Wells Fargo announced that it has hired a new head of home lending.
Kristy Fercho will replace Michael DeVito, who has announced plans to retire later this summer after more than 23 years with Wells Fargo. She comes to the bank after spending the past three years as president of Flagstar Bank’s mortgage division.
“Kristy is a customer-first business leader with deep home lending experience,” Wells Fargo CEO of Consumer Lending Mike Weinbach said in a release. “She has been an inspiring and vocal leader across the mortgage industry while driving transformational growth at Flagstar. Buying a home remains one of the most important financial decisions our customers will make in their lifetime, and Kristy is the right person to help us ensure that no one can do it better for them than Wells Fargo.”
Fercho has 18 years of leadership experience in the mortgage industry. Under her leadership, Flagstar’s mortgage business flourished, expanding to more than 87 retail home lending centers and 2,300 correspondent and broker relationships.
Prior to joining Flagstar, she spent 15 years with Fannie Mae, where she led the strategy and business performance of single-family customers in the western United States and also served in customer engagement and human resources roles.
Fercho serves as vice chairman of the Mortgage Bankers Association (MBA), vice chair of the MBA’s Diversity and Inclusion Advisory Committee, co-chair of the Affordable Housing Council, and a member of its Residential Board of Governors. She also serves on the boards of City Year and the Detroit Zoological Society.
DeVito’s retirement comes after a financial services career that spans more than 30 years, including 23 at Wells Fargo. He was selected to lead Wells Fargo Home Lending in January 2018 after serving as head of mortgage production for the company and previously ran its mortgage servicing operations.
“Michael has always been an active advocate for his teams, our customers, our industry, and the communities where we work,” Weinbach stated. “I am exceptionally grateful for his dedication to doing what’s right for our customers and his passion for helping people become homeowners, and wish him all the best in his retirement.”