Fifth Third Mortgage Surpasses National HAMP Conversion Average

by Chicago Agent

Fifth Third Mortgage Company has continued to lead the pack when it comes to HAMP modifications.


Fifth Third Mortgage Company outpaced the industry in permanent modifications in the government’s Home Affordable Modification Program (HAMP) in 2012, marking the third consecutive year that Fifth Third Mortgage Company has exceeded the national average.

Approximately 97 percent of the trial plans in Fifth Third Mortgage Company’s portfolio have been converted to permanent modifications, compared to the national average of 87 percent.

A subsidiary of Fifth Third Bank, Fifth Third Mortgage Company is the 13th largest originator in the country.

Steven Alonso, the executive vice president and head of Fifth Third’s Consumer Bank, said customer service is the key to their business.

“Fifth Third is dedicated to keeping customers in their homes by converting eligible borrowers into this program,” Alonso said. “We remain focused on providing our customers the best guidance on their mortgage loan options and payments.”

Fifth Third Mortgage Company uses HAMP on its Fannie Mae-and Freddie Mac-owned mortgages, per the GSE’s guidelines. The program requires a three-month trial modification period before being converted to permanent status.

For eligible homeowners, Fifth Third Bank has also created a website 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.

In addition to the Bank’s involvement with the HAMP program, Fifth Third offers multiple programs to help borrowers facing hardships stay in their homes. Most recently, the Bank announced an initiative with NextJob, a nationwide reemployment solutions company, to offer an industry-first program that gives unemployed mortgage borrowers job search assistance. Fifth Third invites eligible borrowers to learn more about its homeowner reemployment program with NextJob.

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