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LandAmerica Grows Mortgage Outsourcing Business.
RICHMOND, VA -- LandAmerica Financial Services here, a title insurance firm and provider of services to the mortgage industry, saw a modest rise in net income during the second quarter, despite a modest decline in revenue and earnings from its lender services division.
But the company also reported that some aspects of lender services - including subservicing and closing services - actually saw improvement from the same period last year.
LandAmerica Financial Services said net income totaled $35.6 million in the second quarter, up from $30.2 million in the second quarter of last year. However, net income for the first six months of 2006 was actually lower than during the same period in 2005.
LandAmerica generated $59.7 million in revenue from its lender services unit, which includes LoanCare Servicing Center, a provider of subservicing for mortgage clients. That was down 8% from the year earlier period.
However, the company noted that the 2005 second-quarter results included $6.9 million of "accelerated deferred revenue" related ...
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Source: HighBeam Research, LandAmerica Grows Mortgage Outsourcing Business.