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A new memo from Fifth Third notifies recipients that effective immediately (with a little time to fund the existing pipeline) that the bank is out of the Alt-A business entirely. And in a refreshing turn – all sales channels are affected. Retail and wholesale alike will lose Alt-A products previously offered by the “super-regional” bank.
Here’s a copy of the announcement:
Important Announcement
Please circulate as appropriateBULLETIN
Announcing Alt A Lending Program Discontinued
Effective In All ChannelsTo: All Mortgage Sales and Operational Personnel
Fifth Third Mortgage is announcing they are discontinuing offering Alt A lending programs in all Channels.
What needs to happen in managing your pipeline:
Retail/Direct:
- All Alt A applications in the pipeline dated on or before Monday May 5, 2008, must be locked by close-of-business Monday May 5, 2008 by 5PM Eastern Standard Time.
- All loans must be closed by May 23, 2008
Wholesale:
- All Alt A applications in the pipeline must be registered and locked by close-of-business Friday May 2, 2008, by 5PM Eastern Standard Time.
- No registrations will be accepted after 5PM Eastern Standard Time, May 2, 2008
- All loans must be closed and funded by May 23, 2008
NO EXTENSIONS WILL BE GRANTED TO CLOSE/FUND BEYOND MAY 23, 2008 (ALL CHANNELS)
Thank You,
Fifth Third Mortgage Company
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May 2, 2008 at 9:36 am
[...] You can bet that someone at Fifth Third Bancorp wants to be around awhile. By dropping Alt-A and like ...