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LandAmerica Is Taking Writedown on Lost Contract.
Richmond, VA -- Title insurance giant LandAmerica Financial Group here said it will take a $23 million, after-tax, non-cash writedown because one of its clients is moving a portion of its tax servicing chores in house.
LandAmerica identified the client as Washington Mutual of Seattle which beginning this month will handle the payment of real estate taxes for its mortgage customers itself in just two states - California and Colorado.
LandAmerica said it will continue to manage tax - as well as flood services - for WaMu in 23 states in the western U.S.
Besides offering title insurance and tax services, LandAmerica offers a range of products and business solutions to mortgage bankers, including escrow, closing, appraisal, tax, flood and others.
In the wake of WaMu's decision, the company evaluated its intangible assets and determined that the customer relationship "intangible" was impaired by $38 million, or $23 million after taxes.
John Berens, senior vice president for servicing for WaMu, noted that the lender "works with LandAmerica throughout the western United States, ...
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Source: HighBeam Research, LandAmerica Is Taking Writedown on Lost Contract.