LandAmerica Forms New Division to Offer Specialized Services to Lenders

February 8, 2002

RICHMOND, Va., /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG), a provider of title insurance and a broad range of real-estate related services, has formed a new division to assist lenders and mortgage-servicers with comprehensive national default services, real estate owned (REO) management, and reconveyance processing.

In commenting on the addition of the new division to LandAmerica, James M. John, President, LandAmerica Default Services, remarked, "As servicing costs continue to mount, mortgage servicers have come to rely upon strategic partnerships that successfully reduce time and expense by deferring technology and personnel costs to outsourcing service providers. LandAmerica Default Services offers customized, end-to-end solutions to meet this goal. And, the expertise of our management team will quickly distinguish us within the industry."

Carl Brown, Executive Vice President, will direct the operations of LandAmerica Default Services, which will be headquartered in Santa Ana, CA. Brown stated, "We are excited about the full menu of services we can now offer lenders and mortgage-servicers. Our team welcomes the opportunity to create new products and services and is poised to meet the demands of the industry."

Backed by the financial strength of LandAmerica Financial Group, the Default Services division coordinates the services of an exclusive national network of company operations, attorneys, subsidiary title companies, vendors, and agents to simplify and reduce paperwork and eliminate multiple points of contact for lenders and mortgage-servicers.

Experienced mortgage industry veterans comprise the management team for LandAmerica Default Services. Led by Brown, the management team is an impressive blend of professional backgrounds. Brown joins the company with over 15 years of mortgage banking experience and will be responsible for developing relationships with national lenders and managing the overall national product development. He most recently served as partner with Professional Lenders Alliance, an independent foreclosure trustee.

Hazelle Weissinger joins the company as Vice President, Default Operations. Weissinger's primary responsibility will be to support and manage the operations, overseeing foreclosures in the western region of the United States as well as national reconveyances. Weissinger most recently worked for Professional Lenders Alliance where she was a partner. During her 14-year tenure, she helped build the organization into one of the nation's premier processors of non-judicial foreclosures. In addition, Weissinger oversaw the company's national reconveyance and release division.

Robert Denarola joins the company as Vice President, Asset Management after working for New Century Mortgage Company for the last four years. There he managed the real estate owned division and brings experience in building a default services organization from the ground up. Denarola will provide real property valuations and management of lender-acquired real estate. Additionally he will assist with the development of products and services to meet the demands of the industry.

Jeanie Matten joins the company as Assistant Vice President, National Outsourcing. Her prior experience includes working for Professional Lenders Alliance where she was vice president for national sales and marketing as well as serving as client relations manager for a prominent law firm as liaison to clients and the regional HUD and VA offices. Matten's primary responsibility will be to support the outsourcing needs of nationwide clientele and the marketing strategy of the default services division.

Source: LandAmerica Financial Group, Inc. Press Release

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