Permanent Mortgage Chief Named at Wells Fargo

In November, Franklin Codel was fired as head of the San Francisco-based bank-holding company’s mortgage business.

Codel, who had been in the job since August 2015,
was reportedly dismissed because of disparaging comments made to a former employee about the regulatory system and golden parachute payments.

At the time,
Wells Fargo named Michael DeVito interim head of Wells Fargo Home Lending.

On Monday,
DeVito was named to the position on a permanent basis.

He has been at the financial services company for nearly two decades and has led mortgage production since October 2015.

DeVito will report to Wells Fargo Head of Community Banking and Consumer Lending Mary Mack.

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