The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

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Wells Fargo picks Michael DeVito to lead home lending efforts

Removes "interim" tag from DeVito, who took over after Franklin Codel was fired

Wells Fargo has found the next leader of its home lending efforts, naming one of its own as the permanent replacement for Franklin Codel, who served as head of the bank’s consumer lending division until being fired late last year for misconduct.

As head of consumer lending, Codel oversaw all of the bank’s lending to consumers, including Wells Fargo’s mortgage lending operation. Codel also served as the public face of the lending division.

But Codel was fired in November for inappropriately communicating with a former Wells Fargo employee.

After Codel was fired, the bank named Michael DeVito, who served as head of mortgage production at the bank, to serve as the interim head of consumer lending. DeVito was also given the title of interim head of home lending after Codel’s departure.

Back in December, the bank handed the head of consumer lending title to Mary Mack, who also leads Wells Fargo’s community banking efforts.

Now, the bank is removing the "interim" tag and giving the role of head of home lending to DeVito on a permanent basis.

DeVito took over as head of mortgage production at Wells Fargo in 2015, after previously leading the bank’s mortgage servicing operation.

DeVito has spent the last 22 years at Wells Fargo, including serving on the home mortgage executive management team since 2011, when he was named head of default servicing.

DeVito also was previously head of education financial services for nearly three years and led retail fulfillment for home lending. Earlier in his Wells Fargo career, DeVito was a leader in the bank’s early home lending e-business initiatives and managed retail home equity for Norwest Corporation.

Codel was also a former head of mortgage production, taking over the consumer lending division in 2015 when Michael Heid retired.

Now, it’s DeVito’s turn to run home lending at Wells Fargo.

In his current role, DeVito has been instrumental in Wells Fargo’s efforts to launch a digital mortgage application process, which is set to roll out at some point this year.

“Michael is a seasoned and respected leader, with deep experience in both mortgage sales and servicing,” Mack said. “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.”

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So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

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