The U.S. Federal Trade Commission on Thursday said it would take action aimed at stopping New York Stock Exchange parent Intercontinental Exchange from acquiring mortgage data vendor Black Knight in a $13.1 billion deal.
The ICE deal for Black Knight, which was announced in May, prompted worries from the beginning that it could raise costs for consumers by giving ICE too much pricing power in the mortgage data market that lenders rely on.
Black Knight, which provides software, data and analytics to the real estate and housing finance markets, isundertaken by ICE since 2016 to support its mortgage-servicing business as it bets on a windfall from automation of the home financing process. In 2020 ICE, in an $11-billion deal, purchased Ellie Mae, a cloud-based platform that supports all aspects of mortgage origination. That followed a $335-million deal for Simplifile in 2019, and the acquisition of MERS, in which ICE took a majority stake in 2016 and bought outright in 2018.to put its Empower loan origination software business up for sale in a response to U.S. antitrust concerns.
The FTC said in a statement that the proposed asset sale was inadequate to address the harm that the transaction would do. The Community Home Lenders Association, which opposed the deal, has argued that Empower and ICE's Encompass unit are the top two vendors for loan origination software, jointly controlling upwards of 60% of the market.
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