As filed with the Securities and Exchange Commission on
                    December 7, 1998.
                                Registration No. 333-_____


                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
                            (949) 440-7030
              (Address of principal executive offices)
                          ___________________

      New Century Financial Corporation Deferred Compensation Plan
                       (Full title of the plan)
                          ___________________

                             Brad A. Morrice
                  Vice Chairman, President and Secretary
                     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: (949) 440-7030
                            ___________________

                     CALCULATION  OF REGISTRATION  FEE

<TABLE>

<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
Deferred
Compensation     $5,000,000   100%       $5,000,000(2)  $1,390
Obligations(1)
(1)   The Deferred Compensation Obligations being      registered are
general unsecured obligations of New Century      Financial Corporation
(the "Company") to pay deferred
      compensation in the future to participating members of a
      select group of management or highly compensated employees in
      accordance with the terms of the New Century Financial
      Corporation Deferred Compensation Plan (the "Plan").

(2)   Estimated solely for purposes of determining
      the registration fee.
      The Exhibit Index for this Registration Statement is on page 9.
</TABLE>
                             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 employees 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 the Company filed with the
Commission are incorporated herein by reference:

     (a)  The Company's Annual Report on Form 10-K for the
          Company's fiscal year ended December 31, 1997;

     (b)  The Company's Quarterly Reports on Forms 10-Q for the
          quarterly periods ended March 31, 1998, June 30, 1998,
          and September 30, 1998; and

     (c)  The Company's Current Report on Form 8-K dated January
          12, 1998.

     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 Plan provides a select group of management or highly
compensated employees (the "Eligible Employees") of the Company
and certain of its affiliates with the opportunity to defer the
receipt of certain pre-tax cash compensation.  The obligations
of the Company under the Plan (the "Deferred Compensation
Obligations") will be general unsecured obligations of the
Company to pay deferred compensation in the future to
participating Eligible Employees (the "Participants") in
accordance with the terms of the Plan from the general assets of
the Company, and will rank pari passu with other unsecured and
unsubordinated indebtedness of the Company from time to time
outstanding.  The Deferred Compensation Obligations will be
denominated and payable in United States dollars.

     Each Participant may elect to defer under the Plan a
portion of his or her cash compensation that may otherwise be
payable in a calendar year.  A Participant's compensation
deferrals are credited to the Participant's bookkeeping account
("Account") maintained under the Plan.  Each Participant's
Account is credited on a periodic basis with a deemed rate of
earnings.

     With certain exceptions, Deferred Compensation Obligations
will be paid after: (i) the Participant's retirement from the
Company, or if later and elected by the Participant, the
Participant's attainment of age 65; or (ii) the year specified
by the Participant (an "In-Service Distribution"); as elected by
the Participant at the time of the deferral.  The Company may,
however, pay Deferred Compensation Obligations in the year
following a participant's termination of employment with the
Company (for reasons other than retirement) or in connection
with the termination of the Plan.  Participants may generally
elect that payments be made in a lump sum or installments,
although the Company may mandate payment in the form of a lump
sum in certain circumstances.

     No amount payable under the Plan shall be subject to
anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, or charge, voluntary or involuntary.  Any attempt
to dispose of any rights to benefits payable under the Plan
shall be void.

     The Deferred Compensation Obligations are not subject to
redemption, in whole or in part, prior to the individual payment
dates selected by the Participants, except that Participants may
withdraw all or a portion of the value of their Plan accounts
under certain specified circumstances.  However, the Company
reserves the right to amend or terminate the Plan at any time.

     The total amount of the Deferred Compensation Obligations
is not determinable because the amount will vary depending upon
the level of participation by Eligible Employees and the amounts
of their compensation.  The duration of the Plan is indefinite
(subject to the Company's ability to terminate the Plan).  The
Deferred Compensation Obligations are not convertible into
another security of the Company.  The Deferred Compensation
Obligations will not have the benefit of a negative pledge or
any other affirmative or negative covenant on the part of the
Company.  Each Participant will be responsible for acting
independently with respect to, among other things, the giving of
notices, responding to any requests for consents, waivers or
amendments pertaining to the Deferred Compensation Obligations,
enforcing covenants and taking action upon a default by the
Company.

Item 5.  Interests of Named Experts and Counsel

     The validity of the original issuance of the Deferred
Compensation Obligations registered hereby is passed on for the
Company by Stergios Theologides.  Mr. Theologides is the Vice
President and General Counsel of the Company, is compensated as
an employee of the Company, is the holder of options to acquire
shares of the Company's Common Stock and is expected to be
eligible to participate in the Plan.

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 9.

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 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; 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 December 4, 1998.

                           By: /s/ Brad A. Morrice
                              Brad A. Morrice
                              Vice Chairman, President and
                              Secretary

                        POWER OF ATTORNEY

     Each person whose signature appears below constitutes and
appoints Robert K. Cole and Brad A. Morrice, or each of them
individually, 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 attorneys-in-fact and
agents, 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 attorneys-in-fact and agents, or either of them
individually, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act, 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, Chief          December 4, 1998
Robert K. Cole          Executive Officer and
Director (Principal                        Executive Officer)

/s/ Brad A. Morrice     Vice Chairman,           December 4, 1998Brad A.
Morrice         Secretary
                        and Director
/s/ Edward F. Gotschall Vice Chairman, Chief     December 4, 1998Edward F.
Gotschall     Financial Officer and
                        Director (Principal
                        Financial and
                        Accounting Officer)

/s/ Steven G. Holder    Vice Chairman, Chief    December 4, 1998
Steven G. Holder        Operating Officer -
                        Lending Operation and
                        Director

/s/ John C. Bentley     Director                December 4, 1998
John C. Bentley

/s/ Sherman I. Chu      Director                December 4, 1998
Sherman I. Chu

/s/ Martin F. Ryan      Director                December 4, 1998
Martin F. Ryan

                        Director
Michael M. Sachs

                        Director
Fredric Forster

                        Director
Francis J. Partel, Jr.

</TABLE>
                        EXHIBIT INDEX
Exhibit
Number               Description of Exhibit

4.        New Century Financial Corporation Deferred
          Compensation Plan.

5.        Opinion of Company 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").
[{"type": "S-8", "sequence": "1", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 19308}]
{"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": "333-68467", "film-number": "98764770"}, "business-address": {"street1": "18400 VON KARMAN", "street2": "SUITE 1000", "city": "IRVINE", "state": "CA", "zip": "92612", "phone": "7148637243"}, "mail-address": {"street1": "18400 VON KARMAN", "street2": "SUITE 1000", "city": "IRWINE", "state": "CA", "zip": "92612"}}
As filed with the Securities and Exchange Commission on
                    December 7, 1998.
                                Registration No. 333-_____

                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
                            (949) 440-7030
              (Address of principal executive offices)
                          ___________________

      New Century Financial Corporation Deferred Compensation Plan
                       (Full title of the plan)
                          ___________________

                             Brad A. Morrice
                  Vice Chairman, President and Secretary
                     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: (949) 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
Deferred
Compensation     $5,000,000   100%       $5,000,000(2)  $1,390
Obligations(1)
(1)   The Deferred Compensation Obligations being      registered are
general unsecured obligations of New Century      Financial Corporation
(the "Company") to pay deferred
      compensation in the future to participating members of a
      select group of management or highly compensated employees in
      accordance with the terms of the New Century Financial
      Corporation Deferred Compensation Plan (the "Plan").

(2)   Estimated solely for purposes of determining
      the registration fee.
      The Exhibit Index for this Registration Statement is on page 9.
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 employees 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 the Company filed with the
Commission are incorporated herein by reference:

     (a)  The Company's Annual Report on Form 10-K for the
          Company's fiscal year ended December 31, 1997;

     (b)  The Company's Quarterly Reports on Forms 10-Q for the
          quarterly periods ended March 31, 1998, June 30, 1998,
          and September 30, 1998; and

     (c)  The Company's Current Report on Form 8-K dated January
          12, 1998.

     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 Plan provides a select group of management or highly
compensated employees (the "Eligible Employees") of the Company
and certain of its affiliates with the opportunity to defer the
receipt of certain pre-tax cash compensation.  The obligations
of the Company under the Plan (the "Deferred Compensation
Obligations") will be general unsecured obligations of the
Company to pay deferred compensation in the future to
participating Eligible Employees (the "Participants") in
accordance with the terms of the Plan from the general assets of
the Company, and will rank pari passu with other unsecured and
unsubordinated indebtedness of the Company from time to time
outstanding.  The Deferred Compensation Obligations will be
denominated and payable in United States dollars.

     Each Participant may elect to defer under the Plan a
portion of his or her cash compensation that may otherwise be
payable in a calendar year.  A Participant's compensation
deferrals are credited to the Participant's bookkeeping account
("Account") maintained under the Plan.  Each Participant's
Account is credited on a periodic basis with a deemed rate of
earnings.

     With certain exceptions, Deferred Compensation Obligations
will be paid after: (i) the Participant's retirement from the
Company, or if later and elected by the Participant, the
Participant's attainment of age 65; or (ii) the year specified
by the Participant (an "In-Service Distribution"); as elected by
the Participant at the time of the deferral.  The Company may,
however, pay Deferred Compensation Obligations in the year
following a participant's termination of employment with the
Company (for reasons other than retirement) or in connection
with the termination of the Plan.  Participants may generally
elect that payments be made in a lump sum or installments,
although the Company may mandate payment in the form of a lump
sum in certain circumstances.

     No amount payable under the Plan shall be subject to
anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, or charge, voluntary or involuntary.  Any attempt
to dispose of any rights to benefits payable under the Plan
shall be void.

     The Deferred Compensation Obligations are not subject to
redemption, in whole or in part, prior to the individual payment
dates selected by the Participants, except that Participants may
withdraw all or a portion of the value of their Plan accounts
under certain specified circumstances.  However, the Company
reserves the right to amend or terminate the Plan at any time.

     The total amount of the Deferred Compensation Obligations
is not determinable because the amount will vary depending upon
the level of participation by Eligible Employees and the amounts
of their compensation.  The duration of the Plan is indefinite
(subject to the Company's ability to terminate the Plan).  The
Deferred Compensation Obligations are not convertible into
another security of the Company.  The Deferred Compensation
Obligations will not have the benefit of a negative pledge or
any other affirmative or negative covenant on the part of the
Company.  Each Participant will be responsible for acting
independently with respect to, among other things, the giving of
notices, responding to any requests for consents, waivers or
amendments pertaining to the Deferred Compensation Obligations,
enforcing covenants and taking action upon a default by the
Company.

Item 5.  Interests of Named Experts and Counsel

     The validity of the original issuance of the Deferred
Compensation Obligations registered hereby is passed on for the
Company by Stergios Theologides.  Mr. Theologides is the Vice
President and General Counsel of the Company, is compensated as
an employee of the Company, is the holder of options to acquire
shares of the Company's Common Stock and is expected to be
eligible to participate in the Plan.

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 9.

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 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; 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 December 4, 1998.

                           By: /s/ Brad A. Morrice
                              Brad A. Morrice
                              Vice Chairman, President and
                              Secretary

                        POWER OF ATTORNEY

     Each person whose signature appears below constitutes and
appoints Robert K. Cole and Brad A. Morrice, or each of them
individually, 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 attorneys-in-fact and
agents, 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 attorneys-in-fact and agents, or either of them
individually, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act, 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, Chief          December 4, 1998
Robert K. Cole          Executive Officer and
Director (Principal                        Executive Officer)

/s/ Brad A. Morrice     Vice Chairman,           December 4, 1998Brad A.
Morrice         Secretary
                        and Director
/s/ Edward F. Gotschall Vice Chairman, Chief     December 4, 1998Edward F.
Gotschall     Financial Officer and
                        Director (Principal
                        Financial and
                        Accounting Officer)

/s/ Steven G. Holder    Vice Chairman, Chief    December 4, 1998
Steven G. Holder        Operating Officer -
                        Lending Operation and
                        Director

/s/ John C. Bentley     Director                December 4, 1998
John C. Bentley

/s/ Sherman I. Chu      Director                December 4, 1998
Sherman I. Chu

/s/ Martin F. Ryan      Director                December 4, 1998
Martin F. Ryan

                        Director
Michael M. Sachs

                        Director
Fredric Forster

                        Director
Francis J. Partel, Jr.
EXHIBIT INDEX
Exhibit
Number               Description of Exhibit

4.        New Century Financial Corporation Deferred
          Compensation Plan.

5.        Opinion of Company 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").