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New Century Deal Puts Fairbanks at $15.8 Billion.
Subprime lender New Century Financial, Irvine, Calif., is outsourcing its $6 billion servicing portfolio to Fairbanks Capital here, a deal that makes Fairbanks the largest subprime subservicer in the nation.
The agreement takes New Century of Irvine out of the servicing business entirely, although it will own the underlying receivables.
Once it takes control of New Century's Irvine operation, Fairbanks will service all its 0 to 89-day delinquent product at that location, and the 90-plus day delinquent product at its platform in Sale Lake City.
Fairbanks president Mark Finston described the deal as a "joint venture" and said the company will look to strike similar agreements with other firms.
Since June of last year, Fairbanks has struck two large, servicing related deals: it acquired $9.9 billion in subprime servicing from the now defunct ContiMortgage, Hatsboro, Pa., and agreed to subservice $2.2 billion for WMC Mortgage, Woodland Hills, Calif.
With the New Century agreement, Fairbanks will have $9 billion in subprime subservicing contracts and $18.5 billion in receivables overall.
The number two subservicer of subprime credit quality loans is Advanta Mortgage, Springhouse, Pa., with $7.8 billion in contracts.
- New Century Expects Benefits From Fairbanks Servicing Deal.
- Press release article from: PR Newswire January 20, 2001 700+ words
...owned subsidiary, New Century Mortgage Corporation, and Fairbanks Capital Corp...and provide that Fairbanks and New Century will share in servicing...Executive Officer of Fairbanks Capital Corp. "New Century is another positive...
- New Century completes sale of servicing: NIMs next?
- Newspaper article from: Asset Securitization Report Gregory, Michael April 9, 2001 700+ words
...loan basis. Ocwen/Fairbanks As was circling in...managed to swipe the New Century deal from Fairbanks Capital, which had...its own systems. Fairbanks, on the other hand, was set to purchase New Century's platform, and...
- New Century Updates Earnings Expectations.
- Press release article from: PR Newswire January 20, 2001 700+ words
...agreements with Fairbanks Capital Corp. to sub-service New Century's $6.0 billion...agreements provide that Fairbanks and New Century will share in the...also provides that Fairbanks will service loans New Century originates in the...
- In a Switch, New Century Says It Will Sell Its Servicing Portfolio to...
- Magazine article from: Mortgage Servicing News April 1, 2001 700+ words
Not long ago, New Century Financial Corporation...a deal to have Fairbanks Capital, Salt...the same day New Century announced the sale...Last month a Fairbanks executive said...had no comment on New Century's change of plans...
- New Century and Ocwen Partner to Improve Liquidity and Loan Terms.
- Press release article from: PR Newswire March 1, 2001 700+ words
...owned subsidiary, New Century Mortgage Corporation...Ocwen of $5 billion of New Century's servicing portfolio...servicing arrangement with Fairbanks Capital Corp. that was...to $4.9 billion of New Century's securitized loans...
- Ocwen in Deal for New Century Servicing.(Ocwen Federal Bank )(Brief Article)
- Magazine article from: American Banker March 2, 2001 700+ words
...servicing portfolio of New Century Mortgage Corp., a wholly owned subsidiary of New Century Financial Corp. In announcing the deal, New Century canceled a subservicing arrangement with Fairbanks Capital Corp. that was...
- New Century Financial Corporation Reports Fourth Quarter and Year End Results.
- Press release article from: PR Newswire February 1, 2001 700+ words
...Feb. 1 /PRNewswire/ -- New Century Financial Corporation (Nasdaq...Entered into agreements with Fairbanks Capital Corp. to sub-service...strategies are designed to position New Century to capture market share in fiscal...
- New Century Financial Corporation Reports First Quarter Results.
- Press release article from: PR Newswire April 26, 2001 700+ words
...Calif., April 26 /PRNewswire/ -- New Century Financial Corporation (Nasdaq: NCEN...servicing agreement being negotiated with Fairbanks Capital that resulted in a $750,000 termination fee paid to Fairbanks by the Company. In addition, the...