The US home equity TAM now projected at 2.15 million loans in 2025

home equity tam

The US single family home equity TAM for originations in 2025, including 2nd closed-end mortgages and home equity lines of credit (HELOCs) is estimated at 2.15 million loans.

The single family home equity TAM

We define the home equity total addressable market (TAM) as the total number of originators and originated loans in the US, backed by single family residential properties. The TAM is created by aligning and reconciling lenders and loans across different data sources and reporting frequency by period.

home equity tam

Forecasting and tracking the TAM

Forecasting the TAM is challenging since numerous factors drive the actual prime mortgage rate available to borrowers in any given month. In order to provide a practical baseline for management reporting, we track & update loan volumes quarterly, and in some instances monthly.

Track the top HELOC originators

The following Top HELOC Originators Q4-2024 product shows the banks, credit unions, non-banks and fintechs originating HELOCs by quarter through 2024, including the latest data on Q4 2024.

Further detail is available on property, borrower & loan characteristics, including:

  • Property – location (to census block), building type, use & features
  • Borrower – first and second borrowers, including institutions and sellers
  • Loan – first and second mortgage types, amounts, rates, and terms
  • Settlement services – such as valuation type, title company, etc.

Breakdown by 2nd mortgage, HELOCs, and Lenders

Exploring the home equity TAM further shows total number of institutions originating and purchasing loans. Further detail is available on total loan originations and the settlement products that are ordered during the mortgage fulfillment process.

home equity tam

The table above identifies the ‘Number of Lenders’ as the number of unique financial institutions who originate home equity loans and lines of credit.

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Data sources for the US home equity TAM

The TAM is derived from several data sources including non-agency MBS, bank and credit union financial reports, public records, federal reserve, securities reporting, credit bureaus, plus reconciled to historical reference data like HMDA.