[October 17, 2005]

New Century Mortgage Corporation Turns to Guardian Mortgage Documents to Help Correspondents Enter Nonprime Market

LAKEWOOD, Colo. --(Business Wire)-- Oct. 17, 2005 -- Leading Wholesale Nonprime Lender Partners with GMD to Eliminate Salability Issues Regarding Complex Nonprime Mortgage Documents

New Century Mortgage Corporation, a subsidiary of New Century Financial Corporation (NYSE: NEW), one of the nation's premier full-service mortgage finance companies, has selected Guardian Mortgage Documents' (GMD) web-based Next Generation Input System (NGIS) to help its nationwide correspondent lending network enter the nonprime mortgage lending market. Beginning in the first quarter of 2006, GMD will be supporting all loan programs for New Century Mortgage correspondents.

In the first and second quarters of 2005, New Century was the number one wholesale nonprime mortgage lender in the country, according to Origination News. With its recent acquisition of certain assets of RBC Mortgage Company, New Century is one of the nation's top 10 mortgage lenders.

"New Century Mortgage began working with GMD after sequential recommendations from trusted business associates," said Steve Cassill, vice president, division manager of National Accounts for New Century Mortgage Corporation. "We have a very focused goal of providing easy-to-use solutions for our correspondents. We selected GMD for its ability to further enhance our easy-to-use commitment in three very specific areas: leveraging GMD's proven industry reputation for advanced IT infrastructure with multiple "Class One" data centers maximizes web reliability; GMD's web-based software technology is extremely user-friendly; and, because GMD offers the highest level of document customization available, quality assurance for salability is ensured."

Cassill added, "New Century has a clear goal to provide these tools to help lenders of all sizes expand into new and more complex lending arenas, such as Alt-A and nonprime. GMD makes it easier for lenders to enter the nonprime market. GMD's ability for deep customization in document business rules delivers fewer errors resulting in a higher percentage of loans meeting our purchase requirements the first time submitted."

All approved New Century correspondent lenders will be able to use the GMD solution via the web beginning in 2006.

"GMD gives New Century correspondents the peace of mind to help ensure that their loans meet all salability requirements, reducing stress and cost from the process," said Tim Anschutz, vice president of Marketing for GMD.

About New Century Financial Corporation

Founded in 1995 and headquartered in Irvine, California, New Century Financial Corporation is a real estate investment trust (REIT) and one of the nation's premier full-service mortgage finance companies, providing first and second mortgage products to borrowers nationwide through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. The company offers a broad range of mortgage products designed to meet the needs of all borrowers. New Century is committed to serving the communities in which it operates with fair and responsible lending practices.

To find out more about New Century Financial Corporation, please visit http://www.ncen.com.

About Guardian Mortgage Documents

Lakewood, Colorado-based Guardian Mortgage Documents (GMD) is a provider of document preparation, automated management workflow and fully customized outsourced solutions to the national financial services industry.

Since 1987, GMD's products and services have been built on best-of-class technology designed to provide an inventory of scalable and flexible multi-product capabilities, which can be customized to deliver elegant client solutions. From simple document preparation to fully integrated and customized workflow solutions, GMD technology streamlines all processes to increase efficiencies.

In 2004, GMD received Mortgage Technology Magazine's prestigious 10X Award for providing exponential value to the mortgage process. For general information, visit www.gmd.com or call (800) 275-4885.

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