Wells Fargo & Company has appointed Mike Heid president of Wells Fargo Home Mortgage.
Heid previously served as co-president of the mortgage company, along with Cara Heiden, who is retiring from her position within the next few months.
Heid has been in the mortgage banking industry for 26 years. He is active in legislative and regulatory policy matters impacting the mortgage sector, having served as the recent outgoing chair of the Housing Policy Council of the Financial Services Roundtable and as a chairman of the Fannie Mae National Housing Advisory Council.
Heiden has been directly responsible for leading the companyÃ¢â‚¬â„¢s mortgage production channels and joint ventures. Under her direction, Wells FargoÃ¢â‚¬â„¢s direct-to-consumer mortgage loans have put the company in the top national rankings for more than 13 consecutive years. Heiden was also active in working with government officials and consumer advocates on efforts to stabilize the nationÃ¢â‚¬â„¢s housing market.
As co-presidents, Heid and Heiden reported to Mark Oman, senior executive vice president and head of Wells FargoÃ¢â‚¬â„¢s Home and Consumer Finance group. Oman announced his retirement earlier this year.
Wells Fargo Home Mortgage will now be housed as part of the company's new consumer lending group, Wells Fargo
Consumer Lending, which also includes the bank's home equity, dealer services, educational financial services, consumer credit card, rewards and enhancements services, and personal credit management businesses.
Avid Modjtabai has been named senior executive vice president of Wells Fargo Consumer Lending.
Kevin Rhein will assume the role of chief information officer and head of the enterprise-wide Technology and Operations Group, most recently led by Modjtabai. Rhein was previously head of Wells Fargo's Card Services and Consumer Lending Group.
Both Modjtabai and Rhein will report directly to John Stumpf, Wells FargoÃ¢â‚¬â„¢s chairman and CEO.
Modjtabai has been with Wells Fargo for 18 years. In her former role as head of the Technology and Operations Group, she led many of the efforts surrounding the integration of Wachovia. She also oversaw Wells Fargo's Internet Services and Human Resources organizations earlier in her tenure.
Rhein is a 33-year industry veteran. Stumpf says Rhein led Wells FargoÃ¢â‚¬â„¢s Card Services and Consumer Lending organizational through Ã¢â‚¬Å“transformational changes,Ã¢â‚¬Â which will aid in bringing Ã¢â‚¬Å“valuable business line perspectivesÃ¢â‚¬Â to the Technology and Operations Group as it moves forward.
Ã¢â‚¬Å“When we closed our acquisition of Wachovia at the end of 2008, we knew our top mission for the next two-to-three years would be to execute a seamless transition to a Wells Fargo that would double in size, serving one out of every three American households through more than 80 financial services businesses,Ã¢â‚¬Â Stumpf said.
Ã¢â‚¬Å“Now, as we enter the final stages of that work, we are forming the leadership teams and organizations to help us thrive as we move forward,Ã¢â‚¬Â Stumpf said, adding that consolidating the companyÃ¢â‚¬â„¢s consumer lending activities under one organization reflects WellsÃ¢â‚¬â„¢ focus on Ã¢â‚¬Å“putting customers at the center of everything we do.Ã¢â‚¬Â