Wells Fargo cements DeVito’s role as head of home lending

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Wells Fargo names Michael DeVito head of home lending. Wells Fargo & Company announced 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.

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Heid will continue in his current role at Wells Fargo until Sept. 30 and remain with the company until the end of the year to ensure a smooth transition, the bank said. Codel will take over Heid’s role as head of mortgage lending on Oct. 1.

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Wells Fargo, the multifamily industry’s largest lender, has rejuvenated its floating-rate bridge loan program for multifamily properties. The news comes fresh on the heels of a similar move from Prudential Mortgage Capital Co., as more institutional lenders see greater demand for, and grow more comfortable with, debt for transitional assets.

Wells Fargo Mortgage can't get loan approval Wells Fargo & Company Responsible Lending and Servicing Principles for U.S. Residential Real Estate Products. Building on the Responsible Lending Principles for Consumer Credit that apply broadly to all extensions of consumer credit, Wells Fargo has also adopted additional principles that govern our business practices for extensions.

Wells Fargo said Michael DeVito will lead its mortgage division, after assuming the role on an interim basis following an executive shake-up in late 2017.

Lending, especially in some consumer segments, increased at Bank of America in the first quarter, and CEO Brian Moynihan expects that to continue this year. However, for market watchers skeptical about the industry’s growth prospects, BofA’s numbers may do little to change their minds.

Wells Fargo declined to comment. Officials at the Justice Department and SEC also declined to comment.” Read more. HEAD OF COHEN’S INVESTMENT FIRM. to sell assets and pay off some of their loans.”.

SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) announced today that Franklin Codel, a senior executive vice president and head of its Consumer Lending organization, has been.