New Century Mortgage Corp. and the company's two operating subsidiaries, New Century Mortgage Corp., headquartered in Irvine, Calif., and Home 123, a New Century affiliate, has announced the loss of its funding sources, and thus the ability to close on any loans that are not currently funded, or loans currently in its pipeline.
On March 13, 2007, the New Jersey Department of Banking and Insurance issued legal documents ordering New Century Mortgage Corp. and Home 123 to stop doing business in the state and took the initial step toward revoking the companies' mortgage lender licenses.
All brokers should have been instructed to immediately seek alternative funding sources with which to close any loans previously placed at New Century or Home 123.
New Century is actively pursuing alternative financial contacts for brokers to place their loans. The New Jersey Department of Banking and Insurance is working with industry leaders to facilitate other potential funding sources.
To contact New Century Mortgage Corp., call Cindy Nichols, 949-517-0119.
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New Century |
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| Contact NJDOBI |
If you experience problems closing a loan for New Century, call:
John Pavlovsky, Field Manager
609-292-7272, ext. 50553
For questions regarding the Department's Order
Contact Leona Joyner
Chief of Investigations - Enforcement
609-292-7272, ext. 50239 |
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