New Century Financial Corporation (NYSE: NEW), a real estate investment trust and parent company of one of the nation's premier mortgage finance companies, announced today that on February 3, 2006, one of its wholly-owned subsidiaries, New Century Warehouse Corporation, completed the purchase of certain assets and assumption of certain related liabilities of Access Lending Corporation. Access Lending is a privately held specialty finance company located in Sugar Land, Texas that provides warehouse lending services to middle-market residential-mortgage bankers (mortgage originations approximating $5 million to $100 million per month). Based on Access Lending's adjusted net assets as of the closing date, the purchase price was approximately $10 million in cash. Additionally, Access Lending is entitled to receive additional payments for two years, based upon profitability. The transaction was initially announced in December 2005.

"We are excited about integrating the warehouse lending business into our operations, which will allow us to enter this growing but underserved market," said Kevin M. Cloyd, Executive Vice President, Secondary Marketing of New Century Financial Corporation. "We welcome David C. Fleig and his proven and experienced team to New Century and look forward to their future contributions."

About New Century Financial Corporation

Founded in 1995 and headquartered in Irvine, California, New Century Financial Corporation is a real estate investment trust and one of the nation's premier mortgage finance companies, providing 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, please visit http://www.ncen.com.

About Access Lending Corporation

Access Lending, established in 1997, is an independent specialty finance company providing warehouse financing to the middle market segment of the residential mortgage origination industry.

Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws and New Century intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, New Century's expectation that the transaction will allow it to enter the growing but underserved warehouse lending business. New Century cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Such factors include, but are not limited to: (i) the successful integration of Access Lending's warehouse lending business into New Century's operations; (ii) the condition of the U.S. economy and financial system; (iii) the interest rate environment; (iv) the effect of increasing competition in New Century's sector; (v) the stability of residential property values; (vi) the potential effect of new state or federal laws and regulations; (vii) the outcome of litigation or regulatory actions pending against New Century; and (viii) New Century's ability to maintain adequate credit facilities to finance its business. Additional information on these and other factors is contained in New Century's Annual Report on Form 10-K for the year ended December 31, 2004 and its other periodic filings with the Securities and Exchange Commission. New Century assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

Source: prnewswire