SALT LAKE CITY, Sept. 28, 2017 (GLOBE NEWSWIRE) -- SecurityNational Mortgage Company, a wholly owned subsidiary of Security National Financial Corporation (NASDAQ:SNFCA) passed the $3 Billion threshold of retained mortgage servicing rights in September 2017. The $3 Billion servicing portfolio consists of roughly 17,000 residential mortgage loans in 40 States for which SecurityNational Mortgage Company collects payments and assists borrowers with loan related questions or concerns. “This is an important milestone for us,” according to Steve Johnson, President of SecurityNational Mortgage Company. “When a servicing portfolio such as ours is measured in the billions, it represents a very valuable financial asset and long term source of revenue. Most mortgage lending companies sell the rights to their customers' loans because they don’t have the capital or cash flow needed to service the loans. Retaining the rights to service these loans is evidence of the strength and stability of SecurityNational Mortgage Company as well as our commitment to serve our customers over the entire life of their loans.”
SecurityNational Mortgage is approved by the U.S. Department of Housing and Urban Development (HUD), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and other secondary market investors, to originate a variety of residential mortgage loan products. The Company uses internal and external funding sources to fund mortgage loans.
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 risks and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
For Further Information Contact: Brian Nelsen
or Garrett S. Sill
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
(Telephone) (801) 264-1060
(Fax) (801) 265-9882
Website: www.securitynational.com