Fifth Third Mortgage Company has announced that its rate of permanent modifications for all mortgage types under the Home Affordability and Stability Plan of 2009 is more than four times the national average.
According to the mortgage company, which ranks as the 18th largest mortgage originator in the country, 89 percent of their portfolio is eligible for HAMP consideration. Of those who are eligible, 35 percent have already implemented trial plans that have been converted in permanent mortgage modifications.
Fifth Third also noted that its track record regarding the HAMP program has so far outpaced the national rate in regard to establishing permanent modifications under the program. According to U.S. Treasury Department data released in December 2009, the national average rate of modifications that became permanent came in at 7.4 percent, or nearly one-fifth of the mortgage company’s average.
"Fifth Third Bank works hard to provide the best for our customers," said Steve Alonso, the executive vice president of Consumer Lending and Mortgage at the bank. "We have significantly increased staff in this department and continuously work to convert customers who are eligible for the program."
Last month, Bank of America announced that while 20,000 of its customers had come forward looking to alter their mortgage payment under HAMP, with 3,200 of the modifications having been made permanent.