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.”