Fidelity National Financial settles FTC charges in acquisition of LandAmerica
HUD Fair Housing Report finds disability discrimination tops list of complaints
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SEPTEMBER 2010
The U.S. Department of Housing & Urban Development (HUD) has released the Obama Administration’s first annual report on the
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KENTUCKY MORTGAGE PROFESSIONAL MAGAZINE
To settle Federal Trade Commission (FTC) charges that its 2008 acquisition of three LandAmerica Financial Inc. subsidiaries was anticompetitive, Fidelity National Financial Inc. will sell several title plants and related assets in the Portland, Ore. and Detroit, Mich. metropolitan areas, and in four other Oregon counties. Title plants are databases used by abstractors, title insurers, title insurance agents, and others to determine the ownership of, and interests in, real property in connection with underwriting and issuance of title insurance polices and for other purposes. According to the FTC, Fidelity’s acquisition of the LandAmerica assets was anticompetitive in several local markets for the provision of title insurance information services by title plants.
The FTC’s complaint charges the acquisition reduced competition in six geographic areas: The Portland, Oregon, metropolitan area, consisting of Clackamas, Multnomah and Washington counties; Benton County, Ore.; Jackson County, Ore.; Marion County, Ore.; Linn County, Ore.; and the Detroit, Mich. metropolitan area consisting of Oakland, Macomb and Wayne counties. In the Portland, Oregon, area, the complaint alleges the acquisition left Fidelity with a controlling interest in the title plant that is the sole provider of title insurance information services. In the three other Oregon counties, the acquisition reduced the number of independent title plants from four to three. In the Detroit metropolitan area, the FTC contends the acquisition may give Fidelity the power to affect the competitive significance of Data Trace, an independent title services provider, and the only firm in these counties other than Fidelity with a complete and up-to-date title plant. The FTC’s proposed settlement order will replace the competition lost through Fidelity’s acquisition of LandAmerica’s title insurance subsidiaries. First, it requires Fidelity to sell part of its ownership in the joint title plant in Portland, Ore. to Northwest Title. This will ensure Fidelity does not own a majority of the only title plant serving the Portland market. Second, it requires Fidelity to sell a copy of the data from each of the title plants serving Oregon’s Benton, Jackson, Linn and Marion counties to Northwest Title. This will restore the number of independent title plant owners in each county to four—the same number as before the acquisition. Third, the proposed order requires Fidelity to sell a copy of the title data in the three Detroit-area counties that LandAmerica provided to Data Trace before the acquisition to an FTC-approved buyer. This will limit Fidelity’s ability to affect the competitive significance of Data Trace, an ability that Fidelity gained through its acquisition LandAmerica’s assets. Finally, the order requires Fidelity to notify the FTC before acquiring 50 percent or more of any joint title plant in California, Colorado, Nevada, New Mexico, Oregon and Texas—states where Fidelity’s acquisition of LandAmerica’s subsidiaries has increased Fidelity’s ownership interest in title plants. For more information, visit www.fnf.com or www.ftc.gov.
NationalMortgageProfessional.com
has announced its formation. This new association was started to provides a place for innovation and thought leadership to occur in the industry to move the mortgage industry forward. “Technology is going to play a critical role in how mortgage lenders comply with new regulation, remain competitive, ensure profitability, and serve borrowers looking to get their piece of the American Dream. That’s why this association was formed,” said Tony Garritano, founder and chairman of PROGRESS in Lending. As a speaker, PROGRESS Chairman and Founder Tony Garritano has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years, Garritano has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. PROGRESS’ executive team is a volunteer group made up of mortgage professionals who have a combined 100-plus years of industry experience. “This new association provides a place for thoughts and ideas to flow freely,” said Roger Gudobba, chief executive officer at PROGRESS in Lending Association. “It’s easier to move things forward when you’re in a group. This association is a central place for industry participants to have discussions about how technology can improve the process.” CEO Gudobba has over 20 years of mortgage experience. At present he is also chief strategy officer at technology vendor Compliance Systems. He is a long-time advocate of data standardization and a more data-driven approach to mortgage lending. For more information, visit www.progressinlending.com.