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Periodic Updates

Markets in a Minute | July 14, 2017


For the Week Ending July 14, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.


Job growth surged to 222,000 in June, and jobless claims were also down this week. Strong employment keeps the Fed on track to raise rates again this year.
The producer price index, a key gauge of inflation, was up 0.1% last month. Fed officials are closely watching inflation, which pressures mortgage rates higher.
In testimony to Congress this week, Fed Chair Janet Yellen shared that the Fed will gradually raise policy rates and reduce balance sheet holdings this year.
Home office remodels, master bedroom upgrades, and sunrooms recently topped the list of renovations that may not add value to a home when selling.
Mortgage applications for home purchases were down 3% last week, but remained 3% higher than a year ago. FHA applications were up 2.7% since 2016.
CoreLogic reports that the number of mortgages in some stage of delinquency continues to drop. April 2017 was 4.8%, versus 5.3% in April of 2016.


Last week I listed a maintenance free house. In the last 25 years, there hasn’t been any maintenance.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Public Record Changes in Credit Reports

As part of the National Consumer Assistance Plan, which covers a multitude of initiatives to strengthen the quality of credit reports and add transparency for consumers, the three nationwide consumer reporting agencies (NCRAs), Equifax®, Experian®, and TransUnion®, communicated upcoming changes to their collection of public record data. As part of this effort, the NCRAs have developed new standards for the collection and updating of civil judgments and tax liens. These new standards will require:

  • Minimum personally identifying information (PII): Name, address, SSN, and/or date of birth
  • Minimum update frequency to public records data

Preliminary analysis from the NCRAs of the changes to enhanced standards reveals the following:

  • Significant change is expected for civil judgment data as approximately 96% may not meet the enhanced PII requirements.
  • Significant change is expected for tax lien data as approximately 50% may not meet the enhanced PII requirements.
  • No change is anticipated for bankruptcy data.

The enhanced standards are scheduled to go into effect July 1, 2017 and may impact the public record information contained in credit reports obtained by Envoy Mortgage. The potential issue here is that, with the items noted above not being as likely to be on the credit report, we may find more files get hung up once the client is under contract when the title search is done. At that time, the civil judgments and tax liens could pop up. 

If you have questions about this, please contact us for additional information.