A record number of homeowners are turning to HELOCs to perform renovations on their properties or paydown credit card debt.

Home equity originations peaked in the third quarter of 2022 and continued to trend down in the first quarter of 2023. Still, the total amount of funded home equity debt outstanding increased slightly. (Includes three data charts.)

The increase in usage of home equity lines of credit suggests that consumers are facing some financial difficulties, the NCUA has warned.

UWM wants to hire 500 people in three months; First Federal Bank signs deal with BNC; and MISMO seeks members for new eHELOC working group.

Two recent court cases demonstrate the value in completing a comprehensive title search prior to closing a refinance mortgage.

Can nonbanks become significant players in the HELOC market and ride MBS execution to a new wave of dominance? Due diligence firms that facilitate such transactions hope so.

Six expanded-credit MBS started marketing within the past two weeks and there are also offerings of prime jumbos, HELOCs and even a credit-risk transfer deal from Santander Bank.

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.