Wells Fargo Statement on PAVE Task Force Action Plan
March 25 2022 - 12:13PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today issued the following
statement regarding the Interagency Task Force on Property
Appraisal and Valuation Equity (PAVE) Action Plan issued
Wednesday.
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View of city buildings from above.
(Photo: Wells Fargo)
“Wells Fargo welcomes the release of the PAVE Action Plan and
commends the Task Force’s work,” said Mike Weinbach, head of Wells
Fargo Consumer Lending. “Homeownership is a pillar of wealth
building, and ensuring the credibility of property appraisals and
valuations is of critical importance to our customers and
communities. Wells Fargo has reviewed the report and has
initiatives underway that support its recommendations, such as our
apprenticeship program to expand the pipeline of diverse
appraisers. Wells Fargo is pleased to assist in socializing and
implementing the recommended initiatives to eliminate
discrimination in the appraisal process and improve valuation
accuracy.”
“Wells Fargo is focused on addressing inequalities across the
housing sector,” said Mike Weinbach. “Kristy Fercho, head of Wells
Fargo Home Lending and chair of the Project REACh Affordable
Homeownership Workstream, and I look forward to socializing the
Action Plan and engaging with the findings and recommendations both
individually and through our engagement with industry
collaborations like OCC Project REACh.”
“I appreciate the work of the PAVE Task Force and am pleased to
see the Action Plan highlight early progress being made,
particularly work underway in OCC Project REACh,” said Kristy
Fercho. “Fair property valuations are critical to sustainably
growing minority household wealth through homeownership, which is
the central focus of the Project REACh Affordable Homeownership
Workstream.”
Launched in May 2021, a subgroup of the Affordable Homeownership
effort was formed to examine the role racial bias has on
homeownership, identify the role of lenders, and identify specific
actions lenders, nonprofits, and policymakers can take to address
bias in the appraisal process.
“I am proud of the progress our REACh appraisal subgroup is
making and look forward to the Action Plan being incorporated into
our work,” added Fercho.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment, and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
News Release Category: WF-CF
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Government Relations and Public Policy Robert Sumner,
(202) 941-4717 Robert.Sumner@WellsFargo.com
Wells Fargo (NYSE:WFC)
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