Posted by Robert/VA on 7/30/08 9:45pm
Msg #257859

LandAmerica - Going down, down, down...?!

LandAmerica, based in Richmond, Virginia (Henrico County) hit a 52 week low stock (NYSE sticker symbol LFG) price of $9.01 today, July 30, from a high of $79.89 in the past year.
This Title company, a few years ago, gave me about 75% of my signing assignments, almost all CitiBank HELOCS and Equity loans.
One of the largest title companies in the US...seems to be sinking??
Has anyone else been doing any Citi loans? Citi seems to be sinking almost as fast....!!
BTW - If you do happen to receive a call from LandAm...they will offer you the grand sum of $85 for an e-doc signing...no matter how near or far the closing is!

Reply by utahnotary on 7/30/08 11:40pm
Msg #257880

I have done 3 Citibank this week- The orders came from FATCO

Reply by Rick_NY on 7/31/08 12:06am
Msg #257883

All the financial sector is getting hammered. What's your point?

According to EDGAR, the company has a book value per share of $75.67. They have $313 million cash in the bank, too.

Similarly to what you wrote, back in 2003, I used to do 60-70 deals a month for them when they were NASCO. I'd take an order or two from them today.

Reply by NCLisa on 7/31/08 8:02am
Msg #257906

LandAm is not going down! They will stay solvent along with LSI, Fidelity, Ticor, FATCO, ORT, and many other giants. I don't think what happened to Mercury Cos will happen too often.

They aren't calling you because like everyone else, they are SLOW!! Do you not understand that we are in a crisis? Mtg loan apps are the lowest they've been since 2000 and interest rates are the highest they've been in 15 years. There are new underwriting procedures in place, and credit scores need to be better to get a loan now. Some lenders are hurting, and not doing mortgages at all right now.

I've been in this business for 20 years, and saw TC's have massive layoffs and office closures in 1993, and again in 1999/2000. The mortgage industry works in cycles.

Reply by BrendaTx on 7/31/08 8:20am
Msg #257907

**They aren't calling you because like everyone else, they are SLOW!! Do you not understand that we are in a crisis?**

No, Lisa...that's why half of the membership of this board is hurting from the drop off.

They are fiddling while Rome burns down...the Pollyanna syndrome. Keep the optimism, by all means, but realize that the jobs are greatly diminished and you need to diversify. Maybe in five years there will be significant notary signing agent income again. In the mean time, look for other avenues.

Reply by Philip Johnson on 7/31/08 10:32am
Msg #257935

Actually rates are not at a 15 year high.

The problem is not in rates, but in a credit squeeze and the movement from the loosest lending standards back to the old fashioned standard. It also doesn't help that we are bombarded with doom and gloom from television and newspapers telling us that our neighbors are suffering even though we maybe holding our own.


http://mortgage-x.com/general/historical_rates.asp