2016 mortgage log data report - south carolina · status, loan amount, action taken, reason for...

S.C. DEPARTMENT OF CONSUMER AFFAIRS ADMINISTRATOR: CARRI GRUBE LYBARKER 2221 DEVINE STREET, SUITE 200 / P.O. BOX 5757 COLUMBIA, SOUTH CAROLINA 29250 PHONE: (800) 922-1594 | FAX: (803) 734-4229 WWW.CONSUMER.SC.GOV

2016 MORTGAGE LOG DATA REPORT JUNE 29, 2017

Page | 1 2016 MORTGAGE LOG ANALYSIS REPORT

1 INTRODUCTION PAGE 2

2 APPLICANT DATA - Applicant Gender, Table 1 - Applications with a Co-applicant, Table 2 - Co-applicant Gender, Table 3 - Applicant Race, Table 4 - Applicant Ethnicity, Table 5

PAGE 3

3 APPLICATION DATA - Application Action, Table 6 - Reason for Denial, Table 7

PAGE 6

4 PROPERTY DATA - Property Type, Table 8 - Owner-occupancy, Table 9 - Average Appraised Value of Property, Table 10

PAGE 8

5 MORTGAGE LOAN DATA - Loan Purpose, Table 11 - Loan Type, Table 12 - Rate Type, Table 13 - Loan Term, Table 14 - Purchaser Type, Table 15

PAGE 10

6 GENERAL DATA OF APPROVED LOANS - Average Loan Amount, Table 16 - Average APR of Loans, Table 17 - Average Income of Applicant, Table 18 - Average Credit Score of Applicant, Table 19

PAGE 13

TABLE OF CONTENTS


The 2016 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 is 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 annually report certain mortgage data by March 31.

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

applications taken during the prior calendar year: 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 the 2016 data received by the Department, in partnership with

the Board of Financial Institutions Consumer Finance Division, through May 2, 2017. As of that

date, the Department received information from 135,748 mortgage applications taken in 2016.

In past years, the Department received information from 97,560 mortgage applications in 2015,

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 2016 Mortgage Log Analysis Report was written and organized by Christine E.

Thompson, Esq. Questions from industry about the report may be directed to

[email protected].

INTRODUCTION

mailto:[email protected]


Table 1

69.9%

67.4%

66.5%

67.8%

67.0%

30.1%

32.6%

33.5%

32.2%

33.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%

2012

2013

2014

2015

2016

APPLICANT GENDER

Female Male

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 collected information 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.

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

American Indian or Alaska Native,

Asian, and

Native Hawaiian or Other Pacific Islander.

APPLICANT DATA


Table 2

Table 3

36.0%37.5%

41.7%

31.0%32.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

2012 2013 2014 2015 2016

APPLICATIONS WITH A CO-APPLICANT

18.1%

21.3%

21.4%

20.0%

21.7%

81.9%

78.7%

78.6%

80.0%

78.3%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

2012

2013

2014

2015

2016

CO-APPLICANT GENDER

Female Male


Table 4

Table 5

82

.8%

78

.5%

75

.9%

78

.6%

74

.5%

15

.2%

19

.3%

21

.8%

19

.0%

21

.7%

2.0

%

2.2

%

2.3

%

2.4

%

3.8

%

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

APPLICANT RACE

White African American Other

2.4

%

2.9

%

3.5

%

3.4

%

3.8

%

97

.6%

97

.1%

96

.5%

96

.6%

96

.2%

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

APPLICANT ETHNICITY

Hispanic or Latino Not Hispanic or Latino


Table 6

47.3% 44.5% 46.0%

60.4% 60.3%

26.6%26.6%

29.4%

13.4% 13.3%

26.1% 28.8%24.6% 26.2% 26.4%

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

APPLICATION ACTION

Approved Withdrawn Denied

In Table 6, 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 7, 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.

APPLICATION DATA


Table 7

44.2%40.4%

34.6%

27.9%31.5%

12.8%

14.7%

19.5%

19.9%16.4%

12.9%13.0% 14.8%

15.7%17.9%

15.8%

12.3%14.0%

18.5%

18.8%

5.0%

5.6%

9.6% 9.7%7.8%

9.3%13.9%

7.5% 8.3% 7.5%

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

REASON FOR DENIAL

Credit History Collateral DTI Ratio Incomplete Applications Specified Other Unspecified Other


Table 8

94.4%

84.1%86.1%

90.9%87.5%

5.6%

15.9%13.3%

9.1%12.5%

0% 0% 0.7% 0% 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 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

PROPERTY TYPE

1 to 4 Family Units Manufactured Housing Multifamily

In Table 8, 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 9, 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.

PROPERTY DATA


Table 9

Table 10

92.2% 91.1% 92.2% 92.4% 94.2%

7.8% 8.9% 7.8% 7.6% 5.8%

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 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

OWNER-OCCUPANCY

Owner-Occupied Not Owner-Occupied

$2

17

,33

6 $

26

0,9

26

$2

08

,03

6

$2

21

,51

0

$2

34

,45

5

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

C O L L A T E R A L ' S A V E R A G E A P P R A I S E D V A L U E

AVERAGE APPRAISED VALUE OF PROPERTY

2012 2013 2014 2015 2016


Table 11

47.0%

53.2%

58.5%56.5%

53.9%52.5%

45.9%

40.2%42.8%

44.9%

0.5% 0.9% 1.2% 0.7% 1.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

LOAN PURPOSE

Home Purchase Refinance Home Improvement

In Table 12, 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 15, Purchaser Type, shows the purchaser of the mortgage loan within the calendar year.

MORTGAGE LOAN DATA


Table 12

Table 13

55.9%61.5%

56.7%52.2% 53.0%

27.3%21.7%

22.5% 28.1% 25.6%

11.4% 12.5%15.6% 15.8% 17.9%

5.4% 4.3% 5.2% 3.9% 3.5%

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

LOAN TYPE

Conventional FHA VA FSA/RHS

94.0%

94.1%

93.6%

97.6%

98.0%

1.7%

4.2%

3.0%

1.9%

1.2%

3.2%

0.2%

0.1%

0.2%

0.2%

1.0%

1.1%

3.2%

0.3%

0.6%

90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100%

2 0 1 2

2 0 1 3

2 0 1 4

2 0 1 5

2 0 1 6

RATE TYPE

Fixed Rate Mortgage (FRM) Adjustable Rate Mortgage (ARM) Hybrid ARM Reverse Mortgage


Table 14

Table 15

81

.3%

13

.4%

5.3

%

80

.1%

13

.0%

6.8

%

82

.1%

11

.2%

6.7

%

81

.2%

10

.3%

8.5

%

86

.3%

10

.6%

3.1

%

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

LOAN TERM

2012 2013 2014 2015 2016

47.7%

11.2%

19.5%

5.2%

0.1%

1.0%

5.5%

5.7%0.2% 3.9%

PURCHASER TYPE Loan was not originated or sold

Fannie Mae

Ginnie Mae

Freddie Mac

Farmer Mac

Private securitization

Commercial bank, savings bank,savings association

Life insurance company, creditunion, mortgage bank, financecompanyAffiliate institution

Other


Table 16

$1

66

,85

6

$1

62

,89

1

$1

67

,67

2

$1

88

,67

4

$2

05

,70

7

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

AVERAGE LOAN AMOUNT

In Tables 16-19, Average Loan Amount, Average APR of Loans, Average Income of Applicant,

and Average Credit Score of Applicant, the charts only include data for applicants approved

for a mortgage loan.

GENERAL DATA OF APPROVED LOANS


Table 17

Table 18

3.9%

4.5%

4.9%

4.6%

4.2%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

2 0 1 2

2 0 1 3

2 0 1 4

2 0 1 5

2 0 1 6

AVERAGE APR OF LOANS

$64,892

$67,795

$75,893

$71,836

$69,923

$58,000

$60,000

$62,000

$64,000

$66,000

$68,000

$70,000

$72,000

$74,000

$76,000

$78,000

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

AVERAGE INCOME OF APPLICANT


Table 19

686

720

712714 715

660

670

680

690

700

710

720

730

2012 2013 2014 2015 2016

2016 mortgage log data report - south carolina · status, loan amount, action taken, reason for...

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