Contact: Barbara Grimsley - (513) 534-6791
Fifth Third Mortgage Company's HAMP Conversion Outpaces National Average
Permanent Modification Rate Exceeds 80 Percent
Cincinnati – Fifth Third Bank Mortgage Company, a subsidiary of Fifth Third Bank, and the 14th largest originator in the country (Inside Mortgage Finance) continues to outpace the industry for the second consecutive year in permanent modifications in the government's Home Affordable Modification Program (HAMP).
Of the Mortgage Company's portfolio eligible for HAMP consideration, approximately 81 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data released through December 2011, that percentage is significantly higher than the national average of 53 percent.
"Fifth Third Bank is committed to converting eligible homeowners into this program to help keep customers in their homes," said Steve Alonso, executive vice president and head of Fifth Third's Consumer Bank. "We will remain focused on providing our customers with the best resources and guidance for their mortgages, including helpful advice on payments and loan options."
The Mortgage Company uses HAMP on its Fannie Mae-and Freddie Mac-owned mortgages, per government sponsored entities' (GSE) guidelines. Housing and Urban Development (HUD) created a program similar to HAMP for the mortgages it owns and the Bank services. Both programs require 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. The site, www.53.com/gethelp, has resources on completing the paperwork for participation in HAMP and other helpful tips for borrowers.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,315 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,414 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 Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2011, had $282 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® National Global Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.