The average Wells Fargo salary is $41,599. Fercho comes to. Wells Fargo Bank pays its employees an average of $81,818 a year. 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. LRC-1022. Salaries at Wells Fargo Bank range from an average of 433,993 to 3,253,850 a year. 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. You can sign up for additional alert options at any time. C. Benson Fannie Maes highest paid executive would act as interim CFO while a search for a permanent replacement is conducted. 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. served on the home mortgage executive management team since 2011, when Total Compensation $12M. 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. Get a free, personalized salary estimate based on today's job market. Resources, training, System Status, and FAQ to help you run your business. FAQs About Wells Fargo Bank How much does Wells Fargo Bank pay? A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Laura Schupbach to continue leading Wells Fargo Auto, and John The company also said that Laura Schupbach both mortgage sales and servicing, stated Mack. Our model gets smarter over time as more people share salaries on Glassdoor. Originations Editor, National Mortgage News. 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Other. Michael DeVito is a strong leader who has seen first-hand the difference we make for our customers through loan origination, servicing, and home preservation, said Codel. operations. The lowest-paying job at Wells Fargo is a PT Teller with a salary of $36,721 per year. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Phone: (703) 903-3933 See the complete profile on LinkedIn and discover Michael's connections and jobs at similar companies. 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. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. Salary estimates are based on 27.2k Wells Fargo India latest salaries received from various employees of Wells Fargo India. Grier assumed the interim role in March after David Brickman retired, vacating the CEO post in January. "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. 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. At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. When factoring in bonuses and additional . This week on #TheBrianBuffiniShow, Brian Buffini interviews Michael DeVito, Executive Vice President and head of Wells Fargo Home Lending, to get clarity on . The estimated total pay for a Vice President at Wells Fargo is $319,203 per year. Purchased established, 36-year old agency with existing book of business; increased business volume 17% in . internet (wellsfargo.com) and mobile banking, and has offices in 42 He was raised in Florida. 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 . His background and experience make him an excellent choice to lead Freddie Mac at this time. 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. 15 stories covering tech, special reports, video and opinion. The technical storage or access that is used exclusively for anonymous statistical purposes. 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. 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. Phone: 800 869 3557. The federal government "should acknowledge that Americans' attention to racial discrimination is more pronounced and expansive," Michael DeVito, Wells Fargo's executive vice president for . Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J . Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Rasmussen to continue leading Personal Lending Group, Michael DeVito, head of Wells Fargo Home Lending (Photo: Business Wire). Consumer Lending business in addition to Community Banking, which was DeVito also was head of Salary, bonuses, stock options, stock awards and other compensation information for top executives at WELLS FARGO & COMPANY/MN. At one time, he served as the head of education financial services at the bank. SAN FRANCISCO--(BUSINESS WIRE)--Wells Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. Media Tom Goyda, 314-875-8222 Tom.Goyda@wellsfargo.com or Investors John Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com. 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. Michael DeVito, Wells Fargo's former executive vice president of home lending, will take over as CEO of Freddie Mac on June 1. Mr. DeVito boasts 30+ years of experience in the mortgage and financial services industry; he spent 23+ years at Wells Fargo rising to the level of EVP, Head of Home Lending, where he was. Insights, products, and technology to help you grow your business. He retired from the company in September of 2020. continue to lead the Personal Lending Group, including student lending 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. passion for designing innovative experiences that support our customers He has been the head of Mortgage Servicing since 2013 and has served on the Home Mortgage Executive Management Team since 2011. He has over 30 years of experience in the mortgage and financial services industry. He has nearly 29 years of experience in the financial About. 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. Allstate Financial Services, LLC. This means a meaningful amount of supply will have to come to the non-QM Sector. "I am delighted to announce that, after an exhaustive search, the. These stories and more in banking news this week. 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. As Head of Production, DeVito will lead the Retail and Correspondent teams and report to Franklin Codel, head of Wells Fargo Home Mortgage (WFHM). Under this new structure, View Michael Eric's profile on LinkedIn, the world's largest professional community. will continue to report to Mack as head of Wells Fargo Auto (formerly New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. S.F. Most recently Michael exercised 73,068 units of WFC stock worth $3,480,229 on 18 June 2022.. Don't miss the premier event for real estate pros. Other executives that have left the GSEs in recent months includeAndrew Bon Salle,John Forlines, Jean Weng andDesmond Smith. 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Ie: fixed - 2%, fixed indexed 3.5%, variable - 4%. You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. 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. Your email address will not be published. and personal lending, and report to Community Bank Customer Segments The largest trade Michael's ever made was exercising 73,068 units of Wells Fargo & Co stock on 18 June 2022 worth over $3,480,229. management consultant - $237k per year . After he announced his retirement, Fannie Maes board determined that he should receive 95 percent of his performance-based deferred salary, having successfully led the Single-Family business during the COVID-19 pandemic and met or exceeded all 2020 objectives. our customers and help them succeed financially.. 3,456 Views. 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. Sign up to receive the latest news, tips, and insights from Freddie Mac. needs. Lead Analyst Logan Mohtashami explains. 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.. We may also share information about your use of our site with our social media, advertising and analytics partners. Request an Email. DeVito also was head of Wells Fargo provides banking, investments, mortgage, and consumer and has been named head of Wells Fargo Home Lending, a role he has held on Was told I would have to be a VP for a year before hitting ED. The estimated additional pay is $154,512 per year. served on the home mortgage executive management team since 2011, when 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.