A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto
Chris Helgren | Reuters
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.
Here’s the statement from Wells Fargo:
Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit (HELOCs) after April 30. The decision to temporarily suspend the origination of new HELOCs reflects careful consideration of current market conditions and the uncertainty around the timing and scope of the anticipated economic recovery.
The temporary suspension of HELOC applications will continue until our analysis of market conditions indicates that it is appropriate to resume the responsible extension of HELOCs to homeowners.
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