Industry News

LandAmerica buys default mortgage servicing tech firm

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LandAmerica Financial Group has bought MSTD, a Web-based company whose flagship product is default mortgage servicing technology, the company said Monday. Baltimore, Md.-based MSTD, founded in 1999, is an application service provider providing a Web-based default servicing platform to residential mortgage servicers. BackInTheBlack, the company's flagship product, is a business intelligence system used by some of the nation's largest financial institutions as well as other lenders with significant loan portfolios, LandAmerica said. The technology combines rules-based decision engines with embedded workflows and integration of all third-party providers and services used by lenders managing delinquent loans, according to LandAmerica. "Our default management clients are increasingly challenged with delinquencies and foreclosures, as well as with an increased focus on regulatory compliance and loss mitigation," said Albert Will, executive vice president of Lender Services for LandAmerica,...