New Century Mortgage Predatory lending practice to first time mortgage customers Ripoff McKinney Texas

I worked for New Century for many years before they went out of business. They are a WHOLESALE lender. Which means they do not sell loans direct to the public. A mortgage broker determines the loan and its criteria and sells it to the borrower. The wholesaler just processes the loan they request and lends the money. They do not determine the details of your loan...your broker does. There are many wholesale lenders including reputable companies like Washington Mutual and Wells Fargo. New Century went out of business for many reasons, but if you were screwed over, blame the person who did your paperwork, not the bank. I would contact your mortgage broker.