Wells Fargo to Increase Its Aim Toward Hispanic Borrowers

Wells Fargo Home Mortgage has set a new goal of providing $125 billion in home loans to as many as 500,000 Hispanic potential homebuyers over the next 10 years.

The Des Moines Register has previewed the plan that the West Des Moines-based lender is scheduled to announce later today. This new endeavor–which is tied to the first day of the Hispanic Heritage Month celebration–is in support of the Hispanic Wealth Project initiative launched earlier this year by the National Association of Hispanic Real Estate Professionals, which seeks to focus on increasing homeownership, personal savings and small business ownership across the Hispanic demographic.

As part of this program, Wells Fargo Home Mortgage plans to hire additional Hispanic mortgage consultants for its sales team, open new offices in racially diverse neighborhoods, and increase its partnership with Hispanic business organizations in order to seek new customers.

“This is a great business opportunity for Wells Fargo, as well as the right thing to do,” Brad Blackwell, head of portfolio lending for Wells Fargo Home Mortgage, told The Des Moines Register.