New Century Production Falls From Record Levels
January production near $1.5 billion
February 11, 2003
By MortgageDaily.com staff
New Century Financial Corporation posted its mortgage loan production for January, which was just shy of December’s record volume.
The Irvine, Calif.-based company reported almost $1.5 billion in production, compared with the $1.7 billion all-time high of December.
Last month’s production is an almost three-quarter increase from the volume in January 2002, however.
“We are extremely pleased with the performance of all of our production units and are very optimistic about our prospects for the remainder of the year, as the first quarter is historically the slowest period of the year,” said Brad A. Morrice, president of the subprime lender.
New Century’s shares were up $0.68 at $27.98 near midday trading, according to CBSMarketwatch.com.
