Mass Layoffs at Security National

Hank Sims / Wednesday, Jan. 2, 2013 @ 11:47 a.m. / Economy

The Lost Coast Outpost has learned from multiple sources that Security National Servicing Corp., the Eureka-based financial services company owned by the Arkley family, laid off a significant percentage of its workforce on Friday.

One person affected by the layoffs estimates that between 20 and 25 percent of the company’s workforce was let go. The layoffs affected both the company’s Eureka and Baton Rouge offices, the person said. Another person estimates that around 30 people were laid off, though it was unclear whether that figure referred to the company as a whole or the Eureka office alone. (UPDATE: An SN press release, below, says 16 positions total, 11 in Eureka.)

Security National owner Rob Arkley blanket-refused to comment to the Outpost last year, a prohibition we assume is still in effect.

UPDATE, 10:30 p.m.: Security National press release follows:

SN Servicing Corporation Announces Staff Reductions

EUREKA, Calif., January 2, 2013 – SN Servicing Corporation, a member of the Security National family of companies, announces today that it has reduced its workforce by 16 positions, including 11 employees in its Eureka headquarters.

The reduction in force reflects operating efficiencies achieved through investments in technology and a shift in the U.S. mortgage industry to more standardized, government-backed loans which can be effectively serviced by fewer staff.

“We are currently growing our portfolio of mortgages issued by FNMA”, said Joe DeDominicis, Chief Operating Officer. “With FNMA product, we are able to service a greater number of loans with fewer employees”

Security National has several operating subsidiaries that specialize in Insurance, Real Estate Investment, Mortgage Investments, and, during the past year, Servicing Mortgages insured by US Government Agencies.

“As our portfolio of Government-guaranteed mortgages continues to grow, we will need to add additional employees,” said DeDominicis.

Founded in 1987, SN Servicing Corporation specializes in providing distressed home owners flexible solutions and personalized service with the goal of keeping them in their homes. For more information on SN Servicing Corporation, visit our website www.snsc.com or e-mail bmitchell@snsc.com.

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