The FINANCIAL — Wells Fargo & Company announced on January 29 that Michael DeVito has been named head of Wells Fargo Home Lending, a role he has held on an interim basis since November 2017.
DeVito will report to Mary Mack, head of Community Banking and Consumer Lending, according to Wells Fargo.
DeVito’s appointment follows Mack’s appointment to lead Wells Fargo’s Consumer Lending business in addition to Community Banking, which was announced in December 2017. The company also said that Laura Schupbach will continue to report to Mack as head of Wells Fargo Auto (formerly Wells Fargo Dealer Services), which includes direct and indirect auto finance and commercial services. In addition, John Rasmussen will continue to lead the Personal Lending Group, including student lending and personal lending, and report to Community Bank Customer Segments leader Andy Rowe.
“Michael is a seasoned and respected leader, with deep experience in both mortgage sales and servicing,” stated Mack. “He has demonstrated the ability to manage large, complex operations, and he has a true passion for designing innovative experiences that support our customers’ needs. I am confident that he is the right choice to lead the nation’s premier mortgage lender into a bright future. Under this new structure, Michael, Laura and John will advance our efforts to create an even more holistic approach to delivering retail banking and lending services to our customers and help them succeed financially.”
DeVito most recently led mortgage production for the company, a post he assumed in October 2015, and before that ran its mortgage servicing operations. He has nearly 29 years of experience in the financial services industry, including the past 22 years at Wells Fargo, and has served on the home mortgage executive management team since 2011, when he was named head of default servicing. DeVito also was head of Education Financial Services for nearly three years and led retail fulfillment for Home Lending. Previously, he was a leader in Home Lending’s early e-business initiatives and managed retail home equity for Norwest Corporation.
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