Former Fannie Mae exec heads to Wells Fargo

Wells Fargo & Company has named Kristy Fercho as the new head of Wells Fargo Home Lending. The 18-year mortgage veteran will assume the position at the start of August.

Fercho comes to Wells Fargo from Flagstar Bank, where she was president of the company’s mortgage division for the past three years. Before Flagstar, she spent 15 years leading Fannie Mae’s single-family business in the West.

“Kristy is a customer-first business leader with deep home lending experience. She has been an inspiring and vocal leader across the mortgage industry while driving transformational growth at Flagstar,” said Mike Weinbach, CEO of consumer lending at Wells Fargo. “Buying a home remains one of the most important financial decisions our customers will make in their lifetime, and Kristy is the right person to help us ensure that no one can do it better for them than Wells Fargo.”

Fercho will succeed Michael DeVito, who has announced plans to retire after more than 23 years with the company.

“Michael has always been an active advocate for his teams, our customers, our industry, and the communities where we work,” Weinbach said. “I am exceptionally grateful for his dedication to doing what’s right for our customers and his passion for helping people become homeowners, and wish him all the best in his retirement.”