[April 14, 2014] |
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SecurityNational Mortgage Company Announces Profitable Financial Results for 2013
SALT LAKE CITY --(Business Wire)--
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 variousniche 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.
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