A new analysis was done by Bloomberg. It found that Wells Fargo refinanced 72% of White homeowners during the recent refinancing surge. At the same time, they denied 53% of Black homeowners.
In the report, issued on March 11, the federal mortgage data shows that many Black homeowners weren’t permitted to refinance in 2020. This was even though some may have had credit scores in the upper 800s.
“While Black applicants had lower approval rates than White applicants at all major lenders, the data shows Wells Fargo had the biggest disparity and was alone in rejecting more Black homeowners than it accepted,” the study noted.
The analysis compared data from 2020 when interest rates were at one of the lowest points.
It also revealed that White homeowners were saving close to $3.8 billion every year by refinancing in 2020. However, Black homeowners only saved about $198 million.
Wells Fargo doesn’t oppose the findings in the report. But they stated that they don’t discriminate against their customers. They say that they are more careful than other banks at selections and said “legitimate, credit-related factors” are the reasons for the differences.
That’s a lie, they have been doing this ever since 2000. Cause they denied me