For the third consecutive year Fifth Third Mortgage Co. has exceeded the national average of converting Home Affordable Modification Program workout plans into permanent modifications.
The Cincinnati-based mortgage bank converted approximately 97.3% of its eligible HAMP portfolio.
It is up to 10.3% higher than the 87% national average, according to U.S. Treasury data released through November 2012 based on HAMP modification conversions completed since June 1, 2010.
Since Fannie Mae and Freddie Mac require a three-month trial period for modified Fannie- and Freddie-owned mortgage loans before they are converted into permanent HAMP status, said executive vice president and head of Fifth Third’s Consumer Bank, Steven Alonso, the bank continues to focus on converting eligible homeowners into the program.
Fifth Third offers homeowners easy-to-understand guidelines and advice on payments, loan options and HAMP requirements through a website created to assist them with the resources they need to complete the paperwork.
Among others, the $308 billion company operates 18 affiliates with 1,324 full-service banking centers, including 106 bank mart locations that are open seven days a week inside select grocery stores.