Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, and the 13th largest originator in the country (Inside Mortgage Finance, Second Quarter 2012) continues to outpace the industry in permanent modifications in the government’s Home Affordable Modification Program (HAMP). This is the second consecutive year Fifth Mortgage Company has exceeded the national average.
Majority of HAMP Trial Plans Converted
Of the mortgage company’s portfolio eligible for HAMP consideration, approximately 82 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data released through June 2012, that percentage is significantly higher than the national average of 55 percent.
“Fifth Third is focused on converting eligible homeowners into this program to help our customers stay in their homes,” said David Hilger, senior vice president of Fifth Third Bank (Chicago). “We are committed to providing our customers with the best guidance on 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 created a website to provide easy-to-understand guidelines for the program requirements. The site has resources on completing the paperwork for participation in HAMP and other helpful tips for borrowers.