“I continue to be bullish on real estate. And we’re going to be there to help.” – Michael DeVito
In these unprecedented times, there’s a lot of misinformation and uncertainty in the marketplace. In this episode, Brian interviews Michael DeVito, Executive Vice President and Head of Wells Fargo Lending, to get clarity on current banking issues. Topics discussed include whether banks are still processing mortgages, how appraisers are evaluating homes and why it’s so important to support average homeowners who want to purchase.
YOU WILL LEARN:
- How the financial system is coping with the crisis.
- The state of play regarding jumbo loans, purchase loans and refinances.
- How Wells Fargo is helping those directly affected by COVID-19.
MENTIONED IN THIS EPISODE:
INSPIRATIONAL QUOTES FROM THIS EPISODE:
“We have to recognize that there’s shelter in place and other things happening that have changed the way we do business. But we’re absolutely open for business and serving customers.” – Michael DeVito
“We’re processing and underwriting loans in remote ways – in ways we never even imagined we would be doing it.” – Michael DeVito
“The good news to this situation is that you have a financial system that’s able to lean in and help, unlike maybe the last time around when the financial system was not as strong and not able to be a source of strength.” – Michael DeVito
“Try to take the long view, try to gather as much information as you can and assess and adapt. The world’s not going to go back to what it was, it’s going to go to something new. And there’ll be new opportunities as a result of that. And the most adaptive of us – the most adaptive companies, the most adaptive teams, the most adaptive people – they’re going to be the winners.” – Michael DeVito
“Assess and adapt – that’s the Navy SEAL way.” – Brian Buffini
“People want to be homeowners; we know they want to own homes. And when you think about that, there’s just this desire to have a place for your family and a place to gather. And we’ll do that again. We’ll be gathering with family and friends again, you know, it’s just going to be a window of time but we’re going to do it again.” – Michael DeVito