Fifth Third Bank Helps Distressed Borrowers Find Jobs

By Emma Koch

Fifth Third Bank Helps Distressed Borrowers Find Jobs

February 8, 2013 Updated Feb 8, 2013 at 3:22 PM EDT

FORT WAYNE, Ind. (www.incnow.tv) -- Fifth Third Bancorp has teamed up with NextJob to offer unemployed mortgage borrowers job search assistance.

NextJob, a nationwide reemployment solutions company has been contracted by Fifth Third to provide one-on-one dedicated coaching, weekly webinars and online job search software to unemployed Fifth Third mortgage borrowers.

According to a release by Fifth Third, the companies were piloting the program to Fifth Third customers who were in serious risk of default on their mortgages throughout 2012. Each customer had been unemployed for an average of 22 months. The program was able to help 40% of those customers find employment after six months.

Up to half of mortgage delinquencies are due to job loss,” said Steven Alonso, executive vice president and head of the Consumer Bank, Fifth Third Bancorp. “With NextJob, we immediately recognized an opportunity to go the extra mile to assist our customers. This is specific, one-on-one training that helps people identify their transferable skills and re-gain the financial stability of a new job.

Fifth Third Bank has demonstrated an inspiring level of customer commitment,” said John Courtney, CEO of NextJob. “The company understood that neither party benefits from a foreclosure. Job loss, followed by the loss of one’s home, is severely damaging to individuals and families. This program is a simple, but big idea and its time has come for the banking industry.

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