New Century Loan Output Drops

September loan production is $4.7 billion.
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New Century Financial (NEW) - Get Report said third-quarter mortgage loan production fell 2% sequentially and 5% from a year ago to $15.8 billion.

"September's total loan production was $4.7 billion, which we are pleased with given the fact that we maintained the weighted average coupon on our core non-prime product at approximately 8.5%," said CEO Brad A. Morrice.