Mortgage

Wells Fargo's retail lending director at Residence Level

Perry Hilzendeger, director of retail lending at Wells Fargo, is leaving to become president of mortgage services for non-bank wholesaler Home Point Financial.

Hilzendeger was Senior Vice President, Real Estate Services at Wells Fargo from December 2007 to March 2018, before assuming the role he is currently leaving. The bank has not named a replacement for him. Home Point retains the service for 99% of the mortgages it finances.

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Hilzendeger's departure follows a series of broader organizational and personnel changes at Wells, and his hiring through Home Point reflects growing momentum in the mortgage broker channel as consumer demand has risen due to lower interest rates.

Changes in the leadership of Wells Fargo's mortgage business followed Michael Weinbach's appointment as CEO, Consumer Credit. Previously, he was JPMorgan Chase's Head of Home Lending.

Weinbach's hiring was part of a wider restructuring in February. JPMorgan Chase then named Mark O’Donovan, another consumer finance manager who had been CEO of the Auto Division, to replace Weinbach.

Last month, Wells announced the resignation of his home loan chief Michael DeVito and hired Kristy Fercho, president of the mortgage division at Flagstar Bank, to replace him.

While the lower mortgage rates that policymakers put in place to offset the impact of the coronavirus have bolstered the emergence, higher loan loss provisions set aside in response to the virus' impact on the economy have been an issue for custodians.

Wells also recently made headline changes to risk management and is likely to be closely monitoring this aspect of his mortgage business.

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