Morning Roundup (10/5/2023) — Capitol Hill Chaos

Good Morning! Today is Thursday, October 5. Majority Leader Steve Scalise (R-LA) and Judiciary Chair Jim Jordan (R-OH) are running for House speaker. The Biden administration will forgive additional student debt for teachers, firefighters, and people with disabilities. Health care workers at Kaiser Permanente are striking.


The Mortgage Note Reports

Capitol Hill Chaos: Turmoil in Congress is making headlines, but how does it impact the economy – and the mortgage industry – more broadly?

Hot And Cold: Monthly payments are blowing up as mortgage rates continue to climb, but a boost in new listings could signal a fall price cooldown.

Build-To-Rent: The city of Atlanta is on the frontlines of the build-to-rent trend. Writer Scott Kimbler has the story.

In other mortgage and housing news…

Yields Fall: Treasury yields inched down from multiyear highs after new jobs data showed tentative signs of a weakening labor market.

What Lenders Want: Mortgage lenders want AI products that will improve their operational efficiency, especially for compliance and underwriting.

Locks Tank: Mortgage lock volume fell by 13.3%, driven down for a second straight month by sky-high rates and a lack of inventory.

No Surprise Bump: In September, active inventory shrank YOY for the third month in a row, despite a boost from August’s unexpected increase in new listings.

Vet Data: MISMO released the industry standard dataset for verification of VA benefits.

Company News: SimpleNexus has officially rebranded to nCino’s Mortgage Suite; Movement Mortgage became a first-in-market user of FICO’s new credit scoring modelPulsenomics will now produce Fannie Mae’s quarterly Home Price Expectations Survey.