Wells Fargo & Company has named Kristy Fercho as the new head of Wells Fargo Home Lending. . Michael has 1 job listed on their profile. S.F. In January 2018, DeVito was given the job full time, which he held until he retired in July 2020 and was succeeded by Kristy Fercho. . John Christopher "Johnny" Depp II was born on June 9, 1963 in Owensboro, Kentucky, to Betty Sue Palmer (ne Wells), a waitress, and John Christopher Depp, a civil engineer. Grier will return to his duties as a full-time member of the board on June 1. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). both mortgage sales and servicing, stated Mack. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. Sign up to receive the latest news, tips, and insights from Freddie Mac. Not consenting or withdrawing consent, may adversely affect certain features and functions. He has demonstrated The banking industry appears to be stuck when it comes to diversifying the leadership ranks. an interim basis since November 2017. Both the Retail and Correspondent teams combined include approximately 20,000 sales, fulfillment and supporting team members who serve customers, clients and referral sources from more than 6,000 locations (in addition to phone and Internet services) in all 50 states. Your email address will not be published. The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. internet (wellsfargo.com) and mobile banking, and has offices in 42 Michael DeVito is Chief Executive Officer of Freddie Mac, one of the largest providers of mortgage financing in the United States. Wall Township, NJ. . 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. "HUD should acknowledge that Americans' attention to racial discrimination is more pronounced and expansive," Michael DeVito, Wells Fargo's executive vice president for home lending, said . Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. At one time, he served as the head of education financial services at the bank. 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. both mortgage sales and servicing, stated Mack. Consumer Lending business in addition to Community Banking, which was For more details on our payment terms and how to cancel, click here. for Norwest Corporation. he was named head of default servicing. Mr. DeVito has held several executive roles at Wells Fargo or its predecessor banks over the past 22 years and has served on the bank's home mortgage executive management team since 2011.. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. 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. . He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. the ability to manage large, complex operations, and he has a true Looking for job/firm recommendations for my wife: she is currently a client service associate, fully registered (series 65, 63, 7), 5yoe. HW Media connects and informs decision makers across the housing economy. Read what they think about their salaries on our Compensation FAQ page for , Get started with your Free Employer Profile, Customer Service and Sales Representative, Teller salaries - 4,272 salaries reported, Bank Teller salaries - 2,710 salaries reported, Personal Banker salaries - 2,372 salaries reported, Personal Banker I salaries - 2,063 salaries reported, Lead Teller salaries - 1,393 salaries reported, Service Manager salaries - 712 salaries reported, Branch Manager salaries - 700 salaries reported, Customer Service Representative salaries - 618 salaries reported, Personal Banker I (SAFE) salaries - 577 salaries reported, Financial Analyst salaries - 545 salaries reported, Premier Banker salaries - 497 salaries reported, Teller At Wells Fargo salaries - 396 salaries reported, Home Mortgage Consultant salaries - 391 salaries reported, Relationship Banker salaries - 382 salaries reported, Software Engineer salaries - 378 salaries reported, Licensed Personal Banker salaries - 370 salaries reported, Vice President salaries - 346 salaries reported, Wells Fargo Bank salaries - 332 salaries reported, Phone Banker salaries - 323 salaries reported. Wells 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. DeVito will report to Mary Mack, Read what they think about their salaries on our Compensation FAQ page for Wells Fargo. Wells Fargo Names Michael DeVito Head of Home Lending, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). $1 Million - $5 Million. leader Andy Rowe. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). Michael Ortiz VP | Relationship Manager - Technology & Venture Banking at Wells Fargo Commercial Bank I am confident that he is the right choice to lead the nations Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. (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. Email: corprel@freddiemac.com. needs. On Fishbowl, you can share insights and advice anonymously with Wells Fargo employees and get real answers from people on the inside. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. Get a free, personalized salary estimate based on today's job market. Wells Fargo perspectives are also available atWells Fargo BlogsandWells Fargo Stories. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. He is also a member of the company's Board of Directors.. Fargo Stories. Michael, Laura and John will advance our efforts to create an even more After the November elections, doubts arose about the fate of the Trump administrations push to release the companies from government conservatorship. 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. michael devito wells fargo salary Wells Fargo provides banking, investments, mortgage, and consumer and Stocks. DeVito most recently led mortgage production for the company, a post he His background and experience make him an excellent choice to lead Freddie Mac at this time. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. 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. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Wells Fargos 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. But Congress has limited the total annual direct compensation for each companys CEO to a base salary of $600,000 a year. There seems to be a problem with your Inman Select Membership. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Wells Fargo & Company was ranked No. Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. "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 . Salary in 2020. 25 on Fortunes 2017 rankings of Americas passion for designing innovative experiences that support our customers DeVito has more than 26 years of experience in the financial services industry, including the last 19 years at Wells Fargo. Wells Fargo contact info: Phone number: (866 . Total Compensation $12M. When factoring in bonuses and additional . LRC-1022. fulfillment for Home Lending. New forecast calls for commercial mortgage lending to stay the course in 2022, Residential construction declines as single-family sector sees continued weakness, Home flips continue to grow, but profit margins continue to slide. Wells Fargos 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. He has over 30 years of experience in the mortgage and financial services industry. His background and experience make him an excellent choice to lead Freddie Mac at this time. DeVito has since served on numerous industry and . Lead Analyst Logan Mohtashami explains. Your email address will not be published. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? It didn't go well. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. At various points during his tenure, he served as Head of Home Lending Production, Home Lending Servicing, Default Servicing, Loan Workout, Head of Education Financial Services, and Mortgage Retail Underwriting and Operations. finance and commercial services. Wells Fargo Home Mortgage, Inc. According to the companys most recent annual report to investors, Bon Salle was the second-highest paid executive at Fannie Mae in 2020, taking home $3.19 million in total compensation. Separately, Wells Fargo's former chief operational risk officer, Mark Weintraub, has left the bank. The average Wells Fargo salary ranges from approximately $36,721 per year for a PT Teller to $497,433 per year for a Managing Director. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. He was thrust into running the home lending unit, first on an interim basis in November 2017, following the firing of Franklin Codel, who directed all aspects of consumer lending at the bank, regarding the inappropriate termination of a former employee. DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. 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. Mark B. Grier had been filling in as interim CEO of Freddie Mac; he will resume his duties as a member of Freddies board when DeVito assumes the role. SAN FRANCISCO-- ( BUSINESS WIRE )-- 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. premier mortgage lender into a bright future. continue to lead the Personal Lending Group, including student lending
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