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.