LOADING MARKET…
ORIGINATION SCOPE
HELOC + closed-end 2nd: The whole home-equity book: open-end HELOCs and closed-end junior liens combined. Distinct-lender counts are NOT summed across the two segments — a lender may report both.
2025 · 1,811,393 originations · $240.17B · HELOC + closed-end 2nd
HELOC + 2nd originations
1,811,393
2025 · reported-loans floor
Origination volume
$240.17B
disclosed dollars
By activity year · disclosed dollars, hover for units
Applications (all actions)
3,660,739
reported-loans floor
Reporting lenders
—
1,243 HELOC · 2,294 closed-end 2nd — a lender may report both, so the counts are not summed
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 · 67.7% of the home-equity book
2nd lien
584,839
$49.68B · 32.3% of the home-equity book
HELOC + closed-end 2nd originations by property state · 2025 · hover for values
+26.0%
—+18.7%
—+58.7%
—+21.8%
—+33.2%
—+12.9%
—+23.0%
—+25.4%
—+22.7%
—+8.7%
—+22.1%
—+30.1%
—+25.1%
—+24.9%
—+18.5%
—+36.2%
—+22.3%
—+22.9%
—+23.2%
—+17.3%
—+22.1%
—+32.2%
—+21.5%
—+25.9%
—+20.2%
—+18.4%
—+19.9%
—+20.3%
—+28.3%
—+26.5%
—+32.0%
—+35.7%
—+28.0%
—+63.4%
—+19.1%
—+29.1%
—+24.9%
—+19.0%
—+10.5%
—+34.2%
—+29.4%
—+18.5%
—+22.9%
—+22.2%
—+24.2%
—+22.9%
—+2.1%
—+34.7%
—+15.7%
—+32.3%
—−9.1%
—+201.1%
—National, 2025 · ranked by originations · top 100 per segment, merged by lender · click a lender for its company view
Largest 2024→2025 HELOC + 2nd origination-volume swings among the top 100 originators of each segment present in both years
Herfindahl-Hirschman Index over originator volume shares of the segment · DOJ/FTC bands
HHI 2025 (floor)
106
Unconcentrated
Computed from the top 170 lenders' shares of HELOC + 2nd volume — the long tail adds at most a few points, so the true HHI is barely above this floor.Top-10 share
26.1%
top 5: 18.0%
Share of the segment's national disclosed volume held by the 10 / 5 largest HELOC + 2nd originators, 2025Pool coverage
65.1%
top 170 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 HELOC + closed-end 2nd originations · 2025 · the equity-opportunity cut
CLTV reported on 98.2% of HELOC + 2nd originations (33,280 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 HELOC + closed-end 2nd 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 HELOC + 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.