New Century Financial Corp. announced increased monthly production while achieving record-breaking annual volume.
The Irvine-based company reported it originated $3.0 billion in loans during December, up from $2.3 billion the prior month. Compared to December 2002, volume jumped 43% from $1.7 billion.
Fiscal year 2003 loan originations totaled $27.4 billion, skyrocketing from the previous year's record, which was nearly half this amount at $14.2 billion, said the subprime lender.
"It's quite an achievement for New Century to exceed its $27.0 billion production goal for fiscal 2003 in a market environment when most lenders are forecasting substantial decreases of production volume in the conforming FNMA/FHLMC markets," said chairman and CEO Robert K. Cole, in the announcement.
According to New Century, fourth quarter production results of $8.2 billion decreased slightly from the third quarter's $8.6 billion. In the fourth quarter of 2002, volume was $4.4 billion.
Cole pointed out that its loan sales personnel increased 28% since June's end amounting to 3,800.
"We continue to invest in infrastructure to support our 2004 initiatives of targeting $30 billion in loan volume and $7.00 or higher in EPS," added Cole.