Wells Fargo has announced that Michael Heid, executive vice president and head of Wells Fargo Home Lending, will retire after nearly 28 years with the company and 11 years leading the mortgage division.
Effective October 1, 2015, Franklin Codel, executive vice president and currently head of Mortgage Production, will succeed Heid as head of Wells Fargo Home Lending.
Reporting to Avid Modjtabai, senior executive vice president and head of Wells Fargo’s Consumer Lending Group, Codel will oversee the business and strategic direction of the company’s home lending operation, which includes 45,000 team members. Heid will continue in his current leadership role at Wells Fargo until September 30, 2015 and will remain with the company until the end of the year to ensure a smooth transition.
“Home lending is a cornerstone of our business – and a cornerstone of the American dream,” said John Stumpf, Wells Fargo’s chairman and chief executive officer. “Mike has led our home lending organization with a deep focus on helping families achieve their dreams of owning a home and he’s done so with uncompromising integrity. Over a distinguished career spanning three decades, Mike has helped our company and the entire housing industry navigate unprecedented challenges and prepare for the future. His impact will be felt for many years to come.”
Heid has been the president of Wells Fargo Home Mortgage (WFHM) since 2011 and served as co-president from 2004 to 2011. He previously was the group’s chief financial officer and head of Loan Servicing. Heid joined legacy Norwest Mortgage (now Wells Fargo) in 1988.
Outside of Wells Fargo, Heid is actively involved in legislative and regulatory policy matters affecting the mortgage industry and is currently a board director of the Mortgage Bankers Association. He is also currently the chairman of the Lending and Leasing Committee of the Financial Services Roundtable.
“Mike’s calm, thoughtful and decisive leadership has had a profound and meaningful impact on Wells Fargo and one of his most important contributions has been to build a truly remarkable organization and a deep bench of extraordinary leaders,” said Avid Modjtabai.
“We are incredibly fortunate to have Franklin Codel as our new head of Home Lending,” Modjtabai continued. “He is an enthusiastic and tireless advocate for homeowners and exactly the right leader to build on our momentum, work with regulators and other stakeholders and help us continue to deliver an exceptional experience for customers in every interaction. Congratulations to both Mike and Franklin; because of them, we have a track record we can be very proud of and a bright future ahead.”
Codel has more than 26 years of experience in the mortgage industry and has led Wells Fargo’s Mortgage Production team since 2011, including sales, operations, quality, compliance, underwriting, and support functions for both Consumer and Correspondent Lending.
Prior to being named head of Mortgage Production, Codel was head of Mortgage Finance, a role he assumed in August 2004. In that role, he provided overall financial leadership for WFHM, including financial planning, reporting, accounting policy and operations, and business line financial support. Previously, Codel spent eight years with Norwest Mortgage and three years with Prudential Home Mortgage in various finance, capital markets and credit roles. He worked at Citicorp Mortgage for four years before joining Prudential.
Codel earned a bachelor’s degree in engineering science from Harvard University in 1986. In 1989, he received his master’s degree in finance from the University of Texas at Austin. He currently serves as a board member and treasurer for the Des Moines Social Club and as a board member for the Des Moines Community Foundation and the United Way of Central Iowa.
WFHM is the leading originator and servicer of residential mortgages in the United States. With the country’s largest network of advisors, Wells Fargo offers home loans to consumers through more than 7,500 professional mortgage consultants in over 6,000 locations. Wells Fargo is also the nation's leading renovation loan lender and the number one lender to homebuyers who purchase newly constructed homes.