NEW CENTURY TRS HOLDINGS

New Century is a specialty finance company engaged in the business of originating, purchasing, selling and servicing subprime mortgage loans secured primarily by first mortgages on single family residences. The Company originates loans through its Wholesale and Retail Divisions. From the commencement of lending operations in February 1996 through March 31, 1997, the Company originated and purchased $607.5 million in mortgage loans.