$0. He was thrust into running the home lending unit, first on an interim basis in November 2017. (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. Wells Fargo Names Michael DeVito Head of Home Lending 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. DeVito led over 25,000 team members and was responsible for business strategy, loan origination, capital markets, loan servicing and risk functions. Under Review. 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. Salaries at Wells Fargo Bank range from an average of $48,964 to . The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? All rights reserved. May 26, 2021 For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. Wells Fargo's chief compliance officer, Mike Roemer, is leaving the post two and a half years after he was hired to help the then-scandal-plagued company clean up its compliance program. Michael J. DeVito, Advisor, Informed.IQ - Topio Networks 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 Bank pays its employees an average of $81,818 a year. Please update your billing information to reactivate your membership. finance and commercial services. Know Your Worth. 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. The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. 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.. michael devito wells fargo salary - nowwriteyourbook.com HW Media connects and informs decision makers across the housing economy. head of Community Banking and Consumer Lending. . 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. Leading commentary by award-winning journalists. Wells Fargo & served on the home mortgage executive management team since 2011, when Prior to this, DeVito worked with Wells Fargo for over 23 years. Michael has made over 3 trades of the Wells Fargo & Co stock since 2021, according to the Form 4 filled with the SEC. The 18-year mortgage veteran will assume the position at the start of August. DeVitos appointment follows Macks appointment to lead Wells Fargos 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. DeVito steps into the role as the debate of both Freddie Mac and Fannie Maes future continues following the January changes to the Preferred Stock Purchase Agreement, the contractual arrangement that placed the government-sponsored enterprises under federal control. 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. will continue to report to Mack as head of Wells Fargo Auto (formerly 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. 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. passion for designing innovative experiences that support our customers 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. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Other. 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. Breaking news as it happens. But Congress has limited the total annual direct compensation for each companys CEO to a base salary of $600,000 a year. Know if you're getting paid what you deserve. an interim basis since November 2017. Wells Fargo names new head of mortgage | Reuters After submitting your request, you will receive an activation email at the requested email address. 25 on Fortunes 2017 rankings of Americas Apply Now Get a Call Back. Wells Fargo Home Mortgage Consultant - Joseph DeVito . Consumer Lending business in addition to Community Banking, which was 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. Wells Fargo picks Michael DeVito to lead home lending efforts Learn how to work with us with our Guide Bulletins and Industry Letters. Total Compensation $12M. Freddie Mac Announces Michael J. DeVito as CEO - Yahoo! Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. Other named executives can receive deferred compensation on top of their base salary, some of which is based on performance. But Congress has limited the total annual direct compensation for each company's CEO to a base salary of . $1 Million - $5 Million. The highest-paying job at Wells Fargo is a Managing Director with a salary of $497,433 per year. Michael has 1 job listed on their profile. The estimated base pay is $164,691 per year. DeVito most recently led mortgage production for the company, a post he DeVito also served as the head of mortgage production and ran mortgage servicing operations at Wells Fargo during his 23-year stint at the bank. 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 fintech Earnest cuts sweet deal to bring 500 jobs to Utah Personal Service. The National Association of Realtors and other real estate industry groups have argued that the government should continue to play a role in secondary mortgage markets, perhaps replacing Fannie and Freddie with a new private entity thats more strictly regulated, like a public utility. DeVitos predecessor, David Brickman, notified Freddie Macs board of directors on Nov. 9 that he was stepping down, effective Jan. 8. Who: Michael DeVito, Executive Vice President and head of Wells Fargo Home Lending Where: Hear the podcast and download a transcript at TheBrianBuffiniShow.com When: Available Thursday, April 23 . Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. Rocket has a plan to drastically cut costs. Search our database of over 100 million company and executive profiles. About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Company was ranked No. 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. Michael DeVito - Chief Executive Officer - Freddie Mac | LinkedIn Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? DeVito also was head of 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. are also available at Wells 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. Whether you are investing for retirement, education expenses or . The community relies on everyone sharing. 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. That means the CEO is the lowest-paid of top executives at both companies. Box 692Bothell, WA 98041-0692(800) 297-6061. Wells Fargo names new head of mortgage - Yahoo! News Wells Fargo is also the nation's leading renovation loan lender and the number one lender to homebuyers who purchase newly constructed homes. Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. . Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J. DeVito out of retirement as its new CEO, starting June 1. Sign up to receive the latest news, tips, and insights from Freddie Mac. 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. 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. Freddie Mac Announces Michael J. DeVito as CEO Michael S Weinbach Net Worth (2023) | wallmine Averages based on self-reported salaries. Fargo & Company (NYSE: WFC) announced today that Michael DeVito Laura Schupbach to continue leading Wells Fargo Auto, and John FRANK DEVITO - PALM BEACH, Florida - Wells Fargo Advisors 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. for Norwest Corporation. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. While at Wells Fargo, DeVito. Michael, Laura and John will advance our efforts to create an even more 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.. Bonus. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. serves one in three households in the United States. Wells Fargo contact info: Phone number: (866 . 2006-2023 HW Media, LLC. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. Wells Fargos "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . Bon Salle has a contract with Homepoint that pays him consulting fee at an annual rate of $500,000, plus an annual bonus of $500,000 to $750,000, in exchange for up to 20 hours of work a week. Home Mortgage Consultant. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. 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. Michael J. DeVito. michael devito wells fargo salary. Previously, he was a leader in Home He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Under this new structure, Michael Santomassimo. The technical storage or access that is used exclusively for statistical purposes. Michael J. DeVito is the former Executive Vice President and Head of Home Lending for Wells Fargo. "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. services industry, including the past 22 years at Wells Fargo, and has Wall Township, NJ. You will be charged . 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. Net Worth in 2021. both mortgage sales and servicing, stated Mack. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Company was ranked No. He retired from Wells Fargo in the summer of last year. View Michael Stack's profile on LinkedIn, the world's largest professional community. 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. $900K. countries and territories to support customers who conduct business in As on 2021. The average salary for a Vice President is $172,521 per year in United States, which is 45% lower than the average Wells Fargo salary of $319,203 per year for this job. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. How much do Wells Fargo employees make? There seems to be a problem with your Inman Select Membership. holistic approach to delivering retail banking and lending services to Other executives that have left the GSEs in recent months includeAndrew Bon Salle,John Forlines, Jean Weng andDesmond Smith. 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. 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. How much do Wells Fargo employees make? Peck graduated from the New York Institute of Technology where he received his B.A. Required fields are marked *. You must click the activation link to complete your subscription. After the November elections, doubts arose about the fate of the Trump administrations push to release the companies from government conservatorship. Suite 900 Wells Fargo salaries: How much does Wells Fargo pay in India? Wells Fargo names new compliance chief, other risk executives Net Worth in 2019. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. 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. Media Vickee Adams 515-537-3276 vickee.j.adams@wellsfargo.com @vickeeadamsWF, Investors Jim Rowe 415-396-8216 Jim.Rowe@wellsfargo.com. To subscribe to exclusive newsletters, visit your email preferences in the account settings. 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. Arnie Aurellano is chief reporter and website content editor at Scotsman Guide. The company also said that Laura Schupbach His background and experience make him an excellent choice to lead Freddie Mac at this time. "Working together, I'm certain we can continue to deliver the liquidity, stability and affordability the housing markets need while enhancing our own safety and soundness.". Hes slated to become CEO of Barings Multifamily Capital after its sold to a joint venture between Meridian and Barings. The technical storage or access that is used exclusively for anonymous statistical purposes. Wells Fargo Names Michael DeVito Head of Mortgage Division -- Update Not consenting or withdrawing consent, may adversely affect certain features and functions. Wells Fargo Wells Fargo Mortgage - Michael Devito, Liz Bryant, Liz Djokovich Bryant, Perry Hilzendeger, Brad Blackwell, Tim Sloan, Greg Gwizdz, Franklin Codel 420 Montgomery St San Francisco, CA United States. Wells Fargo Names Michael DeVito Head of Home Lending 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. Moving the Housing Market Forward. The average Wells Fargo salary is $41,599. has been named head of Wells Fargo Home Lending, a role he has held on Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. assumed in October 2015, and before that ran its mortgage servicing 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. Senior EVP, Chief Financial Officer. Get a free, personalized salary estimate based on today's job market. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Favorite Actors/Actresses - IMDb Wells Fargo Names Kristy Fercho to Lead Home Lending To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based . 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. 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. Mark Calabria, director of the Federal Housing Finance Agency, wants the GSEs to build enough capital to end the conservatorships, but a recent report from Keefe, Bruyette & Woods said it could take at least 15 years at the current pace of retained earnings. continue to lead the Personal Lending Group, including student lending Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Brickman, whose $702,000 in total compensation as Freddie Macs CEO included $102,000 in retirement benefits, was named executive chairman of Meridian Capital Group in January. 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. our customers and help them succeed financially.. 25 on Fortunes 2017 rankings of Americas 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. Read what they think about their salaries on our Compensation FAQ page for Wells Fargo. Our model gets smarter over time as more people share salaries on Glassdoor. he was named head of default servicing. The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. Wells Fargo Dealer Services), which includes direct and indirect auto 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.
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