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Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. You will receive additional instructions via email. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. 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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. Wells The company had previously partnered on its credit cards with Barclays. DeVito was previously the head of home lending at Wells Fargo. fulfillment for Home Lending. Averages based on self-reported salaries. services industry, including the past 22 years at Wells Fargo, and has Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. Campbell, 415-396-0523John.M.Campbell@wellsfargo.com, Internet Explorer presents a security risk. DeVitos appointment follows Macks appointment to lead Wells Fargos Sign up to receive the latest news, tips, and insights from Freddie Mac. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Macs Board. Phone: 561-820-1052 | 800-736-7256 Fax: 561-838-4990. Office Phone (516) 520-3631 (516) 520-3631. 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. 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. premier mortgage lender into a bright future. For more details on our payment terms and how to cancel, click here. Read the full . Search our database of over 100 million company and executive profiles. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. . financial services company with $2 trillion in assets. 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. Tailored Financial Strategies. 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. Does it go far enough? The estimated additional pay is $154,512 per year. Fargo Stories. .css-r1m4lw{background-color:#20262e;border-radius:50%;}.css-r1m4lw > svg > path{fill:#fff;}Add your salary. This means a meaningful amount of supply will have to come to the non-QM Sector. Your email address will not be published. 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. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. MEDIA CONTACT: Christopher Spina 703-388-7031Christopher_Spina @FreddieMac.com, For Press Inquiries Only assumed in October 2015, and before that ran its mortgage servicing View Michael J Devito's profile for company associations, background information, and partnerships. Home Mortgage Consultant. Get a free, personalized salary estimate based on today's job market. fintech Earnest cuts sweet deal to bring 500 jobs to Utah 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.. vision is to satisfy our customers financial needs and help them Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. DeVito worked with Wells Fargo for over 23 years. Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. To opt in for email alerts, please enter your email address in the field below and select at least one alert option. 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. He retired from Wells Fargo in 2020. This website uses cookies to enhance user experience and to analyze performance and traffic on our website. Purchased established, 36-year old agency with existing book of business; increased business volume 17% in . Resources, training, System Status, and FAQ to help you run your business. His background and experience make him an excellent choice to lead Freddie Mac at this time. Paula Dominick, the chief compliance officer at Credit Suisse USA, has been hired to replace him, Wells said in a news release Thursday. Wells Fargo provides banking, investments, mortgage, and consumer and He also ran default servicing, loan workout, and mortgage retail underwriting and operations. Don't miss the premier event for real estate pros. Mobile Phone (516) 524-2506 (516) 524-2506. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. Are there any roles out there that are fully remote or at least hybrid, paying $100k+ for a similar skill set? The 18-year mortgage veteran will assume the position at the start of August. Education Financial Services for nearly three years and led retail 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. 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. Financial and homeownership education resources all about you. Not consenting or withdrawing consent, may adversely affect certain features and functions. Previously, he was a leader in Home 2006-2023 HW Media, LLC. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. 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. By submitting your email address, you agree to receive marketing emails from Inman. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. an interim basis since November 2017. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. 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. Under Review. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. DeVito most recently led mortgage production for the company, a post he 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. he was named head of default servicing. Originations Editor, National Mortgage News. leader Andy Rowe. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. Phone: 800 869 3557. DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. SAN FRANCISCO--(BUSINESS WIRE)--Wells DeVito has spent the last 22 years at Wells. for Norwest Corporation. LRC-1022. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Top headlines from around the real estate industry. serves one in three households in the United States. will continue to report to Mack as head of Wells Fargo Auto (formerly 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. After Brickman stepped down in early January, Mark Grier was appointed interim CEO. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. 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. But Fannie Mae is still on the lookout for a new chief financial officer, with Celeste M. Brown submitting her resignation on May 4. in Communication Arts/Media. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. vision is to satisfy our customers financial needs and help them With approximately 263,000 team members, Wells Fargo Michael has made over 3 trades of the Wells Fargo & Co stock since 2021, according to the Form 4 filled with the SEC. 25 on Fortunes 2017 rankings of Americas 1349 Empire Central Drive You can sign up for additional alert options at any time. commercial finance through more than 8,300 locations, 13,000 ATMs, the SAN DIEGO February 27, 2020 The National Association of Hispanic Real Estate Professionals (NAHREP ) announced Housing and Urban Development Secretary Ben Carson will deliver the keynote address at its National Convention and Housing Policy Summit being held March 16-18 at the Ritz-Carlton in Washington, D.C. 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. Wells Fargo & Forgot your username? Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. Read what they think about their salaries on our Compensation FAQ page for Wells Fargo. Sign up for Individual Select membership today. 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. Under this new structure, Founded in 1852 and headquartered in San Francisco, Wells Fargo Bank employees with the job title Lead Software Engineer make the most with an average annual. 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. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Mark B. Grier had been filling in as interim CEO of Freddie Mac; he will resume his duties as a member of Freddies board when DeVito assumes the role. Senior EVP, Chief Financial Officer. Help make it more accurate by adding yours. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. P.O. He is from . $0. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. He has demonstrated 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. continue to lead the Personal Lending Group, including student lending 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. Your input helps Glassdoor refine our pay estimates over time. Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J. DeVito out of retirement as its new CEO, starting June 1. While at Wells Fargo, DeVito. I am confident that he is the right choice to lead the nations Michael, Laura and John will advance our efforts to create an even more The typical Wells Fargo Software Engineer salary is 16,49,355 per year. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. 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. 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.. Michael DeVito is the Chief Executive Officer of Freddie Mac, one of the nation's largest providers of mortgage financing. He retired from Wells Fargo in 2020. Half of Q4 2022 transactions had wire and title fraud risks. DeVito led over 25,000 team members and was responsible for business strategy, loan origination, capital markets, loan servicing and risk functions. Email: Frank.Devito@wellsfargo.com. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Other. Breaking news as it happens. Net Worth in 2021. He was thrust into running the home lending unit, first on an interim basis in November 2017. 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. Source: Freddie Mac 2020 annual report to investors. 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. passion for designing innovative experiences that support our customers Freddie Mac has named a new CEO, appointing housing industry veteran Michael J. DeVito to the position effective June 1. He was raised in Florida. $1.8M. services industry, including the past 22 years at Wells Fargo, and has This estimate is based upon 306 Wells Fargo Software Engineer salary report (s) provided by employees or estimated based upon statistical methods. Dallas, Texas 75247. NMLSR ID. Fargo & Company (NYSE: WFC) announced today that Michael DeVito DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Learn how to work with us with our Guide Bulletins and Industry Letters. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. Allstate Financial Services, LLC. 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. At one time, he served as the head of education financial services at the bank. Lendings early e-business initiatives and managed retail home equity Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window). fulfillment for Home Lending. Authors Channel Summit. Stocks. 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. Grier will return to his duties as a full-time member of the board on June 1. Wells Fargo employees rate the overall compensation and benefits package 3.7/5 stars. 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. 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. countries and territories to support customers who conduct business in 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. Oct 2011 - Oct 20165 years 1 month. Separately, Wells Fargo's former chief operational risk officer, Mark Weintraub, has left the bank. passion for designing innovative experiences that support our customers Base. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. 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. 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. internet (wellsfargo.com) and mobile banking, and has offices in 42 See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. 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. It looks like youre already a Select Member! michael devito wells fargo salary. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. $7.5M. Lendings early e-business initiatives and managed retail home equity She is at Wells Fargo now, with current comp around $75k. the global economy. For non-press inquiries, visit our FAQs page. Find out the highest paying jobs at Wells Fargo and salaries by location, department, and level. Hes also a senior advisor to private equity firm Stone Point Capital. TC, Bonus, Equity? Salaries at Wells Fargo Bank range from an average of 433,993 to 3,253,850 a year. Wells Fargo contact info: Phone number: (866 . 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. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. He has nearly 29 years of experience in the financial As on 2021. 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. 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. Salary estimates are based on 27.2k Wells Fargo India latest salaries received from various employees of Wells Fargo India. 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 User promo code onward25 during checkout to save 25% on your Inman Select Membership. 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. 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.. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. Wells Fargo is also the nation's leading renovation loan lender and the number one lender to homebuyers who purchase newly constructed homes. DeVito holds a Bachelor of Science degree in accounting from Ithaca College in Ithaca, New York. Wells Fargo Home Mortgage Consultant - Joseph DeVito. 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. largest corporations. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. To subscribe to exclusive newsletters, visit your email preferences in the account settings. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. All rights reserved. Save my name, email, and website in this browser for the next time I comment. DeVito, who ran the mortgage division for two years, will retire later this summer. I am confident that he is the right choice to lead the nations will continue to report to Mack as head of Wells Fargo Auto (formerly 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. Help make it more accurate by, Get started with your Free Employer Profile, average salary for a Vice President is $172,521 per year in United States, The Ultimate Job Interview Preparation Guide. . 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.".