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. 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. All rights reserved. premier mortgage lender into a bright future. Your email address will not be published. The estimated additional pay is $154,512 per year. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Personal Service. 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. At one time, he served as the head of education financial services at the bank. finance and commercial services. 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. 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. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based To opt in for email alerts, please enter your email address in the field below and select at least one alert option. "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 . Our model gets smarter over time as more people share salaries on Glassdoor. Michael, Laura and John will advance our efforts to create an even more The technical storage or access that is used exclusively for statistical purposes. $0. 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. Laura Schupbach to continue leading Wells Fargo Auto, and John Rasmussen to continue leading Personal Lending Group. . How much can I expect to be offered? Office Phone (516) 520-3631 (516) 520-3631. has been named head of Wells Fargo Home Lending, a role he has held on vision is to satisfy our customers financial needs and help them 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. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Read the full . served on the home mortgage executive management team since 2011, when Michael J. DeVito is the former Executive Vice President and Head of Home Lending for Wells Fargo. 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. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. News, insights and perspectives from Wells Fargo At Wells Fargo, DeVito worked in loan origination, servicing, portfolio management, secondary marketing, and risk. 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). Lendings early e-business initiatives and managed retail home equity 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. Daniel Michael DeVito Jr. was born on November 17, 1944, in Neptune, New Jersey, to . 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, who ran the mortgage division for two years, will retire later this summer. head of Community Banking and Consumer Lending. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. holistic approach to delivering retail banking and lending services to the global economy. Suite 900 User promo code onward25 during checkout to save 25% on your Inman Select Membership. . Salary in 2020. Other. DeVito most recently led mortgage production for the company, a post he management consultant - $237k per year . succeed financially. 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. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. But Congress has limited the total annual direct compensation for each companys CEO to a base salary of $600,000 a year. The technical storage or access that is used exclusively for anonymous statistical purposes. 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. Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. SAN FRANCISCO--(BUSINESS WIRE)--Wells EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. On behalf of the board of directors, I would also like to thank Mark Grier for his leadership as interim CEO and we are pleased that he will continue to contribute to the company as a member of the board.. Before Freddie Mac, DeVito spent more than 23 years at Wells Fargo, responsible for all aspects of the company's mortgage and home equity business. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. DeVito will report to Mary Mack, DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Michael Santomassimo. Company was ranked No. DeVito will succeed David Brickman, who resigned in November and officially stepped down in January, as full-time CEO of the government-sponsored enterprise. Separately, Wells Fargo's former chief operational risk officer, Mark Weintraub, has left the bank. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Macs Board. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. served on the home mortgage executive management team since 2011, when The 18-year mortgage veteran will assume the position at the start of August. will continue to report to Mack as head of Wells Fargo Auto (formerly 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. Fargo Stories. our customers and help them succeed financially.. the ability to manage large, complex operations, and he has a true For more details on our payment terms and how to cancel, click here. 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. DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. leader Andy Rowe. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. He has over 30 years of experience in the mortgage and financial services industry. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. Phone: 800 869 3557. The top 5 highest paying jobs at Wells Fargo with reported salaries are: software engineering manager - $420k per year . Under Review. 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. for Norwest Corporation. Salary estimates are based on 27.2k Wells Fargo India latest salaries received from various employees of Wells Fargo India. DeVito worked with Wells Fargo for over 23 years. Michael Cleary, the head of Santander Bank's consumer business, has followed his former boss Scott Powell to Wells Fargo & Co. for a key role overseeing the source of many of the . Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. DeVitos appointment follows Macks appointment to lead Wells Fargos Site by, The new, must-have technology thats tackling lendings greatest challenges. Forgot your username? This estimate is based upon 65 Wells Fargo Vice President salary report (s) provided by employees or estimated based upon statistical methods. His background and experience make him an excellent choice to lead Freddie Mac at this time. Previously, he was a leader in Home 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. The company also said that Laura Schupbach The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. serves one in three households in the United States. The estimated additional pay is $154,512 per year. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. After Brickman stepped down in early January, Mark Grier was appointed interim CEO. in Daily Dose, Featured, Government, Journal, News 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. Half of Q4 2022 transactions had wire and title fraud risks. Purchased established, 36-year old agency with existing book of business; increased business volume 17% in . Let's find out Wells Fargo India Interview Questions The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. assumed in October 2015, and before that ran its mortgage servicing As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). You must click the activation link to complete your subscription. needs. He retired from Wells Fargo in 2020. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. DeVito was previously head of Home Mortgage Servicing and will succeed Codel, who was named head of WFHM last month. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Wall Township, NJ. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Coalesce's Select Membership is no longer active. 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. S.F. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. As on 2021. has been named head of Wells Fargo Home Lending, a role he has held on Wells Fargo & The community relies on everyone sharing. Read what they think about their salaries on our Compensation FAQ page for Wells Fargo. You can sign up for additional alert options at any time. Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J. DeVito out of retirement as its new CEO, starting June 1. Before taking the top position in Wells Fargo's mortgage unit, DeVito oversaw the production and servicing units at separate times in his tenure. Michael has 1 job listed on their profile. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Fargo William Hall Macy Jr. is an American actor. This means a meaningful amount of supply will have to come to the non-QM Sector. an interim basis since November 2017. Michael, Laura and John will advance our efforts to create an even more Since our creation by Congress in 1970, weve made housing more accessible and affordable for homebuyers and renters in communities nationwide. Dallas, Texas 75247. May 26, 2021 A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? There seems to be a problem with your Inman Select Membership. Media Tom Goyda, 314-875-8222 Tom.Goyda@wellsfargo.com or Investors John Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com. internet (wellsfargo.com) and mobile banking, and has offices in 42 Find out the highest paying jobs at Wells Fargo and salaries by location, department, and level. On behalf of the Board of Directors, I would also like to thank Mark Grier for his leadership as Interim CEO and we are pleased that he will continue to contribute to the company as a member of the Board.. The chief executive of Wells Fargo & Co., Charles Scharf, received an overall 40.5% decline in total compensation to $20.39 million for fiscal 2020 his first full year with Arnie Aurellano is chief reporter and website content editor at Scotsman Guide. Wells Fargo perspectives are also available atWells Fargo BlogsandWells Fargo Stories. On Fishbowl, you can share insights and advice anonymously with Wells Fargo employees and get real answers from people on the inside. Michael Weinbach WFC stock SEC Form 4 insiders trading. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member. Tailored Financial Strategies. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Find out if Freddie Mac owns your loan using our secured lookup tool. In the mean time, as long as Fannie and Freddie are in conservatorship, taxpayers are on the hook to provide up to $254 billion in assistance should they run into trouble again. operations. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Leading commentary by award-winning journalists. . Wells Fargo, Which one would you pick? Email: Frank.Devito@wellsfargo.com. 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 . DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. Related Searches:All Vice President Salaries|All Wells Fargo Salaries. DeVito was previously the head of home lending at Wells Fargo. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time member of Freddie Macs board of directors. passion for designing innovative experiences that support our customers Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. Search our database of over 100 million company and executive profiles. Previously, he was a leader in Home 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. 1349 Empire Central Drive fintech Earnest cuts sweet deal to bring 500 jobs to Utah 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. Education Financial Services for nearly three years and led retail 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. 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. Sign up to receive the latest news, tips, and insights from Freddie Mac. The estimated base pay is $164,691 per year. Your email address will not be published. I am confident that he is the right choice to lead the nations holistic approach to delivering retail banking and lending services to This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. Wells Fargo Bank employees with the job title Lead Software Engineer make the most with an average annual. You will receive additional instructions via email. Inflation is high, so why arent mortgage rates higher? 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. 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. 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. Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . "I am delighted to announce that, after an exhaustive search, the. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. and personal lending, and report to Community Bank Customer Segments 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.. DeVito also was head of 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. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. How much do Wells Fargo employees make? Michael is a seasoned and respected leader, with deep experience in How much do Wells Fargo employees make? We may also share information about your use of our site with our social media, advertising and analytics partners. Unique features from hacker profiles to portal watch and video interviews. DeVitos appointment follows Macks appointment to lead Wells Fargos both mortgage sales and servicing, stated Mack. C. Benson Fannie Maes highest paid executive would act as interim CFO while a search for a permanent replacement is conducted. fulfillment for Home Lending. 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. vision is to satisfy our customers financial needs and help them Authors Channel Summit. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. Consumer Lending business in addition to Community Banking, which was 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. 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. are also available at Wells He retired from Wells Fargo in the summer of last year. View Michael Stack's profile on LinkedIn, the world's largest professional community. The highest-paying job at Wells Fargo is a Managing Director with a salary of $497,433 per year. As a Financial Advisor with Wells Fargo Advisors, I can deliver a full range of investment planning strategies tailored to your unique needs. The company also said that Laura Schupbach Insights, products, and technology to help you grow your business. Vice President salaries at Wells Fargo can range from 3,07,258 - 75,00,000 per year. internet (wellsfargo.com) and mobile banking, and has offices in 42 The typical Wells Fargo Vice President salary is 43,03,334 per year. DeVito most recently led mortgage production for the company, a post he Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Michael DeVito is Chief Executive Officer of Freddie Mac, one of the largest providers of mortgage financing in the United States. 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. Citigroup - compliance WFH, good salary, dont like job OR Wells Fargo - Audit, in office 3 days, 30 min commute, at least 10k more salary and better bonus, job I like. The estimated base pay is $164,691 per year. She is at Wells Fargo now, with current comp around $75k. in Communication Arts/Media. Fercho comes to. "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . Wells Fargos