$42.2 billion annual production
By MortgageDaily.com staff
1/11/2005

New Century saw record fundings last year -- with production up more than half over 2003. But the company's chief sees less than a 10% increase in originations for 2005.

New Century Financial Corp. announced December fundings of $4.3 billion, up from the previous month's $3.6 billion and higher than $3.0 billion a year earlier.

For the fourth quarter, production was $11.5 billion, 15% better than the third quarter.

Annual production at the Irvine, Calif.-based company was a record-breaking $42.2 billion -- up 54% from 2003, New Century reported, and better than the previously projected $40 billion.

Subsidiary New Century Mortgage was recently ranked as the largest subprime originator by the Mortgage Bankers Association.

"For fiscal 2005, we are targeting production volume at $45 billion or more, which we expect to achieve through the addition of loan production sales personnel and increased market penetration," company chief executive Robert K. Cole said in the announcement.

Article © MortgageDaily.com All Rights Reserved