LandAm Reports Tax Servicing Loss

LandAmerica Financial Group Inc., a provider of real estate transaction services based in Richmond, Va., has reported a tax servicing loss and a related $38 million noncash writedown of customer relationship intangible involving Washington Mutual Inc.LandAmerica said WaMu has decided to in-source future tax services in California and Colorado, while LandAmerica will continue to manage its remaining portfolio of tax and flood services. "In the last two years, LandAmerica has acquired the businesses it needs to deliver quality lender services to major national mortgage originators and servicers," said Theodore L. Chandler Jr., the company's chief executive officer. "We have largely completed the accumulation stage and are now fully integrating our tax and flood business into our complete lender services offering." The company can be found online at http://www.landam.com.