Antitrust Lawsuit Targets Optimal Blue and Mortgage Lenders
Optimal Blue and top mortgage lenders face an antitrust lawsuit over alleged price collusion using real-time analytics.
A lawsuit filed in U.S. District Court in Nashville by four homeowners alleges that the defendants have eliminated genuine price competition in mortgage rates due to Optimal Blue's real-time price analytics tool.
- The lawsuit seeks class-action status for anyone who purchased a home since 2019 with a residential mortgage that was priced, originated, or sold by any defendant using Optimal Blue's pricing and analytics tools.
- The 81-page complaint claims that lenders sharing information about their loans on Optimal Blue are part of a "cartel," and that it's an example of "concerted action."
The allegations sounded rather familiar to many in the housing industry.
Author's summary: Antitrust lawsuit targets Optimal Blue and lenders.
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