Fidelity National Financial Inc., the title insurer that called the industry an “oligopoly,” agreed to sell assets in Oregon and Michigan to settle a regulatory review into anticompetitive practices. The insurer’s 2008 purchase of bankrupt rival LandAmerica Financial Group Inc. reduced competition in five Oregon regions, including the Portland area, and in Detroit, the Federal Trade Commission said in a statement today. The settlement will require the Jacksonville, Florida-based insurer to sell assets including data used for underwriting in those regions.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
U.S. home prices increased 5.1% in the fourth quarter from a year ago, matching the pace of the prior quarter, according to the Federal Housing Finance Agency.