Fifth Third Mortgage Co. continues to convert to permanent status nearly 77% of the firm’s Home Affordable Modification Program portfolio. It is over double the national average conversion ratio, which according to U.S Treasury data released in October remains at 35%.
The Cincinnati, OH based $112 billion company attributes the success to a strategy that includes multifaceted customer support systems along with non-HAMP options that help minimize foreclosure risk.
Fifth Third customers including HAMP modifications offered for Fannie Mae and Freddie Mac owned mortgages can use the bank’s customer outreach program that has helped build customer trust and better interactions such as toll free phone contact, various community events and home visits.
Given the complexity and extensive paperwork requirements of HAMP, the bank said it facilitated the filing process by providing a website that provides easy to understand explanations for borrowers participating in the program.
In addition, those who do not qualify for a HAMP modification have the option to apply for the Fifth Third “You Have Options” program designed for bank-owned mortgages. It allows the bank to offer these borrowers “flexible-term and rate adjustments.”
Meanwhile mortgages owned by the Department of Housing and Urban Development also are given HUD specific modifications that similarly to HAMP require a three-month trial period.
