June Totals Best May
By MortgageDaily.com staff
7/7/2003

June turned out to be the busiest month of the quarter for subprime lender New Century Financial Corporation.

The Irvine, California-based company reported $1.96 billion in production for June, soaring over May's $1.918 billion as well as April's $1.926 billion. The company said that its $5.8 billion in production for the second quarter is a new record, smashing the old one, set in the prior quarter, by 23 percent.

In the monthly production statement, New Century also said they have forward commitments for the sale of $3.4 billion in mortgage loans, subject to "standard contingencies."

Compared to last year, June's production represents an 88 percent increase in volume, the statement said. Second quarter 2003 outperformed 2002 by 79 percent, the statement said.

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