That means the CEO is the lowest-paid of top executives at both companies. Lead Analyst Logan Mohtashami explains. Wells Fargo Names Michael DeVito Head of Mortgage Division -- Update "I am delighted to announce that, after an exhaustive search, the. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. Total Compensation $12M. 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. internet (wellsfargo.com) and mobile banking, and has offices in 42 Learn more atFreddieMac.com, Twitter@FreddieMacand Freddie Macs blogFreddieMac.com/blog. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Daniel Michael DeVito Jr. was born on November 17, 1944, in Neptune, New Jersey, to . Laura Schupbach to continue leading Wells Fargo Auto, and John Rasmussen to continue leading Personal Lending Group. 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. The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. $1 Million - $5 Million. Company was ranked No. 2006-2023 HW Media, LLC. He retired as head of Wells Fargo Home Lending in September after 23 years with the company. Don't miss the premier event for real estate pros. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. vision is to satisfy our customers financial needs and help them Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. He has nearly 29 years of experience in the financial He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. The technical storage or access that is used exclusively for statistical purposes. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. In his new role, DeVito will oversee all production functions and his teams will be responsible for sales, operations, quality, compliance, underwriting and support. Wells Fargo, Interviewing for a VP position at Wells Fargo. both mortgage sales and servicing, stated Mack. News, insights and perspectives from Wells Fargo New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. "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 names new head of mortgage | Reuters financial services company with $2 trillion in assets. michael devito wells fargo salary. Personal Service. He has demonstrated He serves on the Board of Trustees for Simpson College in Indianola, Iowa and also serves as the Executive Mentor for the Iowa Chapter of the Wells Fargo Veterans Team Member Network. This week the company said President David. But Fannie Mae is still on the lookout for a new chief financial officer, with Celeste M. Brown submitting her resignation on May 4. As a Financial Advisor with Wells Fargo Advisors, I can deliver a full range of investment planning strategies tailored to your unique needs. succeed financially. He is also a member of the company's Board of Directors.. "Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry," Sara Matthew, the nonexecutive chair of Freddie Mac's board, said in a press release. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. Michael is a seasoned and respected leader, with deep experience in Averages based on self-reported salaries. News, insights and perspectives from Wells Fargo The company also said that Laura Schupbach He has nearly 29 years of experience in the financial Michael DeVito joined as Chief Executive Officer in June 2021. 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. The company had previously partnered on its credit cards with Barclays. Wells Fargos Wells Fargo Names Michael DeVito Head of Home Lending Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? Michael, Laura and John will advance our efforts to create an even more Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. commercial finance through more than 8,300 locations, 13,000 ATMs, the 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. has been named head of Wells Fargo Home Lending, a role he has held on The typical Wells Fargo Vice President salary is 43,03,334 per year. Leading commentary by award-winning journalists. For more details on our payment terms and how to cancel, click here. 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. 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. He has demonstrated But Congress has limited the total annual direct compensation for each companys CEO to a base salary of $600,000 a year. served on the home mortgage executive management team since 2011, when 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. 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.. Coalesce's Select Membership is no longer active. Michael has made over 3 trades of the Wells Fargo & Co stock since 2021, according to the Form 4 filled with the SEC. 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. 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. Source: Fannie Mae 2020 annual report to investors. He also ran default servicing, loan workout, and mortgage retail underwriting and operations. 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 . 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 financial services company with $2 trillion in assets. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. Half of Q4 2022 transactions had wire and title fraud risks. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. For reprint and licensing requests for this article, Banking on sisterhood: A Black sorority launches a credit union. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Insights, products, and technology to help you grow your business. After the November elections, doubts arose about the fate of the Trump administrations push to release the companies from government conservatorship. P.O. . 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. 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. 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. 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. Michael DeVito - Chief Executive Officer - Freddie Mac | LinkedIn Other. "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. 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 . Michael has 1 job listed on their profile. Since our creation by Congress in 1970, weve made housing more accessible and affordable for homebuyers and renters in communities nationwide. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. 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. Fargo & Company (NYSE: WFC) announced today that Michael DeVito Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. our customers and help them succeed financially.. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. Previously, he was a leader in Home document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? He was also a leader in Home Mortgages early e-business initiatives and managed Retail Home Equity for Norwest. Email: Frank.Devito@wellsfargo.com. 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. . Wells Fargos Michael DeVito to Lead Mortgage Production. Suite 900 Use our lookup tool to see if Freddie Mac financed your apartment building. FRANK DEVITO - PALM BEACH, Florida - Wells Fargo Advisors Wells Fargo Names Kristy Fercho to Lead Home Lending View Michael Eric's profile on LinkedIn, the world's largest professional community. Are there any roles out there that are fully remote or at least hybrid, paying $100k+ for a similar skill set? Read what they think about their salaries on our Compensation FAQ page for Wells Fargo. Fargo William Hall Macy Jr. is an American actor. 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.