Citizens Bank maintained its top HEL lender position with $3.10 billion of volume in the third quarter, down 0.9% from the previous three-month period.

Analysts noted that the non-agency MBS market will benefit from strong investor demand, including more new shelves participating in the sector.

Homeowners said in a recent Hometap survey that traditional home equity solutions do not fit their needs and they are looking for more flexible finance options.

Achieve Loans started marketing a $271.2 million securitization of home equity lines of credit late last week.

Better Mortgage has sharply increased its HELOC originations, helped by a self-developed investor marketplace. Meanwhile, WSFS Bank is originating HELOCs on its own after selling a stake in Spring EQ.

After originating HELOCs on its own as a proof-of-concept, Figure Technology Solutions is now largely facilitating originations and loan sales for others, charging fees along the way. The company generated $89.8 million of net income in the third quarter.

Closed-end second liens and home equity lines of credit flowed into securitizations during the third quarter of 2025 after a brief slowdown in the second quarter. Nine months into the year, issuance was up more than 70% on an annual basis. (Includes three data tables.)

New report from ICE said that 4.1 million mortgage holders could save at least 75 basis points by refinancing.

Santander Bank is issuing a securitization of closed-end second liens sourced from Pennymac. Also, an affiliate of PIMCO is offering a securitization of seasoned HELOCs.

Banks and credit unions are struggling to compete with technology-focused lenders who use automation to close home equity loans faster.