Now that tapping home equity is back in vogue, I figured it would be helpful to see who the top HELOC lenders are.
This is especially timely as the prime rate is finally coming down after 11 consecutive hikes, making these loans cheaper again!
As you may know, 2023 was a difficult year for mortgage lenders due to extremely high interest rates, and second mortgages were impacted.
The latest annual figures from the Consumer Financial Protection Bureau (CFPB) revealed that HELOC volume will drop from 1.4 million units in 2022 to 1 million in 2023.
That’s quite a reduction, the agency said, due to some kind of devaluation after the volume increases in 2022 when homeowners stop refinancing.
HELOC Volume Drops in 2023 After Biggest Year
As noted, HELOC volume reversed its best course in 2023 (the latest full year of data currently available in early 2025), down 23.5% after a very strong year in 2022.
Banks and mortgage lenders issued an estimated 1.4 million home equity lines of credit (HELOCs) in 2022, according to the latest HMDA data, but only about 1 million in 2023.
That 2022 total was 41.2% higher than the 962,000 HELOCs opened in 2021, and the second consecutive annual increase after several years of declining volumes.
I would expect HELOC applications to show an increase again in 2023 and 2024 as loan rates on existing mortgages are very low compared to what is available today.
After all, homeowners can tap into their equity without losing that 2-4% of their original mortgage. The same cannot be said for a cash out refinance, where you contribute your old value to the plan.
But they didn’t stick around in 2023, probably because 2022 was a strong year. Note that they are still past the 2021 standards though.
Anyway, let’s discuss who are the top HELOC originators in 2023 (latest year available).
Top HELOC Lenders in 2023: Bank of America Was #1
| Level | Company Name | 2022 Loan Calculation |
| 1. | Bank of America | 63,918 |
| 2. | PNC Bank | 52,865 |
| 3. | Citizens Bank | 49,286 |
| 4. | Huntington Bank | 26,175 |
| 5. | Truist Bank | 25,870 |
| 6. | Figure Borrowing | 24,486 |
| 7. | Bank of the US | 23,124 |
| 8. | State Employees CU | 19,188 |
| 9. | Navy Federal CU | 16,206 |
| 10. | Fifth Third Bank | 15,630 |
| 11. | Federal Federal | 13,575 |
| 12. | Coastal Community | 12,403 |
| 13. | District Bank | 12,344 |
| 14. | TD Bank | 12,153 |
| 15. | Boeing CU employees | 11,396 |
| 16. | BMO | 9,935 |
| 17. | CU conference | 9,802 |
| 18. | Flagstar Bank | 8,695 |
| 19. | US First CU | 8,630 |
| 20. | WM | 7,531 |
| 21. | Zions Bancorp share price | 7,274 |
| 22. | First Citizens | 7,263 |
| 23. | Desert Financial | 6,799 |
| 24. | Home bridge | 6,744 |
| 25. | ??? | ???? |
In 2023, Bank of America led all HELOC lenders with nearly 64,000 lines of credit, representing a solid 6.2% market share, per HMDA data from the CFPB.
Back in 2020, BofA was the #1 HELOC lender with a 5.6% market share before falling to fifth place in 2021 and back to third in 2022. So it did more and then some.
They were followed by PNC Bank with nearly 53,000 HELOCs and a 5.1% share.
In third place was Citizens Bank (49,286) with a market share of 4.7%.
Huntington Bank took fourth place with 26,175 HELOCs opened and a 2.5% market share, followed by Truist Bank with 25,870 lines of credit opened for the same market share.
The only nonbank in the top 25, other than United Wholesale Mortgage, was Figure Lending, which came in sixth with a 2.4% market share.
You can see the top 25 HELOC lenders in the table above for more details. These 25 institutions alone account for 44% of the total HELOC market.
Note that for some reason the CFPB is missing one of the top-25 entries and I’m not sure which one.
For reference, I have kept the numbers for 2022 in this post and if you want to know about the year-to-year movement, which you can see below.
In 2022, PNC Bank was #1, followed by Citizens Bank and then BofA.
PNC Bank was the top ELOC lender in 2022
| Level | Company Name | 2022 Loan Calculation |
| 1. | PNC Bank | 78,473 |
| 2. | Citizens Bank | 64,687 |
| 3. | Bank of America | 57,084 |
| 4. | Bank of the US | 41,554 |
| 5. | Truist Bank | 37,186 |
| 6. | Huntington Bank | 32,027 |
| 7. | Figure Borrowing | 25,150 |
| 8. | Fifth Third Bank | 22,617 |
| 9. | State Employees CU | 17,687 |
| 10. | Boeing CU employees | 16,921 |
| 11. | Navy Federal CU | 16,576 |
| 12. | Federal Federal | 16,332 |
| 13. | TD Bank | 16,198 |
| 14. | District Bank | 15,916 |
| 15. | Mountain America CU | 15,236 |
| 16. | PenFed | 15,189 |
| 17. | KeyBank | 13,756 |
| 18. | IM&T Bank | 12,596 |
| 19. | US First CU | 12,472 |
| 20. | Spring EQ | 11,820 |
| 21. | Zions Bancorp share price | 10,999 |
| 22. | Enter CU | 10,877 |
| 23. | Flagstar Bank | 10,220 |
| 24. | BMO | 9,872 |
| 25. | First Citizens | 9,528 |
Looking for a HELOC? Try a Bank or Credit Union
If you need a HELOC, you should know that it is mostly offered by depository institutions (DIs).
In 2023, all but three of the top 25 HELOC lenders were DIs and none of the DIs were considered small banks.
In other words, almost every HELOC was opened by a major bank or credit union because it keeps the lines of credit on its books instead of selling them after they come out.
This is different from first mortgages, which have been dominated by non-bank lenders for the past few years.
These non-bank, or non-DI, lenders, including Figure, UWM and Homebridge, account for only 3.7% of the HELOC market. This number has increased significantly in recent years, but remains very low.
It’s unclear if that will change in 2024 and beyond, or if these companies are looking to get in on the action by offering HELOCs and home loans.
For example, Rocket Mortgage launched a home equity loan (HEL) in early August last year.
[Three Key Differences Between HELOCs and Home Equity Loans]Meanwhile, wholesale lender United Wholesale Mortgage (UWM) issued three HELOCs, including a private and a piggyback.
Regardless, there’s a good chance your local credit union (or bank you already do business with) will offer HELOCs.
Tip: Credit unions also seem to offer a wider selection of variable rate loans, unlike big banks and non-bank lenders.
Who Are the Best HELOC Lenders Out There?
We know that it is mostly banks and credit unions that offer HELOCs. The question is which one is the best?
It’s hard to say because banks and credit unions offer many different products, not just HELOCs.
So, reading their reviews probably won’t give us much to chew on. Sure, we can see how it’s rated in total, but that may not mean anything about their home equity loan.
Finally, I would pay close attention to the interest rate and loan terms offered as HELOC rates can vary greatly from bank to bank.
And closing costs! Most of these banks and CUs offer HELOCs with little or no closing costs.
And keep your eye on margin the offer, combined with the main rate that determines your rate. This is probably the best way to compare HELOCs.
Be sure to note the term of the loan (how many years you will draw and pay it off) and the initial interest rate, which can sometimes be reduced during the promotional period.
There may also be unique benefits, such as the ability to lock your rate so it cannot be adjusted.
Even if things are going well, HELOC rates may already be peaking in 2023. And they may retreat further this year as the Fed continues to lower its lending rate.
Either way, be sure to use all of your options in your HELOC search to make sure you don’t miss out on a better deal.
Read more: Can you refinance a HELOC?
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