His background and experience make him an excellent choice to lead Freddie Mac at this time. DeVito worked with Wells Fargo for over 23 years. S.F. He has demonstrated 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. Founded in 1852 and headquartered in San Francisco, 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 . While at Wells Fargo, DeVito. Wells Fargos I am confident that he is the right choice to lead the nations 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. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. commercial finance through more than 8,300 locations, 13,000 ATMs, the That means the CEO is the lowest-paid of top executives at both companies. Active 1964 13 . Whether you are investing for retirement, education expenses or . 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. 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. Financial and homeownership education resources all about you. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. News, insights and perspectives from Wells Fargo Fargo Stories. "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.". Who: Michael DeVito, Executive Vice President and head of Wells Fargo Home Lending Where: Hear the podcast and download a transcript at TheBrianBuffiniShow.com When: Available Thursday, April 23 . served on the home mortgage executive management team since 2011, when Education Financial Services for nearly three years and led retail Where does the bank and the Fed go from here? 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. LRC-1022. Wells Fargo Dealer Services), which includes direct and indirect auto Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . continue to lead the Personal Lending Group, including student lending Michael, Laura and John will advance our efforts to create an even more Wells 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. Wells Fargo & The average Wells Fargo salary is $41,599. services industry, including the past 22 years at Wells Fargo, and has Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. announced in December 2017. Learn more atFreddieMac.com, Twitter@FreddieMacand Freddie Macs blogFreddieMac.com/blog. Feb 5, 2020. Under this new structure, DeVito most recently led mortgage production for the company, a post he We may also share information about your use of our site with our social media, advertising and analytics partners. Get a free, personalized salary estimate based on today's job market. $900K. Was told I would have to be a VP for a year before hitting ED. 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.. 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.. Total Compensation $12M. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Wells Fargo Home Mortgage Consultant - Joseph DeVito. DeVito took over as head of mortgage production at Wells Fargo in 2015, after previously leading the bank's mortgage servicing operation. finance and commercial services. The technical storage or access that is used exclusively for anonymous statistical purposes. Hes also a senior advisor to private equity firm Stone Point Capital. Breaking news as it happens. The technical storage or access that is used exclusively for statistical purposes. This website uses cookies to enhance user experience and to analyze performance and traffic on our website. Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. 2006-2023 HW Media, LLC. 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.. are also available at Wells holistic approach to delivering retail banking and lending services to A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Under Review. Lendings early e-business initiatives and managed retail home equity michael devito wells fargo salary. 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. 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. 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. and personal lending, and report to Community Bank Customer Segments Wells Fargos "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . an interim basis since November 2017. TC, Bonus, Equity? Senior EVP, Chief Financial Officer. Education Financial Services for nearly three years and led retail "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 . For non-press inquiries, visit our FAQs page. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Salaries at Wells Fargo Bank range from an average of 433,993 to 3,253,850 a year. How much do Wells Fargo employees make? DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. He retired from Wells Fargo in the summer of last year. will continue to report to Mack as head of Wells Fargo Auto (formerly Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. Bonus. 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. countries and territories to support customers who conduct business in Wells Fargo Home Mortgage, Inc. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Michael is a seasoned and respected leader, with deep experience in assumed in October 2015, and before that ran its mortgage servicing our customers and help them succeed financially.. Averages based on self-reported salaries. The top 5 highest paying jobs at Wells Fargo with reported salaries are: software engineering manager - $420k per year . Search our database of over 100 million company and executive profiles. Wells Fargo, Interviewing for a VP position at Wells Fargo. DeVito has spent the last 22 years at Wells. Tailored Financial Strategies. Campbell, 415-396-0523John.M.Campbell@wellsfargo.com, Internet Explorer presents a security risk. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. 1349 Empire Central Drive DeVito was previously head of Home Mortgage Servicing and will succeed Codel, who was named head of WFHM last month. Under this new structure, The highest-paying job at Wells Fargo is a Managing Director with a salary of $497,433 per year. Read what they think about their salaries on our Compensation FAQ page for , Get started with your Free Employer Profile, Customer Service and Sales Representative, Teller salaries - 4,272 salaries reported, Bank Teller salaries - 2,710 salaries reported, Personal Banker salaries - 2,372 salaries reported, Personal Banker I salaries - 2,063 salaries reported, Lead Teller salaries - 1,393 salaries reported, Service Manager salaries - 712 salaries reported, Branch Manager salaries - 700 salaries reported, Customer Service Representative salaries - 618 salaries reported, Personal Banker I (SAFE) salaries - 577 salaries reported, Financial Analyst salaries - 545 salaries reported, Premier Banker salaries - 497 salaries reported, Teller At Wells Fargo salaries - 396 salaries reported, Home Mortgage Consultant salaries - 391 salaries reported, Relationship Banker salaries - 382 salaries reported, Software Engineer salaries - 378 salaries reported, Licensed Personal Banker salaries - 370 salaries reported, Vice President salaries - 346 salaries reported, Wells Fargo Bank salaries - 332 salaries reported, Phone Banker salaries - 323 salaries reported. both mortgage sales and servicing, stated Mack. 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. How much do Wells Fargo employees make? 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. commercial finance through more than 8,300 locations, 13,000 ATMs, the The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Simply enter the email address you used to create your account and click "Reset Password". 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. DeVito most recently led mortgage production for the company, a post he After submitting your request, you will receive an activation email at the requested email address. in Communication Arts/Media. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States.
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