Wells Fargo mort­gage chief Heid to re­tire

The Pak Banker - - COMPANIES/BOSS -

NEW YORK: Wells Fargo & Co., the big­gest U.S. home len­der, said mort­gage chief Mike Heid is re­tir­ing af­ter 28 years with the bank.

He will be suc­ceeded by Franklin Codel, 50, cur­rently head of mort­gage pro­duc­tion, on Oct. 1, the San Fran­cisco-based com­pany said Wed­nes­day in a state­ment. Heid, 58, who has helped lead the mort­gage di­vi­sion for more than a decade, will re­main with the len­der un­til the end of the year, Wells Fargo said. "Over a distin­guished ca­reer span­ning three decades, Mike has helped our com­pany and the en­tire hous­ing in­dus­try nav­i­gate un­prece­dented chal­lenges," Chief Ex­ec­u­tive Of­fi­cer John Stumpf said in the state­ment. "His im­pact will be felt for many years to come."

Heid, a mem­ber of the op­er­at­ing com­mit­tee, leaves as ris­ing in­ter­est rates crimp re­fi­nanc­ing pro­duc­tion and the mort­gage in­dus­try still strug­gles to re­cover from the 2008 fi­nan­cial cri­sis. Wells Fargo's share of the mort­gage mar­ket has slumped to 14 per­cent in the sec­ond quar­ter from al­most 30 per­cent three years ago amid in­creased com­pe­ti­tion from non-bank lenders such as Quicken Loans Inc. Heid was ac­tive in talks be­tween Wells Fargo and four other banks, 49 states and the fed­eral gov­ern­ment that re­sulted in a $25 bil­lion set­tle­ment in 2012. The agree­ment ended a probe of abu­sive fore­clo­sure prac­tices that stemmed from the hous­ing bub­ble's col­lapse.

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