Wells Fargos Michael DeVito to Lead Mortgage Production. 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. Michael DeVito Chief Executive Officer I have been Freddie Mac's CEO for just over six months. Wells Fargo names new compliance chief, other risk executives Hes slated to become CEO of Barings Multifamily Capital after its sold to a joint venture between Meridian and Barings. We may also share information about your use of our site with our social media, advertising and analytics partners. Through the countrys largest mortgage network, Wells Fargo offers home loans to consumers with the help from more than 7,500 professional mortgage consultants in over 6,000 locations. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Paula Dominick, the chief compliance officer at Credit Suisse USA, has been hired to replace him, Wells said in a news release Thursday. After Brickman stepped down in early January, Mark Grier was appointed interim CEO. The lowest-paying job at Wells Fargo is a PT Teller with a salary of $36,721 per year. 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. 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). Where does the bank and the Fed go from here? 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. 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. Any input is appreciated! assumed in October 2015, and before that ran its mortgage servicing Campbell, 415-396-0523John.M.Campbell@wellsfargo.com, Internet Explorer presents a security risk. .css-r1m4lw{background-color:#20262e;border-radius:50%;}.css-r1m4lw > svg > path{fill:#fff;}Add your salary. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. The company had previously partnered on its credit cards with Barclays. Don't miss the premier event for real estate pros. 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. . Another top Santander exec leaves for Wells Fargo - Boston Business Journal This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Consumer Lending business in addition to Community Banking, which was DeVito most recently led mortgage production for the company, a post he Education Financial Services for nearly three years and led retail leader Andy Rowe. He truly values the importance of homeownership and is extremely focused on serving the customer. Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. He is from . Related Searches:All Vice President Salaries|All Wells Fargo Salaries. michael devito wells fargo salary - nowwriteyourbook.com an interim basis since November 2017. Thank you for subscribing to Morning Headlines. finance and commercial services. and personal lending, and report to Community Bank Customer Segments I was a big bank diversity hire. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Take This to the Bank - an Interview with Michael DeVito, EVP, Head of served on the home mortgage executive management team since 2011, when Base. and personal lending, and report to Community Bank Customer Segments You must click the activation link to complete your subscription. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based Other executives that have left the GSEs in recent months includeAndrew Bon Salle,John Forlines, Jean Weng andDesmond Smith. C. Benson Fannie Maes highest paid executive would act as interim CFO while a search for a permanent replacement is conducted. Michael DeVito - Chief Executive Officer - Freddie Mac | LinkedIn 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. Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J. DeVito out of retirement as its new CEO, starting June 1. serves one in three households in the United States. DeVito has since served on numerous industry and . FRANK DEVITO - PALM BEACH, Florida - Wells Fargo Advisors Sign up to receive the latest news, tips, and insights from Freddie Mac. Freddie Mac taps Michael DeVito as next CEO - HousingWire has been named head of Wells Fargo Home Lending, a role he has held on Media Vickee Adams 515-537-3276 vickee.j.adams@wellsfargo.com @vickeeadamsWF, Investors Jim Rowe 415-396-8216 Jim.Rowe@wellsfargo.com. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Wells Fargo contact info: Phone number: (866 . Wells Fargo & Company was ranked No. The company also said that Laura Schupbach If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. How much do Wells Fargo employees make? Program details and other speakers were also released for this year's . vision is to satisfy our customers financial needs and help them 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 . 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., Tagged with: Freddie Mac Kristy Fercho Mark B. Grier Michael J. DeVito Sara Mathew Wells Fargo, Corporate Office: Salaries at Wells Fargo Bank range from an average of 433,993 to 3,253,850 a 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. But Fannie Mae is still on the lookout for a new chief financial officer, with Celeste M. Brown submitting her resignation on May 4. DeVito will report to Mary Mack, Eric C. Peck has 20-plus years experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Fargo & Company (NYSE: WFC) announced today that Michael DeVito Wells Fargo Dealer Services), which includes direct and indirect auto Coalesce's Select Membership is no longer active. Fercho comes to. Grier will return to his duties as a full-time member of the board on June 1. Wells Fargo India Salaries in India | AmbitionBox Michael DeVito joined as Chief Executive Officer in June 2021. 3,456 Views. He has over 30 years of experience in the mortgage and financial services industry. He has nearly 29 years of experience in the financial Michael DeVito's income source is mostly from being a successful . 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.. continue to lead the Personal Lending Group, including student lending He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. While at Wells Fargo, DeVito. 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. Dallas, Texas 75247. 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 technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? With approximately 263,000 team members, Wells Fargo You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. When factoring in bonuses and additional . Wells Fargo Bank pays its employees an average of $81,818 a year. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. succeed financially. Previously, he was a leader in Home 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. 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. 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. Separately, Wells Fargo's former chief operational risk officer, Mark Weintraub, has left the bank. Whether you are investing for retirement, education expenses or . the global economy. For more details on our payment terms and how to cancel, click here. It looks like youre already a Select Member! Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. Our model gets smarter over time as more people share salaries on Glassdoor. The federal government "should acknowledge that Americans' attention to racial discrimination is more pronounced and expansive," Michael DeVito, Wells Fargo's executive vice president for . Wells Fargo is also the nation's leading renovation loan lender and the number one lender to homebuyers who purchase newly constructed homes. Financial and homeownership education resources all about you. This website uses cookies to enhance user experience and to analyze performance and traffic on our website. View Michael Eric's profile on LinkedIn, the world's largest professional community. The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. The technical storage or access that is used exclusively for anonymous statistical purposes. Average Wells Fargo Bank Salary in India | PayScale assumed in October 2015, and before that ran its mortgage servicing He retired as head of Wells Fargo Home Lending in September after 23 years with the company. 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. He was raised in Florida. P.O. Wells Fargo salaries: How much does Wells Fargo pay in India? S.F. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? The 18-year mortgage veteran will assume the position at the start of August. Wells Fargo Vice President Salaries | Glassdoor By submitting your email address, you agree to receive marketing emails from Inman. Hes also a senior advisor to private equity firm Stone Point Capital. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. Lendings early e-business initiatives and managed retail home equity 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. 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. Looking for job/firm recommendations for my wife: she is currently a client service associate, fully registered (series 65, 63, 7), 5yoe. Find out if Freddie Mac owns your loan using our secured lookup tool. largest corporations. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. michael devito wells fargo salary. fintech Earnest cuts sweet deal to bring 500 jobs to Utah "His background and experience make him an excellent choice to lead Freddie Mac at this time.". Home Mortgage Consultant. 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. 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 263,000 team members, Wells Fargo Active 1964 13 . leader Andy Rowe. Rocket has a plan to drastically cut costs. Help make it more accurate by adding yours. 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. 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.. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. served on the home mortgage executive management team since 2011, when Averages based on self-reported salaries. 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. 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. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. are also available at Wells After submitting your request, you will receive an activation email at the requested email address. Get a free, personalized salary estimate based on today's job market. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. Wells Fargo provides banking, investments, mortgage, and consumer and Freddie Mac selects former Wells Fargo exec DeVito as CEO Oct 2011 - Oct 20165 years 1 month. 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. 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. he was named head of default servicing. he was named head of default servicing. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. 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. 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 Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. Education Financial Services for nearly three years and led retail Under this new structure, How much do Wells Fargo employees make? 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. largest corporations. 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. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. About. 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. DeVito has more than 26 years of experience in the financial services industry, including the last 19 years at 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. . Salary in 2020. Forgot your username? 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. Save my name, email, and website in this browser for the next time I comment. Email: corprel@freddiemac.com. MediaTom Goyda, 314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn Salary estimates are based on 27.2k Wells Fargo India latest salaries received from various employees of Wells Fargo India. 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. 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.