Current news for this company:
Security Mortgage Corporation - Agency, FHA
A number of people have reported that Security Mortgage Corporation may soon be going out of business. We spoke with a former employee who acknowledged "the owners are shutting it down." That source told us President Geoff Rooker and CEO Michael Yancey were splitting the company in two directions. Based on a link from Security Mortgage Corp's "Tips" page (view cached) Rooker appears to have aligned himself with CNN Mortgage (a branch and dba of LHM Mortgage also in Phoenix - view cached) where he is listed as President. Yancey will reportedly be leading a separate group to join Denver, CO consolidator W. J. Bradley. Neither Rooker or Yancey have returned our calls.
Security Mortgage Corporation was a Phoenix, AZ mortgage broker/lender whose average originations in 2006 exceeded $20 million per month. A source we spoke with indicated recent monthly volumes had been $25 million or more. We found this company profile that reads in part:
"In 2007 and 2006, Security Mortgage Corp. was ranked #4 as Arizona Business Journal's top mortgage broker/banker in the Arizona valley; as well as, being ranked #6 in 2006 and 2005. In 2007, SMC was also voted the 9th Best Place to work in Arizona by the Phoenix Business Journal."
In March of 2006, the company signed a Consent Order with the State of Arizona Department of Financial Institutions and agreed to pay a $75,000 fine. While admitting no liability, Security Mortgage Corp. and CEO Michael Yancey did not contest violations identified in the accompanying "Findings of Fact and Conclusions of Law" which determined an "absence of internal controls... resulted in at least ten (10) fraudulent transactions" facilitated by one loan officer among other issues.
The Scottsdale/Phoenix headquarters still appeared on Arizona's list of current licensees as of 2009-09-28 along with branch offices in Phoenix (Chandler) and Avondale (Glendale). The "About Us" page (view cached) on Security Mortgage Corp.'s site mentions a fourth branch in Arrowhead. Our source indicated the company had a total of approximately 150 employees.
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Important: This company is on our list of lending operations that are apparently ailing or which we think are worth watching for any other reason. We make no representation or claim that any company on this list will or will not continue as a going concern, or change in any other way, adverse or beneficial. If you have concerns about this company, we suggest contacting them directly and/or checking with other reliable sources.