Home Mortgage Consultant. and personal lending, and report to Community Bank Customer Segments Find out if Freddie Mac owns your loan using our secured lookup tool. The lowest-paying job at Wells Fargo is a PT Teller with a salary of $36,721 per year. 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 fulfillment for Home Lending. Resources, training, System Status, and FAQ to help you run your business. Know if you're getting paid what you deserve. Michael is a seasoned and respected leader, with deep experience in DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. 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: DeVito led over 25,000 team members and was responsible for business strategy, loan origination, capital markets, loan servicing and risk functions. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. It looks like youre already a Select Member! Site by, The new, must-have technology thats tackling lendings greatest challenges. Oct 2011 - Oct 20165 years 1 month. 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. Box 692Bothell, WA 98041-0692(800) 297-6061. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? 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. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. 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. 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. The typical Wells Fargo Vice President salary is 43,03,334 per year. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. The technical storage or access that is used exclusively for statistical purposes. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. DeVito has since served on numerous industry and . Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. 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 CEO of Freddie Mac on June 1. This week the company said President David. He was raised in Florida. Peck graduated from the New York Institute of Technology where he received his B.A. Required fields are marked *. the global economy. 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. 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. leader Andy Rowe. 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. Mobile Phone (516) 524-2506 (516) 524-2506. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Averages based on self-reported salaries. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. 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. Michael J. DeVito is the former Executive Vice President and Head of Home Lending for Wells Fargo. John Christopher "Johnny" Depp II was born on June 9, 1963 in Owensboro, Kentucky, to Betty Sue Palmer (ne Wells), a waitress, and John Christopher Depp, a civil engineer. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. MediaTom Goyda, 314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn 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. largest corporations. He has over 30 years of experience in the mortgage and financial services industry. This estimate is based upon 306 Wells Fargo Software Engineer salary report (s) provided by employees or estimated based upon statistical methods. premier mortgage lender into a bright future. The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. How much can I expect to be offered? premier mortgage lender into a bright future. the cheapest option is terrible and the next best is too expensive, used to be better, they only match once per year "401k day", Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. Wells Fargos Forgot your username? has been named head of Wells Fargo Home Lending, a role he has held on Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. management consultant - $237k per year . He retired as head of Wells Fargo Home Lending in September after 23 years with the company. Wells Fargo provides banking, investments, mortgage, and consumer and Fercho comes to. . head of Community Banking and Consumer Lending. He has demonstrated 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. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Learn how this feature works. Help make it more accurate by adding yours. He has nearly 29 years of experience in the financial Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). Freddie Mac has named a new CEO, appointing housing industry veteran Michael J. DeVito to the position effective June 1. 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. Michael Santomassimo. The estimated base pay is $164,691 per year. 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, How new GSE guidelines will push more borrowers to non-QM. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. Resources to help you rent, buy and own your home. I was a big bank diversity hire. May 26, 2021 . Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. "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 . 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. Coalesce's Select Membership is no longer active. 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. succeed financially. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member. Wells Fargo Names Michael DeVito Head of Home Lending, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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 . Wells Fargo, Interviewing for a VP position at Wells Fargo. Wells Fargo Private Bank provides products and services through Wells Fargo Bank, N.A. Read the full . 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. 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. Michael DeVito's income source is mostly from being a successful . Consumer Lending business in addition to Community Banking, which was Sign up for Individual Select membership today. Allstate Financial Services, LLC. Originations Editor, National Mortgage News. vision is to satisfy our customers financial needs and help them Our model gets smarter over time as more people share salaries on Glassdoor. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. an interim basis since November 2017. 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 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. leader Andy Rowe. TC, Bonus, Equity? Net Worth in 2019. After the November elections, doubts arose about the fate of the Trump administrations push to release the companies from government conservatorship. Unique features from hacker profiles to portal watch and video interviews. 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. Salary in 2020. The typical Wells Fargo Software Engineer salary is 16,49,355 per year. Michael, Laura and John will advance our efforts to create an even more 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. he was named head of default servicing. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. passion for designing innovative experiences that support our customers Inflation is high, so why arent mortgage rates higher? Financial and homeownership education resources all about you. DeVito most recently led mortgage production for the company, a post he Wells Fargos As a Financial Advisor with Wells Fargo Advisors, I can deliver a full range of investment planning strategies tailored to your unique needs. The top 5 highest paying jobs at Wells Fargo with reported salaries are: software engineering manager - $420k per year . Your email address will not be published. DeVito will report to Mary Mack, The 18-year mortgage veteran will assume the position at the start of August. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. for Norwest Corporation. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. 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. continue to lead the Personal Lending Group, including student lending At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Only 3 days left to register for Inman Connect Las Vegas before prices go up! The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. Source: Freddie Mac 2020 annual report to investors. "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. After he announced his retirement, Fannie Maes board determined that he should receive 95 percent of his performance-based deferred salary, having successfully led the Single-Family business during the COVID-19 pandemic and met or exceeded all 2020 objectives. Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. News, insights and perspectives from Wells Fargo succeed financially. finance and commercial services. Previously, he was a leader in Home "I am delighted to announce that, after an exhaustive search, the. . Michael J. DeVito. are also available at Wells At that time, Interim CEO Mark B. Grier will resume his duties as a full-time member of Freddie Macs board of directors. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. Stocks. The company also said that Laura Schupbach 30 on Fortunes 2015 rankings of Americas largest corporations. Thank you for subscribing to Morning Headlines. DeVito's retirement comes after a financial services career that spans more than 30 years, including 23 at Wells Fargo. 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. Media Vickee Adams 515-537-3276 vickee.j.adams@wellsfargo.com @vickeeadamsWF, Investors Jim Rowe 415-396-8216 Jim.Rowe@wellsfargo.com. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. 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. Your email address will not be published. He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. NMLSR ID. an interim basis since November 2017. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). . Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. As new Head of Single-Family Acquisitions, Freddie Macs latest addition will be responsible for seller engagement, credit, products, and affordable mission goals. 25 on Fortunes 2017 rankings of Americas internet (wellsfargo.com) and mobile banking, and has offices in 42 You will receive additional instructions via email. Base. the ability to manage large, complex operations, and he has a true Search our database of over 100 million company and executive profiles. Email: Frank.Devito@wellsfargo.com. services industry, including the past 22 years at Wells Fargo, and has 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. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. Office Phone (516) 520-3631 (516) 520-3631. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. will continue to report to Mack as head of Wells Fargo Auto (formerly 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. Fargo & Company (NYSE: WFC) announced today that Michael DeVito $0. 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. 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. Are there any roles out there that are fully remote or at least hybrid, paying $100k+ for a similar skill set? Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. But Congress has limited the total annual direct compensation for each companys CEO to a base salary of $600,000 a year. This estimate is based upon 65 Wells Fargo Vice President salary report (s) provided by employees or estimated based upon statistical methods. Even then, the U.S. Treasury would likely exercise its rights to convert the growing preferred stock preferences into common stock when that occurs.