Scott Norman on what the midterm results mean for housing policy

HousingWire

On today’s episode, Editor in Chief Sarah Wheeler talks with Scott Norman, CEO of the Texas Mortgage Bankers Association, about what the midterm results mean for the housing industry — nationally and in Texas.  Related to this episode:  Mortgage policy faces tight runway in split Washington https://www.housingwire.com/articles/mortgage-agenda-narrows-divided-dc/  HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.youtube.com/channel/UCXDD_3y3LvU60vac7eki-6Q  More info about HousingWire https://lnk.bio/housingwire  Top 5 Trending:  Exclusive: Victor Ciardelli on merger of Rate, Compass JVs into top-10 retail lender exclusive: Victor Ciardelli on merger of Rate, Compass JVs into top-10 retail lender  MSRs trade at richest levels in decades as lenders, funds pile in https://www.housingwire.com/articles/msr-multiples-near-7x/  A path to sub-7% mortgage rates is back on the table https://www.housingwire.com/articles/sub-7-mortgage-rates-path/  The midterms are shaping the housing policy landscape. What real estate pros should watch https://www.housingwire.com/articles/2026-midterms-housing-policy/  HouseCanary expands Google Listings Program with three brokerages https://www.housingwire.com/articles/housecanary-expands-google-listings/  Want more from Sarah? Don’t forget to subscribe!  The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate.

Transcript

00:10Welcome, everyone. My guest today is Scott Norman, CEO of the Texas Mortgage Bankers

00:15Association, to talk about what the midterm results mean for the housing industry,

00:20nationally and in Texas. Before we dive in, here are the top five trending articles on

00:24housingmar.com. First is the merger of Wright and Compass JVs into a top 10 retail lender,

00:30followed by MSRs trade at richest levels in decades as lenders and funders pile in.

00:36Then we have a path to 7% mortgage rates is back on the table and our coverage of what

00:42the election

00:42means for housing. Finally, we have House Canary Express Google listings program with three brokerages.

00:48Okay, we are ready to dive in. Scott, welcome back to the podcast.

00:52Sarah, thank you for having me on again.

00:56No, thank you for coming on on a on a day I can only imagine is so busy for you

01:01because

01:02not only did we have national elections, but but sort of the seismic thing that happened within

01:07Texas has got to mean that you're a very busy guy. Well, it's certainly been a pretty busy morning.

01:13I did not get to sleep until pretty late last night. So on the federal side, on the state side,

01:19pretty significant election. And it's important for those in the residential real estate market,

01:24if you're in the mortgage business or not, that it's a pretty significant election as well. So

01:28the one thing that I think sticks out is housing is bipartisan. And while it's easy to say that

01:35elections have consequences. One thing that I think stood out last night, pretty clearly is

01:42affordability is not a talking point. And it doesn't matter if you are in a multi million dollar home

01:49in Dallas, Texas, or if you're in a small town, Texas, everything is relative and everything

01:55matters. And I think that's one thing that really stood out pretty clearly, not only throughout Texas,

02:01but really throughout the country last night. And that was a pretty fascinating night. We're still

02:06trying to digest a lot of the information that came out. But wow, what a turn of events, for sure.

02:13Very different than where we were just two years ago. Heck, very different from where we were two

02:17months ago. Right. Yeah, no, I agree. I mean, I follow this very closely. I didn't see anyone who

02:22expected that level of turnover, you know, statewide, but also, you know, just across the country. I think

02:31people were talking about a blue wave, or maybe more of a red undertow. I heard that a lot. But

02:35I

02:35don't think anyone thought it was going to be the tsunami, maybe if you want to use that, that

02:39language. So I think, you know, if you're in housing, you woke up this morning, you're kind of like,

02:42what does this mean for me? What does this mean for my business when we have a big election change

02:47like that? So we'd love to pick your brain on that. I thought we'd start at the federal level.

02:52And then and then go to the state level, right? Which I mean, here you are, you're right in the

02:56middle of it in Texas and involved in so much there. So that'll be fascinating. But

03:00so looking at the federal level, what's your first priority with a new Congress?

03:06Well, so we're sitting here at 1030 in the morning on just a few hours of sleep, still trying to

03:12digest

03:13exactly what happened. But I think there are a couple of things that I think stick out. One is,

03:19you know, a gavel is something that you borrow. And I think last night, the borrowers and the voters

03:24took that gavel back. And that kind of is the point of the system. I mean, this is kind of

03:29the

03:30beauty of democracy, whatever side you're on, if you're a Republican or a Democrat, you know,

03:36somewhere John Adams and Ben Franklin are looking down and laughing and saying, this is kind of exactly

03:41what we wanted. So, you know, I think there's a beauty to the fact that there aren't tanks in the

03:47streets. This is a very good piece of information for the country. Your your team may have won last

03:54night. Your team may have gotten beat last night. But what did win last night was affordability.

04:00And I think that that doesn't matter what state you're in, wherever you're watching this video,

04:04that is something that's important. And I think, you know, when I look at it from the federal side,

04:11clearly, I think that you're going to see a pretty significant sea change on the House Financial

04:15Services Committee and certainly Senate banking. And I think that since affordability was such a big

04:22issue, you might be able to look around corners and think this may be a very interesting opportunity

04:28for housing to get a second and even a third look, which is somewhat interesting because this

04:34House just finished approving really the biggest housing bill in 35 years. And yet here we are looking

04:43at a sea change in the House and the Senate that might even kind of give you some encouragement to

04:48think what the world's going to look like in the next one to two years under what we believe is

04:55probably going to be a new chair, Maxine Waters and Elizabeth Warren. But certainly on the House

05:00side, I think that that's going to be the interesting battle because certainly Maxine Waters, there's been

05:07some interest that some people may run against her for that chair seat. But the other piece that I think

05:14is going

05:14to get lost in this process because last night was such an interesting scenario, but that the House

05:21is going to lose French Hill as the chair. And regardless if you're a Republican or a Democrat and

05:26really regardless on on either side of you are, I'm actually a big Maxine Waters fan. Every time I've

05:34worked with her, she's been transparent. She's been very upfront. She's been very honest and she's

05:39experienced. She's had the gavel before. And so I think that's important. But to go from a French

05:45Hill to a Maxine Waters is significant just from a legislative plumbing perspective. You're going to

05:52have a new chair. You're going to have new staff. You're going to have a new speaker. You're going to

05:57have new policies. These things don't just happen overnight. These things can happen a long time.

06:03And I would just encourage you to go back and look at the difference between the time it took for

06:07French Hill to get up and running from Patrick McHenry. Those were basically the same side of

06:13the aisle. A lot of the same people they are working with. That doesn't happen overnight. So

06:19there will be some clogs in the system for the foreseeable future as everybody kind of tries to

06:26retool their works. And the other thing that I think is going to be lost is lost. If you're in

06:32the

06:32mortgage business in the United States, regardless if you're a Republican or Democrat, and this has got

06:36nothing negative to say about Maxine Waters. As I think I've already said, I'm actually a pretty

06:41big fan of hers. But you're going to lose French Hill and the mortgage industry has never had

06:46somebody with the background and the knowledge of housing and the importance of the mortgage markets

06:54than French Hill ever in our lifetime. And probably there's a pretty good chance in our lifetime we'll

07:00never see that again. So that's one underlying theme of last night that you're probably not going to

07:06read in the Washington Post because there's such a significance on the election and what happened

07:10in the House flipping and the Senate flipping. But I would encourage everybody to drill back down.

07:16Look at the committees. Look at the House Financial Services Committee. Look at Senate banking.

07:22Those committees will be very different and will look different. And that's not even getting to the

07:27point about what, you know, there have already been a lot of tweets going back and forth about

07:33lawyer up, lawyer up and whatever that what's that going to look like. What does this look like for

07:38the president? And so there are a lot of different moving parts here. And we're only a few hours into

07:43this new world. And a lot of things can happen in 24 hours, as we've just seen. But I think

07:49the

07:50conversation we have today will probably be very different than the conversation we have in two or

07:54three months. But two of the things that I think pretty significance will be the difference between

07:59a French Hill chair and a Maxine Waters chair in particular in the House.

08:05You know, I think you talked about the plumbing right behind the scenes. And that's the thing that I mean,

08:09most people are not paying attention to that. They they may know who's on the ballot. They may know, you

08:14know,

08:14some of what they do. But I don't know that there are many people day to day who are like,

08:19oh, this affects the

08:20Financial Services Committee. And this affects, you know, what bills get to the floor. Most people

08:24don't, you know, think about that on a regular basis. So I appreciate you bringing that up. And

08:27just like anytime we're losing somebody who has that kind of financial background, it could be

08:34significant. Sure. And I'd also I think it's important to give a shout out to the Mortgage Bankers

08:39Association, the national side. Bill Kilmer and Bob Brooksmit and the team, they've been gearing up for

08:45this type of scenario for a while because they're not really focused completely on Republicans.

08:51They're not focused completely on Democrats. I have every confidence if you're in the mortgage industry,

08:56the Mortgage Bankers Association will be as prepared as any association could be towards a new Congress.

09:03We still have a lame duck conference. We still have Congress going on for the next couple of months.

09:09But I think the mortgage bankers will do a a really good job.

09:13But, you know, if I look at kind of the association work, if I look at the Texas Mortgage Bankers

09:18Association,

09:19we we don't build relationships one party or one chairman at a time.

09:25We really try to build it from an institution perspective because the names on the committee doors are going to

09:31change.

09:32People come and go. But at least from a Texas NBA perspective,

09:36our outline, our basic intent has not changed at all from where we were 24 hours ago.

09:44We're for those that are for residential housing and understand the importance of residential real estate as it relates to

09:51the GDP.

09:52So we we like those that support housing.

09:55And so that's Republicans and Democrats. And that's not going to change with us.

10:00And frankly, it's not going to change with the Mortgage Bankers Association,

10:03because I know how hard they work to build relationships, not only on both sides of the aisle, but on

10:09both sides of the Capitol.

10:10And so I think this will be it. It'll be an interesting time.

10:14People will certainly be focused on new speakers, new majority leaders, new chairs.

10:19But I think it's critically important for people to really focus on the plumbing of these apparatuses.

10:25If you're talking about Congress or if it's talking about your own legislature, chairs and staff, that's a really big

10:33deal.

10:34And you can't just flip a switch and say we're going to change one staffer to another and expect for

10:40the trains to run on time again because they just simply won't.

10:45And I think that's that's not really just my opinion.

10:48That's that's kind of history talking.

10:49And so that's something that when you talk about what's in it for me, why do I really care, regardless

10:55of the the pure legislative piece of what happened last night?

10:59At some point, all politics are local.

11:02Well, to some extent, all committees are local to what's in the mortgage banking best interest.

11:07And that's going to be something that will be important to watch.

11:12And I would encourage everybody to maybe drill down a little bit on the committee structure and those that are

11:18going to be running the committees, because that's going to be the important thing in the next Congress or the

11:23next legislature, however you look at it.

11:25But it's it's clearly a fascinating moment in time.

11:28We really haven't seen something like this in a lot of ways since Watergate.

11:33So if you kind of look back to the historical perspectives, because you can't go back to four, six, eight

11:39years ago, because it's really not exactly the same thing.

11:42What we saw last night was a very different shift and it wasn't one state.

11:48It wasn't one region of the country.

11:49It was almost across the board, a pretty significant shift to the to the blue side of the world, to

11:57the Democrats.

11:57And so certainly I encourage everybody to focus on focus on the policy, focus on the politics of making sure

12:08housing is protected because housing is bipartisan.

12:12Whatever your politics are, one thing that is not political, and that is housing.

12:17I love that perspective.

12:19And also, to your point, I feel like associations like yours, like the Mortgage Bankers Association, like other housing associations,

12:27those trade orgs right now, more important than ever.

12:30This really shows the importance of that because you have people who are carrying forward the priorities of housing no

12:35matter what changes.

12:36You have people who already have relationships with people on, you know, across the spectrum and who know how to

12:42get things done.

12:43I mean, this is part of that plumbing that makes it all work, that is invisible to a lot of

12:48people.

12:48Right. But from my perspective, this is the time when those associations earn all their money.

12:53Sarah, I'm glad you I'm glad you said that, because with interest rates over seven percent, a lot of people

12:58are kind of tightening their belt.

12:59Maybe I need to look at all of my expenses, but it's certainly foolish right now to look beyond your

13:06associations.

13:07If it's the Texas MBA or any other association, Mortgage Bankers Association, your points very well said.

13:15There's probably has not been in a time of importance in the association business that we've seen, let's call it

13:21at least for the last decade than what we're seeing right now.

13:25So you got a lot of legislatures that are going to go back into session next year.

13:30Congress is going to go back. And this is why association work is so important.

13:35People always say, you know, run it like a business, run it like a business.

13:38It's not a business. If your trade association is doing their job right, they're focused on Republicans and Democrats, people

13:46in the House and the Senate.

13:48And those relationships are important because while it's easy to tell a lot of jokes about Congress or the member

13:54of your legislature, they are doing really important work.

13:59They're pulled in a lot of different directions.

14:02And a lot of people say, you know, throw the bums out, throw the bums out.

14:05Well, a lot of those bums are really hardworking individuals.

14:09I don't care what side of the fence you're on.

14:12They've really dedicated a lot of their time and their effort to make the country or make the state a

14:17better place.

14:18And they're pulled in a lot of different directions.

14:21And so whatever your whatever your persuasion is, I think this idea that affordability is not a talking point and

14:29the housing is a bipartisan issue.

14:31You want to make sure that your association is building relationships.

14:36And frankly, if they do their job right, they've already built them.

14:39So one thing that we're really proud of at the Texas NBA is how many relationships we have at the

14:46state capitol on the Republican and on the Democratic side.

14:49And so we're just turning our page.

14:52We're not changing anything unique because that's what our members pay us for, is to make sure that we are

15:00getting our megaphone out and talking about the importance of affordability.

15:05Talk about the importance of homeowners insurance and property taxes and everything from the regulatory window on down.

15:14How do we make housing more affordable and how do we make it for those that are in their homes

15:20that they can stay in their homes and those that are looking to maybe buy their first home?

15:24How do I get in that? And it's education, it's networking.

15:28And so the work that we do is really critical.

15:32And it's probably this will be one of the most important sessions we've had because it's such a sea change.

15:37I mean, Texas has not done this in 32 years.

15:41I was a staffer the last time Texas looked this blue.

15:45So thankfully, I've I've seen what it looks like.

15:48And I think this is going to allow people to be bipartisan.

15:51I think this is going to give people an opportunity to get in front of people that they maybe have

15:55not talked to in a while.

15:58And I kind of look at the Texas NBA from a perspective that we're not just an association.

16:03We really are kind of a destination.

16:05And part of that destination is going through the halls of the Texas legislature and through the Texas State Capitol.

16:11Let's stay federal just for a second, because you brought regulatory.

16:14And I think this is one of the most challenging parts of being in mortgage is that we do have

16:21this two year cycle.

16:22Meanwhile, people are running their business and making decisions and that will be looked at under a number of different

16:29regulatory regimes.

16:30Right. With the look back and, you know, building out things that, you know, they're trying to have some stability

16:36there.

16:37So we've seen under the Trump administration, you know, the CFPB is has been cut down by 90 percent, still

16:44doing some important things there.

16:45We've talked about that in the past.

16:46When you look at this kind of change with Congress, and of course, we know that Elizabeth Warren, who was

16:52the author, the architect of the CFPB, if she has more.

16:55Do you feel like that we're going to see a lot of regulatory changes on the mortgage or housing side?

17:02Is there anything that's on the radar there?

17:04I think at first glance, you have to look and see that the regulatory environment may look different.

17:11But it's still so new. I mean, look, a lot of people, it's easy for everybody to say, oh, I

17:16knew the House was going to flip and I knew the Senate was going to flip.

17:18But I'm not 100 percent certain if that's that's really accurate.

17:22We're going to see a pretty significant sea change.

17:25I mean, the House flipped by a lot.

17:26The Senate flipped as well.

17:30But just the mechanism is so different.

17:34And the presidency now looks so different than it looked 24 hours ago.

17:39I mean, a new speaker, that's a that's a giant change.

17:43We're going to have a new majority leader.

17:45There's so much going on.

17:47I think that you have to be willing to say, I think everything is on the table.

17:52And look, I think that's one reason the Mortgage Bankers Association will they'll certainly earn their pay over the next

17:58year.

17:59And I have, frankly, every confidence that they will represent the industry really, really well.

18:04But, yeah, I mean, look, it's hard to run a business and it's hard to put together a budget for

18:0927 without knowing exactly what the world's going to look like.

18:13I mean, the world's a dangerous place.

18:15Look at what interest rates have done this year.

18:17I mean, I remember this time last year putting together our budget and people would be pounding on the table.

18:23I guarantee you interest rates are going to be below 6 percent.

18:26And we've got to put together a budget for a world that looks like 6 percent interest rates.

18:31Well, we're a long way from there.

18:33And so trying to put together a budget and trying to put together a world around regulatory changes because they're

18:41going to be regulatory changes is pretty significant.

18:44And Elizabeth Warren doesn't look like Tim Scott and Maxine Waters doesn't really look and act like French Hill.

18:51So there are going to be some natural changes.

18:53And certainly with Senator Warren's past with the CFPB, what does that look like?

19:00Will that will that come back a little bit?

19:02You still have the presidency to contend with.

19:04You still have the Supreme Court.

19:06So the world's going to be very different.

19:07So I find it hard to believe anybody can say I can tell you what the world's going to look

19:11like in the next 60 days,

19:13because I don't think they're going to know what the world's going to look like in the next 60 hours.

19:17And so I think that's that's the piece of the puzzle that is going to be that's going to be

19:23frustrating and it's going to work through there.

19:25But I still think that, you know, all the pundits are going to have a thousand comments and people are

19:31going to be on Twitter and they're going to look at The New York Times and The Washington Post.

19:34It still comes back down to the one thing that everybody has in common is an ability to be in

19:41a home and have your family in that home and really be able to be a part of the American

19:47dream.

19:47And for a lot of people, that's really hard.

19:50Affordability, as I said, is not just some kind of a talking point.

19:54This is an opportunity for the country to say what's important.

19:58And it's important for associations to say, what can we do to promote homeownership?

20:04Make sure affordability is a real thing.

20:07And, you know, it's there's there's some irony in that, you know, at one point people said affordability is not

20:12a real word.

20:13Well, it really is.

20:16And I can assure you in Texas and that's kind of on the heels of all of the growth that

20:21we've seen in Texas.

20:22I mean, Texas is in a very different place than a lot of the other states, because in a lot

20:27of different ways, Texas may or may not be the center of the financial universe today.

20:32But the momentum and the trajectory is certainly leaning to Texas.

20:37And so we think that it's critically important for a Texas MBA perspective to make sure that we're looking at

20:42the entire pie and making sure that we are paying attention to what's important to our members.

20:48So this is one of the reasons I want to talk to you is that, you know, so much of

20:52our growth.

20:53Right. We have had so many corporations move here.

20:56So many people move there because we because it was like, well, this is a reliably red state and therefore

21:02going to be good for business.

21:04It's going to be their business friendly. Right.

21:07From your perspective, when you look at because it wasn't just it was shocking enough to have the Senate change

21:13because it has been 30 years to have the governor on top of that.

21:17But throughout the state government, too. So I do think that that we were woke up to a different world

21:23in Texas today.

21:24What does that mean for business in Texas? Well, I still think it bodes well for Texas.

21:29If you look at Texas, we're in such a unique spot.

21:32Texas has more Fortune 500 companies than any other state in the country.

21:38Texas is now seeing growth that we have not seen before.

21:41About 1400 people are moving to Texas.

21:44And I actually saw Senator-elect Tallarico on Fox News today talking about home building and trying to make sure

21:52that we have an environment that's conducive to build more homes because people are coming to Texas one way or

21:58the other.

21:58These companies and these corporations that are moving to Texas just in the last 30 days, Goldman Sachs said they're

22:06coming to Texas, they're building a big giant hub.

22:09Morgan Stanley's coming. Well, with those companies coming, that comes jobs, but it also comes loan applications.

22:15And it's critically important that Texas finds a way to still be a very business friendly state.

22:23And frankly, I think it will. And I think that what you've seen from the governor elect and from the

22:27senator elect are some real signs that Texas is open for business.

22:32They may be open for business in a little bit of a different way, but I have I have every

22:37confidence that Texas this time next year will be in a really good place.

22:42I think there's going to be a lot of educating that's going to need to happen because you don't want

22:46to lose the momentum Texas has.

22:49I mean, there's a reason, you know, Texas now has its own stock exchange.

22:53That's because of the environment, the regulatory environment, the political environment, no state income tax.

23:00But with that comes also a lot of other issues without a state income tax.

23:04We're very highly dependent on property taxes. What does that look like?

23:09Homeowners ship home homeowners insurance has become a significant piece of the pie.

23:14So when I look around the ecosystem of residential real estate from banking to home building to the titles to

23:21the mortgage bankers association,

23:23it's critically important right now, more so than we've had in a number of years to make sure that we

23:29are educating the members of the legislature.

23:32Because I mean, the Texas House of Representatives flipped.

23:36It's almost impossible to articulate how different that is.

23:42There isn't a person I know that would have thought within a million years that that was even a remote

23:48possibility.

23:50And so to have a new governor, a new lieutenant governor, a new speaker.

23:57Texas is a I don't know if Texas is a blue state or not, but it certainly was a blue

24:01wave last night.

24:02And certainly through this next legislative cycle, it's going to be very different.

24:07Every statewide flipped to the Democratic side.

24:11I mean, it's really a an amazing moment in time.

24:16We haven't really seen anything like this on the federal side probably since Watergate.

24:21But those of your viewers that are from Texas, we haven't really seen anything like this probably since Sharpstown.

24:27So this is a an amazing moment in time.

24:31I think that this is not some let's turn lemons into lemonade, but there's an opportunity here to build on

24:38what the state of Texas has already built.

24:41The environment that is this magnet that has been built by the legislature, by the stock exchange, by companies trying

24:49to invest in a place to bring your family and bring your companies.

24:53There's an opportunity here to take advantage of this and make sure that housing stays bipartisan and that affordability is

25:02not a talking point, but it is a critical aspect of the state because we want people are coming here

25:10one way or the other.

25:10Let's put ourselves in a position to put them in the best position to buy a home that they can

25:16afford and stay in the home.

25:19Because, look, the truth of the matter is, if you look around of the borrowers that would have qualified five

25:25years ago, a lot of those borrowers could not qualify today.

25:29Taxes, insurance, general upkeep. It's expensive to age in America, but it's really expensive when inflation is doing what it's

25:38doing.

25:39And so Texas, we take a lot of pride in Texas is the number one FHA lending state in the

25:45country.

25:46And so we want to make sure that those borrowers that are getting those FHA loans, those borrowers that are

25:51the first time homebuyers,

25:52they can come to Texas and they can know that that is part of the Texas dream is to be

25:57able to buy a home.

25:58And so I can tell you, at least from a Texas MBA perspective, we welcome the challenge because, like I

26:06said, we don't build relationships one party at a time or one chair at a time.

26:10We're trying to build them with the institution because those names come and go all the time.

26:15But what's not going to change is the importance of making sure that the Texas Mortgage Bankers Association gears our

26:23message towards affordability and making sure that residential real estate in Texas continues to stay extremely strong.

26:31Man, that's good. That's that's that's a good word there, Scott.

26:35And, you know, you talk about the investment in Texas where I'm here in our Dallas office on Main Street.

26:40We're just we're real close to what they call Y'all Street. Right.

26:43Which is the Texas Stock Exchange. And it's been incredible to see.

26:47And like you, as a Texan, it's hard to it's hard to articulate to people outside of Texas how much

26:53changed overnight.

26:55I've lived here 35 years and that's well, just as an adult, I lived here also as a kid.

27:01So in some parts, but really incredible.

27:05Thank you for coming on on such a busy day. We will be keeping close tabs on you.

27:09You know, you talked about how this is, you know, the Washington Post will say this, New York Times.

27:13This this is really where I also think housing wire comes into play because we are very focused on what

27:19all these changes mean specifically for people in housing.

27:22They're never going to get to the level that we can get, which is giving people the information they need

27:27to make the best decisions faster.

27:28That's kind of what we're doing. So I you're a big part of that.

27:31Thank you for coming on today and just just working with us.

27:35We will be talking soon and I appreciate you.

27:38Well, thank you very much. And I'd say if you don't have a subscription to housing wire now, now's a

27:42pretty good time to get one because there's going to be a lot of a lot of change around the

27:46country and around the state.

27:48And so, Sarah, I appreciate you and everything that housing wire does for really the entire ecosystem of residential real

27:55estate and appreciate the opportunity to be on on such a unique day in the United States.

28:01Thank you so much, Scott.

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