New Century Mortgage Corp., Irvine, Calif., has completed the assumption of all servicing functions previously performed by Comerica, New Century Financial Corp. has announced.As of June 30, New Century Mortgage's servicing portfolio totaled $2.3 billion, including $281 million in interim servicing and $581 million in loans that continue to be serviced by Advanta. New Century Financial, a subprime lender and servicer, is the parent of New Century Mortgage. Brad Morrice, vice chairman and president of New Century Financial, said the company believes the conversion "will enable us to better control the performance of our residual assets as well as improve servicing profitability in future periods."
Processing Content
