Posted by Sandy FL on April 04, 1999 at 05:08:03:
Caught this thing on tv yesterday… if the screen had not said “New Century Mortgage” and I hadn’t heard karp and Piper jousting the other day about lenders, I probably would have missed it. This program ‘felt’ a little like an infomercial, but anyway it took forever to find the link on on the www.wbrtv.com (World Business Review) website so I have pasted the spiel below. They do fund sub-prime mtg’s in 33 states.
Hope this helps
Sandy
Click here to view this company’s customized World Business
Review video segment.
New Century Financial Corporation
On show 524:A World Business Review goes behind the scenes
with a company that is providing consumers with an alternative
to conventional home loans, by providing a link between ‘wall
street’ and ‘main street.’
New Century Financial Corporation is a publicly traded
(Nasdaq:NCEN) specialty finance company that originates, sells,
and services sub-prime first mortgage loans on residential properties
across the nation. The bulk of the loans handled by New Century
are on single family properties. The company has 142 offices in 33
states, and employs over 1600 associates. New Century provides
home loans to people who cannot qualify for traditional sources of
financing. “Perhaps they have missed some payments, causing their
credit to be impaired,” said Robert K. Cole, Chairman and CEO.
Appearing on the show with Cole were Co-CEOs of New Century
Mortgage Corporation, Brad A. Morrice and Steve Holder. Morrice
said, “The company also makes loans to people who could qualify
for a conventional loan, but choose New Century for other reasons.
Some of our customers are self employed,” he said, “meaning banks
or other lenders may not count all of their income when they
consider making the loan.” Holder added, “Others simply prefer the
ease of process and service associated with obtaining a New
Century loan. We can process a loan in about half the time it takes a
conventional lender.” The reason, they said, is New Century looks
for reasons to approve the loan, whereas by its very nature a
conventional loan focuses on reasons not to make the loan. “We
aren’t going to worry about whether a certain form is filled out in a
particular way; our focus is on whether or not the loan makes
sense,” said Cole.
New Century, they said, has positioned itself for a leadership
position in this growth industry. “Last year the sub-prime industry
totaled over $125 billion,” said Cole. “We believe that number will be
closer to $200 billion for 1998 and will continue to grow in
subsequent years. The sub-prime lending industry’s volume
compares to almost $1 trillion of conforming mortgage loans in the
conventional loan industry.”
Forward inquiries to info@wbrtv.com,or contact
Carrie Marrelli
Vice President, Investor Relations
New Century Financial Corporation
(949) 224-5745