Mortgage

Wells Fargo hires Flagstar Financial institution's Kristy Fercho to handle housing loans

Flagstar Bank's real estate finance division president will soon head Wells Fargo Home Lending and replace Michael DeVito, who will be retiring after more than 23 years with the company.

Kristy Fercho, who joined Flagstar's mortgage department in 2017, is also vice-chair of the Mortgage Bankers Association and its Diversity and Integration Committee. Previously, she was a senior vice president in Fannie Mae's single family division.

DeVito was originally appointed interim chief of Wells Fargo Home Lending in 2017 after the bank fired consumer credit manager Franklin Codel for abusing an employee's dismissal due to Codel. In 2018, Bank DeVito appointed permanent head of the mortgage department.

Prior to managing the entire Wells Fargo mortgage business, DeVito was head of home loan production. Previously, he also led Wells Fargo's service operations and was known to be involved in some of Home Lending's early electronic business initiatives.

Fercho will join Wells Fargo in August and will report to Mike Weinbach, the bank's CEO for consumer credit.

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