April 2, 2007

Dear New Century Valued Correspondent Lender:

Today New Century Financial Corporation filed a voluntary petition under chapter 11 of the U.S. Bankruptcy Code. We intend to use chapter 11 to preserve as much value in our servicing and loan origination platforms as possible. We are hopeful that we can use this process to stabilize our businesses and sell them to others who will continue to operate them as ongoing businesses.

In conjunction with the filing, The CIT Group and Greenwich Capital Financial Products, Inc. have agreed to provide New Century up to $150 million in debtor-in-possession (DIP) financing, subject to court approval. Upon Bankruptcy Court approval, these funds will help ensure that we have sufficient working capital to pay our expenses and serve customers during this transitional period.

Unfortunately, our bankruptcy filing means that any payments owed by New Century to our VIP Correspondents prior to the filing cannot be paid immediately at this time. These amounts are “pre-petition” claims, and seeking payment for such claims must do so through the chapter 11 process. You will be receiving further information about the claims process directly from the court.

If you have such a claim, we sincerely regret the impact of our filing on you as a valued business partner. We hope you will recognize that our ability to pay you in full, under normal payment terms, for all goods and services provided after the bankruptcy filing means that our relationship going forward will be mutually beneficial.

Any questions or request for assistance should be directed to Mysti Beach-Cope, VP, Broker Services, at (949) 517-0011 or you can visit the new “Restructuring” section of our website at www.ncenrestructuring.com.

We value and appreciate your business, apologize for this unfortunate circumstance and thank you for your ongoing support and understanding.

Sincerely,

Victor Dominguez
New Century Mortgage Company
VP, Wholesale Marketing