Skip to main content

Wells Fargo Mortgage Chief Heid to Retire

Phil Hall
Aug 12, 2015
Retirement Pic/Credit: aydinynr

The chief of the nation’s largest mortgage lender has announced his retirement. Michael J. Heid (pictured right), executive vice president and head of Wells Fargo Home Lending, is leaving his post after 11 years as the head of the Mortgage Division and nearly 28 years with the San Francisco-based financial institution.

Heid, 58, will be succeeded by Franklin Codel (pictured left), 50, currently executive vice president and head of Mortgage Production, effective Oct. 1. Heid, who will stay with Wells Fargo through the end of the year, did not offer a reason on why he decided to retire.

Heid served as the Mortgage Group’s chief financial officer and head of Loan Servicing before being named co-president in 2004 with Cara Heiden. He became president in 2011. Heid has been a high profile leader within the mortgage industry–he currently serves as a board director for the Mortgage Bankers Association (MBA) and is chairman of the Lending and Leasing Committee for the Financial Services Roundtable (FSR), and was previously chairman of the Fannie Mae National Housing Advisory Council.

“Over a distinguished career spanning three decades, Mike has helped our company and the entire housing industry navigate unprecedented challenges,” Wells Fargo Chairman and CEO John Stumpf said in a statement. 

Aug 12, 2015
Helping the H.E.L.P.E.R.s

Federal bill poised to open up market to more teachers, first responders

Dec 01, 2023
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023