Fifth Third Mortgage Co. continues to outpace the national average conversion rate of
The bank converted to permanent modifications up to 97% of the loans in its trial HAMP portfolio, which is 10% higher than the national average of 87%, according to U.S. Treasury data released through January 2013.
It marks the third consecutive year Fifth Third exceeds the national average.
Fifth Third uses HAMP to modify distressed loans owned by Fannie Mae and Freddie Mac in accordance with the guidelines of the government-sponsored entities, including a three-month trial modification period requirement before conversion to permanent status.
One of the reasons the ratio is so high, according to Steven Alonso, executive vice president and head of Fifth Third’s consumer bank division, is borrower education and continuous focus on providing homeowners “the best guidance on their mortgage loan options and payments” through different venues.
The said venues include a website that explains HAMP guidelines and helps them access the resources they need to complete the paperwork. In addition, Fifth Third partnered with NextJob, a nationwide reemployment solutions company, to offer an industry-first program that gives unemployed mortgage borrowers job search assistance.
