Sandra Ho Named Home Lending Head At Wells Fargo

Industry expert Sandra Ho is joining Wells Fargo as its head of Home Lending Sales, the bank announced.

Ho will take up this newly created role starting May 28, 2024, leading Wells Fargo’s Consumer Direct and Distributed Sales organizations. They were previously under separate leadership.

Coming from JPMorgan Chase, Ho brings significant leadership experience in the lending space to the position.

She will report to Serhat Oztop, head of Sales and Retail Transformation for Wells Fargo Home Lending. She most recently served as Managing Director in the Consumer and Small Business Payments division.

“With more than 15 years of experience in banking and financial services, Sandra brings a broad range of skills that will be key in helping advance Home Lending’s go-forward strategy aimed at serving bank customers, as well as individuals and families in underserved communities,” Oztop said.

Ho’s other experience includes positions at Innovatus Capital Partners, McKinsey & Company, Promontory Financial Group Australasia, and Singapore’s Ministry of Trade and Industry.

Ho’s appointment comes after a major change in Well Fargo’s lending landscape. It was once the nation’s largest depository mortgage lender. But, under fire for setting up fake accounts, mismanaging mortgages, and allegedly discriminating against Black customers, the bank switched tracks in January 2023.

It exited the correspondence channel and reduced its servicing portfolio, deciding instead to focus on existing customers and diversity initiatives.

CEO Charlie Scharf said in earnings commentary that the continued execution of their more focused home lending strategy should produce higher returns and earnings over the next several years.

Wells Fargo reported a net income of $4.6 billion in Q1 2024 and called home lending “stable,” saying it saw higher mortgage banking income and lower net interest income on lower loan balances.