NextJob Accelerates Availability of Program Helping Unemployed Mortgage Borrowers Find Jobs
Nationwide reemployment solutions company, NextJob, recently announced that its Homeowner Reemployment program is now immediately available to other financial institutions, due to an agreement with Fifth Third Bank “to accelerate the expiration of an exclusivity clause.”
A multi-year contract was announced in early February regarding an industry-first program fully funded by Fifth Third Bank. The program gives unemployed mortgage borrowers job search assistance, including one-on-one dedicated coaching, weekly webinars and online job search software. The bank and NextJob piloted the program throughout 2012, resulting in nearly 40 percent of unemployed mortgage borrowers securing full-time job within six months of joining the program.
“We are excited to be able to extend this program to unemployed mortgage borrowers at other banks because of this decision,” John Courtney, CEO of NextJob, said. “When the program was announced, it generated nationwide media coverage and interest from other financial institutions. Fifth Third Bank’s decision to waive their exclusivity provision is a great step in helping more job seekers move forward with their search for meaningful, full time employment.”
CEO of Fifth Third Bank, Kevin Kabat, said, “We believe the Homeowner Reemployment program is an idea whose time has come for the banking industry, and we feel so strongly about helping the unemployed find jobs that we wanted to make sure that any bank who wanted to offer the program to its customers could do so.” Kabat noted that as the first bank to provide this type of assistance to its customers, Fifth Third is willing to share lessons learned and answer questions from bank CEOs or senior mortgage executives who are interested in learning more.
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