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. Tailored Financial Strategies. We provide links to external websites for your convenience. Net Worth in 2019. He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. an interim basis since November 2017. The technical storage or access that is used exclusively for statistical purposes. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Find out if Freddie Mac owns your loan using our secured lookup tool. Under Review. His background and experience make him an excellent choice to lead Freddie Mac at this time. 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. 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. After Brickman stepped down in early January, Mark Grier was appointed interim CEO. continue to lead the Personal Lending Group, including student lending Michael DeVito joined as Chief Executive Officer in June 2021. Thank you for subscribing to Morning Headlines. That means the CEO is the lowest-paid of top executives at both companies. This week the company said President David. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. DeVito was previously the head of home lending at Wells Fargo. "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. Average annual salary in Wells Fargo India is INR 15.9 lakhs . MCLEAN, Va., May 26, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that its Board of Directors has named housing-industry veteran Michael J. DeVito as the company's Chief. Salary information comes from 51 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months. DSNews.com copyright 2023 is a registered trademark of The Five Star Institute, New Hampshire, South Dakota Most Affordable States, The Week Ahead: House Looks at CFPB Reform, Potentially Fraudulent Equitable Lien Foreclosures Continue to Plague Florida Courts, Study: Black-White Homeownership Rate Gap is the Largest in a Decade, Freddie Mac Adds Sonu Mittal to Its Senior Operating Committee. The lowest-paying job at Wells Fargo is a PT Teller with a salary of $36,721 per year. announced in December 2017. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Freddie Mac Announces Michael J. DeVito as CEO - GlobeNewswire News Room 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.. $0. How much do Wells Fargo employees make? 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 Big Banks' 'Revolutionary' Request: Please Don't Weaken This Rule Suite 900 See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. DeVito has spent the last 22 years at Wells. Evans was senior vice president and chief credit officer for the single-family business, managing first-line credit risk from mortgage acquisition through disposition and overseeing selling and servicing risk policies and eligibility standards. Wells Fargo Names Michael DeVito Head of Home Lending, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). Freddie Mac taps Michael DeVito as next CEO - HousingWire We may also share information about your use of our site with our social media, advertising and analytics partners. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. The estimated base pay is $164,691 per year. will continue to report to Mack as head of Wells Fargo Auto (formerly countries and territories to support customers who conduct business in DeVito also was head of Wells Fargo Salaries 2023 | $131k-$1.5M | 6figr.com holistic approach to delivering retail banking and lending services to To opt in for email alerts, please enter your email address in the field below and select at least one alert option. 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. View Michael J Devito's profile for company associations, background information, and partnerships. Nearly six months after David Brickman stepped down, government-sponsored entity Freddie Mac has tapped ex-Wells Fargo mortgage executive Michael DeVito to assume the role of CEO. 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. It didn't go well. continue to lead the Personal Lending Group, including student lending Freddie Mac Announces Michael J. DeVito as CEO | MarketScreener About. 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. User promo code onward25 during checkout to save 25% on your Inman Select Membership. 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, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. DeVito holds a Bachelor of Science degree in accounting from Ithaca College in Ithaca, New York. The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. 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. The estimated base pay is $164,691 per year. He retired from Wells Fargo in 2020. Ex-Wells Fargo Mortgage Head DeVito Tapped as Freddie Mac CEO Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. 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. . Hes also a senior advisor to private equity firm Stone Point Capital. TC, Bonus, Equity? He retired from Wells Fargo in 2020. In his prior positions at Wells Fargo, he spent two years as head of Default Servicing, was head of Education Financial Services for nearly three years and also led Retail Fulfillment for Mortgage. DeVitos predecessor, David Brickman, notified Freddie Macs board of directors on Nov. 9 that he was stepping down, effective Jan. 8. "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . Better.com's CEO interview, Freddie Mac's new CEO | National Mortgage News 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. $1 Million - $5 Million. 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. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Laura Schupbach to continue leading Wells Fargo Auto, and John Rasmussen to continue leading Personal Lending Group. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Fercho comes to. Email: corprel@freddiemac.com. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. NMLSR ID. He comes to his new role with a broad financial services background, a deep understanding of Wells Fargo, and a strong reputation for energizing teams.. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Your input helps Glassdoor refine our pay estimates over time. He has demonstrated Related Searches:All Vice President Salaries|All Wells Fargo Salaries. The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. Laura Schupbach to continue leading Wells Fargo Auto, and John assumed in October 2015, and before that ran its mortgage servicing "His background and experience make him an excellent choice to lead Freddie Mac at this time.". Fargo Stories. DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. 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. Since our creation by Congress in 1970, weve made housing more accessible and affordable for homebuyers and renters in communities nationwide. He retired from Wells Fargo in the summer of last year. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. P.O. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Whether you are investing for retirement, education expenses or . announced in December 2017. Program details and other speakers were also released for this year's . She is at Wells Fargo now, with current comp around $75k. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. $900K. We provide links to external websites for your convenience. DeVitos appointment follows Macks appointment to lead Wells Fargos The estimated additional pay is $154,512 per year. Wells Fargo Names Michael DeVito Head of Mortgage Division -- Update Oct 2011 - Oct 20165 years 1 month. I was a big bank diversity hire. The average Wells Fargo salary ranges from approximately $36,721 per year for, Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. Michael S Weinbach Net Worth (2023) | wallmine 3,456 Views. Our Leaders - Freddie Mac Forgot your username? Source: Fannie Mae 2020 annual report to investors. michael devito wells fargo salary. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Freddie Mac hires former Wells Fargo exec Michael DeVito as CEO Unique features from hacker profiles to portal watch and video interviews. Wells Fargo Home Mortgage, Inc. Michael DeVito Biography, Age, Height, Wife, Net Worth, Family In addition, John Rasmussen will "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. Are you underpaid? DeVito worked with Wells Fargo for over 23 years. holistic approach to delivering retail banking and lending services to Box 692Bothell, WA 98041-0692(800) 297-6061. Total Compensation $12M. Apply Now Get a Call Back. Michael DeVito's income source is mostly from being a successful . This means a meaningful amount of supply will have to come to the non-QM Sector. New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. Wells Fargo Home Mortgage Consultant - Joseph DeVito. At Wells Fargo, DeVito worked in loan origination, servicing, portfolio management, secondary marketing, and risk. 25 on Fortunes 2017 rankings of Americas financial services company with $2 trillion in assets. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Company was ranked No. Wells Fargo picks Michael DeVito to lead home lending efforts . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? 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. served on the home mortgage executive management team since 2011, when 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. DeVito, who ran the mortgage division for two years, will retire later this summer. Wells Fargo CEO receives $20.4 million in 2020 compensation Wells Fargos Wells Fargo Vice President Salaries | Glassdoor serves one in three households in the United States. 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. Wells Fargo employees rate the overall compensation and benefits package 3.7/5 stars. The typical Wells Fargo Vice President salary is 43,03,334 per year. Active 1964 13 . For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Learn how this feature works. S.F. This website uses cookies to enhance user experience and to analyze performance and traffic on our website. Find out the highest paying jobs at Wells Fargo and salaries by location, department, and level. Fargo Stories. assumed in October 2015, and before that ran its mortgage servicing MediaTom Goyda, 314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn services industry, including the past 22 years at Wells Fargo, and has leader Andy Rowe. commercial finance through more than 8,300 locations, 13,000 ATMs, the He was thrust into running the home lending unit, first on an interim basis in November 2017. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? premier mortgage lender into a bright future. Required fields are marked *. Wells Fargos Inflation is high, so why arent mortgage rates higher? The company also said that Laura Schupbach The average Wells Fargo salary ranges from approximately 1,77,744 per year for Associate to 15,90,136 per year for Senior Information Technology Specialist. 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. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member. Mortgage fintech Blend raises $100 million as it works with Wells Fargo DeVito will succeed David Brickman, who resigned in November and officially stepped down in January, as full-time CEO of the government-sponsored enterprise. He has over 30 years of experience in the mortgage and financial services industry. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. Wells Fargo Careers Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Wells Fargo Dealer Services), which includes direct and indirect auto Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. HW Media connects and informs decision makers across the housing economy. 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. Fannie, Freddie filling openings left by departures of top executives, 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, What you need to know to start your day with all the latest industry developments. 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. While at Wells Fargo, DeVito worked across the companys Home Lending channel, including loan origination, servicing, portfolio management, secondary marketing, and risk. Know Your Worth. Wells Fargo, Which one would you pick? The largest trade Michael's ever made was exercising 73,068 units of Wells Fargo & Co stock on 18 June 2022 worth over $3,480,229. finance and commercial services. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. You must click the activation link to complete your subscription. 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. Phone: (703) 903-3933 fulfillment for Home Lending. Mobile Phone (516) 524-2506 (516) 524-2506. Wells Fargo India Salaries in India | AmbitionBox DeVito has more than 26 years of experience in the financial services industry, including the last 19 years at Wells Fargo. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Michael V. DeVito - Partner - New York Life Insurance Company - LinkedIn Media Vickee Adams 515-537-3276 vickee.j.adams@wellsfargo.com @vickeeadamsWF, Investors Jim Rowe 415-396-8216 Jim.Rowe@wellsfargo.com. Half of Q4 2022 transactions had wire and title fraud risks. Salary estimates are based on 27.2k Wells Fargo India latest salaries received from various employees of Wells Fargo India. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. finance and commercial services. has been named head of Wells Fargo Home Lending, a role he has held on 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. Your email address will not be published. This estimate is based upon 306 Wells Fargo Software Engineer salary report (s) provided by employees or estimated based upon statistical methods. Ripoff Report | Wells Fargo Mortgage Review - San Francisco, CA