LandAmerica Warranted Valuation Solution Selected by Flagstar Bank
September 24 2008 - 12:57PM
PR Newswire (US)
RICHMOND, Va., Sept. 24 /PRNewswire-FirstCall/ -- LandAmerica
Financial Group, Inc. (NYSE:LFG) has been selected by Flagstar Bank
as a primary national provider of warranted valuations. Warranted
valuations are an optional solution lenders use to shield against
possible financial loss as the result of defective real estate
valuations. The warranty can be issued with traditional appraisals
or automated valuation products. It is also available for refinance
or purchase loans, second or other lien position loans and Home
Equity Lines of Credit. In addition to reducing the risks
associated with mortgage lending, LandAmerica's warranted valuation
solution is flexible and can be custom-designed to fit customers'
needs. And the warranty transfers with the loan if it is sold to
another lender. Flagstar Bank is a subsidiary of Flagstar Bancorp,
a bank holding company headquartered in Troy, Michigan. Flagstar
Bancorp is the largest publicly held savings bank headquartered in
the Midwest with $14.6 billion in total assets. As of June 2008,
Flagstar operated 170 banking centers in Michigan, Indiana and
Georgia and 121 home loan centers in 26 states. Flagstar originates
home loans nationwide. "We are excited about the opportunity to
serve Flagstar Bank, one of the nation's leading mortgage lenders
and a company recognized throughout the industry for its commitment
to customer satisfaction and technological innovation," said Cheryl
Cox, Senior Vice President - LandAmerica. "Being named a primary
national provider of warranted valuations by Flagstar marks an
important step in achieving LandAmerica's goal to become the
premier provider of real estate transaction services." For
information about LandAmerica Valuation Services, contact Cheryl
Johnson, Vice President - Product Development, at (517) 266-6331 or
. About LandAmerica Financial Group, Inc. LandAmerica Financial
Group, Inc. is a leading provider of real estate transaction
services with offices nationwide and a vast network of active
agents. LandAmerica serves agent, residential, commercial and
lender customers throughout the United States, Mexico, Canada, the
Caribbean, Latin America, Europe and Asia. LandAmerica is
recognized as number one in the mortgage services industry on
Fortune's(R) 2007 and 2008 lists of America's Most Admired
Companies. DATASOURCE: LandAmerica Financial Group, Inc. CONTACT:
Pamela Pastor, Investor Relations Specialist, +1-804-267-8043, , or
Peter Habenicht, VP - Corporate Communications, +1-804-267-8723, ,
both of LandAmerica Financial Group, Inc. Web site:
http://www.landam.com/
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