Fifth Third Bank Appoints Jay Plum as Head of Mortgage

Rhea-AI Summary

Fifth Third Bank announced Jay Plum as the new executive vice president and head of mortgage, aiming to enhance its digital mortgage initiative and growth strategy.

Plum brings extensive banking experience, previously holding consumer finance leadership roles. His onboarding is expected to improve customer experience, as evidenced by rising digital application submissions and increased customer satisfaction since the launch of the new digital platform.

The bank is focused on further digitizing the homebuying process, ensuring transparency and collaboration with mortgage loan originators.

Positive

• Appointment of Jay Plum expected to enhance leadership in the mortgage sector.
• Increased customer satisfaction and faster loan funding since the digital mortgage initiative launch.
• Commitment to further digitizing the homebuying experience.

Negative

• None.

Fifth Third Bank, National Association, has announced the addition of Jay Plum in the role of executive vice president and head of mortgage. Plum will help lead the Bank’s digital mortgage initiative and the growth strategy for the Bank’s mortgage business.

Fifth Third Bank names Jay Plum new head of Mortgage (Photo: Business Wire)

“We’re excited to have Jay join us. His expertise across so many areas of banking and the markets that we serve will help us continue to improve our customer experience and grow the business,” said Howard Hammond, head of the Consumer Bank for Fifth Third. “Jay brings a deep understanding of our communities and a commitment to our purpose.”

Plum will play a leadership role in the Bank’s digital mortgage initiative. In fall of 2020, Fifth Third partnered with Blend to offer a simple, seamless online home financing experience. Now, more than nine out of 10 mortgage applications are submitted digitally. Since launching the new digital experience, the average customer satisfaction score has increased while the average time to fund a loan has decreased.

The Bank is working to digitize even more parts of the overall homebuying experience, giving customers control, choice and transparency along the journey. The solution also enables them at any given point to collaborate with one of our mortgage loan originators.

“I’m excited to join a bank committed to serving its community and delivering a best-in-class homebuying experience,” Plum said.

Plum, who has decades of experience in banking, most recently served in consumer finance leadership roles, where he was responsible for mortgage, consumer, direct and credit card lending. Plum earned his bachelor’s degree from Colgate University and his master’s in business administration from the Owen Graduate School of Management at Vanderbilt University.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution As of Dec. 31, 2020, Fifth Third had $205 billion in assets and operated 1,134 full-service banking centers and 2,397 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2020, had $434 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq^® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC. Equal Housing Lender.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005532/en/

FAQ

Who is Jay Plum in relation to Fifth Third Bank?

Jay Plum has been appointed as the executive vice president and head of mortgage at Fifth Third Bank.

What is the purpose of Jay Plum's appointment at Fifth Third Bank?

His role is to lead the digital mortgage initiative and growth strategy for the bank's mortgage business.

What improvements have been seen since Fifth Third Bank's digital mortgage initiative?

Since the initiative's launch, over 90% of mortgage applications are now submitted digitally, with improved customer satisfaction scores and decreased loan funding times.

What experience does Jay Plum bring to Fifth Third Bank?

Plum has decades of experience in banking, focusing on consumer finance, mortgage, and lending services.

How does Fifth Third Bank plan to enhance the homebuying experience?

The bank aims to digitize more aspects of the homebuying process, providing customers with control, choice, and transparency.