SNFCA · CIK 318673
What Security National Financial Corp. told the SEC could break it.
Security National Financial's risks span its mix of mortgage lending and death-care businesses. Its mortgage book is geographically concentrated, with 57% of loans to Utah borrowers, so its credit performance leans heavily on that one state's economy — and that mortgage segment funds its originations on short-dated, SOFR-based warehouse lines (such as a $35 million facility maturing in August 2026), exposing it to refinancing and interest-rate risk. Its cemetery and mortuary subsidiaries, meanwhile, operate under the FTC's funeral-industry rules and state licensing of morticians and facilities in Utah, California and New Mexico.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- mortgage loan book concentrated in Utah (57%)medium
57% of the Company's mortgage loans are to borrowers located in Utah, leaving its credit performance heavily dependent on that single state's economy.
“As of December 31, 2025, the Company had 57 %, 7 %, 7 %, 7 %, and 6 % of its mortgage loans from borrowers located in the states of Utah, Florida, California, Texas, and Arizona, respectively.”
SEC filing →As of 2026
Liquidity & debt
- mortgage warehouse lines maturing 2026 (SOFR-based)medium
The mortgage segment funds originations on short-dated SOFR-based warehouse loan-purchase facilities (e.g. a $35M line maturing August 2026), exposing it to refinancing and rate risk.
“1 month SOFR rate plus 1.95 % loan purchase agreement with a warehouse line availability of $ 35,000,000 , matures August 2026.”
SEC filing →As of 2026
Regulatory & policy
- FTC funeral-industry rules and state funeral licensinglow
The cemetery/mortuary subsidiaries are subject to the FTC's comprehensive funeral-industry rules plus state licensing of morticians and facilities in Utah, California and New Mexico.
“The Company's cemetery and mortuary subsidiaries are subject to the Federal Trade Commission's comprehensive funeral industry rules and to state regulations in the various states where such operations are domiciled.”
SEC filing →As of 2026
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