Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, and the
13th largest originator in the country (Inside Mortgage
Finance 2012) 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 Mortgage Company’s portfolio eligible for HAMP consideration,
approximately 97.3 percent of trial plans have been converted to
permanent modifications. According to U.S. Treasury data released
through November 2012, that percentage is higher than the national
average of 87 percent. The Home Affordable program now reports HAMP
modification conversions completed since June 1, 2010.
“Fifth Third remains committed to providing our customers with helpful
advice on payments and loan options,” said Steven Alonso, executive vice
president and head of Fifth Third’s Consumer Bank. “We continue to focus
on converting eligible homeowners into this program to help them
maintain homeownership.”
The Mortgage Company 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 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 $122 billion in
assets and operates 18 affiliates with 1,324 full-service Banking
Centers, including 106 Bank Mart® locations open seven days a week
inside select grocery stores and 2,413 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 33% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2012, had $308 billion in assets under
care, of which it managed $27 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.
Equal Housing Lender.
Fifth Third Bancorp
Barbara Grimsley, 513-534-6791