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Close Some And Open Some

March 22, 2002

LandSafe To Shutter Five California Offices

By Bridget McCrea
Inman News Features

LandSafe is planning to close five under-performing offices in Northern California in a cost-cutting move.

According to the company, the closures are part of an overall growth strategy, not a signal of LandSafe?s retreat from the title industry.

"In line with (our) current market strategy, our management team has determined that reducing the Northern California title operations will optimize margins, reduce operating costs and ultimately strengthen overall growth capabilities," said company spokesperson Joe McNamara.

LandSafe was founded in 1994 and is a wholly-owned subsidiary of national mortgage lender Countrywide Credit Industries of Calabasas, Calif.

LandSafe has two title and escrow and five title only offices in Southern California. The company provides real estate closing services, including appraisal, credit, flood determination, home inspections, title and escrow.

McNamara said the number of closed offices may not reach five and those under consideration are small "marginal" offices.

The company is shifting existing customer orders from those locations to its other offices.

"We may end up closing just one or two instead of all five," said McNamara. "We have a lot of orders in the pipeline, and we?re transitioning everything down in order to cut overhead and strengthen our growth potential in the other title areas without affecting customer service."

LandSafe last year nearly doubled its nationwide operations and expects more growth and expansion this year, according to McNamara. But he said the company is taking a hard look at offices that aren?t performing up to expectations.

"In order to grow and expand, we have to trim marginal operations and strengthen operations in other areas," he said. "Coming off of a strong year, we?re simply adjusting our strategy, and closing some marginal offices is a necessary step."

McNamara said LandSafe soon will announce the opening of a new default operations location that will serve the Central United States and complement the company?s existing East and West Coast operations.

"LandSafe continues to distinguish itself for the superior service it provides mortgage lenders," he added, "and is committed to continuing such service in order to surpass the company's growth objectives."

Copyright: Inman News Service



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