Daily Dose

According to data released Tuesday, the gap is widening between appraised values and homeowner estimates. This marks the fourth consecutive month that disparity has grown. A few markets bucking the trend include Denver, Dallas, Portland, San Francisco, and Seattle.

Change happens fast, especially in technology. We spoke with Dom Marchetti, CTO of loanDepot about the future of tech in the mortgage industry. Marchetti not only discussed the changing face of tech in terms of mortgage originations, but what roadblocks are preventing the industry from truly advancing technologically.

A new report found that immigrant homebuyers played a big role in helping the housing industry bounce back from the Great Recession—particularly in larger markets. Immigrants are also likely to influence housing trends in the coming years, as their interest in homeownership increases the longer they live in the U.S. According to the report, the suburbs can expect the most growth.

Despite rising home prices, investors are still flocking to the market—and in droves. Investment home sales grew 4.5 percent last year, while the average median investment-home price jumped 8 percent. Low mortgage rates helped to keep investors in the market as prices climbed.

Millenials don’t stay places very long, a survey from moving company Mayflower found. According to the survey, two out of five millennials, those aged 18 to 35, move to new cities without the intention to stay. These movers are what Mayflower calls “vacation movers,” or movers that do not intend to settle permanently.

On the backs of an independent investigation of its sales practices, Wells Fargo has reclaimed a total of $180 million from its former CEO and Head of Community Banking. The organization has also changed bylaws, appointed new board members, and replaced other various executives. The investigation was conducted after a lawsuit alleged the bank had opened accounts in its customers’ names without their consent.

Freddie Mac wants to help homebuyers become “mortgage-ready." The GSE is teaming up with housing intermediary Next Step Network and three nonprofit housing counseling agencies to implement an online education curriculum, with a focus on manufactured homes. Several lenders are already participating in Next Step’s SmartMH program, including Community Ventures, Credit Human Federal Credit Union, Frontier Housing, Forcht Bank . . .

LenderLive Network LLC, a mortgage services provider, announced that it has completed its transaction with PHH Mortgage Corporation. LenderLive will now assume PHH’s private label fulfillment operations in Jacksonville, Florida.

In a letter to shareholders, JPMorgan Chases CEO Jamie Dimon stated that the issue of "Too Big to Fail" has been solved. In an interview with Adam Shapiro on Fox Business, Minneapolis Federal Reserve President Neel Kashkari disagreed with this Dimon's statement. In addition, Neel Kashkari took issue with Dimon’s statement in his letter that banks are excessively capitalized, and that the capital standards should be lowered.

A new study suggests that after the Fed began quantitative easing in 2008, many lenders began leaning more toward refinancing applicants than those seeking new purchase loans. This was likely due to the stronger payment history and less risk associated with these applicants. Weaker, less-capitalized banks were more likely to follow the trend.