Wells Fargo Joins JPMorgan Chase In Exiting HELOCs

Wells Fargo will take a break from offering new home equity lines of credit beginning Friday as credit continues to tighten during the coronavirus pandemic, according to media reports. The San Francisco-based banking giant joins JPMorgan Chase in backing off the loans known as HELOCs, which allow homeowners to borrow money against the equity in their houses. “Wells Fargo Home Lending will temporarily stop accepting applications for Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit (HELOCs) after April 30,” the company said in a statement shared with The Mortgage Note. “The decision to temporarily suspend the origination of new HELOCs reflects careful consideration of current market conditions and the uncertainty around…