DeVito has led the business on an interim basis since November. He will report to Mary Mack, head of community banking and consumer lending.
Mack said DeVito brings mortgage sales and servicing experience to the role. “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,” Mack said.
DeVito has served about 29 years in the financial services industry, including the past 22 years at Wells Fargo. Most recently, he led mortgage production, a role he assumed in October 2015. Prior to that post, he ran Wells Fargo’s mortgage servicing operations. He has also served on the home mortgage executive management team since 2011, when he was named head of default servicing.
Other previous roles include head of Education Financial Services and retail fulfillment leader for Home Lending. Earlier in his career, he was a leader in Home Lending’s early e-business initiatives and managed retail home equity
for Norwest Corporation.
DeVito’s appointment follows Mack’s appointment to lead Wells Fargo’s consumer lending business in addition to community banking. In November, the company fired Franklin Codel as its head of consumer lending over inappropriate communication with a former employee.
Wells Fargo appoints consumer lending leader
Wells Fargo will pay for mortgage misdeeds, Trump says
Wells Fargo has appointed Michael DeVito head of Wells Fargo Home Lending.