Homeownership is a key pillar of the American Dream, offering financial opportunity for consumers and enhancing economic security and stability for communities nationwide. Owning a home is also one of the most important pathways to wealth creation, providing families with a foundation for improving their financial position across generations.
At Wells Fargo, we believe deeply in the benefits of homeownership, and we’re proud of the fact that we’ve served more minority customers over the last decade than any other bank lender. We’re deeply focused on building on the strong foundation we’ve put in place to ensure that we not only maintain but also deepen our support for minority homeownership.
In April of 2022, the Company announced an expansion of its efforts to advance racial equity in homeownership. The announcement included a $150 million investment in a new Special Purpose Credit Program for refinance customers, $60 million in Wealth Opportunities Restored Through Homeownership (WORTH) grants, and broadened partnerships with the National Urban League and UnidosUS.
In January 2023, Wells Fargo took our efforts to the next level by announcing a renewed strategic focus centered on serving bank customers and minority communities. The strategy includes an additional $100 million investment to advance racial equity in homeownership. We are working to reach more customers in underserved communities by leveraging our strong partnerships with the National Urban League, UnidosUS and other non-profit organizations, hiring additional mortgage consultants in communities of color, and expanding our Special Purpose Credit Program to include purchase customers.
As Wells Fargo’s new head of Home Lending, I am humbled and honored to lead this team as we work to deliver for our customers and advance racial equity in homeownership. I’m proud to follow in the footsteps of our former head of Home Lending, Kristy Fercho, who was recently promoted to lead Diverse Segments, Representation & Inclusion across all of Wells Fargo. I’m also excited to work with the countless nonprofits, advocates, policymakers, and other stakeholders across the industry who share Wells Fargo’s deep belief in the benefits of homeownership.
I believe that – together – we can bring the dream of homeownership closer to reality for all.