Industry NewsMortgage

FTC seeks greater competition for title data

Fidelity agrees to sell assets in Oregon, Michigan

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Title insurer Fidelity National Financial Inc. has agreed to sell several title plants and related assets in Oregon and Michigan to settle charges by the Federal Trade Commission that its acquisition of bankrupt LandAmerica Financial's underwriting subsidiaries reduced competition in those markets.The proposed settlement also 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, where the FTC said Fidelity's acquisitions increased Fidelity's ownership interest in title plants, which are databases used by title insurers and others to determine ownership of real property in connection with underwriting and issuance of title insurance polices.In a complaint, the FTC said Fidelity's 2008 acquisition of former LandAmerica underwriters Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co. and United Capital Title Insurance Co. reduced competition in six geographic areas i...