Long-time mortgage leader Ann Thorn is leaving Caliber Home Loans to manage Wells Fargo's portfolio of services.
The Des Moines, Iowa-based banking giant's residential loan division appointed Thorn to head its mortgage services division. Thorn spent the past two years at Caliber as the company's chief loan administration officer responsible for manufacturing and service for retail, direct customer, wholesale and correspondence channels. Prior to joining Caliber, Thorn held credit services positions at Bank of America and JPMorgan Chase.
"She knows this industry inside and out, understands customer expectations, and is a perfect fit for this vital role as we work to resolve our legacy issues and drive our transformation path," said Kristy Fercho, director of Wells Fargo Home Lending.
The San Francisco-based financial institution has the largest portfolio of mortgage services in the country, with unpaid principal balances totaling nearly $ 1.1 trillion at the end of the second quarter. In the early months of the pandemic, Wells Fargo also bought back $ 14 billion in defaulted loans.
Thorn, who takes up her new role on Sept. 13, takes the lead as the industry faces a surge in potential credit modifications as COVID-related relief expires. The first wave of homeowners who ceased to do so in early 2020 thanks to the CARES law will end protection and resume payments in September, in accordance with the provisions of the legislation. As of August 31, 1.71 million homeowners remained on COVID-related moratorium plans, with the phase-out expected to continue through mid-2022.
Though Wells Fargo received praise for its safety precautions during the coronavirus pandemic, Thom is joining a company that has seen its share of customer-related controversy in recent years, including reports that the bank was putting borrowers on deferral plans without their consent during the pandemic Has. On Thursday, regulators asked Wells Fargo to pay a $ 250 million fine related to problems in its home loan department and violations of a 2018 consent order.
Thorn Leaves Caliber Home Loans Following Recent Acquisition by New Residential Investment Corp. The two companies closed the deal in August, with New Residential announcing its plans to combine its subsidiary NewRez's mortgage platforms with those of Caliber.