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…

With Changes To Home Lending Business, Wells Fargo Expects Profitability To Improve

By KIMBERLEY HAAS Wells Fargo released its fourth quarter 2023 financial results on Jan. 12 and leaders there say as they continue to streamline their home lending business profitability will improve. The company reported a net income of $3.4 billion, or $0.86 per diluted share. CEO Charlie Scharf said in his comments that the continued execution of their more focused home lending strategy should produce higher returns and earnings over the next several years. “As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident that the actions we are taking will drive stronger returns over the cycle,” he said. Scharf said their new credit card products have…

Kristy Fercho Named Head Of Wells Fargo’s DSRI

Kristy Fercho has been named Well Fargo’s new head of Diverse Segments, Representation, and Inclusion, the bank announced in a press release. She is succeeding Kleber Santos, who is transitioning to CEO of the bank’s Consumer Lending Business. Fercho is being promoted from her position as head of Wells Fargo Home Lending. In her new position, she will integrate diversity, equity, and inclusion into the various aspects of Well Fargo’s business, and deliver marketplace and workplace outcomes. “Our work on diversity, equity, and inclusion is a long-term commitment, and we will continue to advance it under Kristy’s leadership,” said Wells Fargo CEO Charlie Scharf.  “Her deep business experience, including her most recent role as head of our Home Lending business,…

Wells Fargo Downsizing Mortgage Business As Pandemic High Wears Off

By TYRONE TOWNSEND and KIMBERLEY HAAS Wells Fargo leadership has laid off employees in a move that is being blamed on a dramatically smaller originations market. In a statement to The Mortgage Note, Spokesperson Jennifer Langan said the latest Mortgage Bankers Association forecast has total originations for 2022 at $2.4T, down 40% year-over-year, with refinances down over 70%. “The home lending displacements are the natural result of cyclical changes in the broader home lending environment, as has been acknowledged by most mortgage providers across the industry. Employees affected by these changes have each been an essential part of our success. We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling,”…