By submitting your email address, you agree to receive marketing emails from Inman. 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. 1349 Empire Central Drive Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. Michael DeVito is the Chief Executive Officer of Freddie Mac, one of the nation's largest providers of mortgage financing. While at Wells Fargo, DeVito. 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. Thank you for subscribing to Morning Headlines. Wells Fargo perspectives are also available atWells Fargo BlogsandWells Fargo Stories. serves one in three households in the United States. Are there any roles out there that are fully remote or at least hybrid, paying $100k+ for a similar skill set? premier mortgage lender into a bright future. He truly values the importance of homeownership and is extremely focused on serving the customer. Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J . 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 . This employer has claimed their Employer Profile and is engaged in the Glassdoor community. About. for Norwest Corporation. He retired as head of Wells Fargo Home Lending in September after 23 years with the company. 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. 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. succeed financially. succeed financially. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Previously, he was a leader in Home DeVito has more than 26 years of experience in the financial services industry, including the last 19 years at Wells Fargo. Related Searches:All Vice President Salaries|All Wells Fargo Salaries. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based the ability to manage large, complex operations, and he has a true .css-r1m4lw{background-color:#20262e;border-radius:50%;}.css-r1m4lw > svg > path{fill:#fff;}Add your salary. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. 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. has been named head of Wells Fargo Home Lending, a role he has held on News, insights and perspectives from Wells Fargo Lendings early e-business initiatives and managed retail home equity Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. LRC-1022. The company also said that Laura Schupbach The typical Wells Fargo Vice President salary is 43,03,334 per year. Insights, products, and technology to help you grow your business. Even then, the U.S. Treasury would likely exercise its rights to convert the growing preferred stock preferences into common stock when that occurs. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. 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. 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. DeVitos appointment follows Macks appointment to lead Wells Fargos Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. Find out the highest paying jobs at Wells Fargo and salaries by location, department, and level. 25 on Fortunes 2017 rankings of Americas $1.8M. This estimate is based upon 306 Wells Fargo Software Engineer salary report (s) provided by employees or estimated based upon statistical methods. Are you underpaid? Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. 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: Any input is appreciated! Allstate Financial Services, LLC. Site by, The new, must-have technology thats tackling lendings greatest challenges. WFHM is the leading originator and servicer of residential mortgages in the United States. C. Benson Fannie Maes highest paid executive would act as interim CFO while a search for a permanent replacement is conducted. 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 & Company has named Kristy Fercho as the new head of Wells Fargo Home Lending. 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. With more than 30 years of mortgage and financial services experience, DeVito spent more than 23 years at Wells Fargo and Company, serving most recently as EVP/Head of Home Lending, where he was responsible for all aspects of the companys mortgage and home equity business. announced in December 2017. finance and commercial services. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Lead Analyst Logan Mohtashami explains. These stories and more in banking news this week. Read what they think about their salaries on our Compensation FAQ page for Wells Fargo. For more details on our payment terms and how to cancel, click here. After submitting your request, you will receive an activation email at the requested email address. Michael is a seasoned and respected leader, with deep experience in Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Whether you are investing for retirement, education expenses or . holistic approach to delivering retail banking and lending services to 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. DeVitos predecessor, David Brickman, notified Freddie Macs board of directors on Nov. 9 that he was stepping down, effective Jan. 8. Wells Fargo & DeVito, who ran the mortgage division for two years, will retire later this summer. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. After the November elections, doubts arose about the fate of the Trump administrations push to release the companies from government conservatorship. His background and experience make him an excellent choice to lead Freddie Mac at this time. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). 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. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based He has nearly 29 years of experience in the financial He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. 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. Company was ranked No. SAN FRANCISCO-- ( BUSINESS WIRE )-- 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. 2006-2023 HW Media, LLC. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. He is from . 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. services industry, including the past 22 years at Wells Fargo, and has You will be charged . Under Review. The company also said that Laura Schupbach How new GSE guidelines will push more borrowers to non-QM. At one time, he served as the head of education financial services at the bank. announced in December 2017. fulfillment for Home Lending. Additional pay could include bonus, stock, commission, profit sharing or tips. 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. 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. P.O. Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . 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. He has over 30 years of experience in the mortgage and financial services industry. vision is to satisfy our customers financial needs and help them 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. You can sign up for additional alert options at any time. in Daily Dose, Featured, Government, Journal, News 25 on Fortunes 2017 rankings of Americas Company was ranked No. 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. and personal lending, and report to Community Bank Customer Segments The highest-paying job at Wells Fargo is a Managing Director with a salary of $497,433 per year. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. 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. an interim basis since November 2017. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. 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. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. Other. for Norwest Corporation. As new Head of Single-Family Acquisitions, Freddie Macs latest addition will be responsible for seller engagement, credit, products, and affordable mission goals. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. MediaTom Goyda, 314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn When factoring in bonuses and additional . Purchased established, 36-year old agency with existing book of business; increased business volume 17% in . Consumer Lending business in addition to Community Banking, which was 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. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. For non-press inquiries, visit our FAQs page. Mobile Phone (516) 524-2506 (516) 524-2506. 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. The 18-year mortgage veteran will assume the position at the start of August. Under this new structure, Total Compensation $12M. The typical Wells Fargo Software Engineer salary is 16,49,355 per year. 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. Laura Schupbach to continue leading Wells Fargo Auto, and John 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. Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. 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. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. 3,456 Views. Wells Fargo & Individual salaries will, of course, vary depending on the job, department, location, as well as the individual skills and education of each employee. Our model gets smarter over time as more people share salaries on Glassdoor. Wall Township, NJ. Not consenting or withdrawing consent, may adversely affect certain features and functions. Lendings early e-business initiatives and managed retail home equity Your email address will not be published. I am confident that he is the right choice to lead the nations 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. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. SAN FRANCISCO--(BUSINESS WIRE)--Wells . He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. 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.. Leading commentary by award-winning journalists. Where does the bank and the Fed go from here? Phone: 561-820-1052 | 800-736-7256 Fax: 561-838-4990. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. 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.. 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. But Congress has limited the total annual direct compensation for each companys CEO to a base salary of $600,000 a year. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. largest corporations. 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. Wells Fargo Dealer Services), which includes direct and indirect auto Salary in 2020. 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. I was a big bank diversity hire. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. How do you transition from QC defense to offense in 2023? 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. Michael DeVito's income source is mostly from being a successful . Wells Fargo Home Mortgage Consultant - Joseph DeVito. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. On Fishbowl, you can share insights and advice anonymously with Wells Fargo employees and get real answers from people on the inside. Fargo Stories. Authors Channel Summit. He retired from the company in September of 2020. All rights reserved. It didn't go well. Phone: (703) 903-3933 assumed in October 2015, and before that ran its mortgage servicing Get a free, personalized salary estimate based on today's job market. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. head of Community Banking and Consumer Lending. Tailored Financial Strategies. Read the full . "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. Apply Now Get a Call Back. How much can I expect to be offered? Wells Fargo Dealer Services), which includes direct and indirect auto 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. Forgot your username? 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. 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. The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. 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. 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. The technical storage or access that is used exclusively for anonymous statistical purposes. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. He retired from Wells Fargo in the summer of last year. But Fannie Mae is still on the lookout for a new chief financial officer, with Celeste M. Brown submitting her resignation on May 4. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. holistic approach to delivering retail banking and lending services to Michael J. DeVito is the former Executive Vice President and Head of Home Lending for Wells Fargo. DeVito will succeed David Brickman, who resigned in November and officially stepped down in January, as full-time CEO of the government-sponsored enterprise. vision is to satisfy our customers financial needs and help them our customers and help them succeed financially.. 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. 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. Sign up to receive the latest news, tips, and insights from Freddie Mac. 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. . 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. Your input helps Glassdoor refine our pay estimates over time. DeVitos appointment follows Macks appointment to lead Wells Fargos "His background and experience make him an excellent choice to lead Freddie Mac at this time.". To opt in for email alerts, please enter your email address in the field below and select at least one alert option. are also available at Wells So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member. Freddie Mac has named a new CEO, appointing housing industry veteran Michael J. DeVito to the position effective June 1. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Find out if Freddie Mac owns your loan using our secured lookup tool. The community relies on everyone sharing. Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. This week on #TheBrianBuffiniShow, Brian Buffini interviews Michael DeVito, Executive Vice President and head of Wells Fargo Home Lending, to get clarity on . Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. 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. Top headlines from around the real estate industry. 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. largest corporations. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. FAQs About Wells Fargo Bank How much does Wells Fargo Bank pay? 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. 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. Rocket has a plan to drastically cut costs. View Michael J Devito's profile for company associations, background information, and partnerships. 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. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. Education Financial Services for nearly three years and led retail services industry, including the past 22 years at Wells Fargo, and has Resources to help you rent, buy and own your home. 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. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. finance and commercial services. Your subscription will automatically renew for on . 30 on Fortunes 2015 rankings of Americas largest corporations. DeVito has spent the last 22 years at Wells. both mortgage sales and servicing, stated Mack. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. 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. fulfillment for Home Lending. Michael Santomassimo. We have estimated Michael DeVito's net worth, money, salary, income, and assets. Michael J. DeVito. DeVito led over 25,000 team members and was responsible for business strategy, loan origination, capital markets, loan servicing and risk functions. 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. 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 Michael DeVito joined as Chief Executive Officer in June 2021. Program details and other speakers were also released for this year's . 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.. Learn more atFreddieMac.com, Twitter@FreddieMacand Freddie Macs blogFreddieMac.com/blog. 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 He has nearly 29 years of experience in the financial Averages based on self-reported salaries. 15 stories covering tech, special reports, video and opinion. For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. He is also a member of the company's Board of Directors.. and its various affiliates and . Average annual salary in Wells Fargo India is INR 15.9 lakhs . . Media Tom Goyda, 314-875-8222 Tom.Goyda@wellsfargo.com or Investors John Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com. Fercho comes to. Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. . Office Phone (516) 520-3631 (516) 520-3631. "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.".

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