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Wells Fargo EVP and head of Home Lending Michael J. Heid announced on Wednesday that he will retire after nearly 28 years with the bank and 11 years with Wells' mortgage division. Effective October 1, 2015, Heid will be succeeded as head of Home Lending by Franklin Codel, who currently serves as EVP and head of Mortgage Production at Wells Fargo. To ensure a smooth transition, Heid will remain in his current position with Wells Fargo until September 30 and will stay with the company until the end of the year.
Over the years, Heid has been actively involved in legislative and regulatory policy matters that affect the mortgage industry. He currently serves as chairman of the Lending and Leasing Committee of the Financial Services Roundtable. Five Star President and CEO Ed Delgado said, quote, Mike played an integral role in aligning the industry during a critical time, by displaying unparalleled leadership in working with the Bush Administration and the U.S. Treasury Department during the height of the U.S. housing crisis. The industry and the country should be thankful for his efforts. Close quote.
As home prices reach a sustainable pace, a demographic shift in demand is moving toward city centers, according to Fitch Ratings' Q2 2015 U.S. Residential Mortgage-Backed Securities Sustainable Home Price Report. After decades of suburban and exurban growth, Fitch reports that a large portion of housing demand is making its way back to central parts of cities. Home prices have grown 50 percent faster in urban centers than in the larger metro statistical areas since 2000. City centers are expected to continue to experience growth due to the shift in demand and are currently considered overvalued.
