FNF Paying $16.3 Million for Subservicer

Fidelity National Financial Inc. will be picking up another piece of the LandAmerica Financial Group estate, this time acquiring LoanCare Servicing Center Inc. FNF will pay $16.3 million for the company. The deal is subject to the approval of a bankruptcy court. LoanCare was the nation's eighth largest subservicer at the end of 2008, according to the Quarterly Data Report, with contracts totaling $12.7 billion. The Norfolk, Va., company services more than 100,000 loans for 90 companies nationwide. It had revenue of $19 million and adjusted pre-tax earnings of $4.4 million in 2008. FNF chairman William P. Foley said, "We believe that LoanCare and ServiceLink, our national lender platform, can generate substantial ancillary product revenue opportunities through the subservicing and loss mitigation platforms, including additional title and closing revenue, trustee sales guarantees, valuations and a broad range of significant default based revenues." FNF is based in Jacksonville, Fla.