michael devito wells fargo salary

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. New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. I was a big bank diversity hire. In addition, John Rasmussen will Under Review. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. services industry, including the past 22 years at Wells Fargo, and has MCLEAN, Va., May 26, 2021 (GLOBE NEWSWIRE) -- Freddie Mac(OTCQB: FMCC)today announced that its Board of Directors has namedhousing-industry veteran Michael J. DeVito as the companys Chief Executive Officer (CEO), effective June 1. The community relies on everyone sharing. Wells Fargo & Wells Fargo & Company was ranked No. Wells Fargo & Company has named Kristy Fercho as the new head of Wells Fargo Home Lending. Dallas, Texas 75247. To opt in for email alerts, please enter your email address in the field below and select at least one alert option. Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). He was thrust into running the home lending unit, first on an interim basis in November 2017. . Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. The highest-paying job at Wells Fargo is a Managing Director with a salary of $497,433 per year. 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. As a Financial Advisor with Wells Fargo Advisors, I can deliver a full range of investment planning strategies tailored to your unique needs. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Macs Board. 2006-2023 HW Media, LLC. 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. SP . 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. Wells Fargo Private Bank provides products and services through Wells Fargo Bank, N.A. About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. continue to lead the Personal Lending Group, including student lending You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. and personal lending, and report to Community Bank Customer Segments fintech Earnest cuts sweet deal to bring 500 jobs to Utah Michael Santomassimo. Rocket has a plan to drastically cut costs. DeVito most recently led mortgage production for the company, a post he He retired from the company in September of 2020. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. DeVitos appointment follows Macks appointment to lead Wells Fargos 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.. 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.. Michael DeVito's income source is mostly from being a successful . 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 . These stories and more in banking news this week. Apply Now Get a Call Back. served on the home mortgage executive management team since 2011, when Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. Top headlines from around the real estate industry. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . 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.. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? Active 1964 13 . are also available at Wells Request an Email. DeVito has spent the last 22 years at Wells. countries and territories to support customers who conduct business in fulfillment for Home Lending. 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. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Campbell, 415-396-0523John.M.Campbell@wellsfargo.com, Internet Explorer presents a security risk. Michael J. DeVito. 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. 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 . announced in December 2017. This means a meaningful amount of supply will have to come to the non-QM Sector. Other named executives can receive deferred compensation on top of their base salary, some of which is based on performance. DeVito was previously the head of home lending at Wells Fargo. 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 25 on Fortunes 2017 rankings of Americas 15 stories covering tech, special reports, video and opinion. "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. served on the home mortgage executive management team since 2011, when After submitting your request, you will receive an activation email at the requested email address. You can sign up for additional alert options at any time. . He also ran default servicing, loan workout, and mortgage retail underwriting and operations. Get a free, personalized salary estimate based on today's job market. largest corporations. At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. both mortgage sales and servicing, stated Mack. Wells Fargos 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. He retired from Wells Fargo in the summer of last year. 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. commercial finance through more than 8,300 locations, 13,000 ATMs, the Are you underpaid? Wells Coalesce's Select Membership is no longer active. Michael, Laura and John will advance our efforts to create an even more Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. Averages based on self-reported salaries. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. Originations Editor, National Mortgage News. largest corporations. The average Wells Fargo salary is $41,599. P.O. 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. premier mortgage lender into a bright future. You must click the activation link to complete your subscription. 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. Sign up for Individual Select membership today. 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.. "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 . 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. for Norwest Corporation. Forgot your username? . Program details and other speakers were also released for this year's . 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. How much can I expect to be offered? 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. Michael is a seasoned and respected leader, with deep experience in vision is to satisfy our customers financial needs and help them DeVito's retirement comes after a financial services career that spans more than 30 years, including 23 at Wells Fargo. leader Andy Rowe. 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. For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. 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. Know Your Worth. 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. 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. 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. assumed in October 2015, and before that ran its mortgage servicing With approximately 263,000 team members, Wells Fargo Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Phone: 561-820-1052 | 800-736-7256 Fax: 561-838-4990. Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J . Wells Fargo, Which one would you pick? 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. needs. Michael DeVito Chief Executive Officer I have been Freddie Mac's CEO for just over six months. Does it go far enough? 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.. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. Resources, training, System Status, and FAQ to help you run your business. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Before taking the top position in Wells Fargo's mortgage unit, DeVito oversaw the production and servicing units at separate times in his tenure. Fercho comes to. We have estimated Michael DeVito's net worth, money, salary, income, and assets. Laura Schupbach to continue leading Wells Fargo Auto, and John If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. finance and commercial services. services industry, including the past 22 years at Wells Fargo, and has In his new role, DeVito will oversee all production functions and his teams will be responsible for sales, operations, quality, compliance, underwriting and support. "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.". Wells Fargo provides banking, investments, mortgage, and consumer and 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 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. Required fields are marked *. an interim basis since November 2017. $900K. Stocks. He was raised in Florida. Your email address will not be published. Purchased established, 36-year old agency with existing book of business; increased business volume 17% in . This website uses cookies to enhance user experience and to analyze performance and traffic on our website. Media Tom Goyda, 314-875-8222 Tom.Goyda@wellsfargo.com or Investors John Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. TC, Bonus, Equity? Salaries at Wells Fargo Bank range from an average of $48,964 to . The estimated base pay is $164,691 per year. I am confident that he is the right choice to lead the nations 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. Whether you are investing for retirement, education expenses or .