Wells Fargo makes $125 billion play to help Hispanic families with homeownership

Wells Fargo Home Mortgage plans a projected $125 billion in mortgage originations and $10 million to support initiatives to promote financial education and counseling for Hispanic home buyers over the next 10 years, the company announced today. The company also wants to increase the number of Hispanic home mortgage consultants on its staff.

The initiative is aimed at helping the National Association of Hispanic Real Estate Professionals (NAHREP) reach its goal of tripling Hispanic household wealth over the next decade.

“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. “Home buying and its benefits can help improve neighborhoods, local businesses and the overall economy.”

NAHREP has these goals: 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. The organization’s work falls under its Hispanic Wealth Project.

“We look forward to seeing the positive impact of Wells Fargo’s support on Hispanic American communities,” said Jerry Ascencio, chairman of the NAHREP Foundation.

“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.