Wells Fargo rolls out $125B lending goal for Hispanic households
Works with NAHREP to triple Hispanic household wealth
Wells Fargo Home Mortgage (WFC) aims to originate $125 billion over the next 10 years in order to assist in the National Association of Hispanic Real Estate Professionals’ Hispanic Wealth Project, which seeks to triple Hispanic household wealth over the next decade.
The lender also set a goal to give $10 million to support a variety of initiatives that promote financial education and counseling for Hispanic homebuyers.
Wells Fargo took it a step further and also said it plans to increase the number of Hispanic home mortgage consultants on its sales team.
This announcement comes in light of the first day of Hispanic Heritage Month.
In an interview with HousingWire last year, April Taylor, Wells Fargo Home Mortgage senior vice president talent acquisition manager, said, “As the financial environment continues to evolve, we are constantly trying to grow our home mortgage business to serve a larger customer base.”
As customers’ needs and behaviors change, Taylor said that Wells Fargo continues to mirror that change in their product and servicing options.
“It is about developing our products and services to meet their needs,” she added.
The NAHREP Hispanic Wealth Project Blueprint centers on three main goals in order to help Hispanic wealth creation: a 50% or greater rate of U.S. Hispanic homeownership, a 50% increase in the first-year success rate of Hispanic-owned businesses, and a 25% increase in the number of Hispanic households owning non-cash financial assets such as stocks, bonds, mutual funds and 401(k) accounts.
“Wells Fargo Home Mortgage has the resources to support the reach of the Hispanic Wealth Project’s goals,” said Cerita Battles, head of diverse segments for Wells Fargo Home Mortgage. “We want to seize the opportunity to help address challenges in income and credit policies, and provide access to homebuyer education and counseling to increase consumer confidence among minorities regarding the homebuying process.”
NAHREP is making significant strides in the industry to push diversity, also announcing a partnership with the Mortgage Bankers Association in June to advance NAHREP's goal of advancing sustainable Hispanic homeownership and MBA's goal of offering training and education to prospective and current mortgage professionals.
“The American Dream, to own your own home, is embraced by more people, from more backgrounds, than ever before,” David Stevens, president and CEO of the MBA, said. “And yet real challenges remain for many Americans, especially first-time homebuyers, the self-employed, and new Americans, to access credit. To serve our diverse customers, the real estate finance industry needs a diverse workforce.”