First quarter also a record
By MortgageDaily.com staff
4/4/2003

Loan production at one of the country's biggest subprime lenders jumped to a record level last month.

New Century Financial Corporation announced today that it funded $1.8 billion in March, 25% higher than last month and 83% higher than last year.

The Irvine, California company's chief executive officer said secondary market demand remains strong. "Loan production volume for the month of March and the first quarter were new records for the Company," Robert K. Cole said.

New Century was ranked as the fourth largest funder of subprime mortgages during the fourth quarter by National Mortgage News.

The company says its borrowers typically have a good deal of equity in their properties, but may have had difficulty in dealing with traditional mortgage lenders.

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