LandMDA Expands Into Southern California
|February 20, 2002|
RICHMOND, Va., /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG) and MacDonald Dettwiler and Associates Ltd. (Toronto: MDA) announced today that LandMDA can now provide property reports for four counties in Southern California: Los Angeles, Riverside, Orange, and San Diego. These four counties represent 47 percent of the total volume of transactions in the state.
LandMDA is a joint venture between LandAmerica Financial Group and MacDonald Dettwiler and Associates Ltd. Its mission is to provide near real- time information to lenders, and accelerate the loan and mortgage approval process through the use of its service called RapidTract. The arrival of LandMDA's RapidTract in California means that property reports that used to take two to three days now can be completed in just a matter of hours.
"Our expansion to California follows the completion of the LandMDA pilot phase in Florida," said R. K. Smith, Jr., General Manager for LandMDA. "We plan to go live in another seven California counties later this year, which will provide 75 percent coverage to the state."
LandMDA's RapidTract will also be available through MDA's DataQuick, a premier provider of real property information in the United States.
Source: LandAmerica Financial Group, Inc.