and personal lending, and report to Community Bank Customer Segments Michael J. DeVito. Under this new structure, operations. At various points during his tenure, he served as Head of Home Lending Production, Home Lending Servicing, Default Servicing, Loan Workout, Head of Education Financial Services, and Mortgage Retail Underwriting and Operations. 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. 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. News, insights and perspectives from Wells Fargo commercial finance through more than 8,300 locations, 13,000 ATMs, the 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 This week the company said President David. 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. He has nearly 29 years of experience in the financial Fargo & Company (NYSE: WFC) announced today that Michael DeVito are also available at Wells 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. He has demonstrated in Daily Dose, Featured, Government, Journal, News Home Mortgage Consultant. 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. 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. About. Feb 5, 2020. Michael DeVito Chief Executive Officer I have been Freddie Mac's CEO for just over six months. The average Wells Fargo salary ranges from approximately $36,721 per year for, Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. May 26, 2021 That means the CEO is the lowest-paid of top executives at both companies. 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. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. announced in December 2017. Coalesce's Select Membership is no longer active. He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. 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 provides banking, investments, mortgage, and consumer and Suite 900 He has demonstrated The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The typical Wells Fargo Software Engineer salary is 16,49,355 per year. Originations Editor, National Mortgage News. Wells Fargo Dealer Services), which includes direct and indirect auto Rocket has a plan to drastically cut costs. 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. Looking for job/firm recommendations for my wife: she is currently a client service associate, fully registered (series 65, 63, 7), 5yoe. the ability to manage large, complex operations, and he has a true Fargo & Company (NYSE: WFC) announced today that Michael DeVito It looks like youre already a Select Member! But Congress has limited the total annual direct compensation for each company's CEO to a base salary of . 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. Net Worth in 2019. He is from . At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. Insights, products, and technology to help you grow your business. 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. . View Michael J Devito's profile for company associations, background information, and partnerships. Michael Weinbach WFC stock SEC Form 4 insiders trading. "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. For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. Wells Fargos Not consenting or withdrawing consent, may adversely affect certain features and functions. Save my name, email, and website in this browser for the next time I comment. Learn how this feature works. Since our creation by Congress in 1970, weve made housing more accessible and affordable for homebuyers and renters in communities nationwide. Whether you are investing for retirement, education expenses or . DeVito's retirement comes after a financial services career that spans more than 30 years, including 23 at Wells Fargo. Find out the highest paying jobs at Wells Fargo and salaries by location, department, and level. "His background and experience make him an excellent choice to lead Freddie Mac at this time.". Inflation is high, so why arent mortgage rates higher? Michael DeVito's income source is mostly from being a successful . His background and experience make him an excellent choice to lead Freddie Mac at this time. Read the full . succeed financially. Founded in 1852 and headquartered in San Francisco, 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. His background and experience make him an excellent choice to lead Freddie Mac at this time. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? Wells Fargo Home Mortgage Consultant - Joseph DeVito. DeVitos appointment follows Macks appointment to lead Wells Fargos Consumer Lending business in addition to Community Banking, which was He retired as head of Wells Fargo Home Lending in September after 23 years with the company. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Dallas, Texas 75247. 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. Paula Dominick, the chief compliance officer at Credit Suisse USA, has been hired to replace him, Wells said in a news release Thursday. 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. holistic approach to delivering retail banking and lending services to "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.". services industry, including the past 22 years at Wells Fargo, and has As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). Averages based on self-reported salaries. 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. Salary in 2020. We provide links to external websites for your convenience. As new Head of Single-Family Acquisitions, Freddie Macs latest addition will be responsible for seller engagement, credit, products, and affordable mission goals. He retired from Wells Fargo in the summer of last year. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Financial and homeownership education resources all about you. The estimated base pay is $164,691 per year. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based For non-press inquiries, visit our FAQs page. About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Wells Fargo provides banking, investments, mortgage, and consumer and needs. $0. DeVito most recently led mortgage production for the company, a post he 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. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. He was raised in Florida. 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. By submitting your email address, you agree to receive marketing emails from Inman. Arnie Aurellano is chief reporter and website content editor at Scotsman Guide. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. These stories and more in banking news this week. Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Wells We have estimated Michael DeVito's net worth, money, salary, income, and assets. . Laura Schupbach to continue leading Wells Fargo Auto, and John This employer has claimed their Employer Profile and is engaged in the Glassdoor community. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Total Compensation $12M. DeVito has since served on numerous industry and . Wells Fargo & 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.
