2008-11-10 — housingwire.com
"LandAmerica Financial Group Inc. reported that weak mortgage activity drove a quarterly net loss of $599.6 million, or $39.45 per share, in its third-quarter earnings statement, released Monday morning. Total revenue decreased by 30.3 percent, and direct revenue from title and non-title commercial operations declined by 40.1 percent — in other words, it was a pretty bad quarter"
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Aristotle at 08:24 2008-11-11 said:
The article referred to above is very important for residential mortgage lenders decision makers, and home buyers and their realtors to understand. A member of our family just bought a house from FNMA, and the FNMA loan servicer, operating out of Texas, forced the buyer to use LandAmerica as both escrow holder and title insurer. The customer service received from LandAmerica was worse than horrible, and now, to read that LandAmerica is suffering huge operating losses, is even more disturbing. Imagine this: Being forced to accept title insurance from Company X, having a title insurance claim, and Company X not being there to defend and pay the claim. Nice. Permalinkadd a comment | go to forum thread
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