Author Topic: HELOC payment calculation befuddled  (Read 497 times)

HAL9000

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HELOC payment calculation befuddled
« on: January 23, 2018, 03:36:41 PM »
I am missing something? I am floored by the response I got from Wells Fargo regarding the following question...

"How are my HELOC payments calculated?"

I got a HELOC loan from Wells Fargo that is comprised of a fixed rate over 60 months, with a fixed monthly payment. I like to forecast through an amortization table what my principle and interest will be over time, using additional payments to shorten the loan period.

After 2 weeks of asking this question and going through 5 separate people, spending hours on the phone and finally getting escalated to Wells Fargo "HELOC Executive response center",  the final response from Wells is:

"The payment calculation is proprietary internal information we do not share with customers."

WTF?! I have done this with car, credit card, mortgage loans, but HELOCs loan calculations are proprietary?

Is this even legal? How can you create a loan for a customer and then hide the details of it's composition?

What am I missing? because my bullshit meter just cracked...
« Last Edit: January 23, 2018, 03:38:42 PM by HAL9000 »

Telecaster

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Re: HELOC payment calculation befuddled
« Reply #1 on: January 23, 2018, 03:39:10 PM »
That's completely strange.  Should be a one sentence answer. 

Dave1442397

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Re: HELOC payment calculation befuddled
« Reply #2 on: January 24, 2018, 10:19:44 AM »
Can you just ask for an amortization table? Maybe they think you want something else.

Enough

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Re: HELOC payment calculation befuddled
« Reply #3 on: January 24, 2018, 12:35:45 PM »
If you have your original loan documentation, it should be stated there.  Mine was compounded daily.  But using the daily average balance for the month, I was able to get within $0.25 of their calc whenever I checked it.