NJ Dept of Banking & Insurance Takes Action

Posted at 2:34 PM, Mar. 15, 2007

Lender ordered to stop doing business in NJ 

On March 13, 2007, the New Jersey Department of Banking and Insurance issued legal documents ordering New Century Mortgage Corp. to stop doing business in the state and took the initial step toward revoking the company’s mortgage lender licenses. This will affect consumers who have business with the company's two operating subsidiaries, New Century Mortgage Corp., headquartered in Irvine, Calif., and Home 123, a New Century affiliate.

Consumers who have recently closed loans are advised to confirm with their settlement agent (lawyer or title company) that their monies have been received.

Consumers who have submitted an application or have an application pending are advised to contact their mortgage broker and ask them to find a new lender.

To contact New Century, call 1-877-481-6702.

Individuals with questions regarding a loan pending with New Century or Home123 can call the DOBI Consumer Hotline at 609-984-2777.