December Production Off at New Century

$2.5 billion production down $500 million from December

February 9, 2004

By MortgageDaily.com staff

New Century Financial Corp. announced that in January it originated $2.5 billion in loans, declining from the previous month’s $3.0 billion. Volume totaled $1.5 billion a year ago.

In the announcement, company executive, Robert K. Cole, indicated that the lower volume reflected the “seasonal nature of loan production following the holidays.”

“Loan submission volume remains steady keeping us on track to achieve our targeted production goals for 2004,” added Cole, who has said the annual goal is set at $30 billion for the Irvine, Calif.-based lender.