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HousingWire Reports that New Hires Bring Proven Mortgage Transformation Skills to Wells Fargo

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Mortgage digital transformation has become a top-tier priority for major banks.

In a recent story in HousingWire, Ben Lane reported that Wells Fargo has hired a new head of consumer lending technology and a new CISO. Steve Hagerman, formerly JPMorgan Chase's head of mortgage lending technology, will join Wells Fargo as head of consumer lending technology, starting in August. He will be responsible in implementing digital transformation efforts, particularly in the area of mortgage automation. The company also has hired Gary Owen as chief information security officer (CISO) and head of information security, indicating the need for security to be closely coupled with digital transformation.

These high-profile hires show how mortgage digital transformation has become a top-tier priority for major banks. This important trend enables banks to improve the speed and efficiency of mortgage processing, while simultaneously increasing revenue and reducing the cost per mortgage. In other words, successful mortgage-processing transformation delivers a competitive advantage that improves both the top and bottom lines.

We’ll likely see more moves like this in the near future, as technology becomes more strategic to mortgage lenders and the hunt for talent to drive and execute mortgage tech becomes more intense.

Large banks could be a popular destination for executives and other technical talent who are looking to make a career move. As we stated in one of our early blogs, banks have five attributes which are hard to replicate:

  • Large customer bases
  • Capital
  • Resources
  • Strong brands
  • Deep expertise in managing risk and navigating regulations

These strengths and resources can make large banks an attractive place for launching digital transformation initiatives. At the same time, having the right person at the helm of your company’s major technology efforts is important, because that person needs to have the vision and ability to lead people, and the combined business and technical acumen to understand how to implement successful digital transformation initiatives.

With these new executive hires, it looks like Wells Fargo is playing to win when it comes to digital transformation. And, it will be interesting to see if there are more personnel moves like this at other major banks in the near future.

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