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New Century Fundings Soar

New Century Fundings Soar

$4.2 billion May production

June 7, 2004

By staff

Month-over-month mortgage production jumped 27% at New Century Financial Corp.

The Irvine, Calif.-based finance company reported its fundings last month totaled $4.2 billion, rising from April’s $3.3 billion. The latest volume is a whopping 121% above the total at this time last year.

“We believe our pipeline for June is strong and combined with April and May’s loan production volume sets the pace for a strong second quarter,” said company CEO Robert Cole in a statement.

Cole added that the company can possibly exceed its 2004 loan production goal of $36 billion, which it augmented last month from $30 billion.

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