Wells Fargo names Heid president of mortgage unit

Wells Fargo & Co. (WFC) named Mike Heid president of Wells Fargo Home Mortgage. Heid had been co-president of the mortgage unit with Cara Heiden, who is retiring in the next few months. The banking giant also appointed Avid Modjtabai senior executive vice president and head of the company’s new consumer lending group. Kevin Rhein, executive vice president and head of card services and consumer lending group, will assume Modjtabai’s most-recent roles of chief information officer and head of the enterprise-wide technology and operations group. Under the dual leadership of Heid and Heiden, Wells Fargo rose to be the nation’s No. 1 originator of home loans and the No. 2 mortgage servicer. Heid is active in legislative and regulatory policy matters impacting the mortgage industry, according to Wells Fargo, having served as the chair of the Housing Policy Council of the Financial Services Roundtable and as chairman of the Fannie Mae National Housing Advisory Council. Write to Jason Philyaw.