Patrick H. Rank

New Century Financial Corp. operates real estate investment trusts (REIT). It through its subsidiaries provides sub-prime mortgage loans primarily for single-family residences. It provides first and second mortgage products to borrowers in US through its operating subsidiaries New Century Mortgage Corp. and Home123 Corp. The company's wholesale division originates and purchases loans through a network of independent mortgage brokers, while its retail division markets loans directly to individuals. It also sells its mortgages in pools of loans to institutional buyers such as Morgan Stanley Dean Witter. It had converted to a real estate investment trust (REIT) in 2004. It was founded in the year 1995. It is headquartered in Irvine, CA.