Wells Fargo prioritizes lending to minorities, cuts back on mortgages

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Banking giant Wells Fargo announced they are planning on reducing the size and scope of its mortgage lending business for all Americans and instead focus on “minority communities.”

According to the New York Post, Wells Fargo’s Head of Home Lending and Head of Diverse Segments, Representation, and Inclusion at Wells Fargo, Kristy Fercho, said, “We will continue to expand our programs to reach more customers in underserved communities by leveraging our strong partnerships with the National Urban League, Unidos US, and other non-profit organizations.” 

“We also will hire additional mortgage consultants in communities of color,” Fercho added,

CEO of Consumer Lending, Kleber Santos, said in a press release, “We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus.”

According to the Post, Wells Fargo’s specific goal will be to “Expand its retail team by focusing on existing bank customers and underserved communities,” “Invest an additional $100 million to ‘advance racial equity in homeownership,'” and “Deploying additional Home Mortgage Consultants in local minority communities.”

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