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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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 2
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 3
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.
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 4
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 5
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 6
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 7
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.
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 8
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 9
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.
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 10
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 11
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.
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 12
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 13
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
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 14
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.
SC DEPARTMENT OF CONSUMER AFFAIRS 2015 MORTGAGE LOG ANALYSIS REPORT Page | 15
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