While Wells Fargo’s performance improved in 2021, it continued to have the lowest approval rate for Black borrowers of any major lender.
JPMorgan Chase & Co. approved 87% of Black applicants last year compared with 93% of White applicants; Rocket Mortgage LLC, which handled more refinancings than any other lender, approved 81% of Black applicants compared with 88% of White ones; and Bank of America Corp. approved 75% of Black applicants compared with 86% of White ones.
Mike Weinbach, head of consumer lending at Wells Fargo, said the bank “is fully committed to helping close the minority homeownership gap in the U.S., which is the result of systemic inequities in housing that go back decades and a financial system which has not been sufficiently inclusive of diverse communities.”
The lower approval rates for Black homeowners seeking to refinance their mortgages nationwide has highlighted the role of property in a racial wealth gap that widened during the pandemic. Experts say the inequality has been fueled by everything from a systemic undervaluation of homes in predominantly Black neighborhoods to the composition of credit scores and underwriting algorithms that contribute to a modern form of redlining.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wendy Williams calls out Wells Fargo for blocking access to her money: 'This is not fair'Wendy Williams is requesting Wells Fargo give her access to her money, saying in a video on Wednesday that the bank is not treating her fairly.
Read more »
Lawsuit alleges Wells Fargo discriminated in mortgage refi businessWells Fargo is being charged with discrimination during historically low interest rates in 2019 as African-Americans sought refinancings.
Read more »
Wendy Williams demands money from Wells Fargo and blasts ‘no good’ manager“This is not right and certainly this is not fair,” the talk show host said in a new video posted to Instagram on Wednesday, after Wells Fargo froze her account.
Read more »
Wendy Williams on legal battle with Wells Fargo: ‘Let me have access to my money’Wendy Williams posted a video Wednesday pushing back against her bank, Wells Fargo, for freezing her accounts as it awaits a guardianship ruling in New York.
Read more »
Naomi Osaka Says She's Going To Therapy After Indian Wells BreakdownICYMI: Naomi Osaka is taking further steps to try to improve her mental health following her breakdown at Indian Wells
Read more »
Cuyahoga County has more than 300 orphan oil and gas wells that may need pluggingThe federal government recently committed $4.7 billion to plugging orphan wells across the country, including in Ohio.
Read more »