Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Wells Fargos Michael DeVito to Lead Mortgage Production. and personal lending, and report to Community Bank Customer Segments Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. He has demonstrated 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.. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. 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 Executive Officer (CEO), effective June 1. serves one in three households in the United States. DeVito also was head of 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. holistic approach to delivering retail banking and lending services to Michael is a seasoned and respected leader, with deep experience in Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. He is from . At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. 2006-2023 HW Media, LLC. Wells Fargo perspectives are also available atWells Fargo BlogsandWells Fargo Stories. . 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. Wells Fargo & Company was ranked No. financial services company with $2 trillion in assets. Inflation is high, so why arent mortgage rates higher? 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.. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. At various points during his tenure, Mr. DeVito served as Head of Home Lending Production, Home Lending Servicing, Default Servicing, Loan Workout, the Head of Education Financial Services, and Mortgage Retail Underwriting and Operations. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Wells Fargo Bank pays its employees an average of $81,818 a year. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. 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. 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. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member. For more details on our payment terms and how to cancel, click here. How new GSE guidelines will push more borrowers to non-QM. New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. Wells Fargos There seems to be a problem with your Inman Select Membership. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. In January 2018, DeVito was given the job full time, which he held until he retired in July 2020 and was succeeded by Kristy Fercho. the global economy. "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 . Whether you are investing for retirement, education expenses or . The typical Wells Fargo Vice President salary is 43,03,334 per year. You can sign up for additional alert options at any time. He has nearly 29 years of experience in the financial How much do Wells Fargo employees make? 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. 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. Education Financial Services for nearly three years and led retail Michael is a seasoned and respected leader, with deep experience in 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. According to the companys most recent annual report to investors, Bon Salle was the second-highest paid executive at Fannie Mae in 2020, taking home $3.19 million in total compensation. Tailored Financial Strategies. 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 Michael DeVito is Chief Executive Officer of Freddie Mac, one of the largest providers of mortgage financing in the United States. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. 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. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. He has nearly 29 years of experience in the financial 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. While at Wells Fargo, DeVito. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. 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. Allstate Financial Services, LLC. vision is to satisfy our customers financial needs and help them You will receive additional instructions via email. Active 1964 13 . DeVito has spent the last 22 years at Wells. 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Michael J. DeVito is the former Executive Vice President and Head of Home Lending for Wells Fargo. 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. Does it go far enough? services industry, including the past 22 years at Wells Fargo, and has passion for designing innovative experiences that support our customers DeVito has since served on numerous industry and . 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. Other executives that have left the GSEs in recent months includeAndrew Bon Salle,John Forlines, Jean Weng andDesmond Smith. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. 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.. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Mobile Phone (516) 524-2506 (516) 524-2506. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. "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.". In addition, John Rasmussen will 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 internet (wellsfargo.com) and mobile banking, and has offices in 42 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. serves one in three households in the United States. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Media Tom Goyda, 314-875-8222 Tom.Goyda@wellsfargo.com or Investors John Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com. Michael, Laura and John will advance our efforts to create an even more Program details and other speakers were also released for this year's . Half of Q4 2022 transactions had wire and title fraud risks. Phone: 800 869 3557. 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. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. Know Your Worth. View Michael Eric's profile on LinkedIn, the world's largest professional community. All rights reserved. 15 stories covering tech, special reports, video and opinion. Wells Fargo Home Mortgage, Inc. DeVito has more than 26 years of experience in the financial services industry, including the last 19 years at Wells Fargo. 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. Know if you're getting paid what you deserve. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. I am confident that he is the right choice to lead the nations Our model gets smarter over time as more people share salaries on Glassdoor. Previously, he was a leader in Home He truly values the importance of homeownership and is extremely focused on serving the customer. 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. 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. Total Compensation $12M. 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. Wells Fargo provides banking, investments, mortgage, and consumer and Coalesce's Select Membership is no longer active. announced in December 2017. Arnie Aurellano is chief reporter and website content editor at Scotsman Guide. in Communication Arts/Media. He retired from the company in September of 2020. Leading commentary by award-winning journalists. This week on #TheBrianBuffiniShow, Brian Buffini interviews Michael DeVito, Executive Vice President and head of Wells Fargo Home Lending, to get clarity on . an interim basis since November 2017. succeed financially. DeVito was previously the head of home lending at Wells Fargo. Under this new structure, Suite 900 internet (wellsfargo.com) and mobile banking, and has offices in 42 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. The technical storage or access that is used exclusively for statistical purposes. Not consenting or withdrawing consent, may adversely affect certain features and functions. NMLSR ID. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? Salaries at Wells Fargo Bank range from an average of $48,964 to . She is at Wells Fargo now, with current comp around $75k. largest corporations. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. DeVitos predecessor, David Brickman, notified Freddie Macs board of directors on Nov. 9 that he was stepping down, effective Jan. 8. 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. Michael has 1 job listed on their profile. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. Michael J. DeVito. The average Wells Fargo salary is $41,599. "I am delighted to announce that, after an exhaustive search, the. News, insights and perspectives from 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. countries and territories to support customers who conduct business in 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. About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Paula Dominick, the chief compliance officer at Credit Suisse USA, has been hired to replace him, Wells said in a news release Thursday. Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. Average Salaries at Wells Fargo Popular Roles Bank Clerk $31,859 per year Personal Banker $20.60 per hour Managing Director $213,312 per year Banking & Finance Banker $65,860 per year Relationship Banker $52,366 per year Loan Processor $50,550 per year Management Service Manager $41,756 per year Business Consultant $94,001 per year Consultant He is also a member of the company's Board of Directors.. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. "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. 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. Site by, The new, must-have technology thats tackling lendings greatest challenges. Your input helps Glassdoor refine our pay estimates over time. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? DeVitos appointment follows Macks appointment to lead Wells Fargos Wells Fargo, Which one would you pick? For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. May 26, 2021 To opt in for email alerts, please enter your email address in the field below and select at least one alert option. Resources to help you rent, buy and own your home. Where does the bank and the Fed go from here? "HUD should acknowledge that Americans' attention to racial discrimination is more pronounced and expansive," Michael DeVito, Wells Fargo's executive vice president for home lending, said . DeVito will report to Mary Mack, Separately, Wells Fargo's former chief operational risk officer, Mark Weintraub, has left the bank. Learn how this feature works. How much do Wells Fargo employees make? 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. You must click the activation link to complete your subscription. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). We have estimated Michael DeVito's net worth, money, salary, income, and assets. To opt in for email alerts, please enter your email address in the field below and select at least one alert option. Even then, the U.S. Treasury would likely exercise its rights to convert the growing preferred stock preferences into common stock when that occurs. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. Your subscription will automatically renew for on . 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. 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. SP . When factoring in bonuses and additional . $900K. That means the CEO is the lowest-paid of top executives at both companies. In his new role, DeVito will oversee all production functions and his teams will be responsible for sales, operations, quality, compliance, underwriting and support. 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. Source: Fannie Mae 2020 annual report to investors. Bonus. MEDIA CONTACT: Christopher Spina 703-388-7031Christopher_Spina @FreddieMac.com, For Press Inquiries Only SAN DIEGO February 27, 2020 The National Association of Hispanic Real Estate Professionals (NAHREP ) announced Housing and Urban Development Secretary Ben Carson will deliver the keynote address at its National Convention and Housing Policy Summit being held March 16-18 at the Ritz-Carlton in Washington, D.C. 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. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based DeVito also was head of Your email address will not be published. Please update your billing information to reactivate your membership. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. Peck graduated from the New York Institute of Technology where he received his B.A. Save my name, email, and website in this browser for the next time I comment. Under this new structure, This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The lowest-paying job at Wells Fargo is a PT Teller with a salary of $36,721 per year. He has over 30 years of experience in the mortgage and financial services industry. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. our customers and help them succeed financially.. assumed in October 2015, and before that ran its mortgage servicing has been named head of Wells Fargo Home Lending, a role he has held on 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..
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