Once the No. 1 player in lending out mortgages, the company announced it was taking a step back from its goal of reaching as many Americans as possible.
Wells Fargo, once the No. 1 player in lending out mortgages, announced it was taking a step back from its previous goal of reaching as many Americans as possible. Instead, it will now focus on home loans for existing bank and wealth management customers — and borrowers in minority communities.
“We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus,” Kleber Santos, CEO of Consumer Lending said in a press release.Expand its retail team by focusing on existing bank customers and underserved communities.Deploying additional Home Mortgage Consultants in local minority communities.
The press release highlighted that $150 million will also be used to serve minority communities looking to refinance or buy a home, “helping more black and hispanic families achieve homeownership.”
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