Congratulations to Wells Fargo for being award an inaugural Diversity & Inclusion Award from the Mortgage Bankers Association. Wells Fargo earned the award for its commitment to diversity, education, and connecting with the Hispanic community in providing affordable homes for qualified applicants.
Wells Fargo Home Lending received the award for market outreach. According to Black Press USA “The Market Strategies award recognizes company initiatives that are specifically developed and designed to increase outreach, marketing, and products to attract customers from the industry’s fastest growing market segments. This award commends the hard work, dedication, and creativity in the creation of exemplary diversity and inclusion programs focused on new market outreach.”
Two main policies have helped Wells Fargo separate itself in diversity and inclusion. The first is its $302 million investment in down payment assistance, supporting programs through LIFT, including NeighborhoodLIFT®, CityLIFT® and HomeLIFT. These programs help educate “ thousands of potential homeowners, revitalizing communities, and helping create thousands of homeowners.” In addition, the organization also “launched yourFirst Mortgage, a new low down payment home loan program that reduces complexity and the barriers to access of similar conventional low down payment options in the market today. ”
The second piece of Wells Fargo’s commitment is its partnership with the National Association of Hispanic Real Estate Professionals (NAHREP). The two organizations have connected "on a 10-year, $125 billion commitment to lend to Hispanic households for the purpose of buying a home, and a $10 million pledge by the Wells Fargo Foundation in support of financial education and counselling for Hispanic homebuyers.“ In terms of workplace diversity, Wells Fargo expands its dedication to the Hispanic community with its "plan to substantially increase the number of Hispanic Home Mortgage Consultants.” In 2015, 10 of the top 25 “Latino Mortgage Originators were Wells Fargo Home Mortgage consultants.”