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Wells Fargo rejected 22.5% of Black applicants, 25.6% of Latino applicants and 20.3% of Asian applicants in North Carolina, a report says.
Wells Fargo denied Black, Latino, and Asian mortgage applicants about twice as often as white applicants in NC.
KEY POINTS
- Denial rates for Black and Latino applicants at Wells Fargo increased by about 20% between 2020 and 2024.
- Wells Fargo's mortgage lending in Charlotte underrepresents Black and Latino populations relative to their share of residents.
- Wells Fargo made fewer mortgage applications and loans in majority-people-of-color census tracts than their population share.
- Regulatory actions and enforcement regarding racial lending patterns contributed to a 70% decline in Wells Fargo's NC mortgage applications.
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