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New Century Launches Enhanced Investor Reporting Website
Lewtan Technologies Increases ABS Transparency
For Immediate Release
Contact:
Carrie Marrelli
New Century Financial Corp.
VP, Investor Relations
p. 949.224.5745
Ned Myers
Lewtan Technologies, Inc.
Director, Product Marketing
p. 781.672.1110
f. 781.890.3684
nmyers@lewtan.com
Irvine, CA, December 18, 2002 - New Century Financial Corporation (NASDAQ: NCEN) and Lewtan Technologies, Inc. announced today that NC Capital Corporation, New Century Mortgage Corporation’s secondary marketing subsidiary, launched its new generation of technology to enhance user access to loan securitization information at its corporate Web site (www.ncen.com) in the "Loan Servicing" section. This resource was designed for use by asset backed securities (ABS) investors, equity investors, financial/research analysts and others who track New Century’s securitization performance.
New Century’s site is unique among ABS issuer securitization sites in its combination of aggregate data distilled from monthly statements to certificate holders, pre-packaged reports, user-definable data views, deal documents and dynamic data analytical tools to examine detailed collateral performance.
With the new analytical capabilities provided via New Century’s Web site, investors can review the home equity loan performance supporting New Century’s securitized transactions. The site offers the ability to report on over 60 variables covering delinquency, loss, and prepayment experience with sorting capability on over 15 statistics like FICO score, LTV, and state. Investors can access increasing levels of detail by overlapping variables to view trends in the collateral’s performance. Data can be organized by securitization, by vintage year, or across all New Century originations. Data is compiled from over 3.5 million records of historical loan data and covers New Century’s securitizations dating back to 1997.
"We invested time and management focus and then chose the service provider with what we believe to be the best product in the marketplace to support the information needs of our loan securitization investors," said Kevin Cloyd, President of NC Capital Corporation, a subsidiary of New Century Mortgage Corporation. "Lewtan Technologies and its ABSNet? System was our preferred choice to build this Web resource using our specific requirements and customer service objectives."
"Issuers are competing to improve demand for their securitizations and to provide better service to their investors by making deal data more readily available," said Stuart Lewtan, President & CEO of Lewtan Technologies. "We are delighted that New Century recognizes the value of the Web development, data collection, and hosting infrastructure that Lewtan Technologies has developed."
"In light of the recent publicity surrounding off-balance sheet transactions, both structured finance and equity investors have been demanding more information from issuers," said Ned Myers, Director of Product Marketing at Lewtan Technologies. "We believe that the New Century Web site raises the bar with a depth of data that will appeal to even the most sophisticated investors."
About New Century
New Century Financial Corporation is a leading nationwide specialty mortgage banking company that, through its subsidiaries, originates, purchases, sells and services residential mortgage loans secured primarily by first mortgages on single-family residences.
About Lewtan Technologies
Founded in 1986, Lewtan Technologies is the leading provider of workflow solutions to the global asset securitization industry. Lewtan entered the nascent ABS marketplace with the first automated reporting system for issuers. Today more than 200 institutions rely on Lewtan Technologies’ solutions. In 1999, working in partnership with industry leaders including S&P, Fitch, and Banc One, Lewtan launched ABSNet. ABSNet (ABSNet.net) is now the industry’s leading resource for ABS intelligence and surveillance. With Deutsche Bank Corporate Trust and Agency Services, Lewtan launched iCDO in 2001. iCDO is the industry’s only full-service, Webbased CDO management and administration system.
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