The Mortgage Company has also been working with customers to refinance their homes through the Making Home Affordable Program. 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.
The Company currently services more than 477,000 customers throughout its 12-state footprint. For more information about loans and other mortgage options, visit www.53.com/mortgage.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets and operates 15 affiliates with 1,313 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,447 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 December 31, 2010, had $266 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® National Global Select Market under the symbol "FITB." Member FDIC. Equal Housing Lender.