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» VISIT US ONLINE @ DSNEWS.COM COVER STORY BEST PRACTICES INDUSTRY INSIGHTS A new and unique program at Fifth Third Bank takes proactive steps to bring relief to unemployed borrowers. By Sandra Lane carrying out a detailed job search action plan, how to evaluate one's career direction, and identifying skills that could transfer to another industry or field. One of the most important aspects of the training teaches borrowers how to discover jobs that are available but never advertised. Participants in the program are also instructed in the use of the latest and most effective Internet tools and techniques for securing a job, as well as interview etiquette. Practice interview sessions are part of the training regimen as well. Feedback from participants has been very positive, according to Meade. "Our customers loved NextJob's services, and in particular liked the online help in building a better resume," he explained, noting that some of the resumes did need a little polishing. In addition, Fifth Third customers were very pleased with NextJob coaches and their instruction in all aspects of job search training, Meade says. As a result of the success seen with the pilot, the program was recently expanded. Now the bank is offering this unique re-employment service to 250–300 customers each month. The original program was offered only to first mortgage customers, but Meade says the bank has extended it to second mortgage customers as well. Fifth Third now has a dedicated staff devoted exclusively to supporting the program. "They look for customers who may need this service and explain the program to them," Meade explained. "This has become part of our day-to-day operation." It's estimated that the average foreclosure costs the bank $50,000 to $60,000, so keeping people in their homes is a win-win for both parties. However, Meade said, "This wasn't all about money. It was about doing the right thing for the customer. The bank has more than recovered the cost [of the program], and the real benefit is to the customer." Realizing the value of this service, Fifth Third has consented to help NextJob make the program available to other lenders. Initially, Fifth Third had exclusive rights to the program for one year. "We are pleased that Fifth Third's senior leadership thought it was a good idea to allow NextJob to discuss this program with other lenders," Meade said. "It's worked well for us, and we would like to share this unique idea with others." Fifth Third traces its origins to the Bank of the Ohio Valley, which opened its doors in Cincinnati in 1858. In 1871, that bank was purchased by Third National Bank. With the turn of the century came the union of Third National Bank and Fifth National Bank, and eventually the organization became known as the Fifth Third Bank. Today, Fifth Third Bancorp is a diversified financial services company with $121 billion in assets and 18 affiliates in 12 states. Fifth Third Bank has a rich legacy of community support. In 1948, it became the first financial institution in the United States to establish a charitable foundation. Today, it continues to invest the time, resources, and people to help build a better tomorrow in the communities it serves. This year, the bank is celebrating its 155th anniversary. POINT— COUNTERPOINT The pilot program was offered to approximately 75 to 100 customers per month for a period of one year. "[The] program was a winner, and I knew the customers were going to love this service," Meade said. He says the bank tracked the program closely and as a result compiled enough information to determine return on investment on the project. "This information and the response from our customers proved that the pilot program was a great success," he said. "The results were amazing— even greater than we had anticipated." Customers who participated in the pilot had been out of work for an average of 22 months, but after going through the program, almost 40 percent were fully employed within six months. Now that the program has been proven, Meade says, if a customer is two months behind on their mortgage payments, they are contacted and encouraged to participate in the program immediately. Presently, the average duration from the time a borrower enters the program to the time of hire is 105 days. NextJob's re-employment service consists of one-on-one job coaching, job search software, and a weekly webinar on a critical job search topic. Training topics include how to create an effective resume and cover letter to get the attention of hiring managers, developing and BEST PRACTICES T hat old adage about necessity being the mother of invention manifests in a unique—and highly effective—loss mitigation program at Cincinnati's Fifth Third Bank. According to Jon Meade, SVP and default servicing manager, the bank was approached in early 2012 about an innovative program to help its unemployed customers who were in serious risk of default on their mortgages. Studies have shown that a large percentage of all mortgage delinquencies are due to job loss. The plan—the first of its kind—was developed by NextJob, a re-employment service located in Bend, Oregon. Together, Fifth Third and NextJob offered a 39-week re-employment training program to borrowers who'd lost their jobs, and the program has produced significant results. 53

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