Michael J. DeVito
Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J. DeVito out of retirement as its new CEO, starting June 1. At Wells Fargo, DeVito worked in loan origination, servicing, portfolio management, secondary marketing, and risk. At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. He retired as head of Wells Fargo Home Lending in September after 23 years with the company.
DeVito’s predecessor, David Brickman, notified Freddie Mac’s board of directors on Nov. 9 that he was stepping down, effective Jan. 8. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member.
Inman Connect
Doma, a startup that’s digitizing the title and escrow business, has added another big lender to its roster of clients, Wells Fargo Home Lending, as it continues down the path to going public.
Doma offers “instant underwriting” of title insurance for mortgage refinancing, along with remote and digital closing and escrow services for all types of mortgages.
Kristy Fercho
“Doma’s technology-led approach to instant title underwriting and more streamlined closing is aligned with our commitment to reduce time to close, lower costs for our customers, and create an exceptional experience,” said Kristy Fercho, the head of Wells Fargo Home Lending, in a statement.
SALT LAKE CITY With a homeownership rate of 44.1% for the fourth quarter of 2020, African Americans remain far behind the 74.5% rate of non-Hispanic white households who own homes, according to U.S. census data.
In Utah, the gap for the Black community remains significant when it comes to overall homeownership rates, mirroring the rest of the nation. Comparatively, Hispanics registered at an estimated 49% rate, with Asians coming in at a 63% homeownership rate.
However, during the coronavirus pandemic, African American homebuyers joined a rush of Utahns looking for their piece of the American dream. Even against that backdrop, concerns remain about the overall effect the pandemic-slowed economy will have on long-term homeownership goals.
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