New Century Updates Underwriting

Veronica Corningstone · #1 (**permalink**) 10-13-2006, 08:56 AM

New Century Financial Corp. announced a set of changes to its practices. The changes will take place over the next few months and are the first of a series of practices to be adopted. "In light of recent regulatory guidance and the changing interest rate and housing environment, we have reevaluated our programs and practices and techniques," said the company's CEO in the statement.

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Greg · #2 (**permalink**) 10-13-2006, 10:44 AM

We are tightening up.

brendo927 · #3 (**permalink**) 10-18-2006, 03:28 PM

you should see what I have to deal with at Accredited. lol

Greg · #4 (**permalink**) 10-18-2006, 05:55 PM

Well, the funny thing is I do not see this happening. We actually have one of the lowest default rates of most lenders out there. We took away the 580 100% on a few products in our sub-prime but I have not seen any tightening coming out on the memo bus lol. We are a very large corporation so memo this and memo that every day lol.