LandAmerica Expands into Loan Subservicing with Acquisition of LoanCare Servicing Center, Inc.

Strategic Insights -

LandAmerica Financial Group, Inc. has successfully closed on its previously announced acquisition of LoanCare Servicing Center, Inc. (LoanCare), the nation's 10th largest mortgage loan subservicing company. This strategic move marks LandAmerica's entry into the loan subservicing industry, further solidifying its position as a premier provider of real estate transaction services. LoanCare, based in Norfolk, Virginia, offers a comprehensive range of loan administrative services to clients nationwide, including subservicing of approximately 45,000 loans with outstanding principal balances of approximately $5 billion as of September 30, 2004.

Key Takeaways:

  • LandAmerica Financial Group, Inc. has completed its acquisition of LoanCare Servicing Center, Inc., a leading mortgage loan subservicing company.
  • The acquisition marks LandAmerica's entry into the loan subservicing industry, expanding its service offerings for clients.
  • LoanCare, headquartered in Norfolk, Virginia, provides a full range of loan administrative services, including subservicing for over 100 entities across 50 states and the District of Columbia.
  • LoanCare's employee, Gene D. Ross, will continue as President of the company following the acquisition.
  • LandAmerica Chairman and CEO, Charles H. Foster, Jr., states that the acquisition is a strategic step toward achieving the company's goal of becoming the premier provider of real estate transaction services.
  • LandAmerica serves residential and commercial customers through its network of 10,000 active agents and over 800 offices across the US, Mexico, Canada, the Caribbean, Latin America, and Europe.
  • The company is listed on Fortune magazine's 2004 list of most admired companies.

Statistics:

  • LoanCare subserviced approximately 45,000 loans for over 100 entities across 50 states and the District of Columbia as of September 30, 2004.
  • LoanCare services had outstanding principal balances of approximately $5 billion as of September 30, 2004.
  • LandAmerica Financial Group, Inc. serves customers through a network of 10,000 active agents and over 800 offices across the US, Mexico, Canada, the Caribbean, Latin America, and Europe.
  • The company is listed on Fortune magazine's 2004 list of most admired companies.

Sources:

  • LandAmerica Financial Group, Inc.
  • LoanCare Servicing Center, Inc.
  • Fortune magazine (2004)