Wells Fargo Mortgage Executives Get New Responsibilities
Wells Fargo & Co., San Francisco, has transferred Pete Wissinger, the chief executive of Wells Fargo Home Mortgage here from that job to a position where he will coordinate the company's retail insurance business and create and execute a companywide strategy for its activities in this area.
Mr. Wissinger's responsibilities at the nation's second largest mortgage servicer are being taken over by two people, Cara Heiden, the head of National Consumer Lending, and Mike Heid, WFHM chief financial officer. Both are executive vice presidents of Wells Fargo Bank NA.
Ms. Heiden will be responsible for institutional lending, retention, marketing and cross-sell, servicing and post-closing, as well as retaining her role running National Consumer Lending.
Mr. Heid's new responsibilities include capital markets and credit, strategic design and integration, and the Wells Fargo Three-Step Refinance System. He will still oversee the finance and corporate real estate teams.
Both Ms. Heiden and Mr. Heid will report to Mark Oman, group executive vice president of the Home and Consumer Finance Group.
Mr. Wissinger joined Norwest Mortgage, a forerunner to WFHM, in 1984 as a vice president and branch manager. He then rose through the ranks to become regional manager, division manager and national production manager.
In 1997, he began managing the company's servicing portfolio. Since November 1998, Mr. Wissinger has served as group managing director, sales and operations.
He became president and chief operating officer in 2000 and assumed the chief executive title in January 2001.
His success in building WFHM into one of the nation's top mortgage operations was behind his job switch.
Mr. Wissinger's new boss, John Stumpf, group executive vice president, community banking, said, "Pete's done an outstanding job helping us be the nation's No. 1 mortgage company and now, with his leadership, partnering skills and intimate knowledge of our company, he'll focus on our goal of earning all the insurance business of all our households and businesses so we can accelerate our progress toward our company's No. 1 strategic initiative - to increase the contribution to our company's earnings from investments, trust, brokerage and insurance from the current 15% to 25%.
"Our opportunity to grow our insurance businesses is significant because they currently earn much less than our mortgage-related businesses and yet the insurance industry is about 10 times larger than the mortgage industry," he said in a statement issued by the parent company.
Ms. Heiden joined Norwest Bank Iowa in 1981 and became its chief financial officer in 1988. In 1992, she became chief financial officer of Norwest Mortgage.
Between 1994 and 1997, she led servicing and post-closing and became head of National Consumer Lending in 1998.
Mr. Heid joined Norwest Mortgage as controller in 1991 and became a division head in servicing in 1993. In 1997, he took over running servicing and post-closing and became chief financial officer in 2002.
Ms. Heiden will be responsible for institutional lending, retention, marketing, cross-sales, servicing and post-closing functions. In addition, she retains her role running National Consumer Lending.
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