Home equity loans

Rocket Mortgage is also allowing customers to use automated valuation models in lieu of appraisal for loans up to $400,000.

Pressure on core home improvement categories won't "be completely eased until the housing market is back on much firmer footing, which will not be until well into 2025 at the earliest," wrote Neil Saunders, managing director at GlobalData, in a note.

Even as home equity withdrawals hit a two-year high, utilization rate remained less than half of normal, ICE Mortgage Technology said.

Figure Technology Solutions introduced a "piggyback" home equity line of credit platform for its lending partners.

The strategic investment in the shared appreciation platform comes after capital raises at similar businesses last month.

Companies announced new product rollouts and capital raises last month, but some are also facing lawsuits as the industry encounters heightened attention to the lack of consumer protections.

A trigger occurs if the reserve fund is less than 50% of the reserve fund target amount, or if the payment date where the outstanding HEA valuation is less than 80% of the starting home valuation.

The firm's Buy Before You Sell product for lenders has tapped over $655 million in homeowner equity in the past 18 months.

The FHA-loan market, in particular, saw the share of piggyback originations increase over two years, while the pace of growth in conventional lending was more muted, Corelogic said.

The leading mortgage player posted another nine-figure profit, although its gain-on-sale margins slipped.