SecurityNational Mortgage Company Announces Profitable Financial Results for
SALT LAKE CITY -- April 14, 2014
Security National Financial Corporation (NASDAQ: SNFCA) is pleased to announce
the profitable financial performance of its subsidiary, SecurityNational
Mortgage (“SecurityNational Mortgage”), for the 2013 fiscal year. In a year
with volatile interest rates where many mortgage companies experienced a
decrease in revenues and overall profits, SecurityNational Mortgage was
pleased with its financial results as well as the increased growth in many of
its regional offices.
During 2013 SecurityNational Mortgage showed solid production from its
regional offices by closing mortgage loans on 11,790 units for a total
origination of $2,217,935,000. This includes $70,971,000 which was brokered
out to other lenders. SecurityNational Mortgage’s flexibility of funding loans
through retail and wholesale operations has proven to be highly advantageous
as compared to other competing mortgage companies.
SecurityNational Mortgage also has been fortunate in its ability to create
products that compete in various niche markets, such as its new SNL Portfolio
loan product. In 2013, SecurityNational Mortgage introduced this new loan
product and experienced immediate demand. In the short time the product has
been available, SecurityNational Mortgage has closed 79 loans in the aggregate
amount of $10,837,000. This loan provides a strong yield with attractive terms
when compared to other conventional loan types.
SecurityNational Mortgage has experienced significant growth over the past few
years and has been fortunate to sustain such growth in its operations.
SecurityNational Mortgage is currently licensed in 42 states with 562 licensed
loan officers in its mortgage offices. As it continues to grow,
SecurityNational Mortgage believes it can increase its market share and offer
new product types to various niches in the market.
Paul Christensen, Senior Vice President of Production for SecurityNational
Mortgage, stated: “As a subsidiary of Security National Financial Corporation,
we are pleased with the overall output from our loan origination team and
everyone who has helped them in producing such outstanding financial results
for 2013. We also have been fortunate to have the support of our sister
company, Security National Life Insurance Company, in funding the mortgage
loans that SecurityNational Mortgage originates, including construction loans
and lines of credit to builders and developers. The builder segment of our
business has really started to take off as a result of these efforts.”
This press release contains statements that, if not verifiable historical
fact, may be viewed as forward-looking statements that could predict future
events or outcomes with respect to Security National Financial Corporation and
its business. The predictions in these statements will involve risk and
uncertainties and, accordingly, actual results may differ significantly from
the results discussed or implied in such forward-looking statements.
Security National Financial Corporation
Brian Nelsen or Garrett S. Sill, 801-264-1060
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