Wells Fargo has named Michael DeVito head of mortgage production, making him responsible for its retail and correspondent lending divisions.
DeVito will succeed Franklin Codel, whom the company said last month will be promoted to head of mortgage lending at Wells Fargo Home Lending. Codel will replace Mike Heid, who is retiring. The three moves take effect Oct. 1.
DeVito will be responsible for 20,000 sales, fulfillment and support employees at Wells, the largest mortgage lender and servicer in the U.S. He will oversee all loan production functions including operations, quality, compliance, underwriting and support.
DeVito, a 19-year veteran of Wells Fargo, had been the head of mortgage servicing since 2013 and has served on Wells' home mortgage executive management team. He spent two years as head of default servicing and three years as head of education financial services. DeVito also had previously managed the retail home equity division Norwest, which acquired Wells Fargo in 1998.