$1.43 Billion February Production at New Century
Business off slightly from January
March 10, 2003
By MortgageDaily.com staff
New Century Financial Corp. posted a slight decrease in February mortgage production from January, but that could have been because of February’s fewer funding days, the company said.
The Irvine, Calif.-based lender originated $1.43 billion in loans last month, just off from the $1.48 billion in January. It’s a 72% increase from February 2002, however.
“While February was a shorter funding month, production remained strong and we reaffirm our 2003 production estimate of $18 billion,” said Patrick J. Flanagan, president of New Century Mortgage Corp., the lending arm. The company produced a corporate record of $14.2 billion during 2002.
Shares of the parent New Century rose $0.67 to $27.89 during Friday afternoon trading, according to CBSMarketwatch.com.
