Wells Fargo has partnered with the National Urban League to train diverse home appraisers in Houston.
According to data from the Bureau of Labor Statistics, 97% of home appraisers are white. The goal of Wells Fargo’s Diverse Appraiser Initiative is to increase diversity in the home appraisal industry and address appraiser bias that may negatively impact Black and Hispanic homeowners.
The $5 million grant will be distributed over five years, with the goal of certifying up to 260 diverse appraisers. In addition to Houston, funds were also granted to Urban League Entrepreneurship Centers in Atlanta and Charlotte.
“Racial discrimination in the home appraisal industry is a significant barrier to economic equality,” Marc H. Morial, president and CEO of the National Urban League, said in a press release. “We’re proud to partner with Wells Fargo on this innovative project to open the doors of opportunity and bring a much-needed new approach to diversity, equity and inclusion that we hope will serve as inspiration to others in the field and beyond.”