Released: March 16, 2022

Wells Fargo rejected half Its Black applicants for refinancing

Source: Shawn Donnan, Ann Choi, Hannah Levitt & Christopher Cannon, Bloomberg Businessweek

Nationwide, only 47% of Black homeowners who completed a refinance application with Wells Fargo in 2020 were approved, compared with 72% of White homeowners, according to a Bloomberg News analysis of federal mortgage data. While Black applicants had lower approval rates than White ones at all major lenders, the data show, Wells Fargo had the biggest disparity and was alone in rejecting more Black homeowners than it accepted.

 

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