Fifth Third Bankcorp (FITB) touted its performance under the government's Home Affordable Modification Program (HAMP) on Tuesday, saying its mortgage subsidiary continues to complete more permanent modifications on the loans it services versus the national average.
Of the portfolio at Fifth Third Mortgage Company eligible for HAMP consideration, approximately 82 percent of trial plans have been converted to permanent modifications, the company said in a statement.
U.S. Treasury data released through June 2012 pegs the national average at 55 percent.
"Fifth Third is focused on converting eligible homeowners into this program to help our customers stay in their homes," said Steven Alonso, executive vice president and head of Fifth Third’s Consumer Bank.
The bank's mortgage operation uses HAMP on its Fannie Mae-and Freddie Mac-owned mortgages, per GSE loan servicing guidelines. The U.S. Department of Housing and Urban Development created a program similar to HAMP for the mortgages it owns and the Bank services. Both programs require a three-month trial modification period before being converted to permanent status.