Mortgage Daily

Published On: January 9, 2003
New Century Production Soars

4th quarter $4.5 billion

January 9, 2003

By MortgageDaily.com staff

New Century Financial Corporation announced record mortgage loan production for the December, fourth quarter, and fiscal year periods.

The Irvine, Calif.-based company reported almost $4.5 billion in volume during the fourth quarter, an 18.4% increase from the third quarter’s $3.8 billion. It’s also more than double from the $2 billion in fourth quarter 2001.

December hit record volume with a reported $1.7 billion, compared with almost $1.3 billion in November and $750 million in December 2001.

New Century’s fiscal year 2002 finished up with almost $14.2 billion in loan volume.

“December’s record setting loan production culminated the greatest production volume year in our company’s history,” said CEO Robert K. Cole. “Given our strong production performance in December, our plans to continue market expansion, especially on the East Coast, and our ability to expand market share in the past, we believe our fiscal 2003 production estimate of $16 billion will be an attainable goal.”

The company also announced that it increased its lines of credit to $3.47 billion, which will fund loan production and aggregate loans pending sale or securitization. This is an increase of almost $1.0 billion from New Century’s previous credit facilities of $2.55 billion.

New Century shares were up $0.66 at $29.78 during early Wednesday afternoon trading, according to CBSMarketwatch.com.

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