Mortgage Daily

Published On: October 7, 2003
Record $3.4 Billion New Century September Production

Third quarter production $8.6 billion

October 7, 2003

By MortgageDaily.com staff

September set monthly and quarterly records for New Century Financial Corporation.

The Irvine, Calif. nonprime mortgage lender reported third quarter production of $8.6 billion, a 49% increase from the prior quarter. The figures represent a 126% increase from $3.8 billion in the 2002 third quarter.

September broke August’s funding record with a 16% increase to $3.4 billion, said New Century. A year ago volume stood at $1.2 billion.

The year-to-date funds increased 97% coming in at $19.1 billion, reported the banking behemoth.

“September’s production of $3.4 billion capped off the best quarterly production results in our Company’s history,” CEO Robert K. Cole said in an announcement. “The sizable increases in our August and September production were primarily a result of funding a significant volume of ‘Alt-A’ product characterized by higher FICO scores.”

“We expect normalized volume of $6.5 to $7.5 billion for the fourth quarter, which would result in total production for the year in the $26 to $27 billion range,” Cole added.

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