Wells Fargo has set a goal to originate $125 billion in residential mortgages to Hispanic borrowers by 2025.
The San Francisco company set the goal, citing the National Association of Hispanic Real Estate Professionals’ project to triple Hispanics’ household wealth, according to a Tuesday news release.
“Homeownership is a vehicle through which many people build wealth and financial stability,” Brad Blackwell, head of portfolio lending for Wells Fargo Home Mortgage in Des Moines, Iowa, said in the release.
“Homebuying and its downstream benefits can help improve neighborhoods, local businesses and the overall economy.”
Wells Fargo also set a goal to provide $10 million to support financial education and counseling for Hispanic homebuyers.
NAHREP’s Hispanic Wealth Project focuses on helping Hispanics build household wealth and increase the number of Hispanic-owned businesses.