The head of the largest residential lender in the United States is calling it a day and will be replaced by a Harvard alumnus.
Wells Fargo & Co. originated $175 billion in home loans last year, more than any other mortgage lender in the country.
Based on first-half 2015 volume, the San Francisco-based firm is solidly on pace to exceed $200 billion for the entire year.
Overseeing this massive activity has been
Michael J. Heid, who originally joined Norwest Mortgage in 1988 and stayed on after Wells Fargo was acquired by The Norwest Corp. 10 years later.
Heid was named president of Wells Fargo Home Mortgage in 2011. He served as co-president from 2004 until 2011, when fellow co-president Cara Heiden retired.
An announcement Wednesday indicated that Heid, an active lobbyist and a director on the Mortgage Bankers Association’s board, is retiring.
“Over a distinguished career spanning three decades, Mike has helped our company and the entire housing industry navigate unprecedented challenges and prepare for the future,” Wells Fargo Chairman and Chief Executive Officer John Stumpf said in the news release. “His impact will be felt for many years to come.”
Taking over as head of Wells Fargo Home Lending is Franklin Codel.
The new chief, who reports to head of consumer lending Avid Modjtabai, was already an executive vice president and head of mortgage production at the organization.
He’ll oversee the business and strategic direction of Wells Fargo’s home lending operation.
Codel joined Wells Fargo in August 2004 and previously worked at Norwest Mortgage for eight years. He has more than a quarter century in the business.
He
earned a bachelor’s degree in engineering science from Harvard University in 1986. In 1989, he received his master’s degree in finance from the University of Texas at Austin.
“He is an enthusiastic and tireless advocate for homeowners and exactly the right leader to build on our momentum, work with regulators and other stakeholders and help us continue to deliver an exceptional experience for customers in every interaction,” Modjtabai said in the statement.
With the objective of “a smooth transition,” Heid will hand over the reins to Codel on Oct. 1.
The announcement indicated that there are 45,000 mortgage team members, including 7,500 professional mortgage consultants.
Mortgage business is done at more than 6,000 locations. Including all of its financial services, Wells Fargo says it operates in more than 8,700 locations.
