LandAmerica Financial Group Inc., Richmond, Va., has announced an agreement to purchase LoanCare Servicing Center Inc., a mortgage loan subservicing company based in Norfolk, Va.The terms of the agreement were not disclosed. LandAmerica said LoanCare subserviced approximately 45,000 loans with principal balances of approximately $5 billion in 50 states and the District of Columbia as of Sept. 30. "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 chief executive officer of LandAmerica. The company can be found online at http://www.landam.com.
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