New Century Fundings Down From Record September

October production $2.9 billion

November 7, 2003

By MortgageDaily.com staff

The Irvine, Calif.-based company announced October loan production of $2.9 billion, down from a record $3.4 billion the prior month. Last year at this time volume totaled $1.4 billion.

Year-to-date fundings of $22.1 billion nearly doubled that of $11.2 billion in the same period last year, reported the subprime giant.

The company chairman said in the announcement that “after adjusting for the exceptional production environment the last few months,” the decrease in October’s volume was expected. He added the month’s volume reflects ongoing growth in subprime production.