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SecurityNational Mortgage Announces $250 Million Line of Credit

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-16

SALT LAKE CITY--(BUSINESS WIRE)--SecurityNational Mortgage Company, a wholly owned subsidiary of Security National Financial Corporation (Nasdaq: - ), announced today the renewal of a warehouse line of credit with Countrywide Warehouse Lending in the amount of $250,000,000. This credit facility is divided equally between a traditional warehousing structure and an early purchase facility. The Countrywide credit facility is in addition to a $200,000,000 facility with UBS that was renewed earlier this year.

"We are gratified by the renewal of these credit lines, especially in view of the turbulent times, as it shows the confidence the mortgage market has in our company," said Lynn Beckstead, president of SecurityNational Mortgage. "These, along with other credit facilities available to SecurityNational Mortgage, help to assure continuing strong and profitable operating performance in spite of the recent unprecedented disruptions in the mortgage industry."

SecurityNational Mortgage is continuing to negotiate other credit facilities in order to reduce its reliance on any individual source of funding. Founded in 1993, SecurityNational Mortgage offers a full line of residential mortgage products, both on a retail and wholesale basis through 24 offices across the United States.

In October 2007, SecurityNational Mortgage originated over $300,000,000 in new mortgage loans.

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