The two organizations announced a $5 million grant to create the Diverse Appraiser Initiative, a new program that aims to increase diversity and reduce barriers to entry in the home appraisal industry.
Over a five-year allocation period, the program will certify up to 260 diverse appraisers and create 130 potential new businesses through entrepreneurship and small business development. The National Urban League will work with Wells Fargo to build a pipeline of diverse appraisers from Atlanta, Charlotte, and Houston through Urban League Entrepreneurship Centers beginning in 2023.
According to a Bureau of Labor Statistics survey, 97 percent of appraisers are white. The Diverse Appraiser Initiative has the potential to reduce the impact of this significant disparity. According to the Urban Institute, increased diversity in the appraiser profession may help address valuation bias for Black and Hispanic homeowners, ultimately supporting more equitable homeownership outcomes.
National Urban League will provide entrepreneurial training and support on business basics, including formation, business and financial management, and access to capital, to those trainees who are undergoing or have completed the certification process. The Urban League Entrepreneurship Centers will customize these programs for each trainee based on their experience, skill level, and interest.
This collaborative effort between Wells Fargo and the National Urban League complements existing commitments by both organizations to help promote fair and equitable home appraisals and advance racial equity in homeownership. Both organizations have recently worked to recruit, train, and support new, more diverse appraisers and foster diversity within the appraisal community.
The National Urban League is a historic civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. The National Urban League spearheads the efforts of its 90 local affiliates through the development of programs, public policy research, and advocacy providing direct services that impact and improve the lives of more than 2 million people annually nationwide. www.nul.org
Wells Fargo is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. In the communities they serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. Learn more at https://www.wellsfargo.com/.