Wells Fargo & Co. WFC, -0.17% said Michael DeVito will lead its mortgage division, after assuming the role on an interim basis following an executive shake-up in late 2017.
His permanent elevation to the top mortgage spot comes at a difficult time for the division and the broader mortgage market. As interest rates have climbed in recent months, lenders’ refinancing businesses are slowing, crimping profits in a crucial part of the business. Meanwhile, some analysts have expressed concern over the new tax law’s impact on some parts of the housing market.
DeVito, who earlier led mortgage production for the bank, took over the home-lending division after the bank’s now-former head of mortgage and auto Franklin Codel was fired for making disparaging comments about regulators, The Wall Street Journal reported.
DeVito takes the lead of the largest mortgage lender by volume. He will continue reporting to Mary Mack, who was named head of the consumer lending unit in December, following Codel’s departure. That is in addition to her responsibilities leading Wells Fargo’s retail bank.
An expanded version of this report appears on WSJ.com.
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