Wells Fargo has announced Kristy Fercho will join the company as the new head of Wells Fargo Home Lending, beginning in August.
Fercho will replace Michael DeVito, who said he plans to retire this summer after spending 23 years with the bank.
Fercho has 18 years of experience in the mortgage industry, most recently serving as the president of the mortgage division at Flagstar Bank since 2017.
“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, in a written statement. “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.”
Before Flagstar, Fercho led the strategy and business performance of single-family customers at Fannie Mae for 15 years. Fercho has also held sales, operations, and human resources roles at Baxter International before moving to Pepsico, where she was director of worldwide corporate human resources.
Currently, Fercho is the vice-chair of the board of the Mortgage Bankers Association, vice-chair of the MBA’s Diversity and Inclusion Advisory Committee, a co-chair of the Affordable Housing Council, and a member of its Residential Board of Governors, as well as on the board of City Year and the Detroit Zoological Society.
DeVito has been in the financial services industry for over 30 years, having served as the head of Wells Fargo Home Lending in January 2018 . Prior to that, he was the head of mortgage production and running mortgage servicing operations.
