Freedom Financial issued a similar HELOC deal in November.

CMG is a privately held nonbank lender/servicer controlled by industry veteran Chris George.

Tappable home equity should remain sizable in 2023, signaling opportunity for an uptick in home-equity loans.

Implementation of Ginnie’s risk-based capital requirements delayed; Fitch downgrades ratings of Finance of America, Provident; foreclosure starts decline; new alerts in Freddie’s Loan Advisor dashboard; MISMO seeks comments on three proposals; Staircase offers MSR transfer automation; LoanCare launches HELOC servicing; new LO recruitment tool.

Impac could be delisted; UWM offering HELOCS, including a piggyback option; Redwood “above average,” says Moody’s; CrossCountry launches bridge offering; Singapore-based lender offering jumbos in the U.S. with balances of up to $150 million for overseas investors.

Dwindling refis and record levels of home equity are making home-equity products attractive for nonbanks. The challenge is competing with banks that have the capacity to hold HELOCs and the like in portfolio.

The California bank joins the growing ranks of lenders offering innovative home-equity products to help borrowers counter rising interest rates.

Demand for HELOCs is rising from borrowers who want to tap their home equity without letting go of their low-interest rate first mortgage.

Homeowners have plenty of equity and nonbank lenders are looking to replace refinance business, leading some large nonbanks to start offering HELOCs. One complication: what to do with the assets.

New HELOCs and second mortgages were up 24% in the second quarter.