Mortgage Modifications - Fifth Third’s HAMP Conversion Rate Twice As Successful Than National Average

The Fifth Third Mortgage Company is continuing to help distressed home owners to keep their homes and not resort to foreclosure. The company again outshines the national average in permanent modifications by more than doubling the rate of qualified applicants eligible for the government’s Home Affordable Modification Program or HAMP.

77% of their trial plans have been successfully converted to permanent modifications, and this success ratio is significantly above the national average of approximately 35%.

“The past several months have seen a lot of negative information about the mortgage industry, particularly along the foreclosure front,” said Steve Alonso, executive vice president of Consumer Lending, Mortgage and Business Banking for Fifth Third Bank. “Fifth Third Bank is committed to helping keep our customers in their homes, and we are continuing to work hard converting eligible customers into the government’s HAMP program.”

On top of the HAMP program, Fifth Third also employs its “You Have Options” initiative concerning bank owned mortgages. This initiative gives much weight to specific personal finance issues particular to each customer. Normally, the program permits the Bank to make available flexible term and rate adjustments..

In general, Fifth Third Bank seems to be successful because it has fostered strong customer relations of trust and integrity with items such as a central call center where customers can call toll free regarding issues they might have. Company bankers sponsor various outreach events to keep customers abreast on industry news and even conduct home visits at their customers’ convenience.