Fifth Third Bank 2008 Annual Report Download - page 10
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fifth thirD bancorp 8 2008 annual report
fifth thirD bancorp 2008 annual report
cOnSUMER LEnDing
customizing solutions for changing neeDs
Business Description
Consumer Lending provides loan products to
customers across and beyond Fifth Third’s footprint.
Our loan products include real estate-secured
mortgages, home equity loans and lines, and
federal and private student education loans.
Consumer Lending also partners with a network
of auto dealers who originate loans and leases
on the Bank’s behalf, otherwise known as Indirect
Lending. Whether in need of a rst mortgage or
college loan, our customers know we intend to
offer the right solution.
Customer Focus
We recognize that personal loans are often a vital
element for the prosperity of our customers, so
we offer a broad range of loans that correspond to
their nancial situations. To help prepare for major
life moments such as buying a car or retirement,
Fifth Third provides loans that t our customers’
needs, today and tomorrow.
Strategy
Fifth Third understands that not every customer
needs the same loan product to fulll his or her
needs. To evolve with the dynamic marketplace
and meet the changing needs of customers as
they progress through life, we continue to adjust
our products to avoid exposure to high-risk
segments while rening our lending solutions. In
2008, as many competitors exited the business, we
climbed to a top 20 originator and loan servicer.
We continued to sharpen our focus on underwriting
practices and selectively increased our market
share, growing in 13 afliates, with seven achieving
a 1 or 2 share ranking.
• $843 million total revenue
• $20.7 billion average loans
• $51 billion mortgage servicing portfolio
• 8,100 dealer indirect auto lending network