The Federal Trade Commission is taking action to block the proposed merger between "the nation’s largest provider of home mortgage loan origination systems and other key lender software tools," Intercontinental Exchange (ICE), and "its top competitor," Black Knight (BKI), the Commission announced. "The deal would drive up costs, reduce innovation, and reduce lenders’ choices for tools necessary to generate and service mortgages," the FTC alleges. By eliminating Black Knight as a competitor, the deal would free ICE to more aggressively raise prices that it charges mortgage lenders for origination services, the FTC said. Internal ICE documents reflect its use of several "levers" to grow revenue, including price increases to Encompass customers, according to the FTC’s complaint. Reference Link
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