Wells Fargo's Mortgage Lending Chief to Retire in October

Wells Fargo's head of mortgage lending, Mike Heid, will retire in October.

The San Francisco company will promote Franklin Codel, head of mortgage production, to succeed Heid as head of Wells Fargo Home Lending. The moves will be effective Oct. 1.

Codel will report to Avid Modjtabai, head of Wells Fargo's Consumer Lending Group. Codel will have oversight of 45,000 employees and be in charge of the strategic direction of Wells Fargo's home lending operation.

Heid has been president of Wells Fargo Home Mortgage since 2011 and was co-president from 2004 to 2011. He joined Norwest Mortgage, a Wells Fargo predecessor bank, in 1988.

"Mike has helped our company and the entire housing industry navigate unprecedented challenges and prepare for the future," John Stumpf, chairman and chief executive, said in a news release.

Codel has been head of Wells Fargo's mortgage production since 2011.