LOADING MARKET…
ORIGINATION SCOPE
Closed-end 2nd lien: Closed-end junior liens: HMDA originations with lien status = 2 (subordinate) and the open-end flag FALSE, from the hmda_home_equity_year rollup.
2025 · 584,839 originations · $49.68B · Closed-end 2nd lien
Closed-end 2nd originations
584,839
2025 · reported-loans floor
Origination volume
$49.68B
disclosed dollars
By activity year · disclosed dollars, hover for units
Applications (all actions)
1,239,997
reported-loans floor
Reporting lenders
2,294
distinct HMDA reporters in this segment
Basis. Counts reflect HMDA-reported loan applications and originations, not a servicing or portfolio census. Open-end (HELOC) and lien-position figures are a reported-loans floor: about 2.3% of 2024 records do not report the open-end flag (the EGRRCPA partial-exemption sentinel), and small-volume depositories may be exempt from reporting these fields entirely, so a low or absent figure for a given company can indicate an exemption rather than an absence of lending. Loan counts are applications/originations in the reporting year, not outstanding balances.
2025 home-equity originations by structure
HELOC
1,226,554
$190.50B · shown for context — not in this scope
2nd lien
584,839
$49.68B · 32.3% of the home-equity book
Closed-end 2nd lien originations by property state · 2025 · hover for values
+29.4%
482+19.2%
531+12.7%
477+13.7%
389+22.8%
258+33.3%
296+22.8%
340+42.9%
293+23.7%
382+22.7%
307+22.6%
287+12.6%
359+13.6%
320+43.8%
343+10.7%
189+10.2%
327+15.3%
259+22.3%
290+33.7%
243−0.1%
229+17.6%
300+17.5%
334+32.1%
313+22.9%
226+30.9%
205+51.8%
224+24.0%
247+18.0%
157+40.1%
264+10.9%
221+43.0%
179+7.3%
185+20.3%
154+9.0%
149+12.2%
184+18.2%
118+19.0%
171+24.3%
129+36.0%
167+9.1%
113+14.6%
128+39.9%
153+2.3%
134+1.8%
80+22.5%
75+32.6%
130+34.2%
85+39.4%
94+11.4%
70+46.7%
63+28.0%
107+56.2%
12National, 2025 · ranked by originations · top 100 · click a lender for its company view
Largest 2024→2025 Closed-end 2nd origination-volume swings among the top 100 originators present in both years
Herfindahl-Hirschman Index over originator volume shares of the segment · DOJ/FTC bands
HHI 2025 (floor)
453
Unconcentrated
Computed from the top 100 lenders' shares of Closed-end 2nd volume — the long tail adds at most a few points, so the true HHI is barely above this floor.Top-10 share
44.2%
top 5: 33.3%
Share of the segment's national disclosed volume held by the 10 / 5 largest Closed-end 2nd originators, 2025Pool coverage
66.9%
top 100 lenders' share of segment $
The share of the segment's national volume the ranked pool accounts for — the denominator every share above is taken against.Combined loan-to-value of Closed-end 2nd lien originations · 2025 · the equity-opportunity cut
CLTV reported on 99.2% of Closed-end 2nd originations (4,442 not reported). Bands cover reported values only.
The 0292 rollup carries no outcome, pricing or county dimension — these figures exist on the first-lien surfaces only, and this page refuses to relabel them
Denial rate, rate spread (APR − APOR), agency share, purpose mix, the county tier, the region drill and the faceted lender directory are not yet available on the Closed-end 2nd lien basis. The home-equity rollup stores applications, originations, volumes and CLTV bands per lender and state — it does not yet carry denial outcomes, pricing spreads or county grain, and showing the full-HMDA versions of those figures under a Closed-end 2nd heading would be one label over two definitions. A rollup enrichment (denial + rate spread + county) is planned; until it lands, those panels live on All originations — and loan-level open-end records can be faceted today in the Loan Explorer.