SECURITY NATIONAL FINANCIAL CORP 10-K

Item 1. Business Security National Financial Corporation (the “Company”) operates in three reportable business segments: life insurance, cemetery and mortuary, and mortgages. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products, and accident and health insurance. These products are marketed in 40 states through a commissioned sales force of independent licensed insurance agents who may also sell insurance products of other companies. The cemetery and mortuary segment consists of eight mortuaries and five cemeteries in the state of Utah, one cemetery in the state of California, and one cemetery and four mortuaries in the state of New Mexico. The Company also engages in pre-need selling of funeral, cemetery, mortuary, and cremation services through its Utah, California and New Mexico operations. Many of the insurance agents also sell pre-need funeral, cemetery, and cremation services. The mortgage segment originates and underwrites or otherwise purchases residential and commercial loans for new construction, existing homes, and other real estate projects. The mortgage segment operates through 113 retail offices in 23 states, and is an approved mortgage lender in several other states. The Company’s design and structure are that each business segment is related to the other business segments and contributes to the profitability of the other segments. The Company’s cemetery and mortuary segment provides a level of public awareness that assists in the sales and marketing of insurance and pre-need cemetery and funeral products. The Company’s insurance segment invests their assets (including, in part, pre-need funeral products and services) in investments authorized by the respective insurance departments of their states of domicile. The Company also pursues growth through acquisitions. The Company’s mortgage segment provides mortgage loans and other real estate investment opportunities. The Company was organized as a holding company in 1979 when Security National Life Insurance Company (“Security National Life”) became a wholly owned subsidiary of the Company and the former stockholders of Security National Life became stockholders of the Company. Security National Life was formed in 1965 and has acquired or purchased significant blocks of business which include Capital Investors Life Insurance Company (1994), Civil Service Employees Life Insurance Company (1995), Southern Security Life Insurance Company (1998), Menlo Life Insurance Company (1999), Acadian Life Insurance Company (2002), Paramount Security Life Insurance Company (2004), Memorial Insurance Company of America (2005), Capital Reserve Life Insurance Company (2007), Southern Security Life Insurance Company, Inc. (2008), North America Life Insurance Company (2011, 2015), Trans-Western Life Insurance Company (2012), Mothe Life Insurance Company (2012), DLE Life Insurance Company (2012), American Republic Insurance Company (2015), First Guaranty Insurance Company (2016), and Kilpatrick Life Insurance Company (2019). In August 2021, the Company sold Memorial Insurance Company of America. The cemetery and mortuary operations have also grown through the acquisition of other cemetery and mortuary companies. The cemetery and mortuary companies that the Company has acquired are Holladay Memorial Park, Inc. (1991), Cottonwood Mortuary, Inc. (1991), Deseret Memorial, Inc. (1991), Probst Family Funerals and Cremations L.L.C. (2019), Heber Valley Funeral Home, Inc. (2019), Rivera Funerals, Cremations and Memorial Gardens (2021), and Holbrook Mortuary (2021). In 1993, the Company formed SecurityNational Mortgage Company (“SecurityNational Mortgage”) to originate and refinance residential mortgage loans. In 2012, the Company formed Green Street Mortgage Services, Inc. (now known as EverLEND Mortgage Company) (“EverLEND Mortgage”) also to originate and refinance residential mortgage loans. In December 2021, the Company ceased operations in EverLEND Mortgage and merged its operations into SecurityNational Mortgage. See Note 15 of the Notes to Consolidated Financial Statements for additional information regarding business segments of the Company. 3 Life Insurance Products The Company, through Security National Life, First Guaranty Insurance Company (“First Guaranty”), and Kilpatrick Life Insurance Company (“Kilpatrick”), issues and distributes selected lines of life insurance and annuities. The Company’s life insurance business includes funeral plans and interest-sensitive life insurance, as well as other traditional life, accident, and health insurance products. The Company places specific marketing emphasis on funeral plans through pre-need planning. The Company’s insurance subsidiaries, Southern Security Life Insurance Company, Inc. (“Southern Security”) and Trans-Western Life Insurance Company (“Trans-Western”), do not actively write policies, but service and maintain policies that were purchased prior to their acquisition by Security National Life. A funeral plan is a small face value life insurance policy that generally has face coverage of up to $30,000. The Company believes that funeral plans represent a marketing niche that has lower competition because most insurance companies do not offer similar coverage. The purpose of the funeral plan policy is to pay the costs and expenses incurred at the time of a person’s death. On a per thousand-dollar cost of insurance basis, these policies can be more expensive to the policyholder than many types of non-burial insurance due to their low face amount, requiring the fixed cost of the policy administration to be distributed over a smaller policy size, and the simplified underwriting practices that result in higher mortality costs. Markets and Distribution The Company is licensed to sell insurance in 40 states. The Company, in marketing its life insurance products, seeks to locate, develop and service specific niche markets. The Company’s funeral plan policies are sold primarily to persons who range in age from 45 to 85 and have low to moderate income. A majority of the Company’s funeral plan premiums come from the states of Arkansas, California, Florida, Georgia, Louisiana, Mississippi, Texas, and Utah. The Company sells its life insurance products through direct agents, brokers, and independent licensed agents who may also sell insurance products of other companies. The commissions on life insurance products range from approximately 50% to 120% of first year premiums. In those cases, where the Company utilizes its direct agents in selling such policies, those agents customarily receive advances against future commissions. In some instances, funeral plan insurance is marketed in conjunction with the Company’s cemetery and mortuary sales force. When it is marketed by that group, the beneficiary is usually the Company’s cemeteries and mortuaries. Thus, death benefits that become payable under the policy are paid to the Company’s cemetery and mortuary subsidiaries to the extent of services performed and products purchased. In marketing funeral plan insurance, the Company also seeks and obtains third-party endorsements from other cemeteries and mortuaries within its marketing areas. Typically, these cemeteries and mortuaries will provide letters of endorsement and may share in mailing and other lead-generating costs since these businesses are usually made the beneficiary of the policy. The following table summarizes the life insurance business for the five years ended December 31, 2021: 2021 2020 2019 2018 2017 Life Insurance Policy/Cert Count as of December 31 653,450 659,237 669,064 (1) 531,831 533,065 Insurance in force as of December 31 (omitted 000) $ 2,863,759 $ 2,890,791 $ 2,877,402 (1) $ 1,838,488 $ 1,759,148 Premiums Collected (omitted 000) $ 99,006 $ 92,058 $ 78,253 (1) $ 74,965 $ 69,565 (1) Includes the acquisition of Kilpatrick 4 Underwriting The factors considered in evaluating an application for ordinary life insurance coverage can include the applicant’s age, occupation, general health, and medical history. Upon receipt of a satisfactory (non-funeral plan insurance) application, which contains pertinent medical questions, the Company issues insurance based upon its medical limits and requirements subject to the following general non-medical limits: Age Nearest Birthday Non-Medical Limits 0-50 $100,000 51-up Medical information required (APS or exam) When underwriting life insurance, the Company will sometimes issue policies with higher premium rates for substandard risks. The Company’s funeral plan insurance is written on a simplified medical application with underwriting requirements being a completed application, a phone interview of the applicant, and an intelliscript prescription history inquiry. There are several underwriting classes in which an applicant can be placed. Annuities Products The Company’s annuity business includes single premium deferred annuities, flexible premium deferred annuities, and immediate annuities. A single premium deferred annuity is a contract where the individual remits a sum of money to the Company, which is retained on deposit until such time as the individual may wish to annuitize or surrender the contract for cash. A flexible premium deferred annuity gives the contract holder the right to make premium payments of varying amounts or to make no further premium payments after his initial payment. These single and flexible premium deferred annuities can have initial surrender charges. The surrender charges act as a deterrent to individuals who may wish to prematurely surrender their annuity contracts. An immediate annuity is a contract in which the individual remits a sum of money to the Company in return for the Company’s obligation to pay a series of payments on a periodic basis over a designated period of time, such as an individual’s life, or for such other period as may be designated. Annuities have guaranteed interest rates that range from 1% to 6.5% per annum. Rates above the guaranteed interest rate credited are periodically modified by the Board of Directors at its discretion. In order for the Company to realize a profit on an annuity product, the Company must maintain an interest rate spread between its investment income and the interest rate credited to the annuities. Commissions, issuance expenses, and general and administrative expenses are deducted from this interest rate spread. Markets and Distribution The general market for the Company’s annuities is middle to older age individuals. A major source of annuity sales come from direct agents and are sold in conjunction with other insurance sales. If an individual does not qualify for a funeral plan, the agent will often sell that individual an annuity to fund final expenses. The following table summarizes the annuity business for the five years ended December 31, 2021: 2021 2020 2019 2018 2017 Annuities Policy/Cert Count as of December 31 24,901 25,476 26,565 (1) 22,313 22,729 Deposits Collected (omitted 000) $ 9,719 $ 9,637 $ 10,400 (1) $ 9,644 $ 10,353 (1) Includes the acquisition of Kilpatrick 5 Accident and Health Products Through its various acquisitions, the Company occasionally acquires small blocks of accident and health policies, which it continues to service. The Company offers a low-cost comprehensive diver’s accident policy that provides worldwide coverage for medical expense reimbursement in the event of a diving accident. Markets and Distribution The Company currently markets its diver’s accident policies through the internet. The following table summarizes the accident and health insurance business for the five years ended December 31, 2021: 2021 2020 2019 2018 2017 Accident and Health Policy/Cert Count as of December 31 12,494 13,735 15,133 (1) 3,763 4,069 Premiums Collected (omitted 000) $ 353 $ 296 $ 110 (1) $ 98 $ 104 (1) Includes the acquisition of Kilpatrick Reinsurance The primary purpose of reinsurance is to enable an insurance company to issue an insurance policy in an amount larger than the risk the insurance company is willing to assume for itself. The insurance company remains obligated for the amounts reinsured (ceded) in the event the reinsurers do not meet their obligations. The Company currently cedes and assumes certain risks with various authorized unaffiliated reinsurers pursuant to reinsurance treaties, which are generally renewed annually. The premiums paid by the Company are based on a number of factors, primarily including the age of the insured and the risk ceded to the reinsurer. It is the Company’s policy to retain no more than $100,000 of ordinary insurance per insured life, with the excess risk being reinsured. The total amount of life insurance reinsured by other companies as of December 31, 2021, was $364,471,000, which represented approximately 12.7% of the Company’s life insurance in force on that date. See “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and “Notes to Consolidated Financial Statements” for additional disclosure and discussion regarding reinsurance. Investments The investments that support the Company’s life insurance and annuity obligations are determined by the investment committees of the Company’s subsidiaries and ratified by the full boards of directors of the respective subsidiaries. A significant portion of the Company’s investments must meet statutory requirements governing the nature and quality of permitted investments by its insurance subsidiaries. The Company maintains a diversified investment portfolio consisting of common stocks, preferred stocks, municipal bonds, corporate bonds, mortgage loans, real estate, and other securities and investments. See “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and “Notes to Consolidated Financial Statements” for additional disclosure and discussion regarding investments. 6 Cemetery and Mortuary Products Through its cemetery and mortuary segment, the Company markets a variety of products and services both on a pre-need basis (prior to death) and an at-need basis (at the time of death). The products include: plots, interment vaults, mausoleum crypts, markers, caskets, urns and other death care related products. These services include: professional services of funeral directors, opening and closing of graves, use of chapels and viewing rooms, and use of automobiles and clothing. The Company has a mortuary at each of its cemeteries, other than Holladay Memorial Park and Singing Hills Memorial Park, and has six separate stand-alone mortuary facilities. Markets and Distribution The Company’s pre-need cemetery and mortuary sales are marketed to persons of all ages but are generally purchased by persons 45 years of age and older. The Company is limited in its geographic distribution of these products to areas lying within an approximate 20-mile radius of its mortuaries and cemeteries. The Company’s at-need sales are similarly limited in geographic area. The Company actively seeks to sell its cemetery and funeral products to customers on a pre-need basis. The Company employs cemetery sales representatives on a commission basis to sell these products. Many of these pre-need cemetery and mortuary sales representatives are also licensed insurance salesmen and sell funeral plan insurance. In some instances, the Company’s cemetery and mortuary facilities are the named beneficiaries of the funeral plan policies. Potential customers are located via telephone sales prospecting, responses to letters mailed by the pre-planning consultants, newspaper inserts, referrals, and door-to-door canvassing. The Company trains its sales representatives and helps generate leads for them. Mortgage Loans Products The Company, through SecurityNational Mortgage is active in the residential real estate market. SecurityNational Mortgage is approved by the U.S. Department of Housing and Urban Development (HUD), the Federal National Mortgage Association (Fannie Mae), and other secondary market investors, to originate a variety of residential mortgage loan products, which are subsequently sold to investors. EverLEND Mortgage is also approved by the U.S. Department of Housing and Urban Development (HUD), and other secondary market investors, to originate a variety of residential mortgage loan products. The Company uses internal and external funding sources to fund mortgage loans. In December 2021, the Company ceased operations in EverLEND Mortgage and merged its operations into SecurityNational Mortgage. Security National Life originates and funds commercial real estate loans, residential construction loans, and land development loans for internal investment. Markets and Distribution The Company’s residential mortgage lending services are marketed primarily to real estate brokers, builders and directly with consumers. The Company has a strong retail origination presence in the Utah, Florida, Texas, Nevada and Arizona markets and is experiencing rapid growth with sales representatives in these and many other states across the country. See “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and “Notes to Consolidated Financial Statements” for additional disclosure and discussion regarding mortgage loans. 7 Recent Acquisitions and Other Business Activities Acquisitions Acquisition of Rivera Funerals, Cremations and Memorial Gardens On December 21, 2021, the Company, through Memorial Estates Inc., completed a business combination transaction with Rivera Funerals, Cremations and Memorial Gardens. The mortuaries and cemetery are located in New Mexico. Under the terms of the transaction, as set forth in the Asset Purchase Agreement, dated December 21, 2021, Memorial Estates Inc. paid a net purchase price of $10,693,395 for the business and assets of Rivera Funerals, Cremations and Memorial Gardens, subject to holdback amounts held by Memorial Estates, Inc. in the total amount of $1,120,000. Pursuant to the Asset Purchase Agreement, Memorial Estates, Inc. is to use $70,000 of the holdback amount to pay, perform and discharge when due, trade accounts payable of Rivera Funerals, Cremations and Memorial Gardens to third parties that remained unpaid. Unapplied portions of the remaining $1,050,000 holdback amount are to be released and paid by Memorial Estates Inc. in annual payments of up to $105,000 each, beginning on the first anniversary date of the closing date and continuing thereafter on the anniversary dates of the closing date. Acquisition of Holbrook Mortuary On December 28, 2021, the Company, through its wholly-owned subsidiary, Memorial Mortuary Inc., completed a business combination transaction with Holbrook Mortuary located in Salt Lake City, Utah. Under the terms of the transaction, as set forth in the Asset Purchase Agreement, dated December 28, 2021, Memorial Mortuary Inc. paid a net purchase price of $3,051,747 for the business and assets of Holbrook Mortuary. Real Estate Development The Company is capitalizing on the opportunity to develop commercial and residential assets on its existing properties. The cost to acquire existing for-sale assets currently exceeds the replacement costs, thus creating the opportunity for development and redevelopment of the land that the Company currently owns. The Company has developed, or is in the process of developing, assets that have an initial development cost exceeding $100,000,000, primarily relating to the Center53 Development. The Company plans to continue its development endeavors as based upon its assessment of the market demand. Center53 Development Center53 Development is an office development project comprising nearly 20 acres of land that is currently owned by the Company in the central valley of Salt Lake City. At final completion, the multi-year, phased development will create a campus atmosphere and include nearly one million square-feet of office space in five buildings, ranging from four to eleven stories, and will be serviced by three parking structures with about 4,000 stalls. In 2015, the Company broke ground and commenced development on the first phase which included a six-story building of nearly 200,000 square feet and a parking garage with 748 parking stalls. The first phase of the project was completed in July 2017 and is currently 100% leased. The second phase of the project began in March 2020 and includes a second six story building of nearly 221,000 square feet and a parking garage with approximately 870 stalls. The Company began its occupancy of a portion of the building in October 2021 and the remainder of the building has been leased, with occupancy planned for April 2022. The Company plans to initiate future phases of the Center53 Development for additional Class A office space in the central valley of Salt Lake City. Regulation The Company’s insurance subsidiaries are subject to comprehensive regulation in the jurisdictions in which they do business under statutes and regulations administered by state insurance commissioners. Such regulation relates to, among other things, prior approval of the acquisition of a controlling interest in an insurance company; standards of solvency which must be met and maintained; licensing of insurers and their agents; nature of and limitations on investments; deposits of securities for the benefit of policyholders; approval of policy forms and premium rates; periodic examinations of the affairs of insurance companies; annual and other reports required to be filed on the financial condition of insurers or for other purposes; and requirements regarding aggregate reserves for life policies and annuity contracts, policy claims, unearned premiums, and other matters. The Company’s insurance subsidiaries are subject to this type of regulation in any state in which they conduct relevant business. Such regulation may cause unforeseen costs and operational restrictions, and delay implementation of the Company’s business plans. 8 The Company’s life insurance subsidiaries are currently subject to regulation in Utah, Louisiana, Mississippi and Texas under insurance holding company legislation, and other states where applicable. Generally, intercompany transfers of assets and dividend payments from insurance subsidiaries are subject to prior notice of approval from the relevant state insurance department where, they are deemed “extraordinary” under relevant state law. The insurance subsidiaries are required, under state insurance laws, to file detailed annual reports with the supervisory agencies in each of the states in which they do business. Their business and accounts are also subject to examination by these agencies. The Company was notified in December 2020, that each of its life insurance subsidiaries had been selected for examination for the year ended December 31, 2020 and the periods since their last examinations. The Company was last examined in 2016 (First Guaranty Insurance), 2017 (Security National Life, Southern Security and Trans-Western) and 2019 (Kilpatrick Life). As of March 2022, the Utah, Mississippi and Texas insurance departments had completed their examination and provided final examination reports to the Company. The Texas Department of Banking also audits pre-need insurance policies that are issued in the state of Texas. Pre-need policies include the life and annuity products sold as the funding mechanism for funeral plans through funeral homes by Security National agents. The Company is required to send the Texas Department of Banking an annual report that summarizes the number of policies in force and the face amount or death benefit for each policy. This annual report is also required to indicate the number of new policies issued for that year, all death claims paid that year, and all premiums received. 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. The morticians must be licensed by the respective state in which they provide their services. Similarly, the mortuaries and cemeteries are governed and licensed by state statutes and city ordinances in Utah, California and New Mexico. The subsidiaries are required to keep annual reports on file including financial information concerning the number of spaces sold and, where applicable, funds provided to the Endowment Care Trust Fund. Licenses are issued annually on the basis of such reports. The cemeteries maintain city or county licenses where they conduct business. The Company’s mortgage subsidiaries are subject to the rules and regulations of the U.S. Department of Housing and Urban Development (HUD), and to various state licensing acts and regulations and the Consumer Financial Protection Bureau (CFPB). These regulations, among other things, specify minimum capital requirements and; procedures for loan origination and underwriting, licensing of brokers and loan officers and, quality review audits and specify the fees that can be charged to borrowers. Each year, the Company is required to have an audit completed for each mortgage subsidiary by an independent registered public accounting firm to verify compliance with the relevant regulations. In addition to the government regulations, the Company must meet loan requirements, and underwriting guidelines of various investors who purchase the loans. EverLEND Mortgage is not required to have an audit for 2021 since it ceased operations in December 2021. Income Taxes The Company’s insurance subsidiaries, Security National Life, First Guaranty and Kilpatrick, are taxed under the Life Insurance Company Tax Act of 1984. Under the act, life insurance companies are taxed at standard corporate rates on life insurance company taxable income. Life insurance company taxable income is gross income less general business deductions and reserves for future policyholder benefits (with modifications). Under The Tax Cuts and Jobs Act, December 31, 2017 policyholder surplus account balances result in taxable income over a period of eight years. Security National Life, First Guaranty and Kilpatrick calculate their life insurance taxable income after establishing a provision representing a portion of the costs of acquisition of such life insurance business. The effect of the provision is that a certain percentage of the Company’s premium income is characterized as deferred expenses and recognized over a five or ten-year period. The Tax Act changed this recognition period for amounts deferred after December 31, 2017 to a five or fifteen-year period. 9 The Company’s non-life insurance company subsidiaries are taxed in general under the regular corporate tax provisions. The Company’s subsidiaries Southern Security and Trans-Western are regulated as life insurance companies but do not meet the Internal Revenue Code definition of a life insurance company, so they are taxed as insurance companies other than life insurance companies. Competition The life insurance industry is highly competitive. There are approximately 800 legal reserve life insurance companies in business in the United States. These insurance companies differentiate themselves through marketing techniques, product features, price, and customer service. The Company’s insurance subsidiaries compete with a large number of insurance companies, many of which have greater financial resources, a longer business history, and more diversified line of insurance products than the Company. In addition, such companies generally have a larger sales force. Further, the Company competes with mutual insurance companies which may have a competitive advantage because all profits accrue to policyholders. Because the Company is smaller by industry standards and lacks broad diversification of risk, it may be more vulnerable to losses than larger, better-established companies. The Company believes that its policies and rates for the markets it serves are generally competitive. The cemetery and mortuary industry is also highly competitive. In the Utah, California and New Mexico markets where the Company competes, there are a number of cemeteries and mortuaries which have longer business histories, more established positions in the community, and stronger financial positions than the Company. In addition, some of the cemeteries with which the Company must compete for sales are owned by municipalities and, as a result, can offer lower prices than can the Company. The Company bears the cost of a pre-need sales program that is not incurred by those competitors which do not have a pre-need sales force. The Company believes that its products and prices are generally competitive with those in the industry. The mortgage industry is highly competitive with a large number of mortgage companies and banks in the same geographic area in which the Company is operating. The mortgage industry in general is sensitive to changes in interest rates and the refinancing market is particularly vulnerable to changes in interest rates. Human Capital Management As of December 31, 2021, the Company employed 1,619 full-time and 114 part-time employees. Of the full-time employees, 1,118 were employed by the mortgage segment, 384 by the life insurance segment, and 116 by the cemetery and mortuary segment. The Company requires monthly acknowledgement of its anti-discrimination and anti-harassment policies and communicates to its employees how to report concerns that relate to their employment experience. Employee Benefits All eligible employees may elect coverage under the Company’s group health (including health savings and flexible spending), retirement, supplemental life and voluntary benefit programs. As of December 31, 2021, 878 employees had elected to participate in the Company’s group health insurance plans. The Company has an employee safe harbor retirement plan that qualifies under section 401(k) of the Internal Revenue Code and contributes a matching contribution based on the employee’s contribution and years of service. The Company provides other time off benefits such as paid sick and paid vacation time. The Company provides discounts on pre-need and death benefits to tenured employees. Additionally, the Company offers an employee assistance program that provides 24/7 counseling services for employees who may be facing challenges outside of the workplace. Item 1A. Risk Factors As a smaller reporting company, the Company is not required to provide information typically disclosed under this item. 10 Item 1B. Unresolved Staff Comments As a smaller reporting company, the Company is not required to provide information typically disclosed under this item. Item 2. Properties The following tables set forth the location of the Company’s office facilities and certain other information relating to these properties. Street City State Function Owned / Leased Approximate Square Footage Lease Amount Expiration 433 W. Ascension Way Salt Lake City UT Corporate Headquarters, Insurance Operations, Cemetery and Mortuary Operations, Mortgage Operations and Sales Owned 221,000 N/A N/A 1044 River Oaks Dr. Flowood MS Insurance Operations Owned 5,522 N/A N/A 1818 Marshall St. Shreveport LA Insurance Operations Owned 12,274 N/A N/A 812 Sheppard St. Minden LA Insurance Sales Owned 1,560 N/A N/A 909 Foisy Ave. Alexandria LA Insurance Sales Owned 8,059 N/A N/A 1550 N. Third St. Jena LA Insurance Sales Owned 1,737 N/A N/A 1 Sanctuary Blvd. Suite 302A Mandeville LA Insurance Sales Leased 1,335 $ 2,262 / mo 6/30/2023 79 E. Main Street Midway UT Funeral Service Sales Leased 4,476 $ 5,410 / mo 10/31/2022 4387 S. 500 W. Salt Lake City UT Funeral Service Sales Leased 2,168 $ 1,786 / mo 7/31/2025 1627A Central Ave. Los Alamos NM Funeral Service Sales Leased 1,400 $ 1,600 / mo 12/30/2024 200 Market Way Rainbow City AL Fast Funding Operations Leased 12,850 $ 10,490 / mo 1/31/2025 1819 S. Dobson Rd., Suite 202 Mesa AZ Mortgage Sales Leased 890 $ 1,038 / mo 7/31/2022 1819 S. Dobson Rd., Suite 203 Mesa AZ Mortgage Sales Leased 1,507 $ 1,682 / mo 7/31/2022 17015 N. Scottsdale Rd., Suite 125 Scottsdale AZ Mortgage Sales Leased 6,070 $ 7,327 / mo 7/31/2023 4725 N. 19th Ave. Phoenix AZ Mortgage Sales Leased 1,480 $ 1,700 / mo month to month 5100 N. 99th Ave., Suite 101 Phoenix AZ Mortgage Sales Sub-Leased 3,940 $ 3,369 / mo month to month 5100 N. 99th Ave., Suite 111 Phoenix AZ Mortgage Sales Sub-Leased 720 $ 1,023 / mo 8/31/2022 10609 N. Hayden Rd., Suite 100 Scottsdale AZ Mortgage Sales Leased 3,585 $ 8,650 / mo month to month 2828 N. Central Ave., Suite 1100A Phoenix AZ Mortgage Sales Sub-Leased 1,691 $ 4,859 / mo month to month 2636 Hwy 95, Suite 2 Bullhead City AZ Mortgage Sales Leased 1,000 $ 1,250 / mo month to month 1490 S. Price Road, Suite 318 Chandler AZ Mortgage Sales Leased 1,600 $ 3,050 / mo 8/31/2022 1951 W. Camelback Rd., Suite 200 Phoenix AZ Mortgage Sales Leased 2,446 $ 2,567 / mo month to month 2436 E. 4th St., Suite 920 Long Beach CA Mortgage Sales Leased 100 $ 100 / mo month to month 40977 Oak Dr. Forest Falls CA Mortgage Sales Leased 250 $ - / mo month to month 2934 E. Garvey Ave. South, Suite 250 West Covina CA Mortgage Sales Leased 500 $ 712 / mo month to month 573 Chouinard Cir. Claremont CA Mortgage Sales Leased 100 $ 50 / mo month to month 7398 Fox Trail Unit B Yucca Valley CA Mortgage Sales Leased 900 $ 550 / mo month to month 26511 Silver Spring Lake Forest CA Mortgage Sales Leased 100 $ 50 / mo month to month 2325 El Empino La Habra Heights CA Mortgage Sales Leased 100 $ 50 / mo month to month 445 W. University Ave., Apt. A San Deigo CA Mortgage Sales Leased 120 $ - / mo 1/13/2022 7315 Shady Oak Dr. Downey CA Mortgage Sales Leased 100 $ 50 / mo month to month 1805 W. Ave. K Suite 113 Lancaster CA Mortgage Sales Leased 312 $ 850 / mo 1/31/2022 225 S. Grand Ave., Suite 1005 Los Angeles CA Mortgage Sales Leased 50 $ 50 / mo 1/13/2022 3247 W. March Ln., Suite 125 Stockton CA Mortgage Sales Leased 1,504 $ 3,504 / mo 11/30/2024 5001 E. Commercial Dr., Suite 285 Bakersfield CA Mortgage Sales Leased 985 $ 1,576 / mo 6/30/2024 155 S. Highway 101, Suite 7 Solana Beach CA Mortgage Sales Leased 2,000 $ 7,000 / mo 7/31/2026 36372 Canyon Terrace Dr. Yucaipa CA Mortgage Sales Leased 50 $ 50 / mo month to month 12821 War Horse St. San Deigo CA Mortgage Sales Leased 50 $ - / mo month to month 5475 Tech Center Dr., Suite 100 Colorado Springs CO Mortgage Sales Leased 3,424 $ 4,708 / mo 9/30/2023 27 Main St., Suite C-104B Edwards CO Mortgage Sales Leased 680 $ 1,600 / mo month to month 4501 Mohawk Dr. Larkspur CO Mortgage Sales Leased 250 $ 50 / mo month to month 7800 E. Union Ave., Suite 550 Denver CO Mortgage Sales Sub-Leased 4,656 $ 9,700 / mo 9/30/2022 19751 E. Main St., Suite 247 Parker CO Mortgage Sales Leased 1,403 $ 600 / mo 2/25/2022 5982 S. Zenos Ct. Larkspur CO Mortgage Sales Leased 50 $ - / mo month to month 1145 Town Park Ave., Suite 2215 Lake Mary FL Mortgage Sales Leased 5,901 $ 13,154 / mo 2/28/2023 8191 College Parkway, Suite 201 Ft Myers FL Mortgage Sales Leased 4,676 $ 4,165 / mo 8/21/2024 3180 Curlew Rd. Unit 107 Oldsmar FL Mortgage Sales Leased 1,705 $ 2,707 / mo 2/14/2023 8265 113th St., N. Seminole FL Mortgage Sales Leased 1,400 $ 1,692 / mo 8/31/2023 136 Parliament Loop Lake Mary FL Mortgage Sales Leased 1,527 $ 3,100 / mo 11/30/2022 2350 Fruitville Rd., Suite 101 Sarasota FL Mortgage Sales Leased 2,455 $ 4,499 / mo 3/14/2026 3956 Sunbeam Rd., Suite 1 Jacksonville FL Mortgage Sales Leased 200 $ - / mo month to month 11