Major Customer to Use LandMDA's RapidTract Product
February 7, 2002
RICHMOND, Va/PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG - news) and MacDonald Dettwiler and Associates Ltd. (Toronto: MDA - news) have jointly announced that GreenLink LLC, the vendor management company owned by Wachovia Corporation, has signed on to use LandMDA's RapidTract automated title search product after completion of an extensive testing period.
LandMDA is a joint venture between LandAmerica Financial Group and MacDonald Dettwiler and Associates Ltd. Its mission is to provide near real- time information to lenders, and accelerate the loan and mortgage approval process through the use of its service called RapidTract.
"RapidTract helps us meet the needs of our clients utilizing leading edge technology to improve both service levels as well as efficiency," said John Sposito, Chief Operations Officer for GreenLink LLC.
GreenLink is one of three vendor management companies that have recently signed on to use LandMDA's RapidTract. The search product provides these companies the ability to gather the essential information, (title, liens, judgments, other mortgages on the property, etc.) over a substantially reduced time frame from past practices. In fact, RapidTract completes searches that used to take two to three days, in just a matter of hours.
LandAmerica's services include appraisal, title and closing, document preparation, flood certifications, lender and real estate tax, credit reporting, property inspections and warranties, residential survey services, and relocation services. Title insurance is provided through LandAmerica's title insurance subsidiaries, Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation and Transnation Title Insurance Company, with more than 600 offices throughout the United States, Canada, Mexico, the Caribbean, Central and South America.
Source: LandAmerica Financial Group, Inc.