The Largest HELOC Lenders within the Nation (Up to date for 2025)

Now that tapping house fairness is again in trend, I figured it’d be useful to see who the highest HELOC lenders are.

That is particularly well timed with the prime fee lastly falling after 11 successive hikes, making these loans cheaper once more!

As you most likely know, the yr 2023 was a tough one for mortgage lenders due to a lot increased rates of interest, and second mortgages have been impacted as properly.

The most recent annual figures from the Shopper Monetary Safety Bureau (CFPB) revealed that HELOC quantity fell from 1.4 million models in 2022 to simply 1 million in 2023.

That’s fairly the drop-off, which the company attributed to a form of leveling off after quantity surged in 2022 when householders gave up on cash-out refinances.

HELOC Quantity Slipped in 2023 After a Very Large Yr

As famous, HELOC quantity reversed course fairly markedly in 2023 (the most recent full yr of information at the moment obtainable as of early 2025), falling 23.5% after a really robust yr in 2022.

Banks and mortgage lenders doled out about 1.4 million house fairness strains of credit score (HELOCs) in 2022, per the most recent HMDA knowledge, however solely about a million in 2023.

That 2022 whole was 41.2% increased than the 962,000 HELOCs opened in 2021, and the second consecutive annual enhance after a number of years of falling volumes.

I anticipated HELOC purposes to indicate will increase once more in 2023 and 2024 since mortgage charges on current mortgages are so low relative to what’s obtainable at the moment.

In spite of everything, householders can faucet into their fairness with out shedding that 2-4% fee on their first mortgage. The identical can’t be mentioned of a money out refinance, wherein you quit your outdated fee within the course of.

However they didn’t maintain up in 2023, maybe as a result of 2022 was such a robust yr. Observe that they did nonetheless surpass 2021 ranges although.

Anyway, let’s discuss a have a look at who the highest HELOC originators have been in 2023 (most up-to-date yr obtainable).

Prime HELOC Lenders in 2023: Financial institution of America Was #1

Rating	Firm Title	2022 Mortgage Rely
1.	Financial institution of America	63,918
2.	PNC Financial institution	52,865
3.	Residents Financial institution	49,286
4.	Huntington Financial institution	26,175
5.	Truist Financial institution	25,870
6.	Determine Lending	24,486
7.	U.S. Financial institution	23,124
8.	State Workers CU	19,188
9.	Navy Federal CU	16,206
10.	Fifth Third Financial institution	15,630
11.	Third Federal	13,575
12.	Coastal Group	12,403
13.	Areas Financial institution	12,344
14.	TD Financial institution	12,153
15.	Boeing Workers CU	11,396
16.	BMO	9,935
17.	Summit CU	9,802
18.	Flagstar Financial institution	8,695
19.	America First CU	8,630
20.	UWM	7,531
21.	Zions Bancorp	7,274
22.	First Residents	7,263
23.	Desert Monetary	6,799
24.	Homebridge	6,744
25.	???	????

In 2023, Financial institution of America led all HELOC lenders with practically 64,000 strains of credit score originated, representing a stable 6.2% market share, per HMDA knowledge from the CFPB.

Again in 2020, BofA had been the #1 HELOC lender with a 5.6% market share earlier than falling to fifth in 2021 and again to 3rd in 2022. So that they’ve made up a variety of floor after which some.

They have been adopted by PNC Financial institution with practically 53,000 HELOCs originated for a 5.1% share.

In third was Residents Financial institution  (49,286) with a market share of 4.7%.

Huntington Financial institution took fourth with 26,175 HELOCs opened and a 2.5% market share, adopted by Truist Financial institution with 25,870 strains of credit score opened for the same market share.

The one nonbank within the prime 25, apart from United Wholesale Mortgage, was Determine Lending, which got here in sixth with a 2.4% market share.

You’ll be able to see the highest 25 HELOC lenders within the desk above for extra particulars. These 25 establishments alone accounted for about 44% of the HELOC market total.

Observe that for some motive the CFPB is lacking one of many top-25 entries and I’m undecided which one.

For reference, I’ve stored the 2022 numbers on this submit as properly if you happen to’re curious in regards to the year-to-year motion, which you’ll be able to see under.

In 2022, PNC Financial institution was #1, adopted by Residents Financial institution after which BofA.

PNC Financial institution Was the Prime HELOC Lender in 2022

Rating	Firm Title	2022 Mortgage Rely
1.	PNC Financial institution	78,473
2.	Residents Financial institution	64,687
3.	Financial institution of America	57,084
4.	U.S. Financial institution	41,554
5.	Truist Financial institution	37,186
6.	Huntington Financial institution	32,027
7.	Determine Lending	25,150
8.	Fifth Third Financial institution	22,617
9.	State Workers CU	17,687
10.	Boeing Workers CU	16,921
11.	Navy Federal CU	16,576
12.	Third Federal	16,332
13.	TD Financial institution	16,198
14.	Areas Financial institution	15,916
15.	Mountain America CU	15,236
16.	PenFed	15,189
17.	KeyBank	13,756
18.	M&T Financial institution	12,596
19.	America First CU	12,472
20.	Spring EQ	11,820
21.	Zions Bancorp	10,999
22.	Ent CU	10,877
23.	Flagstar Financial institution	10,220
24.	BMO	9,872
25.	First Residents	9,528

In search of a HELOC? Attempt a Financial institution or a Credit score Union

When you’re in want of a HELOC, you must know that they’re largely provided by depository establishments (DIs).

In 2023, all however three of the highest 25 HELOC lenders have been DIs and not one of the DIs have been thought of small banks.

In different phrases, virtually each HELOC was opened by a big financial institution or a credit score union as a result of they hold the strains of credit score on their books as an alternative of promoting them off after origination.

This differs from first mortgages, which have been dominated by nonbank lenders over the previous a number of years.

These nonbank lenders, or non-DIs, together with Determine, UWM and Homebridge, accounted for simply 3.7% of the HELOC market. This quantity has ticked increased lately, however nonetheless stays very low.

It’s unclear if that may change in 2024 and past, although these corporations need to get in on the motion by providing HELOCs and house fairness loans.

For instance, Rocket Mortgage launched a closed-end house fairness mortgage (HEL) in early August of final yr.

[Three Key Differences Between HELOCs and Home Equity Loans]

In the meantime, wholesale lender United Wholesale Mortgage (UWM) launched three HELOCs, together with a standalone and a piggyback.

Regardless, there’s probability a neighborhood credit score union (or the financial institution you already do enterprise with) will provide HELOCs.

Tip: Credit score unions additionally appear to supply a wide array of adjustable-rate mortgages as properly, in contrast to huge banks and nonbank lenders.

Who Are the Finest HELOC Lenders Out There?

We all know it’s largely banks and credit score unions that supply HELOCs. The query is which one is the most effective of the bunch?

That’s arduous to say as a result of banks and credit score unions provide numerous completely different merchandise, not simply HELOCs.

As such, studying their opinions most likely gained’t give us so much to chew on. Positive, we will see how they’re rated on the entire, however that may imply nothing with regard to their house fairness lending.

Finally, I might pay extra consideration to the rate of interest and mortgage phrases provided since HELOC charges can vary considerably from financial institution to financial institution.

And the closing prices! Many of those banks and CUs provide HELOCs with little to no closing prices.

Additionally hold your eye on the margin provided, which mixed with the prime fee determines your fee. That is maybe one of the best ways to match HELOCs.

Make sure you pay attention to the mortgage time period (what number of years to attract and pay it off) and the beginning rate of interest, which is typically discounted for a promotional interval.

There may be distinctive perks, reminiscent of the flexibility to lock in your fee so it’s now not adjustable.

Although the way in which issues are going, HELOC charges may need already peaked in 2023. And may very well be slated to fall much more this yr because the Fed continues to decrease its personal lending fee.

Both approach, make sure to exhaust all of your choices in your HELOC search to make sure you don’t miss out on a greater deal.

Learn extra: Are you able to refinance a HELOC?