New Century Aquires Irwin Mortgage

Greg · #1 (**permalink**) 11-02-2006, 03:02 PM

They just announced this today. Wow. I would have never thought we would have bought them. They are pretty big! Certain assets only.

Erik · #2 (**permalink**) 11-02-2006, 05:03 PM

Tis the season for M&A. So what rank is New Century now, size-wise?

Greg · #3 (**permalink**) 11-02-2006, 06:45 PM

I am not sure about size. I would say no where near the top due to we just started holding our prime loans. Loan origination has to be in the top 5 after this year. Maybe even higher with Irwins #'s. We have been exceeding last years volume and we were 11th last year. RBC + New Century combined.

We posted 20+% increases over last year in the 1st and 2nd quarter. I think Chase was the only top 10 player to increase over last year so far. Countrywide and Wells decreased.

Most are cutting back. We are growing. We are hiring and opening new branches everywhere.

brendo927 · #4 (**permalink**) 11-07-2006, 11:44 AM

I think a lot of these smaller subprime lenders are either going to get sold or shut down by the end of the year. Especially with all these new high cost laws going into effect.

Greg · #5 (**permalink**) 11-08-2006, 02:57 PM

Yep..