Competition keeps mortgages in its sights and investigates 'brokers'

BarcelonaThe National Markets and Competition Commission (CNMC) is investigating whether a group of brokers has agreed to fix mortgage prices and commercial conditions and, consequently, has infringed free competition in the market. Competition suspects that the alleged fraudulent practices took place within the framework of "an association of companies dedicated to mortgage intermediation", but does not specify which one.

The investigation is the step prior to the opening of the file. Sources from the CNMC have assured ARA that, if it is finally opened, they will reveal which association it is, although they have not detailed when they will make this decision.

Last Tuesday and Wednesday —June 23 and 24—, Competencia entered the headquarters of this entity of brokers to gather information about practices that "could be considered very serious violations." In these cases, the fine can reach 10% of the total business of the infringing companies.

This is the second action by Competition in the mortgage market in a few weeks. Fifteen days ago, it decided to open disciplinary proceedings against six large banks, which it accuses of conditioning mortgage interest rates with public statements about their future commercial policy. The entities rushed to defend that the Spanish mortgage market is "tremendously competitive".