News, insights and perspectives from Wells Fargo Hes slated to become CEO of Barings Multifamily Capital after its sold to a joint venture between Meridian and Barings. the ability to manage large, complex operations, and he has a true he was named head of default servicing. DeVitos appointment follows Macks appointment to lead Wells Fargos Source: Freddie Mac 2020 annual report to investors. Freddie Mac has named a new CEO, appointing housing industry veteran Michael J. DeVito to the position effective June 1. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. He was raised in Florida. 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. holistic approach to delivering retail banking and lending services to 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. 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. 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. With more than 30 years of mortgage and financial services experience, DeVito spent more than 23 years at Wells Fargo and Company, serving most recently as EVP/Head of Home Lending, where he was responsible for all aspects of the companys mortgage and home equity business. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. MediaTom Goyda, 314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn In addition, John Rasmussen will Resources to help you rent, buy and own your home. He has nearly 29 years of experience in the financial The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Please update your billing information to reactivate your membership. MEDIA CONTACT: Christopher Spina 703-388-7031Christopher_Spina @FreddieMac.com, For Press Inquiries Only 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. As a Financial Advisor with Wells Fargo Advisors, I can deliver a full range of investment planning strategies tailored to your unique needs. Michael DeVito Chief Executive Officer I have been Freddie Mac's CEO for just over six months. After submitting your request, you will receive an activation email at the requested email address. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based 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. Michael DeVito is Chief Executive Officer of Freddie Mac, one of the largest providers of mortgage financing in the United States. fulfillment for Home Lending. 1349 Empire Central Drive Individual salaries will, of course, vary depending on the job, department, location, as well as the individual skills and education of each employee. DeVito worked with Wells Fargo for over 23 years. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). and personal lending, and report to Community Bank Customer Segments Michael DeVito joined as Chief Executive Officer in June 2021. 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. Wall Township, NJ. We may also share information about your use of our site with our social media, advertising and analytics partners. 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. Bonus. . DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. That means the CEO is the lowest-paid of top executives at both companies. His background and experience make him an excellent choice to lead Freddie Mac at this time. While at Wells Fargo, DeVito worked across the companys Home Lending channel, including loan origination, servicing, portfolio management, secondary marketing, and risk. DeVito has spent the last 22 years at Wells. 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. head of Community Banking and Consumer Lending. You must click the activation link to complete your subscription. Breaking news as it happens. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Read the full . vision is to satisfy our customers financial needs and help them The average Wells Fargo salary is $41,599. Wells Fargo Dealer Services), which includes direct and indirect auto Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window). 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. The technical storage or access that is used exclusively for anonymous statistical purposes. Michael is a seasoned and respected leader, with deep experience in To opt in for email alerts, please enter your email address in the field below and select at least one alert option. has been named head of Wells Fargo Home Lending, a role he has held on The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. Consumer Lending business in addition to Community Banking, which was Other named executives can receive deferred compensation on top of their base salary, some of which is based on performance. Apply Now Get a Call Back. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time member of Freddie Macs board of directors. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. The typical Wells Fargo Vice President salary is 43,03,334 per year. He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. This estimate is based upon 65 Wells Fargo Vice President salary report (s) provided by employees or estimated based upon statistical methods. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. This means a meaningful amount of supply will have to come to the non-QM Sector. The estimated additional pay is $154,512 per year. 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. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. All rights reserved. the global economy. He truly values the importance of homeownership and is extremely focused on serving the customer. "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 . Mr. DeVito boasts 30+ years of experience in the mortgage and financial services industry; he spent 23+ years at Wells Fargo rising to the level of EVP, Head of Home Lending, where he was. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. Arnie Aurellano is chief reporter and website content editor at Scotsman Guide. 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 company's mortgage and home equity business. our customers and help them succeed financially.. Mortgage giants Fannie Mae and Freddie Mac continue to fill openings left by top executives who departed in the wake of the November elections, which sidetracked plans to privatize the companies. 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. C. Benson Fannie Maes highest paid executive would act as interim CFO while a search for a permanent replacement is conducted. Fargo William Hall Macy Jr. is an American actor. he was named head of default servicing. 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. Wells Fargo & Company was ranked No. financial services company with $2 trillion in assets. 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. Customer Services & Support Based on 12543 salaries Teller 4260 salaries Bank Teller 2695 salaries View More Finance & Accounting Based on 12288 salaries Financial Analyst 545 salaries DeVito's retirement comes after a financial services career that spans more than 30 years, including 23 at Wells Fargo. While at Wells Fargo, DeVito. 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. (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.
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