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Former Wells Fargo executive Michael Heid is the new chairperson, while David Benson, currently president, also becomes interim chief executive.

Chief Technology Officer Diane Yu joins a growing number of C-suite personnel leaving the New York-based mortgage lender in recent months.

The lender’s latest announcement comes one month after it laid off a third of its staffers in March and 900 employees in December in a disastrous Zoom call.

Broader hiring remained relatively strong and unemployment fell to a pandemic low during March, but a yield curve inversion — which can signal a recession — is concerning some.

In conversation with Patti Cook, CEO of Finance of America Companies

Wells Fargo won an early round in a lawsuit accusing the bank of running a predatory mortgage lending scheme in the Atlanta area before the 2008 financial crisis and continuing to discriminate against minorities for more than a decade afterward.

The permanent staff reductions appear to be concentrated in originations, where pretax income has been lower and outpaced by earnings generated by the servicing division, in line with broader industry trends.

Lawmakers also asked officials to include more perspectives from Veterans Affairs and USDA representatives and increase focus on manufactured home valuations.

The actions involved are based on findings by an interagency task force first convened last year by Marcia Fudge, secretary of the Department of Housing and Urban Development.

Current deputy general counsel Wendell Chambliss steps up to the newly created officer position, with the appointment coming after a similar recent hire by Fannie Mae.