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Wells Fargo Statement on PAVE Task Force Action Plan | News

ByWillie M. Evans

Mar 25, 2022

SAN FRANCISCO–(BUSINESS WIRE)–March 25, 2022–

Wells Fargo & Company (NYSE:WFC) today released the following statement regarding the Interagency Task Force on Property Valuation and Valuation Equity (PAVE) Action plan released 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 work of the task force,” said Mike Weinbach, head of Wells Fargo Consumer Lending. “Homeownership is a pillar of wealth creation, and ensuring the credibility of property appraisals and appraisals is of critical importance to our clients and our communities. Wells Fargo has reviewed the report and has ongoing initiatives that support its recommendations, such as our learning program to expand the pool of diverse reviewers. Wells Fargo is pleased to help socialize and implement recommended initiatives to eliminate discrimination in the assessment process and improve assessment accuracy.

“Wells Fargo is focused on addressing inequality in the housing industry,” said Mike Weinbach. “Kristy Fercho, Head of Wells Fargo Home Lending and Chair of the 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 REACh Project.”

“I appreciate the work of the PAVE Task Force and I am delighted to see that the action plan highlights the early progress being made, especially the ongoing work under the OCC REACh project,” said Kristy Fercho . “Fair property valuations are essential to the sustainable growth of minority household wealth through homeownership, which is central to the Affordable Homeownership work stream of the REACh Project.”

Launched in May 2021, an Affordable Homeownership Effort Subgroup has been formed to examine the role of racial bias on homeownership, identify the role of lenders, and identify specific actions that lenders, nonprofit organizations and policymakers can take to combat bias in the appraisal process.

“I am proud of the progress made by our REACh assessment sub-group 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 with approximately $1.9 trillion in assets, proudly serves one in three American households and more than 10% of small businesses in the United States , and is the leading provider of middle market banking services. in the United States We offer a diverse set of banking, investment and mortgage products and services, as well as consumer and commercial finance services, through our four reportable operating segments: Consumer Banking and Loans, Commercial Banking, Corporate and Investment Banking, and Wealth Management and Wealth Management Banking. Investment management. Wells Fargo ranked No. 37 in Fortune’s 2021 ranking of America’s largest companies. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. carbon. Wells Fargo news, insights and insights are also available at Wells Fargo Stories.

Additional information can be found at www.wellsfargo.com | Twitter: @Wells Fargo.

Press release category: WF-CF

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

CONTACT: Government Relations and Public Policy

Robert Sumner, (202) 941-4717

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CANADA CALIFORNIA

KEYWORD INDUSTRY: CONSTRUCTION & REAL ESTATE BANKING FINANCING PROFESSIONAL SERVICES PHILANTHROPY REIT FOUNDATION RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Wells Fargo & Company

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PUB: 03/25/2022 12:13 PM/DISC: 03/25/2022 12:13 PM

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