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 Norwest
Mortgage Named Top Lender to Ethnic Minority and Immigrant Homebuyers;
Second Leading Lender to Low-and Moderate-income Homebuyers
Norwest Mortgage, Inc., a subsidiary of Wells Fargo & Company (NYSE:WFC),
was recently recognized as the nation's leading lender to ethnic minority and
immigrant homebuyers, according to an analysis of 1998 Home Mortgage Disclosure
Act, conducted by PCi Services, Inc. The company also ranked as the second
leading lender to low-and moderate-income homebuyers. Results were based on home
purchase loans made in the United States and Puerto Rico in 1998.
"This recognition confirms we've made significant strides in our ability
to meet the home finance needs of the ethnic minority, immigrant and low- and
moderate-income homebuyers in the markets we serve across the country,"
said Dan Russell, executive vice president, Emerging Markets for Norwest
Mortgage. "While we are certainly proud of our leadership position on a
national scale, we have not yet reached that position in each of the markets we
serve. We believe there is a huge business opportunity with ethnic minority,
immigrant, and low-and moderate-income Americans - helping them reach the dream
of homeownership."
Based on PCi's analysis, Norwest Mortgage ranked as the top mortgage lender
in 1998 with retail originated home purchase loan volume in excess of $34.8
billion", equaling 6.59 percent market share. Of this volume, loans to
minority homebuyers accounted for $4.5 billion or 5.16 percent of industry-wide
market share; loans to low-and moderate-income homebuyers accounted for $5.4
billion or 6.08 percent market share; and loans to immigrant homebuyers
accounted for $2.2 billion or 4.98 percent market share.
According to the Federal Financial Institutions Examination Council, 1998 saw
24.7 million reported loans and applications, an increase of about 50 percent
from 1997. The number of home purchase loans extended in 1998 compared with 1997
increased 21 percent for Native Americans, 16 percent for Hispanics, 13 percent
for Asian Americans and whites, and 9 percent for African Americans.
"We are committed to serving ethnic minority, low- and moderate-income
and immigrant homebuyers and believe these populations will be our primary
customers in the near future," Russell said.
To that end, Norwest Mortgage launched its Emerging Markets operations in
July of 1997 to increase homeownership among the nation's low- and
moderate-income, minority and immigrant populations. Since that time, the
company has funded more than 580,500 loans, equaling $60.3 billion in mortgage
financing, to these borrower groups across the country.
Based in Des Moines, Iowa, Norwest Mortgage, Inc., is a subsidiary of Wells
Fargo & Company (NYSE:WFC). With more than 575 mortgage stores and a
presence in more than 500 Norwest/Wells Fargo bank stores nationwide, Norwest
Mortgage operates the largest mortgage lending network in the country and
provides funding for approximately one of every 15 homes financed annually in
the United States.
www.norwest.com
www.wellsfargo.com
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