As filed with the Securities and Exchange Commission on
                       September 22, 1997. 
                      Registration No. ___-_______




             SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549
                     ___________________

                          FORM S-8
                   REGISTRATION STATEMENT
                            UNDER
                 THE SECURITIES ACT OF 1933
                     ___________________

              New Century Financial Corporation
   (Exact name of registrant as specified in its charter)
                     ___________________

    Delaware                               33-0683629
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)         Identification No.)

             18400 Von Karman Avenue, Suite 1000
                  Irvine, California 92612
                       (714) 440-7030
               ______________________________
          (Address of principal executive offices)

  NEW CENTURY FINANCIAL CORPORATION EMPLOYEE STOCK PURCHASE
                             PLAN
                  (Full title of the plan)

                      Brad A. Morrice 
              New Century Financial Corporation
             18400 Von Karman Avenue, Suite 1000
                  Irvine, California 92612

           (Name and address of agent for service)
Telephone number, including area code, of agent for service:
                        (714) 440-7030
                     ___________________

              CALCULATION  OF REGISTRATION  FEE


<TABLE>
<CAPTION>
<S>                 <C>           <C>          <C>            <C>

                                Proposed    Proposed
                                maximum     maximum
Title of            Amount       offering    aggregate       Amount of
securities          to be        price       offering        registration
to be registered    registered   per unit    price           fee


Common Stock, par   2,000,000<1> $16.50<2>   $33,000,000<2>  $10,000<2>
value $0.01         shares 
per share 

<FN>

<1>   This Registration Statement covers, in addition to the
      number of shares of Common Stock stated above, options
      and other rights to purchase or acquire the shares of
      Common Stock covered by the Prospectus and, pursuant to
      Rule 416(c) under the Securities Act of 1933, an
      indeterminate number of shares which by reason of certain
      events specified in the Plan may become subject to the
      Plan.

<2>   Pursuant to Rule 457(h), the maximum offering price, per
      share and in the aggregate, and the registration fee were
      calculated based upon the average of the high and low
      prices of the Common Stock on September 15, 1997, as
      reported on the Nasdaq National Market System. 

      The Exhibit Index for this Registration Statement is at
      page S-3.

</FN>
</TABLE>
<PAGE>

                           PART I

                 INFORMATION REQUIRED IN THE
                  SECTION 10(a) PROSPECTUS


       The documents containing the information specified in
Part I of Form S-8 (plan information and registrant
information) will be sent or given to optionees as specified
by Rule 428(b)(1) of the Securities Act of 1933, as amended
(the "Securities Act").  Such documents need not be filed with
the Securities and Exchange Commission (the "Commission")
either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424 of
the Securities Act.  These documents, which include the
statement of availability required by Item 2 of Form S-8, and
the documents incorporated by reference in this Registration
Statement pursuant to Item 3 of Form S-8 (Part II hereof),
taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.


<PAGE>
                           PART II

                 INFORMATION REQUIRED IN THE
                   REGISTRATION STATEMENT


ITEM 3.     INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

       The following documents of New Century Financial
Corporation (the "Company") filed with the Commission are
incorporated herein by reference: 

  (a)  The Company's Registration Statement on Form S-1,
       filed with the Commission on June 2, 1997, which
       contains audited financial statements for the
       Company's year ended December 31, 1996 and quarter
       ended March 31, 1997;

  (b)  The Company's Quarterly Report on Form 10-Q for the
       Company's quarterly period ended June 30, 1997; and

  (c)  The description of the Common Stock contained in the
       Company's Registration Statement on Form 8-A, filed
       with the Commission on June 2, 1997.

       All documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act"), prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or
which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference into the prospectus
and to be a part hereof from the date of filing of such
documents.  Any statement contained herein or in a document,
all or a portion of which is incorporated or deemed to be
incorporated by reference herein, shall be deemed to be
modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or
in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or
supersedes such statement.  Any such statement so modified or
superseded shall not be deemed, except as so modified or
amended, to constitute a part of this Registration Statement.

ITEM 4.     DESCRIPTION OF SECURITIES

       The Common Stock is registered pursuant to Section 12
of the Exchange Act. Therefore, the description of the
securities is omitted.

ITEM 5.     INTERESTS OF NAMED EXPERTS AND COUNSEL

       Certain matters relating to this offering are being
passed upon for the Company by O'Melveny & Myers LLP, Newport
Beach, California.  A partner of such firm owns 211,032 shares
of the Common Stock of the Company.

ITEM 6.     INDEMNIFICATION OF DIRECTORS AND OFFICERS

       The Company's Certificate of Incorporation provides
that to the fullest extent permitted by applicable law a
director of the Company shall not be liable to the Company or
its stockholders for monetary damages for breach of fiduciary
duty as a director.  Under the Delaware General Corporation
Law, liability of a director may not be limited (i) for any
breach of the director's duty of loyalty to the Company or its
stockholders, (ii) for acts or omissions not in good faith or
that involve intentional misconduct or a knowing violation of
law, (iii) in respect of certain unlawful dividend payments or
stock redemptions or repurchases, and (iv) for any transaction
from which the director derives an improper personal benefit. 
The effect of the provisions of the Company's Certificate of
Incorporation is to eliminate the rights of the Company and
its stockholders (through stockholders' derivative suits on
behalf of the Company) to recover monetary damages against a
director for breach of the fiduciary duty of care as a
director (including breaches resulting from negligent or
grossly negligent behavior), except as provided in the
situations described in clauses (i) through (iv) above.  This
provision does not limit or eliminate the rights of the
Company or any stockholder to seek nonmonetary relief such as
an injunction or rescission in the event of a breach of a
director's duty of care.

       The Bylaws of the Company provide that the Company will
indemnify its directors and officers to the fullest extent
permitted by the Delaware General Corporation Law.  In
addition, the Company has entered into agreements with each of
the directors and officers of the Company pursuant to which
the Company has agreed to indemnify, subject to certain
limitations, such director or officer from claims,
liabilities, damages, expenses, losses, costs, penalties or
amounts paid in settlement incurred by such director or
officer in or arising out of his capacity as a director,
officer, employee and/or agent of the Company or any other
corporation of which such person is a director or officer at
the request of the Company to the maximum extent provided by
applicable law.  In addition, such director or officer is
entitled to an advance of expenses to the maximum extent
authorized or permitted by law.


ITEM 7.     EXEMPTION FROM REGISTRATION CLAIMED

       Not applicable. 


ITEM 8.     EXHIBITS

       See the attached Exhibit Index on page S-3.

<PAGE>


ITEM 9.     UNDERTAKINGS

  (a)  The undersigned registrant hereby undertakes: 

            (1) To file, during any period in which offers or
  sales are being made, a post-effective amendment to this
  Registration Statement:

                      (i)      To include any prospectus
            required by Section 10(a)(3) of the Securities
            Act;

                     (ii)      To reflect in the prospectus
            any facts or events arising after the effective
            date of this Registration Statement (or the most
            recent post-effective amendment thereof) which,
            individually or in the aggregate, represent a
            fundamental change in the information set forth
            in this Registration Statement; and

                     (iii)     To include any material
            information with respect to the plan of
            distribution not previously disclosed in this
            Registration Statement or any material change to
            such information in this Registration Statement;

            Provided, however, that paragraphs (a)(1)(i) and
  (a)(1)(ii) do not apply if the information required to be
  included in a post-effective amendment by those paragraphs
  is contained in periodic reports filed by the registrant
  with or furnished to the Commission pursuant to Section 13
  or Section 15(d) of the Exchange Act that are incorporated
  by reference in this Registration Statement;

            (2) That, for the purpose of determining any
  liability under the Securities Act, each such post-
  effective amendment shall be deemed to be a new regis-
  tration statement relating to the securities offered
  therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering
  thereof; and

            (3) To remove from registration by means of a
  post-effective amendment any of the securities being
  registered which remain unsold at the termination of the
  offering.

  (b)  The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities
Act, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall
be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.

  (h)  Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the provisions described in Item 6 above, or otherwise, the
registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it
is against public policy as expressed in the Securities Act
and will be governed by the final adjudication of such issue. 


<PAGE>


                         SIGNATURES


       Pursuant to the requirements of the Securities Act, the
registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized,
in the City of Irvine, State of California, on September 17,
1997.

  


                          By:  /s/ Brad A. Morrice
                               Brad A. Morrice, Vice Chairman
                               of the Board and President



                      POWER OF ATTORNEY

       Each person whose signature appears below constitutes
and appoints Robert K. Cole and Brad A. Morrice his true and
lawful attorney-in-fact and agent, with full powers of
substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith,
with the Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and
about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.

       Pursuant to the requirements of the Securities Act of
1933, this Registration Statement has been signed below by the
following persons in the capacities and on the dates
indicated.

<TABLE>

<S>                       <C>                           <C>
Signature                 Title                         Date


/s/ Robert K. Cole      Chairman of the Board,        September 17, 1997
 Robert K. Cole           Chief Executive Officer 
                          and Director
                          (Principal Executive Officer)


/s/ Brad A. Morrice       Vice Chairman of the Board,  September 17, 1997
Brad A. Morrice           President, General Counsel,
                          Secretary and Director


/s/ Edward F. Gotschall   Vice Chairman of the Board,  September 17, 1997
Edward F. Gotschall       Chief Operating Officer -
                          Finance/Administration 
                          and Director (Principal 
                          Financial and Accounting 
                          Officer)


/s/ Steven G. Holder      Vice Chairman of the Board,   September 17, 1997
Steven G. Holder          Chief Operating Officer - 
                          Loan Production/Operations 
                          and Director

/s/ John C. Bentley       Director                      September 17, 1997
John C. Bentley 


/s/ Sherman I. Chu        Director                      September 17, 1997
Sherman I. Chu 


_________________         Director
Harlan W. Smith 


/s/ Martin F. Ryan        Director                      September 17, 1997
Martin F. Ryan 


/s/ Michael M. Sachs      Director                      September 17, 1997
Michael M. Sachs 

/s/ Fredric Forster       Director                      September 17, 1997
Fredric Forster 


<PAGE>


                        EXHIBIT INDEX


Exhibit  
Number            Description 


4.1      New Century Financial Corporation Employee 
         Stock Purchase Plan.
         
4.2      Form of New Century Financial Corporation 
         Employee Stock Purchase Plan Subscription
         Agreement.
         
5.       Opinion of Counsel (opinion re legality). 

23.1     Consent of KPMG Peat Marwick LLP (consent
         of independent auditors).  

23.2     Consent of Counsel (included in Exhibit 5). 

24.      Power of Attorney (included in this  
         Registration Statement under "Signatures").




</TABLE>
[{"type": "S-8", "sequence": "1", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 16560}]
{"company-data": {"conformed-name": "NEW CENTURY FINANCIAL CORP", "cik": "0001036075", "assigned-sic": "6162", "irs-number": "330683629", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-36129", "film-number": "97683834"}, "business-address": {"street1": "4910 BIRCH STREET", "street2": "SUITE 100", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660", "phone": "7144407030"}, "mail-address": {"street1": "4910 BIRCH STREET", "street2": "SUITE 100", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660"}}
As filed with the Securities and Exchange Commission on
                       September 22, 1997. 
                      Registration No. ___-_______

             SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549
                     ___________________

                          FORM S-8
                   REGISTRATION STATEMENT
                            UNDER
                 THE SECURITIES ACT OF 1933
                     ___________________

              New Century Financial Corporation
   (Exact name of registrant as specified in its charter)
                     ___________________

    Delaware                               33-0683629
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)         Identification No.)

             18400 Von Karman Avenue, Suite 1000
                  Irvine, California 92612
                       (714) 440-7030
               ______________________________
          (Address of principal executive offices)

  NEW CENTURY FINANCIAL CORPORATION EMPLOYEE STOCK PURCHASE
                             PLAN
                  (Full title of the plan)

                      Brad A. Morrice 
              New Century Financial Corporation
             18400 Von Karman Avenue, Suite 1000
                  Irvine, California 92612

           (Name and address of agent for service)
Telephone number, including area code, of agent for service:
                        (714) 440-7030
                     ___________________

              CALCULATION  OF REGISTRATION  FEE
Proposed    Proposed
                                maximum     maximum
Title of            Amount       offering    aggregate       Amount of
securities          to be        price       offering        registration
to be registered    registered   per unit    price           fee

Common Stock, par   2,000,000<1> $16.50<2>   $33,000,000<2>  $10,000<2>
value $0.01         shares 
per share
<1>   This Registration Statement covers, in addition to the
      number of shares of Common Stock stated above, options
      and other rights to purchase or acquire the shares of
      Common Stock covered by the Prospectus and, pursuant to
      Rule 416(c) under the Securities Act of 1933, an
      indeterminate number of shares which by reason of certain
      events specified in the Plan may become subject to the
      Plan.

<2>   Pursuant to Rule 457(h), the maximum offering price, per
      share and in the aggregate, and the registration fee were
      calculated based upon the average of the high and low
      prices of the Common Stock on September 15, 1997, as
      reported on the Nasdaq National Market System. 

      The Exhibit Index for this Registration Statement is at
      page S-3.
PART I

                 INFORMATION REQUIRED IN THE
                  SECTION 10(a) PROSPECTUS

       The documents containing the information specified in
Part I of Form S-8 (plan information and registrant
information) will be sent or given to optionees as specified
by Rule 428(b)(1) of the Securities Act of 1933, as amended
(the "Securities Act").  Such documents need not be filed with
the Securities and Exchange Commission (the "Commission")
either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424 of
the Securities Act.  These documents, which include the
statement of availability required by Item 2 of Form S-8, and
the documents incorporated by reference in this Registration
Statement pursuant to Item 3 of Form S-8 (Part II hereof),
taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
PART II

                 INFORMATION REQUIRED IN THE
                   REGISTRATION STATEMENT

ITEM 3.     INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

       The following documents of New Century Financial
Corporation (the "Company") filed with the Commission are
incorporated herein by reference: 

  (a)  The Company's Registration Statement on Form S-1,
       filed with the Commission on June 2, 1997, which
       contains audited financial statements for the
       Company's year ended December 31, 1996 and quarter
       ended March 31, 1997;

  (b)  The Company's Quarterly Report on Form 10-Q for the
       Company's quarterly period ended June 30, 1997; and

  (c)  The description of the Common Stock contained in the
       Company's Registration Statement on Form 8-A, filed
       with the Commission on June 2, 1997.

       All documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act"), prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or
which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference into the prospectus
and to be a part hereof from the date of filing of such
documents.  Any statement contained herein or in a document,
all or a portion of which is incorporated or deemed to be
incorporated by reference herein, shall be deemed to be
modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or
in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or
supersedes such statement.  Any such statement so modified or
superseded shall not be deemed, except as so modified or
amended, to constitute a part of this Registration Statement.

ITEM 4.     DESCRIPTION OF SECURITIES

       The Common Stock is registered pursuant to Section 12
of the Exchange Act. Therefore, the description of the
securities is omitted.

ITEM 5.     INTERESTS OF NAMED EXPERTS AND COUNSEL

       Certain matters relating to this offering are being
passed upon for the Company by O'Melveny & Myers LLP, Newport
Beach, California.  A partner of such firm owns 211,032 shares
of the Common Stock of the Company.

ITEM 6.     INDEMNIFICATION OF DIRECTORS AND OFFICERS

       The Company's Certificate of Incorporation provides
that to the fullest extent permitted by applicable law a
director of the Company shall not be liable to the Company or
its stockholders for monetary damages for breach of fiduciary
duty as a director.  Under the Delaware General Corporation
Law, liability of a director may not be limited (i) for any
breach of the director's duty of loyalty to the Company or its
stockholders, (ii) for acts or omissions not in good faith or
that involve intentional misconduct or a knowing violation of
law, (iii) in respect of certain unlawful dividend payments or
stock redemptions or repurchases, and (iv) for any transaction
from which the director derives an improper personal benefit. 
The effect of the provisions of the Company's Certificate of
Incorporation is to eliminate the rights of the Company and
its stockholders (through stockholders' derivative suits on
behalf of the Company) to recover monetary damages against a
director for breach of the fiduciary duty of care as a
director (including breaches resulting from negligent or
grossly negligent behavior), except as provided in the
situations described in clauses (i) through (iv) above.  This
provision does not limit or eliminate the rights of the
Company or any stockholder to seek nonmonetary relief such as
an injunction or rescission in the event of a breach of a
director's duty of care.

       The Bylaws of the Company provide that the Company will
indemnify its directors and officers to the fullest extent
permitted by the Delaware General Corporation Law.  In
addition, the Company has entered into agreements with each of
the directors and officers of the Company pursuant to which
the Company has agreed to indemnify, subject to certain
limitations, such director or officer from claims,
liabilities, damages, expenses, losses, costs, penalties or
amounts paid in settlement incurred by such director or
officer in or arising out of his capacity as a director,
officer, employee and/or agent of the Company or any other
corporation of which such person is a director or officer at
the request of the Company to the maximum extent provided by
applicable law.  In addition, such director or officer is
entitled to an advance of expenses to the maximum extent
authorized or permitted by law.

ITEM 7.     EXEMPTION FROM REGISTRATION CLAIMED

       Not applicable. 

ITEM 8.     EXHIBITS

       See the attached Exhibit Index on page S-3.
ITEM 9.     UNDERTAKINGS

  (a)  The undersigned registrant hereby undertakes: 

            (1) To file, during any period in which offers or
  sales are being made, a post-effective amendment to this
  Registration Statement:

                      (i)      To include any prospectus
            required by Section 10(a)(3) of the Securities
            Act;

                     (ii)      To reflect in the prospectus
            any facts or events arising after the effective
            date of this Registration Statement (or the most
            recent post-effective amendment thereof) which,
            individually or in the aggregate, represent a
            fundamental change in the information set forth
            in this Registration Statement; and

                     (iii)     To include any material
            information with respect to the plan of
            distribution not previously disclosed in this
            Registration Statement or any material change to
            such information in this Registration Statement;

            Provided, however, that paragraphs (a)(1)(i) and
  (a)(1)(ii) do not apply if the information required to be
  included in a post-effective amendment by those paragraphs
  is contained in periodic reports filed by the registrant
  with or furnished to the Commission pursuant to Section 13
  or Section 15(d) of the Exchange Act that are incorporated
  by reference in this Registration Statement;

            (2) That, for the purpose of determining any
  liability under the Securities Act, each such post-
  effective amendment shall be deemed to be a new regis-
  tration statement relating to the securities offered
  therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering
  thereof; and

            (3) To remove from registration by means of a
  post-effective amendment any of the securities being
  registered which remain unsold at the termination of the
  offering.

  (b)  The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities
Act, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall
be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.

  (h)  Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the provisions described in Item 6 above, or otherwise, the
registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it
is against public policy as expressed in the Securities Act
and will be governed by the final adjudication of such issue.
SIGNATURES

       Pursuant to the requirements of the Securities Act, the
registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized,
in the City of Irvine, State of California, on September 17,
1997.

  

                          By:  /s/ Brad A. Morrice
                               Brad A. Morrice, Vice Chairman
                               of the Board and President

                      POWER OF ATTORNEY

       Each person whose signature appears below constitutes
and appoints Robert K. Cole and Brad A. Morrice his true and
lawful attorney-in-fact and agent, with full powers of
substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith,
with the Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and
about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.

       Pursuant to the requirements of the Securities Act of
1933, this Registration Statement has been signed below by the
following persons in the capacities and on the dates
indicated.
Signature                 Title                         Date

/s/ Robert K. Cole      Chairman of the Board,        September 17, 1997
 Robert K. Cole           Chief Executive Officer 
                          and Director
                          (Principal Executive Officer)

/s/ Brad A. Morrice       Vice Chairman of the Board,  September 17, 1997
Brad A. Morrice           President, General Counsel,
                          Secretary and Director

/s/ Edward F. Gotschall   Vice Chairman of the Board,  September 17, 1997
Edward F. Gotschall       Chief Operating Officer -
                          Finance/Administration 
                          and Director (Principal 
                          Financial and Accounting 
                          Officer)

/s/ Steven G. Holder      Vice Chairman of the Board,   September 17, 1997
Steven G. Holder          Chief Operating Officer - 
                          Loan Production/Operations 
                          and Director

/s/ John C. Bentley       Director                      September 17, 1997
John C. Bentley 

/s/ Sherman I. Chu        Director                      September 17, 1997
Sherman I. Chu 

_________________         Director
Harlan W. Smith 

/s/ Martin F. Ryan        Director                      September 17, 1997
Martin F. Ryan 

/s/ Michael M. Sachs      Director                      September 17, 1997
Michael M. Sachs 

/s/ Fredric Forster       Director                      September 17, 1997
Fredric Forster
EXHIBIT INDEX

Exhibit  
Number            Description 

4.1      New Century Financial Corporation Employee 
         Stock Purchase Plan.
         
4.2      Form of New Century Financial Corporation 
         Employee Stock Purchase Plan Subscription
         Agreement.
         
5.       Opinion of Counsel (opinion re legality). 

23.1     Consent of KPMG Peat Marwick LLP (consent
         of independent auditors).  

23.2     Consent of Counsel (included in Exhibit 5). 

24.      Power of Attorney (included in this  
         Registration Statement under "Signatures").