Napa Mortgage News

July 1st your credit score could improve

May 6th, 2017 8:42 PM by Dale DiGennaro

Dear Gena,

Millions of Consumers Will See a Boost to Their Credit Scores!

If you've been dealing with a low credit score due to a tax lien, civil judgment, or similar negative item being reported, we have some good news for you!

Starting this summer, millions of Americans will be getting a credit score boost...even if they haven't paid down debt and don't have any other obvious reason for the increase.

Its going to happen automatically on July 1st, 2017 due to the fact that Equifax, Experian, and TransUnion are changing their rules on reporting, as it pertains to serious tax liens, civil judgments, and other similarly reported items. This is going to result in a score increase for many consumers. They will adhere to these new rules on reported accounts that don't have the consumer's complete data. And...in this case it won't be reportable by the credit bureaus.

Under the new rules, if a tax lien or civil judgment doesn't have the complete full name, date of birth, address, and Social Security number of the consumer, the credit bureaus will remove these items from credit reports.

The good news.....as reported by The Consumer Data Industry Association, or CDIA, the trade organization that represents Equifax, Experian, and Trans Union, is that the nation's three largest credit bureaus have voluntarily agreed to remove any tax liens or civil judgments that are missing this complete information.

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

Fed Holds Steady

Wednesday's Fed meeting was viewed as slightly negative for mortgage rates. The success of Macron in holding his lead in the polls for the upcoming French election also was unfavorable. Friday's Employment report had little impact. As a result, mortgage rates ended the week a little higher.

As expected, the Fed made no change in the federal funds rate at Wednesday's meeting. There also was no change in the language describing the Fed's policy for maintaining a steady level for its large portfolio of Treasuries and MBS. According to the statement, Fed officials see the risks to the outlook for economic growth as "roughly balanced," and they expect inflation to climb to its 2.0% target over the medium term. Fed officials think that the weak economic growth seen early this year likely was "transitory." Some investors had hoped that the weaker data over the last couple of months might cause the Fed to consider slowing its pace of tightening. The statement provided no indication of this, however, which was negative for mortgage rates.

The pro-EU candidate in Sunday's French Presidential election, Macron, cleared his largest remaining hurdle on Wednesday when he performed well in a debate. Over the past week, he has held a lead of roughly 60% to 40% over the anti-EU candidate, Le Pen. After the debate, investors grew less concerned that France could exit the European Union (EU). They reacted by shifting back to riskier assets such as stocks, and away from safer assets such as mortgage-backed securities, causing a slight increase in mortgage rates.

Friday's important Employment report came in right on target and had little effect on financial markets. Against a consensus forecast of 190K, the economy added 211K jobs in April. The unemployment rate declined from 4.5% to 4.4%, below the consensus forecast, and the lowest level since May 2007.

Looking ahead, the final round of the French Presidential election will take place on Sunday. In the U.S., the big day will be Friday with the Retail Sales and CPI reports. Consumer spending accounts for about 70% of economic output in the U.S., and the retail sales data is a key indicator. The Consumer Price Index (CPI), a widely followed monthly inflation report, looks at the price change for goods and services which are purchased by consumers. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.

In the midst of a very busy week...I had the opportunity to join Realtors from all over the state to lobby at the capital in Sacramento!

It was an amazing day! We got to HEAR what our Governor Jerry Brown had in store for the housing industry... as well as BE HEARD by Senator Bill Dodd and others we had meetings with, so we could share what changes need to take place so housing is more attainable for all!


Michelle Velez....G.A. chair for the National Association of Mortgage Professionals


	Meeting with Senator Bill Dodd

Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"