Brad A. Morrice, vice chairman of mortgage lender New Century Financial Corp., projects the company's production will grow to $30 billion in 2004, adding that New Century was on track to hit its $27 billion target this year. Morrice recently spoke at the Friedman Billings Ramsey Group's investor conference.
Additionally, its proprietary Web-based loan submission service, "FastQual," accounted for an unexpectedly large portion of the company's originations. Launched in the first quarter of 2002, the platform was initially projected to comprise 20% of its loan origination program but by the third quarter of this year, that figure was $5.7 billion, or a whopping 75% of its origination program. The platform, currently used by Fannie Mae and Freddie Mac, will soon receive ratings of some sort from Moody's Investors Service and Standard & Poor's.