LandAmerica Enters the Mortgage Subservicing Business With Acquisition of LoanCare Servicing Center
October 29, 2004
Richmond, Virginia – LandAmerica Financial Group, Inc. (NYSE: LFG), a provider of real estate transaction services, announced its agreement to purchase LoanCare Servicing Center, Inc. (“LoanCare”), the nation’s 10th largest mortgage loan subservicing company.
LandAmerica’s decision to enter the loan subservicing industry, adding another fulfillment option for its growing client base, is a strategic step forward in the Company’s effort to become the premier provider of real estate transaction services.
LoanCare is headquartered in Norfolk, Virginia, and provides the full range of loan administrative services for clients nationwide. LoanCare is an approved servicer with the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the Federal Housing Administration, the Veterans Administration, several nationwide financial institutions, and a number of private investors. As of September 30, 2004, LoanCare subserviced approximately 45,000 loans for over 100 entities in 50 states and the District of Columbia, with outstanding principal balances of approximately $5 billion.
Gene D. Ross is the President of LoanCare and will continue in that position following the acquisition. “We are pleased to be a part of the LandAmerica family. This is a great opportunity for LoanCare, its clients and loan customers,” Ross said. “We share LandAmerica’s mission of providing Superior Service and joining LandAmerica allows us to offer more products, services, and conveniences. In addition, teaming with LandAmerica means we can serve a more extensive client base.”
“This move is a strategic step toward reaching LandAmerica’s goal of becoming the premier provider of real estate transaction services,” said Charles H. Foster, Jr., Chairman and Chief Executive Officer of LandAmerica Financial Group. "We are excited about having Gene Ross, LoanCare, and its employees join our team.”
Source: LandAmerica Financial Group, Inc