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.)

Nonbank lenders are offering new HELOC options for homeowners who are self-employed or are looking to tap equity in their investor and second-home properties.

Originations of home equity loans declined in the fourth quarter as interest rates increased. Though HELOCs still dominate home equity production, closed-end second liens gained share in 2023. (Includes three data tables.)

The HELOC program will use 12 or 24 months of bank statements for income verification.

Angel Oak executives believe home equity products for self-employed and non-QM borrowers could be a growth area for brokers this year.

Nonbanks are fueling securitization of home-equity lines-of-credit, closed-end second liens and home equity investments. Issuance jumped in 2023 as refi business dried up. (Includes two data tables.)