5/3 Bank starts affordable home program

INDIANAPOLIS (WANE) - Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, is supporting home ownership by offering refinancing and modification opportunities under the federal government’s Making Home Affordable Program.

This program outlines options for mortgage refinancing and modifications to customers who already have a mortgage relationship with the company.

The Mortgage Company is currently reviewing more than 200,000 mortgage customers to determine eligibility and to identify and communicate to customers who could benefit from this refinance program.

Fifth Third Mortgage customers interested in reviewing refinancing eligibility under these guidelines should visit their local Financial Center or call (866) 849-0588.

Since President Obama’s announcement nearly two weeks ago, the Bank’s Call Center has experienced an increase in calls regarding questions and information about the programs.

“We are excited about making this program available and believe that it will be truly beneficial for our customers,” said Todd Donley, senior vice president of Fifth Third Mortgage Company, Central Indiana. “This program is an especially great opportunity to help our customers with their refinance options in a declining market and further build consumer confidence.”

The Home Affordable Refinance Program will make refinancing easier for many homeowners. Some benefits include:

· Refinance up to 105 percent loan-to-value ratio. For instance, if a home is worth $100,000 (using an automated valuation model), under this program, a homeowner may be able to refinance their mortgage up to $105,000.

· No appraisal required on most single-family homes
· No minimum credit score
· No income or asset verification required

The Mortgage Company will also offer the Home Affordable Modification Program to help eligible customers who have fallen behind on mortgage payments or are in imminent danger of missing a payment. Fifth Third Mortgage customers needing this type of assistance should call (888) 393-1351.

Fifth Third Mortgage Company is committed to this effort and is taking steps to support this initiative and help eligible borrowers participate in the new programs. Since January 2007, Fifth Third Bank has been reaching out to its customers – including mortgage customers – to discuss finances.

The Bank has several programs including “You Have Options,” and the early intervention program, designed to educate customers who could have difficulty making mortgage and other asset payments.

The Bank also introduced Dream Guard - a disciplined approach to helping customers make it through today’s financial uncertainty.