LandSafe Hits Historic Highs
LandSafe Inc. here said it had the best results in the company's history for 2002, whether measured by total revenue, earnings before income taxes or by the total number of orders processed or closed.
The company had total revenue of $159 million and earnings before taxes of $70 million. It is a subsidiary of Countrywide Financial Corp., Calabasas, Calif.
In 2001, LandSafe had total revenue of $129 million and earnings before income taxes of $61 million.
Total orders closed in 2002 for credit reports, appraisals, flood determinations, inspections and title products reached 9.4 million, which is 56% more than the number of orders closed in 2001.
Michael Faine, president and chief operating officer of LandSafe, credited the refinance boom and the company's technology for its growth. "The 2002 milestones included four straight months - July through October - of record production and our first one-million-order month in October," he said.
On the technology side, LandSafe introduced three products that work with wireless systems such as Palm Pilots - Mobile Credit Solutions, Mobile AVMs and Mobile Flood Determinations.
During the past year, LandSafe issued 4.6 million credit reports, 1.85 million flood determinations, 484,162 appraisals, 2.3 million automated property valuations and 121,160 orders of other products, including inspections, title and escrow products.
In addition, the company expanded its national sales team, improved communications with its national fee panel of appraisers, overhauled its corporate website, introduced an appraisal-risk analysis scoring tool, and expanded access to LandSafe products via several electronic lending networks.
Copyright 2003 Thomson Media Inc. All Rights Reserved.