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Public Record Reporting Changes Coming July 1st!


As part of the previously announced National Consumer Assistance Plan and Birchwood’s commitment to serving the needs of our business clients, we are reaching out to inform you that Experian®, Equifax®, and TransUnion® will be implementing some changes relative to the collection of Public Record data. The reason for this change is that the three nationwide Credit Reporting Agencies (CRAs), Experian®, Equifax®, and TransUnion®, have determined that some public record data does not meet minimum data standards and service levels for collection and timely updating.

Builders Are Really, Really Confident in Housing


The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) rose two points in May, the second highest reading since the 2008 downturn.

Going Up! Existing-Home Sales at 10-Year Peak


Total existing-home sales soared by 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February, according to new data from the National Association of Realtors (NAR). On a year-over-year basis, March’s sales pace is up 5.9 percent—and it also surpasses January as the strongest month of sales since February 2007 (5.79 million).

Refis Continue Dip, FICO Scores Up


Refinancing has continued its downward slope, dipping to just 37 percent of all loan originations in March, according to the March 2017 Origination Insight Report released by Ellie Mae on Thursday. That’s down from February, when refis accounted for 43 percent of all loans, and also down year-over-year. Refinances accounted for 45 percent of loan originations in March 2016.

Applications Go Down While Interest Rates Go Up


According to the MBA Weekly Applications Survey, applications dropped slightly. The Survey found that for the week ending on March 31, applications dropped 1.6 percent from the previous week. The Market Composite Index showed that on an unadjusted basis, applications dropped 1 percent from the previous week, compared to the 1.6 percent adjusted.

CFPB fines Experian $3 million for lying about consumers' credit scores


Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday.

New Home Sales Maintain Strong Momentum


New home sales continued their strong 2017 start, rising by more than 6 percent in February from January and by nearly 13 percent from a year ago, HUD and the Census Bureau reported yesterday.

The Fed Funds Rate: Good for the Housing Market?


Conventional wisdom suggests that rising Fed Funds rates are bad news for the still-recovering US Housing Market. 

CFPB Handles Credit Reporting Issues


As of February 1, the Consumer Financial Protection Bureau (CFPB) has handled close to 185,700 complaints from consumers about credit reporting companies (CRC).

Refis Up, Purchase Originations Down


Purchases may be on the decline, but it seems refinances are bucking the trend. According to ATTOM Data Solutions’ Residential Property Loan Origination Report, refinance originations were up 20 percent in Q4 2016—totaling 883,836 and $246 billion. This is up 27 percent over the year.


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