"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. He has nearly 29 years of experience in the financial Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J . You can sign up for additional alert options at any time. Media Tom Goyda, 314-875-8222 Tom.Goyda@wellsfargo.com or Investors John Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com. At Wells Fargo, DeVito worked in loan origination, servicing, portfolio management, secondary marketing, and risk. Net Worth in 2019. Michael DeVito is the Chief Executive Officer of Freddie Mac, one of the nation's largest providers of mortgage financing. 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 is from . Resources, training, System Status, and FAQ to help you run your business. Bonus. countries and territories to support customers who conduct business in commercial finance through more than 8,300 locations, 13,000 ATMs, the DeVitos predecessor, David Brickman, notified Freddie Macs board of directors on Nov. 9 that he was stepping down, effective Jan. 8. FAQs About Wells Fargo Bank How much does Wells Fargo Bank pay? . His background and experience make him an excellent choice to lead Freddie Mac at this time. Forgot your username? Wells Fargo, Interviewing for a VP position at Wells Fargo. Salaries at Wells Fargo Bank range from an average of 433,993 to 3,253,850 a year. 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. The typical Wells Fargo Software Engineer salary is 16,49,355 per year. The estimated base pay is $164,691 per year. 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. DeVito also was head of While at Wells Fargo, DeVito. It looks like youre already a Select Member! 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. May 26, 2021 After submitting your request, you will receive an activation email at the requested email address. Email: Frank.Devito@wellsfargo.com. both mortgage sales and servicing, stated Mack. are also available at Wells $1.8M. Before Freddie Mac, DeVito spent more than 23 years at Wells Fargo, responsible for all aspects of the company's mortgage and home equity business. In his new role, DeVito will oversee all production functions and his teams will be responsible for sales, operations, quality, compliance, underwriting and support. There seems to be a problem with your Inman Select Membership. He has demonstrated Laura Schupbach to continue leading Wells Fargo Auto, and John Corporate Strategy, M&A, and Due Dilligence for reference based in NYC. Wells Fargo Dealer Services), which includes direct and indirect auto will continue to report to Mack as head of Wells Fargo Auto (formerly These stories and more in banking news this week. The estimated base pay is $164,691 per year. But Fannie Mae is still on the lookout for a new chief financial officer, with Celeste M. Brown submitting her resignation on May 4. SAN FRANCISCO--(BUSINESS WIRE)--Wells Originations Editor, National Mortgage News. Where does the bank and the Fed go from here? Under Review. . Email: corprel@freddiemac.com. 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. The bank says the candidates failed to make full disclosures. Previously, he was a leader in Home The board of directors of Freddie Mac has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. needs. 1349 Empire Central Drive 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. That means the CEO is the lowest-paid of top executives at both companies. Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. 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. .css-r1m4lw{background-color:#20262e;border-radius:50%;}.css-r1m4lw > svg > path{fill:#fff;}Add your salary. Grier will return to his duties as a full-time member of the board on June 1. WFHM is the leading originator and servicer of residential mortgages in the United States. Our model gets smarter over time as more people share salaries on Glassdoor. 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. As on 2021. Wells Fargo pays an average salary of $100,074 and salaries range from a low of $85,623 to a high of $116,512. While at Wells Fargo, DeVito worked across the companys Home Lending channel, including loan origination, servicing, portfolio management, secondary marketing, and risk. Wells Fargo, Which one would you pick? 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. Averages based on self-reported salaries. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. The company also said that Laura Schupbach After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). Founded in 1852 and headquartered in San Francisco, 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 . Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. largest corporations. Wells Fargo's CFO is Michael Santomassimo How do I contact Wells Fargo? But Congress has limited the total annual direct compensation for each company's CEO to a base salary of . 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. commercial finance through more than 8,300 locations, 13,000 ATMs, the DeVitos appointment follows Macks appointment to lead Wells Fargos Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Wells Fargo & Company was ranked No. Allstate Financial Services, LLC. serves one in three households in the United States. "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 . Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. 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. 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. Home Mortgage Consultant. He truly values the importance of homeownership and is extremely focused on serving the customer. 3,456 Views. Your input helps Glassdoor refine our pay estimates over time. Wells Fargo is also the nation's leading renovation loan lender and the number one lender to homebuyers who purchase newly constructed homes. We provide links to external websites for your convenience. 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. DeVito will report to Mary Mack, Michael DeVito joined as Chief Executive Officer in June 2021. Finet comp question - do they pay the standard grid rate for annuities that the rest of the bank gets? Eric C. Peck has 20-plus years experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. "His background and experience make him an excellent choice to lead Freddie Mac at this time.". I am confident that he is the right choice to lead the nations 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.. continue to lead the Personal Lending Group, including student lending While at Wells Fargo, DeVito. 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. 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. Don't miss the premier event for real estate pros. Wells Fargo employees attributed a compensation and benefits rating of 3.7/5 stars to their company. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. Coalesce's Select Membership is no longer active. DeVitos appointment follows Macks appointment to lead Wells Fargos His background and experience make him an excellent choice to lead Freddie Mac at this time. Hes slated to become CEO of Barings Multifamily Capital after its sold to a joint venture between Meridian and Barings. See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. for Norwest Corporation. both mortgage sales and servicing, stated Mack. 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. . DeVito will replace interim CEO Mark Grier, who will return to his duties on Freddie Mac's board. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. This website uses cookies to enhance user experience and to analyze performance and traffic on our website. Consumer Lending business in addition to Community Banking, which was Additional pay could include bonus, stock, commission, profit sharing or tips. Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. 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.. Wells Fargo Wells Fargo Mortgage - Michael Devito, Liz Bryant, Liz Djokovich Bryant, Perry Hilzendeger, Brad Blackwell, Tim Sloan, Greg Gwizdz, Franklin Codel 420 Montgomery St San Francisco, CA United States. . Michael P. Santomassimo Senior EVP, Chief Financial Officer: Total Cash $4,487,500 . Wall Township, NJ. View Michael Stack's profile on LinkedIn, the world's largest professional community. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. MediaTom Goyda, 314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn As new Head of Single-Family Acquisitions, Freddie Macs latest addition will be responsible for seller engagement, credit, products, and affordable mission goals. He has over 30 years of experience in the mortgage and financial services industry. announced in December 2017. Paula Dominick, the chief compliance officer at Credit Suisse USA, has been hired to replace him, Wells said in a news release Thursday. DeVito has since served on numerous industry and . 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.. finance and commercial services. He was thrust into running the home lending unit, first on an interim basis in November 2017. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Learn how to work with us with our Guide Bulletins and Industry Letters. 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 retired from Wells Fargo in 2020. Michael has 1 job listed on their profile. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. our customers and help them succeed financially.. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. needs. operations. Company was ranked No. succeed financially. 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. 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. 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. Fargo & Company (NYSE: WFC) announced today that Michael DeVito Program details and other speakers were also released for this year's . About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1. Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. Read the full . Individual salaries will, of course, vary depending on the job, department, location, as well as the individual skills and education of each employee. 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. He was selected to lead Wells Fargo Home Lending in January 2018. TC, Bonus, Equity? Let's find out Wells Fargo India Interview Questions To ensure the most secure and best overall experience on our website, we recommend the latest versions of. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. Fannie Mae also announced that its filled a crucial role from within, promoting Malloy Evans to head up the companys single-family mortgage business. and personal lending, and report to Community Bank Customer Segments Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. 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. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. DeVito has spent the last 22 years at Wells. Michael DeVito's income source is mostly from being a successful . The average Wells Fargo salary ranges from approximately 1,77,744 per year for Associate to 15,90,136 per year for Senior Information Technology Specialist. "I've never chosen a startup for a project of this size and scale before," Michael DeVito, Wells Fargo's head of mortgage . holistic approach to delivering retail banking and lending services to serves one in three households in the United States. 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. served on the home mortgage executive management team since 2011, when DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. Fargo Stories. head of Community Banking and Consumer Lending. Education Financial Services for nearly three years and led retail View Michael Eric's profile on LinkedIn, the world's largest professional community. Leading commentary by award-winning journalists. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Lead Analyst Logan Mohtashami explains. About. an interim basis since November 2017. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Macs Board. He retired from the company in September of 2020. The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. 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 Authors Channel Summit. Other named executives can receive deferred compensation on top of their base salary, some of which is based on performance. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. According to the companys most recent annual report to investors, Bon Salle was the second-highest paid executive at Fannie Mae in 2020, taking home $3.19 million in total compensation. DeVito most recently led mortgage production for the company, a post he We have estimated Michael DeVito's net worth, money, salary, income, and assets. Learn how this feature works. Search our database of over 100 million company and executive profiles. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Kristy Fercho succeeded him at Wells Fargo, the countrys largest depository mortgage lender. The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". NMLSR ID. financial services company with $2 trillion in assets. This estimate is based upon 65 Wells Fargo Vice President salary report (s) provided by employees or estimated based upon statistical methods. Wells Fargos S.F. Whether you are investing for retirement, education expenses or . 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.
michael devito wells fargo salary