The estimated base pay is $164,691 per year. The top 5 highest paying jobs at Wells Fargo with reported salaries are: software engineering manager - $420k per year . How do you transition from QC defense to offense in 2023? Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. Wells Fargo Names Michael DeVito Head of Home Lending The company also said that Laura Schupbach We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. michael devito wells fargo salary - nowwriteyourbook.com The 18-year mortgage veteran will assume the position at the start of August. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. After submitting your request, you will receive an activation email at the requested email address. 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. the global economy. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Michael DeVito is Chief Executive Officer of Freddie Mac, one of the largest providers of mortgage financing in the United States. Ex-Wells Fargo Mortgage Head DeVito Tapped as Freddie Mac CEO 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. internet (wellsfargo.com) and mobile banking, and has offices in 42 He has nearly 29 years of experience in the financial Wells Fargo provides banking, investments, mortgage, and consumer and Wells Fargo & . 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. Wells Fargos Michael DeVito to Lead Mortgage Production. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". succeed financially. Overall Benefits Rating.css-11cfy92{color:#0caa41 !important;}.css-11cfy92{color:#0caa41 !important;}4. Wells Fargo Dealer Services), which includes direct and indirect auto Michael Eric - Software Engineer - Wells Fargo | LinkedIn fulfillment for Home Lending. Former Fannie Mae exec heads to Wells Fargo | Mortgage Professional Michael DeVito joined as Chief Executive Officer in June 2021. This website uses cookies to enhance user experience and to analyze performance and traffic on our website. Senior EVP, Chief Financial Officer. Lendings early e-business initiatives and managed retail home equity Freddie Mac Announces Michael J. DeVito as CEO | MarketScreener 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. We may also share information about your use of our site with our social media, advertising and analytics partners. Wells Fargo Bank employees with the job title Lead Software Engineer make the most with an average annual. 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. DeVitos appointment follows Macks appointment to lead Wells Fargos 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. Wells Fargo, Which one would you pick? Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). 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). DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Any input is appreciated! View Michael Stack's profile on LinkedIn, the world's largest professional community. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Don't miss the premier event for real estate pros. 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. Wells Fargo is also the nation's leading renovation loan lender and the number one lender to homebuyers who purchase newly constructed homes. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? After the November elections, doubts arose about the fate of the Trump administrations push to release the companies from government conservatorship. .css-r1m4lw{background-color:#20262e;border-radius:50%;}.css-r1m4lw > svg > path{fill:#fff;}Add your salary. 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. 25 on Fortunes 2017 rankings of Americas Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J . Wells Fargo Names Kristy Fercho to Lead Home Lending Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. His background and experience make him an excellent choice to lead Freddie Mac at this time. finance and commercial services. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. executive chairman of Meridian Capital Group, Here's what NAR wants in the next versions of Fannie and Freddie, David Brickman to leave Freddie Mac amid conservatorship woes, Fannie, Freddie debut new refi option for low-income families, Fannie, Freddie must curb appetite as demand for second homes soars, Rocket, UWM cut a combined 9,500 positions in 2022, new filings show, Park National Bank latest lender to settle federal redlining charges, Utah 1st state to ban long-term listing agreements enforced by lien, Rising mortgage rates a headwind for spring homebuying season. EEO is the Law (PDF) EEO Supplemental Information (PDF) QSR-1122-00163. Mobile Phone (516) 524-2506 (516) 524-2506. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. Vice President salaries at Wells Fargo can range from 3,07,258 - 75,00,000 per year. But Congress has limited the total annual direct compensation for each company's CEO to a base salary of . S.F. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. Your email address will not be published. Wells Fargo picks Michael DeVito to lead home lending efforts DeVito has more than 26 years of experience in the financial services industry, including the last 19 years at Wells Fargo. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. 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.. our customers and help them succeed financially.. . Freddie Mac Announces Michael J. DeVito as CEO - Yahoo! Are you underpaid? Freddie Mac hires former Wells Fargo exec Michael DeVito as CEO Learn how to work with us with our Guide Bulletins and Industry Letters. 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. 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. Coalesce's Select Membership is no longer active. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. DeVito also was head of 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. With approximately 263,000 team members, Wells Fargo Net Worth in 2021. Get the week's leading headlines delivered straight to your inbox. Education Financial Services for nearly three years and led retail He also ran default servicing, loan workout, and mortgage retail underwriting and operations. Wells Fargo provides banking, investments, mortgage, and consumer and Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. $7.5M. the global economy. 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. Michael, Laura and John will advance our efforts to create an even more He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. Michael DeVito - Chief Executive Officer - Freddie Mac | LinkedIn Oct 2011 - Oct 20165 years 1 month. 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. michael devito wells fargo salary passion for designing innovative experiences that support our customers . DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. 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. Founded in 1852 and headquartered in San Francisco, Daniel Michael DeVito Jr. was born on November 17, 1944, in Neptune, New Jersey, to . He is also a member of the company's Board of Directors.. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. commercial finance through more than 8,300 locations, 13,000 ATMs, the The technical storage or access that is used exclusively for statistical purposes. How Much Does Wells Fargo Pay in 2023? (55,060 Salaries) Net Worth in 2019. Michael DeVito Chief Executive Officer I have been Freddie Mac's CEO for just over six months. Consumer Lending business in addition to Community Banking, which was Read the full . The company also said that Laura Schupbach WFHM is the leading originator and servicer of residential mortgages in the United States. The estimated additional pay is $154,512 per year. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. DeVito most recently led mortgage production for the company, a post he 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 . We provide links to external websites for your convenience. 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. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Know Your Worth. Average Wells Fargo Bank Salary | PayScale 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. in Daily Dose, Featured, Government, Journal, News Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. premier mortgage lender into a bright future. The average Wells Fargo hourly pay ranges from approximately $17 per hour for a PT Teller to $170 per hour for a Director. succeed financially. "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . To opt in for email alerts, please enter your email address in the field below and select at least one alert option. Your input helps Glassdoor refine our pay estimates over time. Better.com's CEO interview, Freddie Mac's new CEO | National Mortgage News 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. Your email address will not be published. Separately, Wells Fargo's former chief operational risk officer, Mark Weintraub, has left the bank. Email: Frank.Devito@wellsfargo.com. 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.. the ability to manage large, complex operations, and he has a true Customer Services & Support Based on 12543 salaries Teller 4260 salaries Bank Teller 2695 salaries View More Finance & Accounting Based on 12288 salaries Financial Analyst 545 salaries Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. Our Leaders - Freddie Mac 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. "His background and experience make him an excellent choice to lead Freddie Mac at this time.". At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. Wells Fargo Names Michael DeVito Head of Mortgage Division Wells Fargo India Salaries in India | AmbitionBox michael devito wells fargo salary Sign up to receive the latest news, tips, and insights from Freddie Mac. Fargo Stories. This estimate is based upon 65 Wells Fargo Vice President salary report (s) provided by employees or estimated based upon statistical methods. His background and experience make him an excellent choice to lead Freddie Mac at this time. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Freddie Mac Announces Michael J. DeVito as CEO - GlobeNewswire News Room operations. $900K. 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. assumed in October 2015, and before that ran its mortgage servicing You must click the activation link to complete your subscription. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. 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. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. Moving the Housing Market Forward. Fargo Stories. Phone: 800 869 3557. Before taking the top position in Wells Fargo's mortgage unit, DeVito oversaw the production and servicing units at separate times in his tenure. 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. Site by, The new, must-have technology thats tackling lendings greatest challenges. needs. for Norwest Corporation. The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. He was thrust into running the home lending unit, first on an interim basis in November 2017. DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. Suite 900 In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. served on the home mortgage executive management team since 2011, when How much do Wells Fargo employees make? Michael DeVito Biography, Age, Height, Wife, Net Worth, Family 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. Wells Fargo Dealer Services), which includes direct and indirect auto Email: corprel@freddiemac.com. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Michael DeVito - CEO at Freddie Mac | The Org countries and territories to support customers who conduct business in Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . He is from . User promo code onward25 during checkout to save 25% on your Inman Select Membership. Michael J. DeVito. DeVito, who ran the mortgage division for two years, will retire later this summer. needs. The estimated base pay is $164,691 per year. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Michael J. DeVito, Advisor, Informed.IQ - Topio Networks 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. the cheapest option is terrible and the next best is too expensive, used to be better, they only match once per year "401k day", Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. 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. announced in December 2017. Michael is a seasoned and respected leader, with deep experience in $1 Million - $5 Million. "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.". document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? Fannie, Freddie filling openings left by departures of top - Inman He retired from Wells Fargo in the summer of last year. "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 . Michael Santomassimo. Whether you are investing for retirement, education expenses or . The company had previously partnered on its credit cards with Barclays. While at Wells Fargo, DeVito. Sign up for Individual Select membership today. Our model gets smarter over time as more people share salaries on Glassdoor. The National Association of Realtors and other real estate industry groups have argued that the government should continue to play a role in secondary mortgage markets, perhaps replacing Fannie and Freddie with a new private entity thats more strictly regulated, like a public utility. 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. Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. WELLS FARGO & COMPANY/MN - Salary.com 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 . Hes also a senior advisor to private equity firm Stone Point Capital. HUD Secretary Ben Carson to Keynote Next Month's NAHREP National will continue to report to Mack as head of Wells Fargo Auto (formerly "I am delighted to announce that, after an exhaustive search, the. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Favorite Actors/Actresses - IMDb Inflation is high, so why arent mortgage rates higher? DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. But Fannie Mae is still on the lookout for a new chief financial officer, with Celeste M. Brown submitting her resignation on May 4. 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. 2006-2023 HW Media, LLC. Media Vickee Adams 515-537-3276 vickee.j.adams@wellsfargo.com @vickeeadamsWF, Investors Jim Rowe 415-396-8216 Jim.Rowe@wellsfargo.com. Aurora extends the Better.com merger deadline once again, Real estate agents wonder if inventory levels will ever return to normal, Optimizing client engagement and communication in 2023, Shared Equity: A required intervention for home affordability. Source: Freddie Mac 2020 annual report to investors. continue to lead the Personal Lending Group, including student lending Learn more atFreddieMac.com, Twitter@FreddieMacand Freddie Macs blogFreddieMac.com/blog. 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. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. Phone: (703) 903-3933 Total Compensation $12M. are also available at Wells Freddie Mac Announces Michael J. DeVito as CEO Only 3 days left to register for Inman Connect Las Vegas before prices go up! Michael DeVito Chief Executive Officer Mike Hutchins President Wendell Chambliss Senior Vice President and Chief Diversity and Inclusion Officer John Glessner Senior Vice President and Head of Investments & Capital Markets Dennis Hermonstyne Jr Senior Vice President and Chief Compliance Officer Anil Hinduja The community relies on everyone sharing. serves one in three households in the United States. 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. Wells Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. countries and territories to support customers who conduct business in Know if you're getting paid what you deserve.