Wells Fargo Statement on PAVE Task Force Action Plan

Rhea-AI Summary

Wells Fargo (NYSE: WFC) expressed support for the recently released PAVE Action Plan, aimed at addressing biases in property appraisals. The bank's head of Consumer Lending, Mike Weinbach, emphasized the importance of credible valuations for homeownership and announced initiatives, including diverse appraiser apprenticeships, to support the plan. Wells Fargo is engaged in collaborative efforts, notably through the OCC Project REACh, to enhance fair property valuations and promote affordable homeownership, particularly for minority communities.

Positive

• Support for PAVE Action Plan demonstrates commitment to addressing appraisal biases.
• Diverse appraiser apprenticeship program initiated to expand the pipeline of appraisers.
• Active involvement in OCC Project REACh to promote housing equity.

Negative

• None.

SAN FRANCISCO--(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.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220324006035/en/

Government Relations and Public Policy

Robert Sumner, (202) 941-4717

Robert.Sumner@WellsFargo.com

Source: Wells Fargo & Company

FAQ

What is the PAVE Action Plan related to Wells Fargo (WFC)?

The PAVE Action Plan addresses biases in property appraisals and is supported by Wells Fargo through various initiatives.

How is Wells Fargo (WFC) supporting diversity in appraisals?

Wells Fargo is implementing a diverse appraiser apprenticeship program to help expand the pipeline of appraisers.

What initiatives is Wells Fargo (WFC) involved in to combat housing inequalities?

Wells Fargo is engaged in the OCC Project REACh and supports the PAVE Action Plan to improve property valuations and promote affordable homeownership.

When was the PAVE Action Plan launched?

The PAVE Action Plan was issued recently, with ongoing efforts to address appraisal biases since its inception in May 2021.