These plans, which have been in the works for the past three years, aim to advance racial equity and “provide flexibility to address customer needs more quickly.” Wells Fargo said it will replace minority homeownership lending commitments it made seven years ago and expand its existing $150 million Special Purpose Credit Program (SPCP). Initially focused on lowering customer refinancing rates, the program will now include purchase loans.
The bank “expects to make ongoing investments in this area” in the coming years. This includes investing an additional $100 million to advance racial equity in homeownership, including strategic partnerships with non-profit organizations and community-focused engagements.
Kristy Fercho, head of Wells Fargo Home Lending and head of diverse segments, representation, and inclusion, said they will hire additional mortgage consultants in communities of color.
“We will continue to expand our programs to reach more customers in underserved communities by leveraging our strong partnerships with the National Urban League, UnidosUS and other non-profit organizations,” Fercho said.
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