Wells Fargo Stops Accepting Home Equity Credit Line Applications

Wells Fargo & Co. will temporarily stop accepting applications for home equity lines of credit, following a similar move by rival JPMorgan Chase & Co.

Wells Fargo will stop taking Heloc applications after Thursday as the largest U.S. home lender navigates the economic impact of the coronavirus, according to company spokesman Tom Goyda.

“The decision to temporarily suspend the origination of new Heloc reflects careful consideration of current market conditions and the uncertainty around the timing and scope of the anticipated economic recovery,” Goyda said in a statement.

Helocs are a way for homeowners to build up a cash cushion ...