Nearly six months after David Brickman stepped down, government-sponsored entity Freddie Mac has tapped ex-Wells Fargo mortgage executive Michael DeVito to assume the role of CEO.
DeVito, who spent more than two decades at Wells Fargo before retiring last year, will take the helm of the GSE on June 1.
“I am delighted to announce that, after an exhaustive search, the Board of Directors has chosen Michael DeVito as the next CEO of Freddie Mac,” said Sara Mathew, non-executive chair of Freddie Mac’s Board of Directors. “Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. His background and experience make him an excellent choice to lead Freddie Mac at this time.
After Brickman stepped down in early January, Mark Grier was appointed interim CEO. Grier will return to his duties as a full-time member of the board on June 1.
DeVito was head of home lending at Wells Fargo at the time he stepped down from the depository bank. Kristy Fercho succeeded him at Wells Fargo, the country’s largest depository mortgage lender.
New GSE guideline updates to Fannie and Freddie forces them to cap the amount of second home and investor properties delivered at 7%. This means a meaningful amount of supply will have to come to the non-QM Sector.
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“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,” DeVito said in a statement. “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. Working together, I’m certain we can continue to deliver the liquidity, stability and affordability the housing markets need while enhancing our own safety and soundness.”
DeVito also served as the head of mortgage production and ran mortgage servicing operations at Wells Fargo during his 23-year stint at the bank.
There has been an exodus of executive talent at Freddie Mac and Fannie Mae since it became apparent in 2020 that the GSEs wouldn’t be released from conservatorship anytime soon. Other executives that have left the GSEs in recent months include Andrew Bon Salle, John Forlines, Jean Weng and Desmond Smith.