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This article reviews credit unions who originate, purchase and hold home equity loans (HELOANs) and lines of credit (HELOCs) on their balance sheet. We use quarterly credit union financial statements to develop the information shared in this article, and will provide updates after the end of each quarter. These disclosures break out closed-end 1st liens and junior liens (‘seconds’), and open-ended lines of credit.
Credit union home equity on the balance sheet
In 2023 there were 3,598 total credit unions submitting quarterly financial disclosures with 3,321 (92.1%) recording home equity on the balance sheet. Of these, 2,969 (82.5%) recorded HELOANs and 2,227 (61.9%) recorded HELOCs.
For HELOANs there is a total $78.1BN in current outstanding balance across 1,691,968 loans, with an average loan amount of $56,991 for new originations, whereas HELOC totals are $54.2BN in current outstanding balance for 1,175,774 lines-of-credit, and average loan amount of $74,445 for new originations.
Credit union home equity originations market in 2023
In 2023, over 2,000 credit unions originated 343,068 HELOANs with a total balance of $19.5BN. For HELOCs over 1,500 credit unions originated 462,071 lines-of-credit with a total balance of $34.4BN. For comparison, only 1,099 credit unions submitted data on home equity originations & purchases in HMDA 2023 due to the minimum reporting and asset size guidelines set out by the Consumer Finance Protection Bureau (CFPB).
To see the number of HELOANs and HELOCs held and originated by individual credit unions, quarterly through 2023, we have developed the ‘Top Credit Union Home Equity Lenders in 2023’ product below. A review of credit union first mortgage agency and portfolio originations in 2023 is available at GSE appraisal alternatives growing at banks in 2024.
Top Credit Union Home Equity Lenders in 2023
The Top Credit Union Home Equity Lenders in 2023 shows credit union originations for home equity loans (HEL) and home equity line-of-credits (HELOCs), by quarter in 2023, in an easy-to-use format for analysis and loading into financial, sales and marketing systems.
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Definitions & data sources
Home equity loans (HELOANs) comprises closed-end junior liens, secured by 1-4 single family residential properties. Home equity lines-of-credit (HELOCs) comprises open-ended lines-of-credit, secured by 1-4 single family residential properties. HELOCs can be in the first or junior liens position.
HMDA 2023 data is useful for reference data and for reconciliation of originations on an annualized basis. More information about HMDA data is provided in at HMDA data for budgeting & forecasting – the pros and cons.