| Strong Quarter, Soft Month
New Century reports record quarterly production October 10, 2002 By MortgageDaily.com staff |
| New Century Financial Corporation reported a new quarterly volume record Tuesday.
The subprime mortgage company reported a record $3.8 billion in loan production for the third quarter ending Sept. 30, beating its previous record of about $3.2 billion from this year’s second quarter. “Our strong production together with favorable secondary market conditions has provided the company with record earnings results for this recent quarter,” said Robert K. Cole, chairman and chief executive officer. However, the company also reported September production of $1.2 billion, a slight drop from August’s production report of $1.3 billion. With the level of conforming mortgage applications recently reaching an all-time high, some mortgage broker activity may have been diverted away from subprime lending. New Century recently raised its expected fourth quarter earnings because of strong production and a robust secondary market. The Irvine, California-based company will report its complete third quarter financial results after the market closes Oct. 17, the announcement said. In morning trading, shares of New Century (NCEN) were trading at $18.00, down $0.35 from yesterday’s close, according to the Wall Street Journal. |
