New Century Announces Stockholder Approval of Proposed REIT Conversion

New Century Announces Stockholder Approval of Proposed REIT
Conversion
Company's Common Stock to Trade on the New York Stock Exchange 


IRVINE, Calif., Sept. 15  /PRNewswire-FirstCall/ -- New Century Financial
Corporation (NASDAQ:NCEN), one of the nation's largest non-prime mortgage
finance companies, announced that at its annual meeting of stockholders held
today its stockholders voted to approve the proposal to restructure the company
to allow it to qualify as a real estate investment trust (REIT) for U.S.
federal income tax purposes.

"As a REIT, we believe we will be in a better position to achieve our long-term
growth objectives, diversify our revenues in a more tax-efficient manner and
increase stockholder value," said Robert K. Cole, chairman and chief executive
officer.  "We thank our stockholders for supporting this historic transaction,
which we expect to complete in October."

New Century also announced that shares of common stock of New Century REIT,
Inc., an entity New Century recently formed in connection with the REIT
transaction to continue and expand its business, have been approved for listing
on the New York Stock Exchange under the symbol "NEW."

About New Century

New Century Financial Corporation is one of the nation's largest non-prime
mortgage finance companies, providing first and second mortgage products to
borrowers nationwide through its operating subsidiaries.  New Century is
committed to serving the communities in which it operates with fair and
responsible lending practices.  To find out more about New Century, please
visit http://www.ncen.com/.

Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release may be deemed to be
forward-looking statements under federal securities laws and New Century
intends that such forward-looking statements be subject to the safe-harbor
created thereby.  Such forward-looking statements include, but are not limited
to, (i) New Century's belief that as a REIT it will be in a better position to
achieve its long-term growth objectives, diversify its revenues in a more
tax-efficient manner and increase stockholder value, and (ii) New Century's
expectations regarding the timing of the completion of its conversion to a REIT
and its ability to complete such conversion.  New Century cautions that these
statements are qualified by important factors that could cause actual results
to differ materially from those reflected by the forward-looking statements. 
Such factors include, but are not limited to, (i) the condition of the U.S.
economy and financial system, (ii) the interest rate environment, (iii) the
stability of residential property values, (iv) the potential effect of new
state or federal laws or regulations, (v) the effect of increasing competition
in New Century's sector, (vi) New Century's ability to maintain adequate
financing facilities, (vii) the outcome of litigation or regulatory actions
pending against New Century, and (viii) the satisfaction or, where permitted,
waiver of the conditions specified in the agreement and plan of merger that is
attached as an annex to the registration statement on Form S-4, as amended,
filed with the Securities and Exchange Commission by New Century REIT, Inc. 
Additional information on these and other factors is contained in New Century's
Annual Report on Form 10-K, as amended, for the year ended December 31, 2003,
and its other periodic filings with the Securities and Exchange Commission and
also in the registration statements on Form S-3 and S-4, as amended, filed with
the Securities and Exchange Commission by New Century REIT, Inc.  New Century
assumes no obligation to update the forward-looking statements contained in
this press release. 

DATASOURCE: New Century Financial Corporation



CONTACT:  Carrie Marrelli, VP, Investor Relations, [phone], or

Erin Freeman, VP, Corporate Communications, [phone], both of New

Century Financial Corporation



Web site:  http://www.ncen.com/ 

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