New Century Reports $6B in Forward Pledges

New Century Financial Corp., Irvine, Calif., has reported that its secondary marketing subsidiary has entered into six forward commitments for the sale of $6 billion in mortgage loans through June.The forward commitments were entered into by the subsidiary, NC Capital Corp., with two undisclosed institutional investors at "attractive" prices, New Century said. "Due to the demand for our product in the secondary market, we have elected to delay completing our first-quarter 2004 on-balance-sheet securitization of mortgage loans until April," said Kevin Cloyd, president of NC Capital. "We remain on track to sell 80% of our mortgage loans in the whole-loan market and securitize the remaining 20% on balance sheet in 2004." New Century can be found online at http://www.ncen.com.