Security National Financial Corp.'s mortgage unit said Monday that it has renewed a $250 million warehouse financing package from Countrywide Financial Corp. to help pay operating expenses during the current market turmoil.
The package is divided equally between a traditional warehouse line and an early purchase facility, Security National Mortgage Co. said.
This year UBS AG renewed a $200 million credit facility to the Salt Lake City lender, which originated more than $300 million of mortgages last month.
Lynn Beckstead, the president of Security National Mortgage, said in a press release that the lender is "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."
Security National Mortgage said it is working with other warehouse lenders to further limit its reliance on any one source of funding.
