LandAmerica Financial Group, a leading provider of real estate transaction services, has purchased LoanCare Servicing Center, the nation’s 10th-largest mortgage loan subservicing company.
LandAmerica’s decision to enter the loan subservicing industry adds another option for the company’s 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 CEO of LandAmerica Financial Group.
Headquartered in Norfolk, Va., LoanCare provides a 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 Corp., the Government National Mortgage Association, the Federal Housing Administration, the Veterans Administration, several nationwide financial institutions and a number of private investors.
As of the end of September, LoanCare subserviced about 45,000 loans, with outstanding principal balances of about $5 billion.
LandAmerica is headquartered in Richmond, Va. and serves residential and commercial customers with more than 800 offices and a network of 10,000 active agents.
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