LandAmerica Provides More Than 4 Million Credit Reports to
IndyMac Bank(R) Customers
RICHMOND, Va., Feb. 10 /PRNewswire-FirstCall/ --
LandAmerica Financial Group,
Inc. (NYSE:LFG), a leading provider of real estate transaction services,
through its credit reporting subsidiary LandAmerica Credit Services(R)
(formerly INFO1), announces the delivery of its four millionth credit report to
customers of IndyMac Bank.
LandAmerica Credit Services is the original e-MITS(R) (Electronic Mortgage
Information and Transaction System) credit provider for IndyMac Bank, and has
been providing credit reports to IndyMac(R) customers for more than eight
years. e-MITS allows the user to submit loan application data and receive
online prequalification, decisioning, and pricing in less than one minute. "We
are pleased to have been the first provider to offer this unique service and
look forward to many more years of being an IndyMac preferred partner," said
Patrick Stanton, Executive Vice President - Sales and Marketing for
LandAmerica.
"IndyMac's technology makes entering credit reports as easy and seamless as
prequalifying and submitting loans via QuickPricer(R) and e-MITS," added Frank
Sillman, Chief Executive Officer, Mortgage Professionals Group, IndyMac Bank.
"We value our partnership with LandAmerica and want to continue our
relationship to best serve our customers."
About IndyMac Bancorp, Inc.
IndyMac Bancorp, Inc. (NYSE:NDE) is the holding company for IndyMac Bank, the
largest savings and loan or bank in Los Angeles and the 9th largest thrift
nationwide (based on assets). Founded in 1985, IndyMac is in the business of
designing, manufacturing, and distributing cost-efficient financing for the
acquisition, development, and improvement of single-family homes. IndyMac also
provides financing secured by single-family homes to facilitate consumers'
personal financial goals and strategically invests in single-family mortgage
related assets. IndyMac facilitates the acquisition, development, and
improvement of single-family homes through its award-winning e-MITS platform
that automates underwriting, risk-based pricing, and rate locking on a
nationwide basis via the internet at the point of sale. IndyMac Bank offers
highly competitive mortgage products and services that are tailored to meet the
needs of both consumers and business professionals.
IndyMac is structured to achieve synergies among its operations and to enhance
customer service. The Company operates through four main segments: the
Mortgage Banking Divisions, IndyMac Consumer Bank, Specialty Product Divisions,
and the Investing Divisions.
Mortgage Banking Divisions provide consumers with single-family permanent
mortgage lending through relationships with mortgage professionals -- mortgage
brokers, mortgage bankers, as well as through community financial institutions,
real estate professionals, and consumers.
IndyMac Consumer Bank provides the platform for the mortgage and deposit
services that IndyMac offers directly to consumers through its branch network.
Specialty Product Divisions support the production of niche products including
construction lending, home equity lines of credit, and reverse mortgages
through all of IndyMac's relationship and consumer direct production channels.
The Investing Divisions serve as the main link to customers whose mortgages
IndyMac services. Through its investments in single-family residential
mortgages, mortgage-backed securities and the servicing of $50 billion of
single-family mortgage loans, the Investing Divisions generate core spread and
fee income and provide critical support to IndyMac's mortgage lending
operations.
IndyMac's management is committed to delivering superior returns and
shareholder value. IndyMac's total annualized return to shareholders for the
period 1993 through November 30, 2004 of 23%, under its current management
team, has exceeded the comparable returns of 12% and 11% for the Dow Jones
Industrial Average and S&P 500, respectively, for the same period.
For more information about LandAmerica Credit Services, contact Kenneth M.
Goins, Jr., President, at (770) 416-6877 or , or John Stewart, Senior Vice
President - National Sales, at (770) 416-6877 or .
About LandAmerica Financial Group, Inc., a Fortune 500 company
Headquartered in Richmond, Virginia, LandAmerica Financial Group, Inc. is a
leading provider of real estate transaction services and on Fortune magazine's
2004 list of most admired companies. Through its many subsidiaries,
LandAmerica serves residential and commercial customers with more than 800
offices and a network of 10,000 active agents throughout the United States,
Mexico, Canada, the Caribbean, Latin America, and Europe.
About LandAmerica Credit Services
Headquartered in Norcross, Georgia, LandAmerica Credit Services is
LandAmerica's credit reporting service providing the mortgage industry with
credit reports, flood determinations, verification of income and employment,
and tax return verification. LandAmerica Credit Services has ten regional
processing centers enabling it to serve clients in all 50 states.
DATASOURCE: LandAmerica Financial Group, Inc.
CONTACT: Lloyd Osgood, Senior Vice President - Corporate Communications
of LandAmerica Financial Group, Inc., +1-804-267-8133
Web site: http://www.landam.com/