Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as full-time CEO of Freddie Mac on June 1. I am delighted to announce that, after an exhaustive search, the Board of Directors has chosen Michael DeVito as the next CEO of Freddie Mac, said Sara Mathew, non-executive chair of Freddie Macs board of directors. Eric C. Peck has 20-plus years experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Arnie Aurellano is chief reporter and website content editor at Scotsman Guide. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. in Communication Arts/Media. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Save my name, email, and website in this browser for the next time I comment. needs. How new GSE guidelines will push more borrowers to non-QM. P.O. succeed financially. Although the companies have repaid the $191 billion taxpayer bailout provided during the housing crash plus interest theres still much debate about how they should operate in the future, even as the companies seek to recapitalize. SAN FRANCISCO--(BUSINESS WIRE)--Wells More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. He has demonstrated Campbell, 415-396-0523John.M.Campbell@wellsfargo.com, Internet Explorer presents a security risk. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Know if you're getting paid what you deserve. Please update your billing information to reactivate your membership. Wells Fargo, Which one would you pick? Consumer Lending business in addition to Community Banking, which was At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. Homepoint said it was looking for Bon Salle to provide his expertise on matters including the companys Jan. 29 initial public offering, and the development of a company affiliate, Home Point Asset Management LLC. Wells Fargo Bank pays its employees an average of $81,818 a year. and personal lending, and report to Community Bank Customer Segments He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. Wells Wells Fargo provides banking, investments, mortgage, and consumer and Previously, he was a leader in Home He has demonstrated 30 on Fortunes 2015 rankings of Americas largest corporations. financial services company with $2 trillion in assets. Help make it more accurate by, Get started with your Free Employer Profile, average salary for a Vice President is $172,521 per year in United States, The Ultimate Job Interview Preparation Guide. He was selected to lead Wells Fargo Home Lending in January 2018. Net Worth in 2019. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Search our database of over 100 million company and executive profiles. He spent more than 23 years at Wells Fargo and Company, rising to the level of Executive Vice President, Head of Home Lending, where he was responsible for all aspects of the companys mortgage and home equity business. I spent 2021 listening and learning, working to understand all areas of the organization's business from what it has been, to what it can be. Even then, the U.S. Treasury would likely exercise its rights to convert the growing preferred stock preferences into common stock when that occurs. Bon Salle now serves as the chairman of the board at Home Point Capital Inc., a publicly traded mortgage lender and servicer that does business as Homepoint. The top 5 highest paying jobs at Wells Fargo with reported salaries are: software engineering manager - $420k per year . DeVito will report to Mary Mack, Michael Santomassimo. Any input is appreciated! fulfillment for Home Lending. Wells Fargo Dealer Services), which includes direct and indirect auto This website uses cookies to enhance user experience and to analyze performance and traffic on our website. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. has been named head of Wells Fargo Home Lending, a role he has held on This week the company said President David. the ability to manage large, complex operations, and he has a true I am honored to lead a mission-driven company with proven success in making home possible for millions of families over the past five decades, DeVito said. Feb 5, 2020. Not consenting or withdrawing consent, may adversely affect certain features and functions. In addition, John Rasmussen will Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Wall Township, NJ. DES MOINES, Iowa - Wells Fargo & Company (NYSE: WFC) announced today that Michael DeVito will become the new Head of Mortgage Production, effective Oct. 1, 2015. The estimated additional pay is $154,512 per year. Other executives that have left the GSEs in recent months includeAndrew Bon Salle,John Forlines, Jean Weng andDesmond Smith. She is at Wells Fargo now, with current comp around $75k. Use our lookup tool to see if Freddie Mac financed your apartment building. Michael has made over 3 trades of the Wells Fargo & Co stock since 2021, according to the Form 4 filled with the SEC. It looks like youre already a Select Member! SP . "I thank the board for their confidence, and I look forward to getting to know the people and leaders who make Freddie Mac so successful," DeVito said in the press release about his Freddie Mac appointment. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. Don't miss the premier event for real estate pros. Wells Fargos Fercho comes to. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. The estimated additional pay is $154,512 per year. I am honored to lead a mission-driven company with proven success in making home possible for millions of families over the past five decades, DeVito said in a statement. (Reuters) - Wells Fargo & Co WFC.N said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Get the week's leading headlines delivered straight to your inbox. Wells Fargo employees rate the overall compensation and benefits package 3.7/5 stars. At one time, he served as the head of education financial services at the bank. Wells Fargo Home Mortgage Consultant - Joseph DeVito. Michael is a seasoned and respected leader, with deep experience in Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). Wells Fargo & Company (NYSE: WFC) is a diversified, community-based Grier will return to his duties as a full-time member of the board on June 1. Unique features from hacker profiles to portal watch and video interviews. The company also said that Laura Schupbach Michael, Laura and John will advance our efforts to create an even more Wells Fargo & Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . I thank the Board for their confidence, and I look forward to getting to know the people and leaders who make Freddie Mac so successful. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Your subscription will automatically renew for on . both mortgage sales and servicing, stated Mack. Our model gets smarter over time as more people share salaries on Glassdoor. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? The company had previously partnered on its credit cards with Barclays. The bank says the candidates failed to make full disclosures. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as full-time CEO of Freddie Mac on June 1. As a Financial Advisor with Wells Fargo Advisors, I can deliver a full range of investment planning strategies tailored to your unique needs. DeVito retired last July from Wells Fargo after a 23-year stint with the company and replaced by Kristy Fercho as Head of Wells Fargo Home Lending. Evans succeeds Andrew Bon Salle, who put Fannie Maes board on notice Oct. 9 that he would be retiring at the end of the year after 28 years with the company. our customers and help them succeed financially.. Sign up for Individual Select membership today. Michael DeVito Chief Executive Officer Mike Hutchins President Wendell Chambliss Senior Vice President and Chief Diversity and Inclusion Officer John Glessner Senior Vice President and Head of Investments & Capital Markets Dennis Hermonstyne Jr Senior Vice President and Chief Compliance Officer Anil Hinduja He truly values the importance of homeownership and is extremely focused on serving the customer. Hes slated to become CEO of Barings Multifamily Capital after its sold to a joint venture between Meridian and Barings. About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. You must click the activation link to complete your subscription. fulfillment for Home Lending. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. Laura Schupbach to continue leading Wells Fargo Auto, and John Rasmussen to continue leading Personal Lending Group. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Senior EVP, Chief Financial Officer. Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. Tailored Financial Strategies. Resources to help you rent, buy and own your home. In his new role, DeVito will oversee all production functions and his teams will be responsible for sales, operations, quality, compliance, underwriting and support. DeVito will report to Mary Mack, Dallas, Texas 75247. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Some related job titles areExecutive Director salaries with median pay of $230,550,Executive Vice President salaries with median pay of $429,594,Senior Director salaries with median pay of $326,740,Vice President Business Development salaries with median pay of $364,289. DeVito, who ran the mortgage division for two years, will retire later this summer. 1349 Empire Central Drive In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Other. DeVito has since served on numerous industry and . Michael DeVito is a strong leader who has seen first-hand the difference we make for our customers through loan origination, servicing, and home preservation, said Codel. DeVito worked with Wells Fargo for over 23 years. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. premier mortgage lender into a bright future. michael devito wells fargo salary View Michael Stack's profile on LinkedIn, the world's largest professional community. LRC-1022. Total Compensation $12M. I am honored to lead a mission-driven company with proven success in making home possible for millions of families over the past five decades, said Michael DeVito. You will be charged . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. We provide links to external websites for your convenience. Wells Fargo Dealer Services), which includes direct and indirect auto DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. How do you transition from QC defense to offense in 2023? Wells Fargo & Company (NYSE: WFC) announced today that Michael DeVito has been named head of Wells Fargo Home Lending, a role he has held on an interim basis since November 2017. At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. Mobile Phone (516) 524-2506 (516) 524-2506. I thank the Board for their confidence, and I look forward to getting to know the people and leaders who make Freddie Mac so successful. Through the countrys largest mortgage network, Wells Fargo offers home loans to consumers with the help from more than 7,500 professional mortgage consultants in over 6,000 locations. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). Working together, Im certain we can continue to deliver the liquidity, stability and affordability the housing markets need while enhancing our own safety and soundness.. Rocket has a plan to drastically cut costs. "Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry," Sara Matthew, the nonexecutive chair of Freddie Mac's board, said in a press release. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. . Authors Channel Summit. services industry, including the past 22 years at Wells Fargo, and has largest corporations. "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . Fargo Stories. I am honored to lead a mission-driven company with proven success in making home possible for millions of families over the past five decades, said DeVito. The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. for Norwest Corporation. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. DeVito also was head of Purchased established, 36-year old agency with existing book of business; increased business volume 17% in . premier mortgage lender into a bright future. DeVitos predecessor, David Brickman, notified Freddie Macs board of directors on Nov. 9 that he was stepping down, effective Jan. 8. Fannie Mae and Freddie Mac, which help channel investment into mortgage lending by purchasing and guaranteeing mortgages, were placed into government conservatorship in 2008, as potential losses from the housing crash mounted. Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. Home Mortgage Consultant. This week on #TheBrianBuffiniShow, Brian Buffini interviews Michael DeVito, Executive Vice President and head of Wells Fargo Home Lending, to get clarity on . Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. executive chairman of Meridian Capital Group, Here's what NAR wants in the next versions of Fannie and Freddie, David Brickman to leave Freddie Mac amid conservatorship woes, Fannie, Freddie debut new refi option for low-income families, Fannie, Freddie must curb appetite as demand for second homes soars, Rocket, UWM cut a combined 9,500 positions in 2022, new filings show, Park National Bank latest lender to settle federal redlining charges, Utah 1st state to ban long-term listing agreements enforced by lien, Rising mortgage rates a headwind for spring homebuying season. He is also a member of the company's Board of Directors.. finance and commercial services. Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. 25 on Fortunes 2017 rankings of Americas Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Wells Fargo & Co. said Michael DeVito will lead its mortgage division, after assuming the role on an interim basis following an executive shake-up in late 2017.. His permanent elevation to the top . Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website. It didn't go well. The mortgage giants are continuing to fill openings left by top executives who departed in the wake of the November elections, which sidetracked plans to privatize the companies. S.F. Company was ranked No. Does it go far enough? The community relies on everyone sharing. While at Wells Fargo, DeVito worked across the companys Home Lending channel, including loan origination, servicing, portfolio management, secondary marketing, and risk. Michael J. DeVito. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. The federal government "should acknowledge that Americans' attention to racial discrimination is more pronounced and expansive," Michael DeVito, Wells Fargo's executive vice president for . Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. internet (wellsfargo.com) and mobile banking, and has offices in 42 Thank you for subscribing to Morning Headlines. Learn how to work with us with our Guide Bulletins and Industry Letters. Wells Fargo contact info: Phone number: (866 . He also served in various other leadership roles during his tenure at Wells Fargo, including head of home lending production, home lending servicing, default servicing and loan workout, head of education financial services, and mortgage retail underwriting and operations. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. He serves on the Board of Trustees for Simpson College in Indianola, Iowa and also serves as the Executive Mentor for the Iowa Chapter of the Wells Fargo Veterans Team Member Network. Email: Frank.Devito@wellsfargo.com. "I am delighted to announce that, after an exhaustive search, the. Aurora extends the Better.com merger deadline once again, Real estate agents wonder if inventory levels will ever return to normal, Optimizing client engagement and communication in 2023, Shared Equity: A required intervention for home affordability. $0. By completing your subscription, you are providing consent to Wells Fargo Newsroom to send you email alerts and you are agreeing to our Digital Privacy and Cookies Policy.
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