Insights from New Wells Fargo Home Lending Leader Kevin Reen

In April, Kevin Reen took the reins of Wells Fargo’s Home Lending team, replacing Kristy Fercho, who now leads Diverse Segments, Representation & Inclusion at the company. With nearly 20 years in the financial services industry, Reen brings a tremendous depth of knowledge and perspective regarding market and risk dynamics currently impacting the home lending landscape.

When it comes to new construction and the home building industry, Reen understands the important role Wells Fargo plays in helping to make homeownership dreams a reality for customers.

“With a team solely focused on new construction, our commitment to serving this industry is unwavering,” he said. “While Wells Fargo Home Lending’s broader business model now has a more significant emphasis on underserved communities and existing bank customers, we also continue to offer products like Builder Best, featuring long-term rate lock protection against shifting rates, as well as the best possible experience for new construction customers and builders.”

Reen takes the helm of Home Lending at a time when builders continue to face challenges and uncertainty, but there is reason for cautious optimism. The May edition of Wells Fargo’s monthly U.S. Economic Outlook suggests that low resale inventory has nudged prospective buyers toward new construction. Single-family housing starts surpassed expectations in both February and March and new home sales in March rose at the fastest sales pace since March 2022. Likewise, both builder sentiment and residential construction activity have both posted modest increases in recent months.

As the report states, “A recession is still a recession and that is not good news for construction, but the lean inventories and the fact that the peak might already be in for mortgage rates suggests we are not due for a repeat of the collapse in home building activity that followed the housing bubble.”

Reen joined Wells Fargo in August 2020 to serve as chief risk officer for Consumer Lending. In his new role, he brings a distinctive blend of business, finance, and risk experience. Reen’s first order of business will be to hit the road to hear from as many members of the Home Lending team as possible. He said he’s excited and humbled to be taking on the new challenge.

“Home Lending is one of the most powerful ways Wells Fargo makes an impact on the lives of the customers and communities we serve, and I don’t take the honor of leading this team lightly,” he said.

This information is for real estate and builder professionals only and is not intended for distribution to consumers. Information is accurate as of the date of printing and is subject to change without notice.

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