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Wells Fargo Will No Longer Accept Applications for Home Equity Lines of Credit


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Link:  https://www.cnbc.com/2020/04/30/wells-fargo-says-it-will-no-longer-accept-applications-for-home-equity-lines-of-credit.html

Wells Fargo, one of the largest home lenders in the U.S., said it it stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic. 

“Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit (HELOCs) after April 30,” the bank said in a statement.

During tough economic times, HELOCs are riskier products for banks because in a foreclosure, the lender who made the primary mortgage is first in line to get paid in a recovery.

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We have had several instances of people in other towns using our Wells Fargo credit card numbers at Walmart and at a Victoria's Secret in Ohio or that area. Eventually it is corrected, but I have never had any problems with other banks. Also, I have had them change interest rates by a factor of 2, on loans, from the time the agreement is made and the papers were presented for signature.

Ya gotta watch them closely!

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