JPMorgan Securities this month concluded its first loan-level analysis of New Century Financial Corp.'s servicing portfolio since the subprime mortgage lender began using a new servicing platform in late 2002. New Century, the nation's largest REIT and second-largest subprime lender, originated $42 billion of loans last year and expects volume to reach at least $45 billion this year.

Roughly 98,000 loans have been boarded onto New Century's new servicing platform since October 2002; previously, loan servicing was sourced to a third party. Also, some 95% of the lender's ARM portfolio has not reached its first rate reset date.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.