$4.0 billion February production
By MortgageDaily.com staff
3/7/2006

Monthly volume was flat and rates were higher at New Century Financial Corp.

Loan fundings for February were $4.0 billion, unchanged from the previous month, the Irvine, Calif.-based real estate investment trust announced Tuesday. The total, however, is better than the $2.9 billion originated a year earlier.

The latest fundings, which included $0.6 billion in originations from recently-acquired operations, reflected "the typical seasonality of our business when compared with the later months of 2005," New Century said.

"February's year-over-year loan production growth of 38 percent is particularly notable in light of our continued efforts to increase our coupon, which I'm pleased to report was 8.5 percent for our historical operations in February," said Robert K. Cole, chairman and chief executive, in the announcement.

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