UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.

                                    FORM 10-Q

             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934




For Quarter Ended March 31, 2000             Commission File Number: 0-9341




                     SECURITY NATIONAL FINANCIAL CORPORATION
                            Exact Name of Registrant.




           UTAH                                       87-0345941
(State or other jurisdiction                   IRS Identification Number
of incorporation or organization)



5300 South 360 West, Salt Lake City, Utah              84123
Address of principal executive offices)             (Zip Code)




Registrant's telephone number, including Area Code     (801) 264-1060




Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                              YES  XX         NO


Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.



Class A Common Stock, $2.00 par value                   3,689,737
         Title of Class                      Number of Shares Outstanding as of
                                                    March 31, 2000


Class C Common Stock, $.20 par value                    5,489,872
         Title of Class                     Number of Shares Outstanding as of
                                                    March 31, 2000
<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                                    FORM 10Q

                          QUARTER ENDED MARCH 31, 2000

                                TABLE OF CONTENTS


                         PART I - FINANCIAL INFORMATION



Item 1 Financial Statements                                      Page No.

         Consolidated Statements of Earnings - Three months
         ended March 31, 2000 and 1999..............................3

         Consolidated Balance Sheets - March 31, 2000
         and December 31, 1999....................................4-5

         Consolidated Statements of Cash Flows -
         Three months ended March 31, 2000 and 1999.................6

         Notes to Consolidated Financial Statements...............7-9


Item 2   Management's Discussion and Analysis.....................9-11

Item 3   Quantitative and Qualitative Disclosure
         of Market Risk.............................................11

                           PART II - OTHER INFORMATION

            Other Information....................................12-13

            Signature Page..........................................14

                                        2
<PAGE>

                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF EARNINGS
                                   (Unaudited)

                                                   Three Months Ended March 31,
                                                       2000              1999
Revenues:
Insurance premiums and
   other considerations                           $  3,393,774      $  3,349,416
Net investment income                                2,803,749         2,541,565
Net mortuary and cemetery sales                      2,695,021         2,355,618
Realized gains on investments
   and other assets                                     32,725           169,693
Mortgage fee income                                  4,641,211         3,101,402
Other                                                   52,486            36,920
                                                  ------------       -----------
   Total revenue                                    13,618,966        11,554,614

Benefits and expenses:
Death benefits                                       1,190,036           990,810
Surrenders and other policy benefits                   594,076           384,945
Increase in future policy benefits                   1,347,708         1,670,373
Amortization of deferred policy
   acquisition costs and cost of
   insurance acquired                                1,121,029         1,304,553
General and administrative expenses:
   Commissions                                       3,770,448         2,426,101
   Salaries                                          1,939,850         1,790,153
   Other                                             2,231,696         1,943,659
Interest expense                                       332,838           261,262
Cost of goods and services sold
  of the mortuaries and cemeteries                     846,209           736,831
                                                   -----------       -----------
   Total benefits and expenses                      13,373,890        11,508,687

Earnings before income taxes                           245,076            45,927
Income tax expense                                     (59,062)           11,981
Minority interest income
   of subsidiary                                       (18,808)           31,119
                                                  ------------      ------------
      Net earnings                                $    167,206      $     89,027
                                                  ============      ============
Net earnings per common share                     $       0.04      $       0.02
                                                  ============      ============
   Weighted average outstanding
      common shares                                  4,308,119         4,463,094

Net earnings per common
   share-assuming dilution                        $       0.04      $       0.02
                                                  ============      ============
   Weighted average outstanding
      common shares assuming-dilution                4,308,119         4,463,094
















See accompanying notes to consolidated financial statements.

                                        3
<PAGE>

                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS



                                               March 31, 2000      December 31,
                                                 (Unaudited)          1999
Assets:                                        ---------------     ------------
------
Insurance-related investments:
Fixed maturity securities held
   to maturity, at amortized cost              $  43,444,418      $  39,629,851
Fixed maturity securities available
   for sale, at market                            22,973,864         24,119,190
Equity securities available for sale,
   at market                                       5,707,929          5,745,213
Mortgage loans on real estate                     17,813,721         18,926,628
Real estate, net of accumulated
   depreciation                                    8,323,187          7,629,952
Policy, student and other loans                   11,314,209         11,607,993
Short-term investments                               532,014          1,290,310
                                               -------------      -------------
      Total insurance-related
         investments                             110,109,342        108,949,137
Restricted assets
   of cemeteries and mortuaries                    4,382,805          4,258,987
Cash                                               5,605,282         12,422,864
Receivables:
   Trade contracts                                 4,721,176          4,232,030
   Mortgage loans sold to investors               24,878,504         29,071,913
   Receivable from agents                          2,232,216          2,272,624
   Receivable from officers                          116,600            118,400
   Other                                           4,068,653          3,847,079
                                                ------------       ------------
      Total receivables                           36,017,149         39,542,046
   Allowance for doubtful accounts                (1,515,426)        (1,467,954)
                                                ------------       ------------
   Net receivables                                34,501,723         38,074,092
Policyholder accounts on deposit
   with reinsurer                                  7,706,844          7,806,866
Land and improvements held for sale                8,525,063          8,522,687
Accrued investment income                          1,749,865          1,493,013
Deferred policy acquisition costs                 10,818,080         10,630,086
Property, plant and equipment, net                10,563,210         10,566,508
Cost of insurance acquired                         9,354,255          9,597,306
Excess of cost over net assets
   of acquired subsidiaries                        1,277,940          1,305,333
Other                                                772,846            671,558
                                               -------------      -------------
      Total assets                             $ 205,367,255      $ 214,298,437
                                               =============      =============




















See accompanying notes to consolidated financial statements.

                                        4
<PAGE>

                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEETS (Continued)


                                                March 31, 2000     December 31,
                                                  (Unaudited)         1999
Liabilities:                                    ---------------    ------------
-----------
Future life, annuity, and other
   policy benefits                              $ 139,094,555     $ 138,501,316
Unearned premium reserve                            1,627,852         1,866,523
Line of credit for financing
   of mortgage loans                                  100,000         8,687,023
Bank loans payable                                 10,635,726        10,768,098
Notes and contracts payable                         3,841,988         3,885,684
Estimated future costs of
   pre-need sales                                   6,897,954         6,817,685
Accounts payable                                      778,956           804,133
Funds held under reinsurance
   treaties                                         1,463,957         1,475,512
Other liabilities and
   accrued expenses                                 3,563,962         3,219,166
Income taxes                                        5,650,169         5,736,860
                                                 ------------      ------------
      Total liabilities                           173,655,119       181,762,000

Minority interest                                   6,009,193         6,046,744

Stockholders' Equity:
Common stock:
      Class A: $2 par value,
         authorized 10,000,000
         shares, issued 4,864,082
         shares in 2000 and 4,863,731
         shares in 1999                             9,728,164         9,727,462
      Class C: $0.20 par value,
         authorized 7,500,000 shares,
         issued 5,551,851 shares in
         2000 and 5,555,350 shares
         in 1999                                    1,110,370         1,111,070
                                                 ------------      ------------
Total common stock                                 10,838,534        10,838,532
Additional paid-in capital                         10,015,940        10,015,942
Accumulated other comprehensive
   income, net of deferred taxes                      526,856           665,691
Retained earnings                                   7,683,846         7,516,640
Treasury stock at cost (1,174,345
      Class A shares and 61,979 Class C
      shares in 2000; 966,139 Class A
      shares and 61,979 Class C shares
      in 1999 held by affiliated
      companies)                                   (3,362,233)       (2,547,112)
                                                -------------     -------------
Total stockholders' equity                         25,702,943        26,489,693
                                                -------------     -------------
   Total liabilities and
      stockholders' equity                      $ 205,367,255     $ 214,298,437
                                                =============     =============














See accompanying notes to consolidated financial statements.

                                       5
<PAGE>

                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)



                                                  Three Months Ended March 31,
                                                       2000             1999
                                                  -----------------------------
Cash flows from operating activities:
      Net cash provided by (used in)
         operating activities                      $  5,440,144    $  2,800,657
                                                   ------------    ------------
Cash flows from investing activities:
   Securities held to maturity:
      Purchase - fixed maturity securities           (4,798,597)           --
      Calls and maturities - fixed
        maturity securities                           1,003,108       2,269,641
   Securities available for sale:
      Purchases - equity securities                     (64,650)        (87,979)
      Calls and maturities - fixed
         maturity securities                          1,052,940            --
   Purchases of short-term investments               (1,280,889)     (4,333,270)
   Sales of short-term investments                    2,039,185       9,653,051
   Purchases of restricted assets                      (123,818)        (85,159)
   Mortgage, policy, and other loans made            (1,661,439)     (1,897,705)
   Payments received for mortgage,
     policy, and other loans                          3,064,888       1,073,459
   Purchases of property, plant,
      and equipment                                    (190,342)       (187,740)
   Purchases of real estate                            (781,311)        179,343
   Disposal of property, plant
      and equipment                                      (3,175)       (229,166)
                                                   ------------    ------------
          Net cash provided by
             (used in) investing activities          (1,744,100)      6,354,475
                                                   ------------    ------------
Cash flows from financing activities:
   Annuity receipts                                   2,366,519       2,359,009
   Annuity withdrawals                               (3,301,933)     (3,661,570)
   Repayment of bank loans and
      notes and contracts payable                      (176,068)     (4,543,429)
   Net change in line of credit
      for financing of mortgage loans                (8,587,023)     (5,880,035)
   Purchase of treasury stock                          (815,121)           --
                                                   ------------    ------------
   Net cash (used in) provided by
      financing activities                          (10,513,626)    (11,726,025)
                                                   ------------    ------------
Net change in cash                                   (6,817,582)     (2,570,893)

Cash at beginning of period                          12,422,864       6,670,996
                                                   ------------    ------------
Cash at end of period                              $  5,605,282    $  4,100,103
                                                   ============    ============














See accompanying notes to consolidated financial statements.

                                        6
<PAGE>

            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2000
                                   (Unaudited)

1.  Basis of Presentation

The accompanying  unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been included.  Operating results for the three months ended March 31, 2000, are
not  necessarily  indicative  of the results  that may be expected  for the year
ending  December 31, 2000. For further  information,  refer to the  consolidated
financial statements and footnotes thereto for the year ended December 31, 1999,
included in the Company's Annual Report on Form 10-K (file number 0-9341).

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.

The estimates  susceptible to  significant  change are those used in determining
the liability for future policy  benefits and claims,  those used in determining
valuation  allowances  for  mortgage  loans on real  estate,  and those  used in
determining  the  estimated  future  costs for  pre-need  sales.  Although  some
variability  is inherent in these  estimates,  management  believes  the amounts
provided are adequate.

2.   Comprehensive Income

For the three months ended March 31, 2000 and 1999, total  comprehensive  income
(loss) amounted to $28,371 and $(89,689), respectively.

3.   Capital Stock

In  accordance  with SFAS 128, the basic and diluted  earnings per share amounts
were calculated as follows:

                                                   Three Months Ended March 31,
                                                         2000          1999
Numerator:
      Net income                                      $  167,206   $   89,027
                                                      ==========   ==========
Denominator:
      Denominator for basic
        earnings per share--
        weighted-average shares                        4,308,119      4,463,094

     Effect of dilutive securities:
        Employee stock options
        Stock appreciation rights                           --           --
                                                       ----------    ----------
      Dilutive potential
        common shares                                       --           --
                                                       ----------    ----------
      Denominator for diluted earnings
        per share-adjusted weighted-
        average shares and assumed
        conversions                                    4,308,119    4,463,094
                                                      ==========   ==========
      Basic earnings per share                        $     0.04   $     0.02
                                                      ==========   ==========
      Diluted earnings per share                      $     0.04   $     0.02
                                                      ==========   ==========

There are no dilutive effects on net income for purpose of this calculation.

                                        7
<PAGE>

<TABLE>
<CAPTION>


4.  Business Segment
    ----------------
                                          Life           Cemetery/                                   Reconciling
                                        Insurance        Mortuary        Mortgage       Corporate        Items        Consolidated
                                    ---------------    ------------     ----------     -----------   ------------    -------------
<S>                                 <C>            <C>             <C>              <C>             <C>             <C>
For the Three Months Ended
   March 31, 2000
      Revenues from
             external customers     $   5,553,505  $   2,877,374   $   5,188,066    $          21   $        --      $  13,618,966

      Intersegment revenues               696,799           --              --            962,426      (1,659,225)            --

      Segment profit                      (23,205)        64,444         (86,344)         290,181            --            245,076

      Identifiable assets             195,084,873     34,647,782       2,884,834        2,851,354     (30,101,588)     205,367,255

For the Three Months Ended
   March 31, 1999
      Revenues from external
             customers              $   5,609,486  $   2,543,302   $   3,393,470    $       8,356   $        --      $  11,554,614

      Intersegment revenues               482,687           --              --            957,851      (1,440,538)            --

      Segment profit                     (177,014)        53,326        (136,479)         306,094            --             45,927

      Identifiable assets             181,740,571     33,509,562       3,394,944        3,029,159     (20,048,482)
                                                                                                                         201,625,754
</TABLE>

                                        8
<PAGE>

5.   Acquisition of Southern Security Life Insurance Company

On December 17, 1998,  the Company  purchased all of the  outstanding  shares of
common stock of Consolidare Enterprises,  Inc. ("Consolidare") which owned 57.4%
of the  outstanding  shares of common stock of Southern  Security Life Insurance
Company ("Southern  Security").  Since then the Company has purchased 265,770 of
additional shares of Southern Security and owns 71% of the outstanding shares.

Item 2.  Management's Discussion and Analysis

Overview

The Company's  operations  over the last several years  generally  reflect three
trends or events which the Company expects to continue:  (i) increased attention
to "niche" insurance  products,  such as the Company's funeral plan policies and
interest  sensitive  products;  (ii) emphasis on cemetery and mortuary business;
and (iii)  capitalizing  on the strong  economy in the western  United States by
originating and refinancing mortgage loans.

Results of Operations

First Quarter of 2000 Compared to First Quarter of 1999

Total revenues  increased by $2,064,000,  or 17.9%, to $13,619,000 for the three
months ended March 31, 2000,  from  $11,555,000 for the three months ended March
31,  1999.  Contributing  to this  increase in total  revenues  was a $1,540,000
increase  in mortgage  fee  income,  a $339,000  increase  in net  mortuary  and
cemetery   sales,   a  $44,000   increase  in   insurance   premiums  and  other
considerations, and a $262,000 increase in net investment income.

Insurance premiums and other  considerations  increased by $44,000,  or 1.3%, to
$3,394,000  for the three months ended March 31, 2000,  from  $3,350,000 for the
comparable period in 1999. This increase was primarily due to an increase in new
business.

Net investment  income  increased by $262,000,  or 10.3%,  to $2,804,000 for the
three months ended March 31, 2000, from $2,542,000 for the comparable  period in
1999.  This  increase  was  attributable  to a  higher  yield  on the  Company's
investments.

Net mortuary and cemetery sales  increased by $339,000,  or 14.4%, to $2,695,000
for the three months ended March 31, 2000,  from  $2,356,000  for the comparable
period in 1999. This increase was the result of additional  pre-need and at-need
sales.

Mortgage fee income  increased by  $1,540,000,  or 49.7%,  to $4,641,000 for the
three months ended March 31, 2000, from $3,101,000 for the comparable  period in
1999. This increase was primarily  attributable to more loan originations during
the first  quarter of 2000 due to the  expansion of business  activities  in new
geographic markets.

Total benefits and expenses were  $13,374,000 or 98.2% of total revenues for the
three months ended March 31, 2000, as compared to  $11,509,000 or 99.6% of total
revenues for the comparable period in 1999.

Death  benefits,  surrenders and other policy  benefits,  and increase in future
policy benefits increased by an aggregate of $86,000, or 2.8%, to $3,132,000 for
the three months ended March 31, 2000, from $3,046,000 for the comparable period
in 1999. This increase was primarily the result of additional policies in force.

Amortization of deferred policy acquisition costs and cost of insurance acquired
decreased by $184,000,  or 14.1%, to $1,121,000 for the three months ended March
31, 2000, from  $1,305,000 for the comparable  period in 1999. This decrease was
in line with actuarial assumptions.

General and  administrative  expenses  increased  by  $1,782,000,  or 28.9%,  to
$7,942,000  for the three months ended March 31, 2000,  from  $6,160,000 for the
comparable period in 1999. This increase  primarily resulted from an increase in
commissions  and other  expenses due to additional  mortgage  loan  originations
having been made by the Company's  mortgage  subsidiary during the first quarter
of 2000 on account of the expansion of its business activities in new geographic
markets.

                                        9
<PAGE>

Interest  expense  increased  by $72,000,  or 27.6%,  to $333,000  for the three
months ended March 31, 2000,  from $261,000 for the  comparable  period in 1999.
This increase was primarily due to additional warehouse lines of credit required
for  the  additional  mortgage  loan  originations  by  the  Company's  mortgage
subsidiary.

Cost of mortuaries and cemeteries goods and services sold increased by $109,000,
or 14.8%,  to $846,000 for the three months ended March 31, 2000,  from $737,000
for the  comparable  period in 1999.  This increase was primarily  related to an
increase in pre- need and at-need sales.

Liquidity and Capital Resources

The Company's life insurance subsidiaries and cemetery and mortuary subsidiaries
realize  cash flow  from  premiums,  contract  payments  and  sales on  personal
services  rendered  for  cemetery  and  mortuary  business,  from  interest  and
dividends  on  invested  assets,  and from the  proceeds  from the  maturity  of
held-to-maturity  investments,  or  sale  of  other  investments.  The  mortgage
subsidiary realizes cash flow from fees generated by originating and refinancing
mortgage loans and interest  earned on mortgages sold to investors.  The Company
considers these sources of cash flow to be adequate to fund future  policyholder
and  cemetery and mortuary  liabilities,  which  generally  are  long-term,  and
adequate to pay current policyholder claims,  annuity payments,  expenses on the
issuance of new policies,  the maintenance of existing  policies,  debt service,
and operating expenses.

The  Company  attempts  to  match  the  duration  of  invested  assets  with its
policyholder  and  cemetery  and  mortuary  liabilities.  The  Company  may sell
investments other than those  held-to-maturity  in the portfolio to help in this
timing;  however,  to date, that has not been necessary.  The Company  purchases
short-term  investments  on a  temporary  basis  to  meet  the  expectations  of
short-term  requirements  of the Company's  products.  The Company's  investment
philosophy is intended to provide a rate of return which will persist during the
expected  duration  of  policyholder  and  cemetery  and  mortuary   liabilities
regardless of future interest rate movements.

The Company's  investment  policy is to invest  predominantly  in fixed maturity
securities,  mortgage loans, and warehouse  mortgage loans on a short-term basis
before selling the loans to investors in accordance  with the  requirements  and
laws  governing  the  life  insurance  subsidiaries.  Bonds  owned  by the  life
insurance subsidiaries amounted to $66,418,000 as of March 31, 2000, compared to
$63,749,000  as of December 31,  1999.  This  represents  60.3% and 58.5% of the
total insurance-related investments as of March 31, 2000, and December 31, 1999,
respectively.  Generally, all bonds owned by the life insurance subsidiaries are
rated by the National Association of Insurance Commissioners.  Under this rating
system,  there are six categories used for rating bonds. At March 31, 2000, 1.5%
($973,000)  and at December 31, 1999,  1.6%  ($994,000) of the  Company's  total
investment  in bonds were invested in bonds in rating  categories  three through
six, which are considered non-investment grade.

The Company has  classified  certain of its fixed income  securities,  including
high-yield  securities,  in its  portfolio  as  available  for  sale,  with  the
remainder  classified as held to maturity.  However,  in accordance with Company
policy,  any such securities  purchased in the future will be classified as held
to maturity.  Business conditions,  however, may develop in the future which may
indicate a need for a higher level of liquidity in the investment portfolio.  In
that event the  Company  believes  it could  sell  short-term  investment  grade
securities before liquidating higher-yielding longer term securities.

The Company is subject to risk based capital guidelines established by statutory
regulators  requiring  minimum  capital  levels based on the  perceived  risk of
assets,  liabilities,  disintermediation,  and business risk. At March 31, 2000,
and December 31, 1999,  the life  insurance  subsidiary  exceeded the regulatory
criteria.

The Company's total  capitalization  of  stockholders'  equity and bank debt and
notes payable was  $40,281,000  as of March 31, 2000, as compared to $41,143,000
as of December 31,  1999.  Stockholders'  equity as a percent of  capitalization
increased to 64% as of March 31, 2000, and December 31, 1999.

Lapse  rates  measure the amount of  insurance  terminated  during a  particular
period.  The  Company's  lapse  rate for  life  insurance  in 1999 was  13.2% as
compared to a rate of 6.0% for 1998.  The 2000 lapse rate is  approximately  the
same as 1999.

                                       10
<PAGE>

At March 31,  2000,  $12,191,000  of the  Company's  consolidated  stockholders'
equity  represents  the statutory  stockholders'  equity of the  Company's  life
insurance subsidiaries. The life insurance subsidiaries cannot pay a dividend to
its parent company without the approval of insurance regulatory authorities.

Item 3.  Quantitative and Qualitative Disclosure of Market Risk

There have been no  significant  changes since the annual report Form 10-K filed
for the year ended December 31, 1999.

                                       11
<PAGE>

                           Part II Other Information:

Item 1.        Legal Proceedings

     Security  National  Mortgage  Company  ("Security  National  Mortgage"),  a
     wholly- owned  subsidiary of the Company,  has been notified that it may be
     subject to an administrative  action by the U.S.  Department of Housing and
     Urban Development  ("HUD").  By way of letter from HUD to Security National
     Mortgage  dated  February  15,  2000 and  received on  February  25,  2000,
     Security National Mortgage was advised "that the Mortgagee Review Board" of
     HUD "is  considering an  administrative  action against  Security  National
     Mortgage  ....  pursuant  to 24 CFR Part 25 ... and a civil  money  penalty
     pursuant  to 24 CFR part 30 ....".  In the  letter,  HUD set forth  alleged
     violations of HUD/Federal Housing Administration ("FHA") requirements which
     included  among  such  violations:  (1)  failure  to comply  with  Security
     National  Mortgage's own policy and procedures  outlined in a July 17, 1997
     letter to HUD; (2) acceptance of loans originated by personnel not employed
     by  or  not  exclusively  employed  by  Security  National  Mortgage;   (3)
     acceptance of loans originated by non-HUD approved entities; (4) payment of
     fees and compensation to unauthorized entities or individuals in connection
     with FHA insured mortgages; and (5) certification of inaccurate HUD-1s.

     Concerning  the  administrative   action  by  HUD  relating  to  the  above
     allegations, dependent upon the facts and circumstances, HUD asserts it has
     alternatives  such as  settlement,  issuing a letter of reprimand,  placing
     Security  National  Mortgage on probation or even suspending or withdrawing
     Security National  Mortgage's  approval  function as a HUD/FHA lender.  The
     letter  indicates  that the Mortgagee  Review Board intends to seek a civil
     money penalty.  With respect to any civil money penalty,  which would be in
     addition to the  foregoing,  the letter from HUD states that the "amount of
     the civil  money  penalty  shall not exceed  $5,500 for each such listed or
     described  violation"  and that a "continuing  violation  may  constitute a
     separate violation for each day that violation continues".

     Security  National  Mortgage  is  allowed  to respond in writing to what is
     asserted by HUD and the  procedure  permits at a future time, if necessary,
     an evidentiary  hearing.  At this stage a complete evaluation of the matter
     has not been made. Management,  however, recognizes the serious alternative
     sanctions  claimed by HUD to be available  to it including  the sanction of
     the loss of the ability to do FHA lending work. Thus, management recognizes
     the great  importance and need for an appropriate  written  response to the
     letter  to be filed  with HUD and the need to do what is  necessary  to see
     that Security National Mortgage's understanding of the matter is fairly and
     properly presented to HUD.

     On or about  March 6,  2000,  Kelly  Darrow  ("Darrow")  filed a Charge  of
     Discrimination  with the  Labor  Commission  of  Utah,  Anti-Discrimination
     Division against Security National  Mortgage  Company.  It is asserted that
     Security  National Mortgage violated the Americans with Disabilities Act of
     1990  ("ADA")  as  amended,  and the Utah  Anti-Discrimination  Act of 1965
     ("UAD") as amended, for the alleged reasons of "demoted,  denied promotion,
     received  less pay than others,  denied  reasonable  accommodation  for ...
     disability, forced to go on contract vendor status, and when ... complained
     of the treatment ... was fired." Darrow is apparently going to withdraw the
     charge in favor of a "right to sue  letter" so as to be able to file a suit
     in  federal  court.  Remedies  which  may be  sought  include  back pay and
     benefits, attorneys' fees, reinstatement and punitive damages.

     Management  takes the position  that Darrow was treated  appropriately  and
     that  Security  National  Mortgage  did not violate the ADA or UAD. At this
     point, however, a complete evaluation of the matter has not been finalized.

     The  Company  is not a party to any other  legal  proceedings  outside  the
     ordinary course of the Company's business or to any other legal proceedings
     which,  adversely  determined,  would have a material adverse effect on the
     Company or its business.

                                       12
<PAGE>

Item 2.        Changes in Securities
               NONE


Item 3.        Defaults Upon Senior Securities
               NONE

Item 4.        Submission of Matters to a Vote of Security Holders
               NONE

Item 5.        Other Information
               NONE

Item 6.        Exhibits and Reports on Form 8-K

   (a)         Exhibits

     3. A.  Articles of Restatement of Articles of Incorporation (8)
        B.  Bylaws (1)

     4. A.  Specimen  Class A Stock  Certificate  (1)
        B.  Specimen  Class C Stock Certificate (1)
        C.  Specimen  Preferred Stock Certificate and Certificate of Designation
            of Preferred  Stock (1)

    10. A.  Restated and Amended  Employee Stock  Ownership  Plan and Trust
            Agreement  (1)
        B.  Deferred  Compensation Agreement  with  George  R.  Quist  (2)
        C.  1993  Stock  Option  Plan (3)
        D.  Promissory  Note with Key Bank of Utah (4)
        E.  Loan and  Security  Agreement with Key Bank of Utah (4)
        F.  General Pledge Agreement with Key Bank of Utah (4)
        G.  Note Secured by Purchase Price Deed of Trust and Assignment of Rents
            with the Carter  Family  Trust and the Leonard M. Smith Family Trust
            (5)
        H.  Deed of Trust and Assignment of Rents with the Carter Family Trust
            and the Leonard M. Smith Family Trust (5)
        I.  Promissory Note with Page and Patricia Greer  (6)
        J.  Pledge  Agreement with Page and Patricia Greer  (6)
        K.  Promissory  Note with Civil  Service  Employees  Insurance  Company
            (7)
        L.  Deferred  Compensation Agreement with William C. Sargent (8)
        M.  Employment Agreement with Scott M. Quist.  (8)
        N.  Acquisition   Agreement with Consolidare Enterprises, Inc., and
            certain shareholders of Consolidare. (9)
        O.  Agreement and Plan of Merger between Consolidare Enterprises,
            Inc., and SSLIC Holding  Company.  (10)
        P.  Administrative  Services Agreement with Southern Security Life
            Insurance  Company.  (11)
        Q.  Promissory  Note with George R. Quist. (12)

     (1)  Incorporated by reference from Registration  Statement on Form S-1, as
          filed on June 29, 1987.
     (2)  Incorporated  by  reference  from Annual
          Report on Form 10-K, as filed on March 31, 1989.
     (3)  Incorporated  by reference from Annual Report on Form 10-K, as filed
          on March 31, 1994.
     (4)  Incorporated  by  reference  from Report on Form 8-K, as filed on
          February 24, 1995.
     (5)  Incorporated by reference from Annual Report on Form 10K, as filed on
          March 31, 1995.
     (6)  Incorporated  by reference from Report on Form 8-K, as filed on
          May 1, 1995.
     (7)  Incorporated by reference from Report on Form 8-K, as filed on
          January 16, 1996.
     (8)  Incorporated by reference from Annual Report on Form 10-K, as filed on
          March 31, 1998.
     (9)  Incorporated by reference from Report on Form 8-K, as filed on
          May 11, 1998.
                                       13


<PAGE>

     (10)    Incorporated by reference from Report on Form 8-K, as filed on
             January 4, 1999.
     (11)    Incorporated by reference from Report on Form 8-K, as filed on
             March 4, 1999.
     (12)    Incorporated by reference from Annual Report on Form 10-K, as
             filed on April 14, 1999.

    27.  Financial Data Schedule

    (b)  Reports on Form 8-K:
            NONE


                                       14
<PAGE>

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     Registrant  has duly  caused  this report to be signed on its behalf by the
     undersigned thereunto duly authorized.


                                   REGISTRANT
                     SECURITY NATIONAL FINANCIAL CORPORATION
                                   Registrant



DATED: May 18, 2000               By:    George R. Quist,
       ------------                      ----------------
                                         Chairman of the Board,
                                         President and Chief Executive Officer
                                         (Principal Executive Officer)


DATED: May 18, 2000               By:    Scott M. Quist
       ------------                      --------------
                                         First Vice President, General Counsel,
                                         Treasurer and Director
                                         (Principal Financial and Accounting
                                         Officer)

                                       15

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