SALT LAKE CITY--(BUSINESS WIRE)--
SecurityNational Mortgage Company, a wholly owned subsidiary of Security
National Financial Corporation (NASDAQ: SNFCA), is pleased to announce
that it has completed all payment obligations under its settlement
agreement with Wells Fargo Bank, N.A. The original settlement agreement
was made on April 7, 2011 to resolve the claims and disputes between
Wells Fargo and SecurityNational Mortgage Company regarding certain
mortgage loans that Wells Fargo had purchased from SecurityNational
Mortgage.
On December 4, 2014, SecurityNational Mortgage and Wells Fargo entered
into an addendum to their settlement Agreement in which SecurityNational
Mortgage agreed to make a final payment to Wells Fargo by December 30,
2014. SecurityNational Mortgage made that final payment on December 29,
2014 from its loan loss reserve, thereby satisfying in full its payment
obligations under the settlement agreement.
J. Lynn Beckstead, President of SecurityNational Mortgage Company, said,
"Wells Fargo has been a very valuable business partner. The company is
proud that it has been able to satisfy its commitments to Wells Fargo
and to preserve this important relationship."
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
fax: 801-265-9882
www.securitynational.com
Source: Security National Financial Corporation
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