Figure believes its new HELOC marketplace can be a “game changer” for originators.

Banks tightened underwriting standards for HELOCs in the first quarter and demand from borrowers declined. The only HEL lender among the top five to increase production in the first quarter of 2024 was a nonbank. (Includes three data tables.)

Initial partners for Figure’s new marketplace include The Loan Store, Movement Mortgage, Bayview Asset Management and Saluda Grade.

Goldman Sachs jumped into the HELOC securitization market, sourcing HELOCs from various lenders.

Goldman is a leading issuer of prime non-agency MBS and an issuer of expanded-credit deals. The firm aggregates loans from various lenders for securitization.

UWM has jumped into the 100% LTV market with a two-lien loan. But what about the take-out in the secondary market? UWM is quiet.

Better joins a number of other nonbanks offering home equity loans as traditional refinance business is slow.

New jumbo, expanded-credit and home equity loan securitizations were announced over the last two weeks. The largest offerings are two jumbo MBS from JPMorgan Chase.

Achieve Home Loans is expected to close a $170.1 million HELOC MBS later this month.

Securitization of home equity loans increased again in the first quarter, driven by closed-end second liens. Issuance is growing exponentially, helped by nonbanks and investor demand. (Includes two data tables.)