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S.C. DEPARTMENT OF CONSUMER AFFAIRS ADMINISTRATOR: CARRI GRUBE LYBARKER 2221 DEVINE STREET, SUITE 200 / P.O. BOX 5757 COLUMBIA, SOUTH CAROLINA 29250 PHONE: (803) 734-4200 | FAX: (803) 734-4229 HTTPS://WWW.CONSUMER.SC.GOV

2015 MORTGAGE LOG ANALYSIS REPORT JULY 1, 2016

SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 1

TABLE OF CONTENTS

1 INTRODUCTION PAGE 2

2 APPLICANT DATA PAGE 3

3 APPLICATION DATA

PAGE 7

4 PROPERTY DATA

PAGE 9

5 MORTGAGE LOAN DATA

PAGE 11

6 GENERAL DATA ON APPROVED LOANS

PAGE 14


INTRODUCTION

The 2015 Mortgage Log Analysis Report is made available to the South Carolina

Legislature by the South Carolina Department of Consumer Affairs (“Department”) in compliance

with S.C. Code Ann. Sections 37-22-210(C)(2) and 40-58-65(A). Pursuant to S.C. Code Ann.

Section 2-1-230, an electronic version of the report was forwarded to the Office of Legislative

Printing, Information and Technology Systems and to the State Library as provided in Section 60-

2-30.

The submission of the annual mortgage log report is a requirement of the South Carolina

Mortgage Lending Act (“the Act”), which became effective on January 1, 2010. The Act added

Chapter 22, “Mortgage Lending,” to the Consumer Protection Code, housed in Title 37, and

significantly amended Chapter 58, “Licensing of Mortgage Brokers,” of Title 40, “Professions and

Occupations.” These laws require lenders, servicers, and brokers in the mortgage industry to

maintain accurate records and report their mortgage data by March 31 of each year.

The mortgage log report analyzes the following data, concerning all mortgage loan

applications taken: the borrower’s credit score, term of the loan, annual percentage rate (“APR”),

type of rate, and appraised value of the property. The mortgage log report also analyzes data

required by the Home Mortgage Disclosure Act (“HMDA”), including the following information:

the loan type, property type, purpose of the loan, owner/occupancy status, loan amount, action

taken, reason for denial, property location, gross annual income, purchaser of the loan, rate

spread, HOEPA status, and lien status as well as the applicant and co-applicant’s race, ethnicity,

and gender.

This report is based on data received by the Department as of June 30, 2016. As of that

date, the Department received information from 97, 560 mortgage applications taken in 2015.

In past years, the Department received information from 87,560 mortgage applications in 2014,

69,571 mortgage applications in 2013, 65,140 mortgage applications in 2012, and 43,739

mortgage applications in 2011.

The 2015 Mortgage Log Analysis Report was written and organized by Christine E.

Thompson, Esq. For inquiries about the report, she may be reached by email at

[email protected].

mailto:[email protected]


APPLICANT DATA

Table 1

65

.8%

69

.9%

67

.4%

66

.5%

67

.8%

34

.2%

30

.1%

32

.6%

33

.5%

32

.2%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

APPLICANT GENDER

Male Female

Each mortgage lender, servicer, and broker must report the applicant’s information for

mortgage loans that were originated and for mortgage loan applications that did not result in

an origination. The information collected includes the applicant’s gender, ethnicity, race, and

income. The data must be reported for the applicant and for the co-applicant, if there is one.

Notes on the Applicant Data Tables:

In Table 4, Applicant Race, the “Other” category includes the following classifications:

o American Indian or Alaska Native,

o Asian, and

o Native Hawaiian or Other Pacific Islander.

In Table 6, Borrower’s Average Income, the chart only includes data for applicants

approved for a mortgage loan.


Table 2

Table 3

31.1%

36.0%37.5%

41.7%

31.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

APPLICATIONS WITH A CO-APPLICANT

21

.1%

18

.1%

21

.3%

21

.4%

20

.0%

78

.9%

81

.9%

78

.7%

78

.6%

80

.0%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

CO-APPLICANT GENDER

Male Female


Table 4

Table 5

78

.9%

82

.8%

78

.5%

75

.9%

78

.6%

19

.4%

15

.2%

19

.3%

21

.8%

19

.0%

1.7

%

2.0

%

2.2

%

2.3

%

2.4

%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

APPLICANT RACE

White African American Other

2.3

%

2.4

%

2.9

%

3.5

%

3.4

%

97

.7%

97

.6%

97

.1%

96

.5%

96

.6%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

APPLICANT ETHNICITY

Hispanic or Latino Not Hispanic or Latino


Table 6

$56,116

$64,892 $67,795

$75,893

$71,836

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

BORROWER'S AVERAGE INCOME


APPLICATION DATA

Table 7

38.4%47.3% 44.5% 46.0%

60.4%

23.1%

26.6%26.6%

29.4%

13.4%

38.6%

26.1% 28.8% 24.6% 26.2%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

APPLICATION ACTION

Approved Withdrawn Denied

Notes on the Application Data Tables:

In Table 7, Application Action, the graph displays the percentage of applications that

were approved, withdrawn by the applicant, or denied. The graph does not display

the percentage of loans purchased by an institution.

Table 8, Reason for Denial, displays the reasons for application denials, including credit

history, collateral, debt-to-income ratio, incomplete applications, specified other, and

unspecified other. The term “Specified Other” includes employment history,

insufficient cash (for down payment or closing costs), mortgage insurance denied, and

unverifiable income.


Table 8

51.0%

44.2%40.4%

34.6%

27.9%

13.6%

12.8%

14.7%

19.5%

19.9%

12.2%

12.9%13.0% 14.8%

15.7%

13.5%

15.8%

12.3%14.0%

18.5%

4.0%

5.0%

5.6%

9.6% 9.7%

5.6%9.3%

13.9%

7.5% 8.3%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

REASON FOR DENIAL

Credit History Collateral DTI Ratio Incomplete Applications Specified Other Unspecified Other


PROPERTY DATA

Table 9

91.1%94.4%

84.1%86.1%

90.9%

8.9%5.6%

15.9%13.3%

9.1%

0% 0% 0%0.7%

0%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

PROPERTY TYPE

1 to 4 Family Units Manufactured Housing Multifamily

Notes on the Property Data Tables:

In Table 9, Property Type, the chart refers to whether the loan or application was taken

to purchase a one-to-four family dwelling (“1 to 4 Family Units”), manufactured

housing, or a multifamily dwelling. Loans for individual condominium units were

included in the data for one-to-four family dwelling.

Table 10, Owner-Occupancy, indicates whether the loan application’s designated

property will be the owner’s principal dwelling. “Owner-Occupied” means that the

designated property will be the owner’s principal dwelling. “Not Owner-Occupied”

means that the property will be used as a second home, vacation home, or rental

property rather than a principal dwelling.


Table 10

Table 11

95.1% 92.2% 91.1% 92.2% 92.4%

4.9% 7.8% 8.9% 7.8% 7.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

OWNER-OCCUPANCY

Owner-Occupied Not Owner-Occupied

$190,034

$217,336

$260,926

$208,036 $221,510

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

PROPERTY'S AVERAGE APPRAISED VALUE


MORTGAGE LOAN DATA

Table 12

49.6%

47.0%

53.2%

58.5%56.5%

49.6%

52.5%

45.9%40.2% 42.8%

0.7% 0.5% 0.9% 1.2% 0.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

LOAN PURPOSE

Home Purchase Refinance Home Improvement

Notes on the Mortgage Loan Data Tables:

In Table 13, Mortgage Loan Type, the chart refers to Conventional, FHA-insured (Federal

Housing Administration), VA-guaranteed (Veterans Administration), and FSA/RHS-

guaranteed (Farm Service Agency or Rural Housing Service). The term “Conventional”

refers to any loan other than FHA, VA, FSA, or RHS loans.

Table 16, 2015 Loan Purchaser Type, shows the purchaser of the mortgage loan within

the calendar year. The “Other” category refers to Farmer Mac, private securitization, an

affiliate institution, or other type of purchaser.


Table 13

Table 14

54

.3%

32

.6%

7.0

%

6.1

%

55

.9%

27

.3%

11

.4%

5.4

%

61

.5%

21

.7%

12

.5%

4.3

%

56

.7%

22

.5%

15

.6%

5.2

%

52

.2%

28

.1%

15

.8%

3.9

%

C O N V E N T I O N A L F H A V A F S A / R H S

MORTGAGE LOAN TYPE

2011 2012 2013 2014 20159

4.2

%

3.4

%

0.2

%

2.1

%

94

.0%

1.7

%

3.2

%

1.0

%

94

.1%

4.2

%

0.2

%

1.1

%

93

.6%

3.0

%

0.1

%

3.2

%

97

.6%

1.9

%

0.2

%

0.3

%

F I X E D R A T E M O R T G A G E ( F R M )

A D J U S T A B L E R A T E M O R T G A G E ( A R M )

H Y B R I D A R M R E V E R S E M O R T G A G E

LOAN RATE TYPE

2011 2012 2013 2014 2015


Table 15

Table 16

77

.8%

15

.4%

6.8

%

81

.3%

13

.4%

5.3

%

80

.1%

13

.0%

6.8

%

82

.1%

11

.2%

6.7

%

81

.2%

10

.3%

8.5

%

2 0 - 3 0 Y E A R S 5 - 1 5 Y E A R S O T H E R

LOAN TERM

2011 2012 2013 2014 2015

44.3%

14.1%

16.8%

5.8%

6.0%

7.1%

5.9%

2015 LOAN PURCHASER TYPE

Loan Was Not Originated or Sold inCalendar Year

Fannie Mae

Ginnie Mae

Freddie Mac

Commercial Bank, Savings Bank,Savings Association

Life Insurance Company, Credit Union,Mortgage Bank, or Finance Company

Other


GENERAL DATA ON APPROVED LOANS

Table 17

$142,893

$166,856 $162,891 $167,672

$188,674

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

AVERAGE APPROVED LOAN AMOUNT

Notes on the General Data Tables:

For Tables 17-19, Average Approved Loan Amount, Average APR of Approved Loans,

and Borrower’s Average Credit Score, the charts only include data for applicants

approved for a mortgage loan.


Table 18

Table 19

5.31%

3.90%

4.46%

4.93%

4.60%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

AVERAGE APR OF APPROVED LOANS

717

686

720

712714

660

670

680

690

700

710

720

730

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

BORROWER'S AVERAGE CREDIT SCORE

2015 mortgage log analysis report - scstatehouse.gov mortgag… · 2015 mortgage log analysis...

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