2nd Monthly Decline at New Century
November production $2.3 billion
December 4, 2003
By MortgageDaily.com staff
Mortgage production stepped further down the ladder at New Century Financial Corporation, but the company remained positive that it will reach its 2003 volume target.
The Irvine, Calif.-based company reported that mortgage loan fundings of $2.3 billion in November decreased for the second consecutive month from October’s total of $2.9 billion. A year ago, volume totaled $1.3 billion.
In the announcement, a company executive pointed out that “November is always a short month, in terms of business days,” indicating that the decrease in the monthly production could be due to November’s 18 funding days, versus 23 in October.
New Century said year-to-date volume of $24.3 billion increased 95% from the same period last year.
“December fundings and pipeline remain on track to meet our $27 billion volume target for 2003,” added the executive.
