UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events
Sale of Mortgage Servicing Rights
On October 31, 2022, Security National Financial Corporation, through its wholly owned subsidiary, SecurityNational Mortgage Company (“Security Mortgage”) sold certain of its mortgage loan servicing rights (“MSRs”) to PNC Bank, NA (“PNC”) for aggregate gross consideration of approximately $89.7 million. The MSRs related to mortgage loans previously originated by Security Mortgage in aggregate unpaid principal amount of approximately $7.05 billion. Substantially all of the consideration has been received by Security Mortgage, with the remainder subject to certain holdbacks during transfer of the MSRs.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SECURITY NATIONAL FINANCIAL CORPORATION | ||
| (Registrant) | ||
| Date: November 3, 2022 | By: | /s/ Scott M. Quist |
Scott M. Quist, Chairman, President | ||
| and Chief Executive Officer | ||
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