New Century Mortgage Corporation Fails to Uphold Promise to U.S. Home Mortgage, LLC to Fund Approved Loans
Kirkland, WA, March 15, 2007 --(PR.com)-- New Century Mortgage Corporation, one of the largest sub-prime lenders in the mortgage industry, announced yesterday to U.S. Home Mortgage, LLC it will not be originating or funding mortgage loans:
“Effective immediately, New Century Mortgage Corporation and Home123 Corporation are unable to continue the origination or funding of mortgage loans. No new loan applications are being accepted at this time.”
This announcement comes one week after New Century Mortgage Corporation informed its clients of the suspension of new loan submissions. The company promised to fund all approved loans in its pipeline prior to the suspension in the following statement issued to its clients on March 8, 2007:
“During this time, we will continue to fund our approved loans as permitted by our lenders. This includes the prioritization of purchase transactions with the exception of 80/20 Combo and 100% One Loan products.”
New Century Mortgage Corporation is assuming no further accountability to fund the approved loans as promised. U.S. Home Mortgage is one of many mortgage companies nationwide who are suffering because of the actions taken by this lender.
“This decision is risking clients their homes and costing our company millions of dollars in loan amounts,” U.S. Home Mortgage CEO Mo Yousef said. “Our commitment is to help our clients get their loans funded immediately with the reputable lenders we have as business partners.”
New Century Mortgage is a subsidiary of New Century Financial Corp., which is currently under investigation by the U.S. Securities and Exchange Commission.
About U.S. Home Mortgage, LLC
Based in Kirkland, Wash., U.S. Home Mortgage specializes in financing home loans and collateral-based financing options for commercial loans. Helping people in financial difficulties, U.S. Home Mortgage also specializes in finding creative ways for people who are self employed, need 100% financing or the lowest down payment possible, or are behind in mortgage payments get the assistance they need in order to own their own home or business.
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“Effective immediately, New Century Mortgage Corporation and Home123 Corporation are unable to continue the origination or funding of mortgage loans. No new loan applications are being accepted at this time.”
This announcement comes one week after New Century Mortgage Corporation informed its clients of the suspension of new loan submissions. The company promised to fund all approved loans in its pipeline prior to the suspension in the following statement issued to its clients on March 8, 2007:
“During this time, we will continue to fund our approved loans as permitted by our lenders. This includes the prioritization of purchase transactions with the exception of 80/20 Combo and 100% One Loan products.”
New Century Mortgage Corporation is assuming no further accountability to fund the approved loans as promised. U.S. Home Mortgage is one of many mortgage companies nationwide who are suffering because of the actions taken by this lender.
“This decision is risking clients their homes and costing our company millions of dollars in loan amounts,” U.S. Home Mortgage CEO Mo Yousef said. “Our commitment is to help our clients get their loans funded immediately with the reputable lenders we have as business partners.”
New Century Mortgage is a subsidiary of New Century Financial Corp., which is currently under investigation by the U.S. Securities and Exchange Commission.
About U.S. Home Mortgage, LLC
Based in Kirkland, Wash., U.S. Home Mortgage specializes in financing home loans and collateral-based financing options for commercial loans. Helping people in financial difficulties, U.S. Home Mortgage also specializes in finding creative ways for people who are self employed, need 100% financing or the lowest down payment possible, or are behind in mortgage payments get the assistance they need in order to own their own home or business.
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Contact
U.S. Home Mortgage, LLC
Jill Klepach
425-803-0919 x119
www.ushmtg.com
Jill Klepach
425-803-0919 x119
www.ushmtg.com
Contact
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