Wells Fargo Announces $125 Billion Lending Goal to Support NAHREP’s Hispanic Wealth Project

Company also plans increase in Hispanic home mortgage consultants and
$10 million to support financial education and counseling; NAHREP
strives to triple Hispanic household wealth over 10 years

DES MOINES, Iowa–(BUSINESS WIRE)–Wells Fargo Home Mortgage announced today, the first day of Hispanic
Heritage Month, its support of the goals of the National Association of
Hispanic Real Estate Professionals’ Hispanic
Wealth Project
, which seeks to triple Hispanic household wealth over
the next decade. Wells Fargo’s goals over the next 10 years include a
projected $125 billion in mortgage originations and a goal of $10
million to support a variety of initiatives that promote financial
education and counseling for Hispanic homebuyers. In continued
recognition of the importance of hiring and retaining a diverse
workforce, Wells Fargo also plans to increase the number of Hispanic
home mortgage consultants on its sales team.

“Homeownership is a vehicle through which many people build wealth and
financial stability,” said Brad Blackwell, head of portfolio lending for Wells
Fargo Home Mortgage
. “Homebuying and its downstream benefits can
help improve neighborhoods, local businesses and the overall economy. As
the nation’s leading home mortgage lender to racially and ethnically
diverse homebuyers, including Hispanics, we support NAHREP in this
important mission and want to demonstrate our efforts to do more to
increase homeownership to these communities.”

The NAHREP Hispanic
Wealth Project Blueprint
focuses on three component goals to
facilitate Hispanic wealth creation: a 50 percent or greater rate of
U.S. Hispanic homeownership, a 50 percent increase in the first-year
success rate of Hispanic-owned businesses, and a 25 percent increase in
the number of Hispanic households owning non-cash financial assets such
as stocks, bonds, mutual funds and 401(k) accounts.

NAHREP is the nation’s fastest-growing Hispanic market-focused real
estate housing industry trade association with more than 20,000 members
across the country.

“We are extremely pleased to see Wells Fargo’s support of the Hispanic
Wealth Project with new and existing programs that align with the
project’s goals,” said Jerry Ascencio, chairman of the NAHREP
Foundation. “We look forward to seeing the positive impact on local
communities and the continuation of our long standing relationship to
advance sustainable homeownership for Hispanic-Americans.”

Diverse Segments Business Strategies Help Consumers Achieve

Supporting the Hispanic Wealth Project is part of the larger work of
Wells Fargo Home Mortgage to drive lending for minorities across the
credit spectrum, first-time homebuyers and low- to moderate-income
customers. The diverse segments business strategy focuses on four areas
to help these groups achieve homeownership: increasing diversity of
Wells Fargo team members, including Home Mortgage Consultants;
increasing the company’s presence in diverse communities; providing
products, processes and programs that support diverse homeownership; and
working with referral sources like real estate agents and nonprofit
credit counseling agencies.

“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.”

Wells Fargo Support Expands Beyond Home Lending

The goals of the Hispanic Wealth Project align with many programs and
initiatives already offered by Wells Fargo.

For example, as part of Wells
Fargo Works for Small BusinessSM
, Wells Fargo
collaborated with the U.S. Hispanic Chamber of Commerce to develop the
Chamber Training Institute that trains leaders of diverse-segment
chambers of commerce on key business and leadership topics for their
members. It is part of Wells
Fargo’s four-point plan
to help diverse-owned small businesses
become credit-ready and access credit.

According to the Economics of Higher Education report, people
with a bachelor’s degree will have a considerably higher income than
those with a high school diploma. Wells Fargo Education Financial
Services works with institutions of higher learning to raise awareness
about how education can enhance the quality of life for individuals and
communities. Initiatives like CollegeSTEPS,
College! Now
, and Get
College Ready
provide free financial education resources and tools
to help students responsibly pursue their higher education goals.

Wells Fargo also is the leading supporter of Hispanic Scholarship Fund
scholarships in the banking industry, having provided more than $3.6
million in scholarship support to 1,230 scholars since 2003.

“Wells Fargo is committed to helping Latinos build financial wealth and
accomplish their dreams for their families and our communities,” said
Mariela Ure, head of Hispanic Segment Strategy at Wells Fargo. “Working
with NAHREP to purposefully build and sustain momentum around this
important initiative will further elevate our focus on meeting the
financial needs of Latinos and create a path for financial success for
generations to come.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.7 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 12,800 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36 countries to
support customers who conduct business in the global economy. With
approximately 266,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 30
on Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs
and Wells
Fargo Stories


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