New Century Completes Purchase of Irwin Financial’s Servicing Platform

New Century Financial Corporation said today that its wholly-owned subsidiary, New Century Mortgage Corporation, has completed the purchase of certain assets and assumption of certain lease obligations related to the mortgage servicing operations of Irwin Mortgage Corporation, located in Fishers, Indiana.

The company has not specified if it will be consolidating operations and laying off staff as part of the purchase.

“We are very excited about integrating Irwin Mortgage’s highly experienced servicing team into our operations and are pleased with how smoothly the transaction was completed,” said Kevin M. Cloyd, Executive Vice President of New Century Financial Corporation.

“We are delighted that Carla Wise, with her substantial loan servicing experience, will be managing this operation,” said Cloyd.

“This acquisition will allow us to increase scalability, reduce servicing costs and improve time zone management while also expanding our expertise in servicing Alt-A and prime mortgage loans. We welcome Irwin Mortgage’s servicing employees to New Century and look forward to their future contributions.”

New Century Financial Corporation is a real estate investment trust and one of the nation’s largest subprime mortgage companies, providing mortgage products to borrowers nationwide through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation.