October 13-19, 2010


THE MICHIGAN CHRONICLE


Fifth Third Mortgage Company government modification conversion rate above 70 percent


As percentages for permanent


modifications in the government’s Home Affordable Modification Pro- gram (HAMP) have continued to in- crease over the past several months, Fifth Third Mortgage Company modi- fication rates are continuing to excel beyond the national average


Of the 89 percent of Fifth


Third Mortgage Company’s portfolio eligible for HAMP consideration, more than 70 percent of trial plans started have been converted to per- manent modifications. Ac- cording to U.S. Treasury data recently released for June, that percentage is more than double the national average of more than 30 percent.


“Fifth Third Bank is de-


owned mortgages instead of the government’s HAMP program. While HAMP does have benefits to the cus- tomer, Fifth Third’s “You Have Op- tions” program is tailored, through a menu of options, to each custom- er’s specific financial situation – not just the customer’s mortgage pay-


tions from borrowers completing the extensive paperwork necessary to participate in the program. Fifth Third Bank has created a website to help borrowers navigate through the paperwork. The site, www.53.com/ bettertomorrow, explains in easy-to- understand terms the program re- quirements.


“Fifth Third Bank is deter-


termined to keep customers in their homes,” said Steve Alonso, executive vice presi- dent of Consumer Lending, Mortgage and Business Bank- ing for Fifth Third Bank. “We are working tirelessly to con- vert eligible customers in the govern- ment’s Home Affordable Modification Program.”


The Mortgage Company uses HAMP


on its Fannie Mae-and Freddie Mac- owned mortgages, per government sponsored entities’ (GSE) guidelines. Housing and Urban Development (HUD) created a program similar to HAMP for the mortgages it owns and the bank services. Both programs re- quire a three-month trial modification period before being converted to per- manent status.


The ank continues to use its “You Have Options” program for bank-


mined to keep customers in their homes. We are working tirelessly to convert eligible customers in the government’s Home Affordable Modification Program.” — Steve Alonso, executive vice presi-


dent of Consumer Lending, Mortgage and Business Banking for Fifth Third Bank.


ment-to-income as in GSE and HUD modification programs. The program allows the bank to offer flexible-term and rate concessions to bank-owned mortgages.


Along with the “You Have Options”


program, Fifth Third Bank developed a proactive customer outreach program designed to build customer trust and enable solutions-driven interactions between the bank and its customers, ranging from a centralized toll-free contact point ((866) 601-6391), to out- reach events, to home visits.


Many portions of the Making Home Affordable Program have raised ques-


Fifth Third Bancorp to host conference call


Fifth Third Bancorp


(Nasdaq: FITB) is scheduled to report third quarter 2010 financial results on Thurs- day, Oct. 21. The announce- ment will be available at http:// www.53.com/ at approximately 6:30 a.m.. The Company will host a conference call at 9 a.m. to discuss results.


This conference call will be


webcast live by Thomson Fi- nancial and may be accessed through the Fifth Third In- vestor Relations website at http://www.53.com/ (click on “About Fifth Third” then “In- vestor Relations”). The web- cast also is being distributed over Thomson Financial’s In- vestor Distribution Network to both institutional and in- dividual investors. Individual investors can listen to the call through Thomson Financial’s individual investor center at


http://www.earnings.com/ or by visiting any of the investor sites in Thomson Financial’s Individual Investor Network. Institutional investors can access the call via Thomson Financial’s password-pro- tected event management site, StreetEvents (http://www. streetevents.com/).


Those unable to listen to


the live call may access a we- bcast replay through the Fifth Third Investor Relations web- site at the same web address. Additionally, a telephone replay of the conference call will be available until approxi- mately Thursday, November 4 by dialing (800) 642-1687 for domestic access or (706) 645- 9291 for international access (passcode 12721102#).


SOURCE: Fifth Third Bancorp Small businesses From page B-1


cally put many of the concepts and tools they received to use and are much happier with the results.


Fifth Third Bank has been


the statewide sponsor of Fiscal Fitness for the Growing Business, funded by the Fifth Third Foundation, since June 2009 and all Fiscal Fitness programs provide manage- ment tools for the non-finan- cial manager.


The workshop is a precur-


sor to the MI-SBTDC Fiscal Fitness Counseling Program which provides the business owner up to four 1-1/2 to 2 hours, one-on-one consult- ing sessions with a Michigan SBTDC consultant over four to eight weeks to complete the program. At each consulting session the business owner’s actual company information will be used to ensure he or she gets a clear understanding of how the concepts that are introduced will work in their business.


CEOs who have three or


more years of financial history and want to develop a better understanding of how to use their financial statements to help make better informed de- cisions will find this program


indispensible. The program is from 8:30


a.m. to 12:30 p.m. at EMU- MI SBTDC @ Tech Town, 440 Burroughs Street, Suite 307A, Detroit. The morning begins with a continental breakfast at 8 a.m. and the workshop is from 8:30 a.m. to 12:30 p.m. You must pre-register for the workshop. The price has been reduced from $50 to $25 for all attendees. Fifth Third Bank clients are eligible to attend for free. Call (734) 487-0355 to register at no cost.


Other upcoming sessions


for 5 Keys to Fiscal Fitness are:


Wednesday, Oct. 20, Down-


river Community Conference Center, 8 a.m. to noon, 15100 Northline Rd., Suite 179, Southgate.


Wednesday, Nov. 17,


Monroe County Community College, Administration Build- ing in Room A-173, 1555 S. Raisinville Rd., Monroe.


If you are interested in more


information regarding the Fiscal Fitness for the Growing Business or would like to reg- ister online, you can visit the MISBTDC website at www.mis- btdc.org/region9.


Fifth Third Bancorp is a


diversified financial services company headquartered in Cincinnati, Ohio. The Compa- ny has $112 billion in assets, operates 16 affiliates with 1,308 full-service Banking Centers, including 101 Bank Mart® locations open seven days a week inside select gro- cery stores and 2,366 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Geor- gia and North Carolina. Fifth Third operates four main busi- nesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Ad-


visors. Fifth Third also has a 49% in- terest in Fifth Third Processing Solu- tions, LLC.


Fifth Third is among the largest


money managers in the Midwest and, as of June 30, 2010, had $178 bil- lion in assets under care, of which it managed $24 billion for individu- als, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ(R) Na- tional Global Select Market under the symbol “FITB.” Member FDIC. Equal Housing Lender.


Page B-2


Fifth Third Mortgage Company refinances $4 billion in loans


Fifth Third Mortgage Company, a


subsidiary of Fifth Third Bank and the 16th largest mortgage origina- tor in the country (Inside Mortgage Finance, April 30, 2010) has been hard at work to help those looking to refinance their homes do so.


Since the Freddie Mac Relief


RefinanceSM Mortgage Program began in April 2009, Fifth Third Mortgage Company has refinanced more than 23,500 mortgages total- ing nearly $4 billion. Freddie Mac has noted on numerous occasions that the Mortgage Company has one of the most efficient Relief Re- finance operations in the country.


“Fifth Third Mortgage Com-


pany has been working hard to do what’s right for our custom- ers,” said Bob Lewis, president of Fifth Third Mortgage Company. “We remain committed to helping mortgage borrowers with refinanc- ing options and to help rebuild consumer confidence.”


Many homeowners have taken


advantage of low mortgage rates since the government’s Home Af- fordable Refinance Program began. According to the government, more than four million homeowners have refinanced their mortgages, with customers saving an average of $150 per month.


“With 15- and 30-year mortgage


rates at near 50-year lows, now could be a great time to refinance your home,” said Lewis. “Homebuy- ers and those looking to refinance have been fortunate as mortgage rates have continued to stay in the four-to-five percent range over the


past two years. It would be hard to predict how long these rates will stay at these levels.”


Freddie Mac’s program is a


component of the Obama Admin- istration’s Making Home Afford- able plan to refinance or modify as many as nine million mortgages. Fifth Third Mortgage Company is committed to the government effort and has taken steps to sup- port this initiative and help eligible borrowers participate in the new programs.


“We applaud Fifth Third Mort-


gage Company for its success at helping borrowers save money by taking advantage of our Relief Re- finance Mortgage and today’s ex- traordinarily low mortgage rates,” said Paul Mullings, senior vice president of single family sourcing at Freddie Mac.


Since January 2007, Fifth Third


Bank has been reaching out to its customers — including mortgage customers — to discuss finances. The Bank has several programs in- cluding “You Have Options,” and the early intervention program, de- signed to educate customers who could have difficulty making mort- gage and other asset payments. The Bank also introduced Dream Guard - a disciplined approach to helping customers make it through today’s financial uncertainty.


For more information about


refinancing, Fifth Third Mortgage customers can visit www.53.com, call (866) 849-0588 or visit a local Fifth Third Bank Financial Center.


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