Allen Price will quickly correct you if you call home equity investment (HEI) customers “borrowers” or the product a “loan.”

“These are not borrowers because they are not borrowing money. This is not a loan but a contract,” said Price, head of sales at BSI Financial Services, which services HEI portfolios for top originators in the space.

That distinction sits at the center of a growing identity debate for HEIs — one now spilling into lawsuits, regulatory scrutiny and broader questions about where the product fits in the housing finance ecosystem. In some cases, it has led companies to pull back details ⇒

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