2015 Mortgage Log Analysis Report

The South Carolina Department of Consumer Affairs publishes an annual mortgage log report as a requirement of the South Carolina Mortgage Lending Act, which became effective on January 1, 2010. 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, type of rate, and appraised value of the property. The mortgage log report also analyzes data required by the Home Mortgage Disclosure Act, 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.

Enhancement to the Mortgage Licensing Process

The Consumer Finance Division of the South Carolina State Board of Financial Institutions is responsible for the supervision, licensing and examination of all consumer finance companies, deferred presentment companies, check cashing companies, and non-depository mortgage lenders and their loan originators. This project specifically focuses on the licensing of Mortgage Lender/Servicer ( company), Mortgage Lender/Servicer Branch (branch) and Mortgage Loan Originator (loan originator) licenses. The problem statement is how the Division can handle increasing the number of mortgage loan originators in the state without delaying the time to process applications. The goal of this project is to make the current licensing process more efficient so that the Division can handle the increased workload without having to hire additional personnel.

Executive order no. 2016-42

This executive order by Governor Nikki R. Haley declares October 5, 6, 7, 8, 9, 11, and 12, 2016 to be legal holidays for banks and savings and loan institutions in the State of South Carolina that were forced to close due to my Orders, other State actions, or hazardous weather conditions caused as a result of Hurricane Matthew.