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Security Mortgage Corporation - Agency, FHA

2009-10-08

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We've had additional tipsters write in to tell us Security Mortgage Corporation is no longer doing business. While neither CEO Michael Yancey or (former?) President Geoff Rooker have responded to our repeated inquiries, we were able to confirm with other sources that the corporate office in Chandler was vacated a couple of weeks ago and is available for new occupants. The Glendale office phone is no longer operable and the Scottsdale location, while the phones are still answered "Security Mortgage," acknowledged it was a CNN Mortgage branch which a third party confirmed as well. Rooker is now listed as "Vice President" on the CNN Mortgage site where he was briefly listed as "President" in error.

Original Ailing Listing - 2009-09-29: 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."

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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Comments:

AZMTGMAN at 13:56 2009-10-07 said:
Rumor has it they were done yesterday! Permalink

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.