2022 Top 10 Biggest HELOC Lenders

Mortgage News February 14, 2023

Besides the new NFC champions, the Keystone State is also home to the largest originator of home equity lines of credit last year. 2 credit unions are included in the top-10 HELOC lenders list.

During all of 2022, PNC Bank, N.A., was ranked as the largest HELOC lender by Hitch. A national source of county title data provided by SFR Analytics was used by Hitch to compile the ranking statistics.

During the past year, PNC produced 74,363 HELOC loans for $12.361 billion, according to Austin, Texas-based Hitch. In 2022, The PNC Financial Services Group’s home equity held in its investment portfolio increased by nearly $2 billion, according to HELN earnings data.

Citizens Bank closed 63,999 home equity lines of credit for $10.440 billion last year, placing it second in the category. According to Citizens Bank’s parent company, Citizens Financial Group Inc., home equity holdings were higher by about $2 billion in 2022.

Bank of America ranked third on Hitch’s list, with 51,517 HELOC units produced for $8.822 billion. According to Bank of America’s fourth-quarter earnings report, it originated $9.591 billion of home equity loans last year, nearly doubling its production in 2021. However, the bank reduced its home equity investments by $1.4 billion.

The second place on Hitch’s list went to Truist, with 31,523 HELOCs originating for $4.210 billion. According to Truist Financial Corp.’s fourth-quarter earnings report, home equity outstanding rose $0.4 billion to $25.432 billion last year.

US Bank N.A. ranked fifth in the ranking with 22,306 HELOC loans totaling $4.196 billion. Among all public companies analyzed by HELN, US Bancorp’s earnings data indicate that its second mortgage and home equity portfolio finished last year at $12.863 billion, an increase of $2.4 billion.

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