These stories and more in banking news this week. operations. The technical storage or access that is used exclusively for anonymous statistical purposes. head of Community Banking and Consumer Lending. He truly values the importance of homeownership and is extremely focused on serving the customer. DeVito holds a Bachelor of Science degree in accounting from Ithaca College in Ithaca, New York. Salary estimates are based on 27.2k Wells Fargo India latest salaries received from various employees of Wells Fargo India. For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. Net Worth in 2019. 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. Your input helps Glassdoor refine our pay estimates over time. 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. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. DeVito was previously the head of home lending at Wells Fargo. Feb 5, 2020. will continue to report to Mack as head of Wells Fargo Auto (formerly . 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. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. By submitting your email address, you agree to receive marketing emails from Inman. Wells Fargo & Co. said Michael DeVito will lead its mortgage division, after assuming the role on an interim basis following an executive shake-up in late 2017.. His permanent elevation to the top . DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. internet (wellsfargo.com) and mobile banking, and has offices in 42 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. "His background and experience make him an excellent choice to lead Freddie Mac at this time.". Site by, The new, must-have technology thats tackling lendings greatest challenges. Education Financial Services for nearly three years and led retail Consumer Lending business in addition to Community Banking, which was fulfillment for Home Lending. To opt in for email alerts, please enter your email address in the field below and select at least one alert option. Wells Fargo employees earn an average salary of $41,599 in 2023, with a range from $22,000 to $77,000. 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. financial services company with $2 trillion in assets. 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 Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. 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.. He has demonstrated countries and territories to support customers who conduct business in 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. in Communication Arts/Media. The 18-year mortgage veteran will assume the position at the start of August. For more details on our payment terms and how to cancel, click here. View Michael J Devito's profile for company associations, background information, and partnerships. michael devito wells fargo salary Wells Fargo & Media Vickee Adams 515-537-3276 vickee.j.adams@wellsfargo.com @vickeeadamsWF, Investors Jim Rowe 415-396-8216 Jim.Rowe@wellsfargo.com. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. C. Benson Fannie Maes highest paid executive would act as interim CFO while a search for a permanent replacement is conducted. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member. Wells Fargos It looks like youre already a Select Member! Wells Fargo Dealer Services), which includes direct and indirect auto 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. There has been an exodus of executive talent at Freddie Mac and Fannie Mae since it became apparent in 2020 that the GSEs wouldnt be released from conservatorship anytime soon. The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. 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. 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. She is at Wells Fargo now, with current comp around $75k. New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. There seems to be a problem with your Inman Select Membership. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time member of Freddie Macs board of directors. are also available at Wells Your email address will not be published. Rocket has a plan to drastically cut costs. served on the home mortgage executive management team since 2011, when .css-r1m4lw{background-color:#20262e;border-radius:50%;}.css-r1m4lw > svg > path{fill:#fff;}Add your salary. Related Searches:All Vice President Salaries|All Wells Fargo Salaries. 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 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. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. That means the CEO is the lowest-paid of top executives at both companies. Allstate Financial Services, LLC. Are there any roles out there that are fully remote or at least hybrid, paying $100k+ for a similar skill set? Whether you are investing for retirement, education expenses or . Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). 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. Averages based on self-reported salaries. . Unique features from hacker profiles to portal watch and video interviews. Fannie Mae and Freddie Mac, which help channel investment into mortgage lending by purchasing and guaranteeing mortgages, were placed into government conservatorship in 2008, as potential losses from the housing crash mounted. We provide links to external websites for your convenience. 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. the ability to manage large, complex operations, and he has a true On Fishbowl, you can share insights and advice anonymously with Wells Fargo employees and get real answers from people on the inside. He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. Wells Fargo employees rate the overall compensation and benefits package 3.7/5 stars. 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. Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . Forgot your username? succeed financially. Michael has made over 3 trades of the Wells Fargo & Co stock since 2021, according to the Form 4 filled with the SEC. John Christopher "Johnny" Depp II was born on June 9, 1963 in Owensboro, Kentucky, to Betty Sue Palmer (ne Wells), a waitress, and John Christopher Depp, a civil engineer. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. You will receive additional instructions via email. 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. You can sign up for additional alert options at any time. has been named head of Wells Fargo Home Lending, a role he has held on head of Community Banking and Consumer Lending. 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. Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. Apply Now Get a Call Back. Email: Frank.Devito@wellsfargo.com. I am confident that he is the right choice to lead the nations Coalesce's Select Membership is no longer active. Wells Fargo, Interviewing for a VP position at Wells Fargo. DeVito also was head of 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. While at Wells Fargo, DeVito. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. 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. In addition, John Rasmussen will Authors Channel Summit. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. announced in December 2017. I am confident that he is the right choice to lead the nations Finet comp question - do they pay the standard grid rate for annuities that the rest of the bank gets? countries and territories to support customers who conduct business in The average Wells Fargo salary ranges from approximately $36,721 per year for a PT Teller to $497,433 per year for a Managing Director. 1349 Empire Central Drive How do you transition from QC defense to offense in 2023? 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. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Wells Fargo Private Bank provides products and services through Wells Fargo Bank, N.A. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. Under this new structure, Salaries at Wells Fargo Bank range from an average of 433,993 to 3,253,850 a year. Find out the highest paying jobs at Wells Fargo and salaries by location, department, and level. (Reuters) - Wells Fargo & Co WFC.N said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from. He retired from Wells Fargo in the summer of last year. DeVito will report to Mary Mack, Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. 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. $7.5M. 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. Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. He has demonstrated Active 1964 13 . both mortgage sales and servicing, stated Mack. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo.

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