Tag: Real Estate and Mortgages

The Federal Trade Commission filed an administrative complaint against the Louisiana Real Estate Appraisers Board, alleging that the group is unreasonably restraining price competition for appraisal services in Louisiana, contrary to federal antitrust law. The complaint alleged that the appraisal board’s regulations exceeded the scope of the mandate outlined in the Dodd-Frank Act that required appraisal management companies to pay “a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised.” Specifically, the board required appraisal fees to equal or exceed the median fees identified in survey reports commissioned and published by the board. The board then investigated and sanctioned companies that paid fees below the specified levels. 

Shortly before the administrative trial was set to begin, the FTC and the board reached a proposed settlement agreement.

On April 5, 2022, the Commission announced the final consent agreement in this matter.

Ascension will be required to implement a comprehensive data security program as part of a settlement resolving FTC allegations that the firm failed to ensure one of its vendors was adequately securing personal data about tens of thousands of mortgage holders.

In September 2016, the FTC announced a court order banning the operators of an alleged mortgage relief scam that preyed upon distressed homeowners from the debt relief business. The final orders banned the defendants from selling secured or unsecured debt relief products or services, and prohibited them from misrepresenting any financial or other products or services. The orders imposed a judgment of more than $1.7 million. The FTC’s July 2014 complaint alleged the defendants claimed they could lower consumers’ mortgage payments and interest rates or prevent foreclosure, pretended to be affiliated with a government agency or consumers’ lenders or servicers, and illegally charged advance fees for these services. The FTC announced additional settlements in the case through March 2020.

In May 2021, the FTC sent payments totaling more than $147,000 in full refunds to people affected by the student loan debt relief scam.   

The Federal Trade Commission filed an administrative complaint and authorized a suit in federal court to block internet listing services provider CoStar Group Inc.’s proposed $587.5 million acquisition of competitor RentPath Holdings, Inc. The complaint alleged that the acquisition would significantly increase concentration in the already highly concentrated markets for internet listing services advertising for large apartment complexes in 49 individual metropolitan areas across the United States. On Dec. 31, 2020, the FTC issued a statement on the parties’ announcement that they had abandoned the acquisition.

CoreLogic, Inc. agreed to settle FTC charges that its proposed $661 million acquisition of DataQuick Information Systems, Inc. from TPG VI Ontario 1 AIV L.P. would likely substantially lessen competition in the market for national assessor and recorder bulk data. The FTC’s proposed settlement order requires CoreLogic to license to Renwood RealtyTrac national assessor and recorder bulk data as well as several ancillary data sets that DataQuick provides to its customers. The order allows RealtyTrac to offer customers the data and services that DataQuick now offers and to become an effective competitor in the market.