Fifth Third Bank today reported residential refinance originations from its mortgage unit and touted the operation’s standing among its peers. Activity is likely to improve even further given new record-low interest rates.
Refinance volume at Fifth Third Mortgage Co. totaled $4 billion between April 2009 and now, the company reported today.
Refinances at the Cincinnati-based company worked out to 23,500 loan closings since the Freddie Mac Relief Refinance Mortgage Program launched in April 2009.
During the period from April 1, 2009, to June 30, 2010, Fifth Third originated around $23 billion in residential loans, based on publicly reported earnings data. In the first quarter of this year, the lender ranked as the 13th biggest originator based on data tracked by MortgageDaily.com.
Many customers are taking advantage of the lowest rates since the government’s Home Affordable Refinance Program began, the announcement indicated.
“Fifth Third Mortgage Co. is committed to the government effort and has taken steps to support this initiative and help eligible borrowers participate in the new programs,” the firm stated.
The lender is likely to face further strengthening in its refinance pipeline based on the latest interest rates.
Freddie Mac reported today that the average 30-year fixed-rate mortgage fell 2 basis points from last week to 4.54 percent — the lowest level on record since the secondary lender began tracking the 30-year in 1971.
In today’s statement, Fifth Third Mortgage President Bob Lewis advised prospective borrowers that “now could be a great time to refinance your home,” adding that “it would be hard to predict how long these rates will stay at these levels.”
On numerous occasions, Freddie Mac has recognized Fifth Third for running “one of the most efficient relief refinance operations in the country,” according to the statement.
Freddie Mac Senior Vice President Paul Mullings applauded Fifth Third in the news release.
