Wells Fargo Home Mortgage announced Tuesday its support 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 announced the project includes a projected $125 billion in mortgage originations and $10 million to support initiatives to promote financial education and counseling for Hispanic homebuyers.
According to a news release, Wells Fargo also announced the goal of increasing 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.
Dimas DeLeon is an Iowa real estate agent. He said the National Association of Hispanic Real Estate Professionals Hispanic Wealth Project and its financial support from Wells Fargo will put Hispanics nationwide and here in Iowa on the path toward home ownership.
“That is their American dream to live in a home for their family, for their future, their kids future — it’s a really big deal for them,” said DeLeon.