CEO Takeaways from IMN’s Home Equity Conference

Jeff Flory

I just got back from IMN’s HEI & Home Equity Capital Markets Conference, and if I had to boil the week down, it’s this: The old playbook? It’s done.

For years, the industry ran on the refinance cycle. Rates dropped, phones rang. Pretty straightforward, but that world doesn’t exist right now, and it’s probably not coming back anytime soon. Homeowners are sitting on $34 trillion in equity, but they’re also locked into historically low first-lien rates. No one’s eager to give up a 3% mortgage. So the question has shifted. It’s no longer, “Should I refinance?” It’s, “How do I access what I’ve built without blowing up what I already have?”

It’s Not a Competition Anymore

One thing that really stood out: HELOCs, closed-end seconds, and home equity investments (HEIs) are starting to feel less like competitors and more like different tools in the same toolbox. Each one solves for something different like cash flow, qualification, rate sensitivity, and risk tolerance.

And maybe more importantly, borrowers are being pretty thoughtful about how they’re using their equity. This isn’t vacation money. It’s balance sheet cleanup. Debt consolidation. Reinvesting in their homes.

That’s a healthy shift.

HEIs Are Growing Up

Home equity investments are clearly gaining traction. The idea of accessing capital without a monthly payment? That resonates.

But with that growth comes some responsibility. We’ve got to make sure we’re building this the right way with clear disclosures, better guardrails, and real consumer education.

Because growth is great. But if people don’t trust the product, none of it matters.

A Few Other Things I Took Away

  1. Capital is still out there, but it’s selective. Investors are rewarding the platforms that are disciplined, consistent, and transparent. No surprises there.
  2. Distribution matters more than ever. It’s not just about having a good product. It’s about showing up at the right moment, in the right channel, when the borrower actually needs you.
  3. Let’s not overcomplicate tech. There’s a lot of AI talk (of course), but the real wins right now are coming from better data and thoughtful automation. Just making things easier for the borrower goes a long way.

Where This Is All Headed

If there’s one thing I’m convinced of, it’s this:

The winners in this next phase aren’t going to be the loudest. They’re going to be the clearest.

This is a complex space, and homeowners are trying to make big financial decisions in it. The companies that win will be the ones who can simplify it. Those who can actually guide people through it.

That’s the opportunity in front of us. Now let’s go get it.