The country’s biggest home lender has appointed an insider as the new chief of its mortgage production division.
Last month, Wells Fargo & Co. announced that Franklin Codel had been appointed as head of Wells Fargo Home Lending.
Codel had been serving as executive vice president in charge of production, and his promotion left a vacancy in his old position.
On Thursday, the San Francisco-based company disclosed that the opening has been filled.
Michael DeVito has been named the new head of mortgage production at the Des Moines, Iowa-based mortgage subsidiary.
He was moved from his job as head of mortgage servicing at Wells Fargo Home Mortgage, a role he assumed in 2013.
With more than a quarter-century under his belt, DeVito joined Wells Fargo 19 years ago.
“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,” the statement said. “He was also a leader in home mortgage’s early e-business initiatives and managed retail home equity for Norwest.”
He will oversee all production functions and lead a team of 20,000 people who are responsible for
sales, operations, quality, compliance, underwriting and support.
DeVito takes over an operation that closed $175 billion in home loans last year and originated $111 billion during the first-half 2015 — more than any other U.S. lender.
Wells Fargo Home Mortgage, which operates from more than 6,000 locations, reports that it has more than 7,500 professional mortgage consultants.
DeVito, who starts his new job on Oct. 1, will report to Codel.
“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,” Codel said in the announcement. “He truly values the importance of homeownership and is extremely focused on serving the customer. 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.”
