The Largest HELOC Lenders within the Nation (Up to date for 2025)

Now that tapping dwelling fairness is again in style, I figured it’d be useful to see who the highest HELOC lenders are.

That is particularly well timed with the prime charge lastly falling after 11 successive hikes, making these loans cheaper once more!

As you in all probability know, the yr 2023 was a tough one for mortgage lenders due to a lot larger rates of interest, and second mortgages have been impacted as properly.

The newest annual figures from the Client Monetary Safety Bureau (CFPB) revealed that HELOC quantity fell from 1.4 million models in 2022 to only 1 million in 2023.

That’s fairly the drop-off, which the company attributed to a kind of leveling off after quantity surged in 2022 when householders gave up on cash-out refinances.

HELOC Quantity Slipped in 2023 After a Very Massive Yr

As famous, HELOC quantity reversed course fairly markedly in 2023 (the newest full yr of knowledge at the moment accessible as of early 2025), falling 23.5% after a really robust yr in 2022.

Banks and mortgage lenders doled out about 1.4 million dwelling fairness traces of credit score (HELOCs) in 2022, per the newest HMDA information, however solely about a million in 2023.

That 2022 whole was 41.2% larger than the 962,000 HELOCs opened in 2021, and the second consecutive annual improve after a number of years of falling volumes.

I anticipated HELOC functions to point out will increase once more in 2023 and 2024 since mortgage charges on current mortgages are so low relative to what’s accessible immediately.

In any case, householders can faucet into their fairness with out shedding that 2-4% charge on their first mortgage. The identical can’t be mentioned of a money out refinance, during which you surrender your outdated charge within the course of.

However they didn’t maintain up in 2023, maybe as a result of 2022 was such a powerful yr. Be aware that they did nonetheless surpass 2021 ranges although.

Anyway, let’s speak a have a look at who the highest HELOC originators have been in 2023 (most up-to-date yr accessible).

High HELOC Lenders in 2023: Financial institution of America Was #1

In 2023, Financial institution of America led all HELOC lenders with almost 64,000 traces of credit score originated, representing a stable 6.2% market share, per HMDA information from the CFPB.

Again in 2020, BofA had been the #1 HELOC lender with a 5.6% market share earlier than falling to fifth in 2021 and again to 3rd in 2022. In order that they’ve made up plenty of floor after which some.

They have been adopted by PNC Financial institution with almost 53,000 HELOCs originated for a 5.1% share.

In third was Residents Financial institution  (49,286) with a market share of 4.7%.

Huntington Financial institution took fourth with 26,175 HELOCs opened and a 2.5% market share, adopted by Truist Financial institution with 25,870 traces of credit score opened for the same market share.

The one nonbank within the high 25, aside from United Wholesale Mortgage, was Determine Lending, which got here in sixth with a 2.4% market share.

You may see the highest 25 HELOC lenders within the desk above for extra particulars. These 25 establishments alone accounted for about 44% of the HELOC market general.

Be aware that for some motive the CFPB is lacking one of many top-25 entries and I’m unsure which one.

For reference, I’ve saved the 2022 numbers on this publish as properly when you’re curious concerning the year-to-year motion, which you’ll be able to see beneath.

In 2022, PNC Financial institution was #1, adopted by Residents Financial institution after which BofA.

PNC Financial institution Was the High HELOC Lender in 2022

On the lookout for a HELOC? Attempt a Financial institution or a Credit score Union

In case you’re in want of a HELOC, it’s best to know that they’re largely supplied by depository establishments (DIs).

In 2023, all however three of the highest 25 HELOC lenders have been DIs and not one of the DIs have been thought of small banks.

In different phrases, virtually each HELOC was opened by a big financial institution or a credit score union as a result of they hold the traces of credit score on their books as a substitute of promoting them off after origination.

This differs from first mortgages, which have been dominated by nonbank lenders over the previous a number of years.

These nonbank lenders, or non-DIs, together with Determine, UWM and Homebridge, accounted for simply 3.7% of the HELOC market. This quantity has ticked larger lately, however nonetheless stays very low.

It’s unclear if that may change in 2024 and past, although these corporations need to get in on the motion by providing HELOCs and dwelling fairness loans.

For instance, Rocket Mortgage launched a closed-end dwelling fairness mortgage (HEL) in early August of final yr.

[Three Key Differences Between HELOCs and Home Equity Loans]

In the meantime, wholesale lender United Wholesale Mortgage (UWM) launched three HELOCs, together with a standalone and a piggyback.

Regardless, there’s a great likelihood an area credit score union (or the financial institution you already do enterprise with) will supply HELOCs.

Tip: Credit score unions additionally appear to supply a big choice of adjustable-rate mortgages as properly, not like huge banks and nonbank lenders.

Who Are the Finest HELOC Lenders Out There?

We all know it’s largely banks and credit score unions that provide HELOCs. The query is which one is the perfect of the bunch?

That’s exhausting to say as a result of banks and credit score unions supply a lot of totally different merchandise, not simply HELOCs.

As such, studying their opinions in all probability received’t give us quite a bit to chew on. Positive, we are able to see how they’re rated on the entire, however that may imply nothing with regard to their dwelling fairness lending.

In the end, I’d pay extra consideration to the rate of interest and mortgage phrases supplied since HELOC charges can vary considerably from financial institution to financial institution.

And the closing prices! Many of those banks and CUs supply HELOCs with little to no closing prices.

Additionally hold your eye on the margin supplied, which mixed with the prime charge determines your charge. That is maybe one of the best ways to match HELOCs.

You should definitely be aware of the mortgage time period (what number of years to attract and pay it off) and the beginning rate of interest, which is usually discounted for a promotional interval.

There might also be distinctive perks, equivalent to the flexibility to lock in your charge so it’s now not adjustable.

Although the way in which issues are going, HELOC charges might need already peaked in 2023. And could possibly be slated to fall much more this yr because the Fed continues to decrease its personal lending charge.

Both method, be sure you exhaust all of your choices in your HELOC search to make sure you don’t miss out on a greater deal.

Learn extra: Are you able to refinance a HELOC?

Earlier than creating this web site, I labored as an account govt for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 18 years in the past to assist potential (and current) dwelling patrons higher navigate the house mortgage course of. Comply with me on Twitter for decent takes.

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