The Official Web Site of the State of South Carolina

You can file a complaint and submit applications for licensing online. Filings you do not wish to make, or that are not available, online can be submitted via mail for processing.

Department staff is available to assist with any questions at (800) 922-1594 (toll free in SC) or 803-734-4200 8:30 a.m. until 5 p.m. Monday through Friday, excluding State holidays. You can also email general questions to scdca@scconsumer.gov. 

 

Number of Mortgage Applications Decreased in 2022 while APRs, Property Values and Loan Terms Increase

Fri, 06/30/2023

COLUMBIA, S.C. – The South Carolina Department of Consumer Affairs (SCDCA) is releasing its 2022 Mortgage Log Report. The report compares mortgage application data received from licensed brokers and lenders for calendar year 2022. 

Mortgage brokers and lenders processed 192,163 mortgage applications, 59% less than the number of mortgage applications taken in 2021 (304,914) and falling in between the number received in 2020 (265,651) and for 2019 (163,511). The amount is still significantly higher than those taken in 2018 (131,309), however. The percentage of females and African Americans applying for a mortgage increased approximately 3% and 4%, respectively. 

Other highlights include:

  • Approvals of applications decrease. Approvals decreased nearly 8%, the lowest approval rating since 2017. Denials jumped 4.6% (18.94%) in 2022 when only 14.3% of applications were denied in 2021, the lowest ever reported to SCDCA. The percentage of applicants withdrawing their mortgage application also increased over 3% in 2022 to 19.16%.
  • Average value of property and loan amounts increase. The average appraised value of property increased nearly $20,000 to $346,696 while average loan amounts increased over $20,000 to $264,785. Both categories continue the upward trend that began in 2018.
  • Average APR increases. The average APR jumped from 3.2% in 2021 to 4.9% in 2022.
  • Loan terms increase. Borrowers opted for longer terms in 2022 with 93% choosing a 20-30 year mortgage. The number of applicants opting for 5-15 year mortgages was nearly cut in half (2022-5.8 % compared to 2021-10.4%).

The full 2022 Mortgage Log Report is available here. SCDCA will cover the report in an upcoming webinar on July 13, 2023 at 2 p.m. You can register by clicking here.

Considering refinancing or purchasing a home? SCDCA encourages consumers to background a business before signing on the dotted line. Consumers should visit SCDCA’s website for links to licensing agencies and to check complaints. Simply go to consumer.sc.gov and click “How Do I…” then “Background a Business?”