<PAGE>

                                                                    EXHIBIT 10.9

                             AMENDED AND RESTATED
                         REGISTRATION RIGHTS AGREEMENT


     This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the "Agreement")
is entered into as of July 26, 1999, by and between New Century Financial
Corporation, a Delaware corporation (the "Company"), and U.S. Bancorp, a
Delaware corporation (the "Purchaser").

     WHEREAS, on November 24, 1998, the Purchaser purchased shares of the
Company's Series 1998A Convertible Preferred Stock.

     WHEREAS, the Company and the Purchaser are a party to the Registration
Rights Agreement dated as of November 24, 1998 (the "1998 Registration Rights
Agreement") relating to the Company's agreements to register under the
Securities Act the shares of the Company's Common Stock issuable upon conversion
of the Company's outstanding Series 1998A Convertible Preferred Stock.

     WHEREAS, the Purchaser has agreed to purchase shares of the Company's
Series 1999A Convertible Preferred Stock.

     WHEREAS, in connection with such purchase, the Company and the Purchaser
desire to amend and restate the 1998 Registration Rights Agreement to include
certain arrangements with respect to the registration for public sale under the
Securities Act of 1933, as amended (the "Securities Act"), of the shares of the
Company's Common Stock, $.01 par value per share, issuable upon conversion of
the Series 1999A Convertible Preferred Stock.

     NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Purchaser
hereby agree as follows:

     1.   Definitions.
          -----------

          1.1  "Affiliate" shall mean any person that directly or indirectly
controls or is controlled by, or is under common control with, another specified
person.

          1.2  "Commission" shall mean the Securities and Exchange Commission or
                ----------
any other federal agency at the time administering the Securities Act.

          1.3  "Company" shall mean New Century Financial Corporation, a
                -------
Delaware corporation.
<PAGE>

          1.4  "Common Shares" shall mean the shares of common stock, par value
                -------------
$.01 per share, authorized by the Company's Certificate of Incorporation and any
additional shares of common stock which may be authorized in the future by the
Company, and any stock into which such Common Shares may hereafter be changed,
and shall also include capital stock of any other class of the Company which is
not preferred as to dividends or assets over any other class of stock of the
Company and which is not subject to redemption.

          1.5  "Founding Managers" shall mean Robert K. Cole, Brad A. Morrice,
                -----------------
Steven G. Holder and Edward F. Gotschall.

          1.6  "Other Shareholders" shall mean Paul B. Akers and Kirk Redding,
                ------------------
and their successors in interest, under that certain Merger Agreement, dated as
of December 17, 1997, among the Company, NC Acquisition Corp., PFW Corporation
and the shareholders named therein.

          1.7  "Preferred Stock" shall mean all outstanding shares of (a) the
                ---------------
Series 1999A  Convertible  Preferred Stock, par value $.01 per share, of the
Company, and any securities (other than Common Shares) into which such shares
may hereafter be changed and (b) the Series 1998A Convertible Preferred Stock,
par value $.01 per share, of the Company, and any Securities (other than the
Common Shares) into which such shares may hereafter be changed.

          1.8  "Public Offering" shall mean any offering of Common Shares to the
                ---------------
public, either on behalf of the Company or any of its security holders, pursuant
to an effective registration statement under the Securities Act.

          1.9  "Purchaser" shall mean U.S. Bancorp, a Delaware corporation.
                ---------

          1.10 "Registrable Securities" shall mean (a) the Common Shares at any
                ----------------------
time issued or subject to issuance upon the conversion of the Preferred Stock
and (b) any additional securities issued with respect to the above-described
securities upon any stock split, stock dividend, recapitalization, or similar
event.  Registrable Securities shall cease to be Registrable Securities when (w)
a registration statement with respect to the sale of such securities shall have
been declared effective under the Securities Act and such securities shall have
been disposed of in accordance with such registration statement, (x) such
securities shall be eligible to be distributed pursuant to Rule 144(k) under the
Securities Act, (y) such securities shall have ceased to be outstanding, or (z)
such securities are transferred in a transaction in which the rights hereunder
are not assigned as permitted by Section 9.

          1.11 "Registration Expenses" shall mean the expenses described in
                ---------------------
Section 5.

          1.12 "Securities Act" shall mean the Securities Act of 1933, as
                --------------
amended.

          1.13 "Stock Purchase Agreement" shall mean the Preferred Stock
                ------------------------
Purchase Agreement dated July 26, 1999 between the Company and the Purchaser.
<PAGE>

     2.   Demand Registration.
          -------------------

          2.1  Subject to Sections 2.3, 2.4, 2.5 and 2.6, if at any time the
Company shall receive a written request therefor from the record holder or
holders of an aggregate of at least 51% of the Registrable Securities, the
Company shall prepare and file a registration statement under the Securities Act
covering such number of Registrable Securities as are the subject of such
request and shall use its best efforts to cause such registration statement to
become effective.  Upon the receipt of a registration request meeting the
requirements of this Section 2.1, the Company shall promptly give written notice
to all other record holders of Registrable Securities that such registration is
to be effected.  The Company shall include in such registration statement such
additional Registrable Securities as such other record holders request in
writing within fifteen (15) days after the date of the Company's written notice
to them.  If (a) the holders of a majority of the Registrable Securities for
which registration has been requested pursuant to this Section 2.1 determine for
any reason not to proceed with the registration at any time before the related
registration statement has been declared effective by the Commission, (b) such
registration statement, if theretofore filed with the Commission, is withdrawn
and (c) the holders of the Registrable Securities subject to such registration
statement agree to bear their own Registration Expenses incurred in connection
therewith and to reimburse the Company for the Registration Expenses incurred by
it in such connection or if such registration statement, if theretofore filed
with the Commission, is withdrawn at the initiative of the Company, then the
holders of the Registrable Securities shall not be deemed to have exercised
their demand registration right pursuant to this Section 2.1.

          2.2  At the request of the holders of a majority of the Registrable
Securities to be registered, the method of disposition of all Registrable
Securities included in such registration shall be an underwritten Public
Offering.  The managing underwriter of any such Public Offering shall be
selected by the majority of the Registrable Securities, provided that such
managing underwriter is  reasonably acceptable to the Company.

          2.3  The Company shall be obligated to prepare, file and cause to be
effective not more than two registration statements pursuant to Section 2.1.

          2.4  Notwithstanding the foregoing, the Company may delay initiating
the preparation and filing of any registration statement requested pursuant to
Section 2.1 for a period not to exceed one hundred eighty (180) days if, in the
good faith judgment of the Company's Board of Directors, filing the registration
statement would reasonably be expected to have a Material Adverse Effect (as
defined in the Stock Purchase Agreement), which Material Adverse Effect could
reasonably be expected to be avoided by delaying such filing for such period.

          2.5  Notwithstanding anything to the contrary contained herein, at any
time within thirty (30) days after receiving a demand for registration pursuant
to Section 2.1, the Company may elect to effect an underwritten primary
registration in lieu of the requested registration.  If the Company so elects,
the Company shall give prompt written notice to all holders of Registrable
Securities of its intention to effect such a registration and shall afford such
holders the rights contained in Article 3 with respect to "piggyback"
registrations.  In such event, the demand for registration pursuant to Section
2.1 shall be deemed to have been withdrawn.
<PAGE>

          2.6  The Company shall not be obligated to effect a demand
registration (a) within 180 days after the effective date of a previous demand
registration or a previous registration in which the holders of Registrable
Securities were given piggy-back registration rights pursuant to this Agreement
and in which there was no reduction in the number of Registrable Securities
requested to be included or (b) prior to the first anniversary of this
Agreement, provided that this Section 2.6(b) shall not be applicable if the
Purchaser notifies the Company in writing that Purchaser, in its reasonable
judgment, has determined that it is required to divest all or a portion of the
Registrable Securities in order to satisfy or comply with regulatory
requirements applicable to Purchaser.

     3.   Piggyback Registration.
          ----------------------

          3.1  Each time the Company shall determine to proceed with the actual
preparation and filing of a registration statement under the Securities Act in
connection with the proposed offer and sale for money of any of its securities
by it or any of its security holders (other than a registration statement on
Form S-8, Form S-4 or other limited purpose form), the Company will give written
notice of its determination to all record holders of Registrable Securities.
Upon the written request of a record holder of any Registrable Securities given
within 15 days after the date of the receipt of any such notice from the
Company, the Company will, except as herein provided, use its best efforts to
cause all Registrable Securities the registration of which is requested to be
included in such registration statement, all to the extent requisite to permit
the sale or other disposition by the prospective seller or sellers of the
Registrable Securities to be so registered; provided, however, that nothing
                                            --------  -------
herein shall prevent the Company from, at any time, abandoning or delaying in
its sole and absolute discretion any registration.

          3.2  If any registration pursuant to Section 3.1 is underwritten in
whole or in part, the Company may require that the Registrable Securities
included in the registration be included in the underwriting on the same terms
and conditions as the securities otherwise being sold through the underwriters.
If, in the good faith judgment of the managing underwriter of the Public
Offering, marketing factors require a limitation of the number of shares to be
underwritten, the managing underwriter may exclude some or all of the
Registrable Securities from such registration and underwriting.  Any reduction
in the number of securities of the Company included in such registration and
underwriting shall be borne (i) first by the Founding Managers and the Other
Shareholders pro rata based on the number of shares, if any, for which
registration was requested by the Founding Managers and the Other Shareholders,
(ii) second by the Holders of Registrable Securities pro rata based on the
number of shares, if any, for which registration was requested by such Holders,
and (iii) then equally by the other holders of securities of the Company
requested to be included in such registration and underwriting, as a group, pro
rata based on the number of shares for which registration was requested by such
holders.   The Registrable Securities which are thus excluded from the
underwritten Public Offering shall be withheld from the market by the holders
thereof for a period which the managing underwriter reasonably determines is
necessary in order to effect the Public Offering.
<PAGE>

     4.   Registration Procedures.  If and whenever the Company is required by
          -----------------------
the provisions of Article 2 or Article 3 to effect a registration of Registrable
Securities under the Securities Act, the Company will use its best efforts to
effect the registration and sale of such Registrable Securities in accordance
with the intended methods of disposition specified by the holders participating
therein.  Without limiting the foregoing, the Company in each such case will, as
expeditiously as possible:

          4.1  In the case of a demand registration pursuant to Section 2.1,
prepare and file with the Commission the requisite registration statement to
effect such registration (including such audited financial statements as may be
required by the Securities Act or the rules and regulations thereunder) and use
its best efforts to cause such registration statement to become effective;
provided, however, that as far in advance as practical before filing such
--------  -------
registration statement or any amendment thereto, the Company will furnish
counsel for the requesting holders of Registrable Securities with copies of
reasonably complete drafts of all such documents proposed to be filed (including
exhibits), and any such holder shall have the opportunity to object to any
information pertaining solely to such holder that is contained therein and the
Company will make the corrections reasonably requested by such holder with
respect to such information prior to filing such registration statement or
amendment.

          4.2  Prepare and file with the Commission such amendments and
supplements to such registration statement and any prospectus used in connection
therewith as may be necessary to maintain the effectiveness of such registration
statement and to comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities included in such registration
statement, in accordance with the intended methods of disposition thereof, until
the earlier of (a) such time as all of the Registrable Securities included in
such registration statement have been disposed of in accordance with the
intended methods of disposition by the holder or holders thereof as set forth in
such registration statement or (b) 180 days (or, if the filing was on a Form S-3
registration statement, 365 days) after such registration statement becomes
effective; provided, that, in the event the holder of Registrable Securities is
required to discontinue such holder's disposition of Registrable Securities
pursuant to Section 4.11 hereof, such 180-days (or 365 days, if applicable)
shall be extended for such additional  period as is equal to the period during
which such holders was required to discontinue such disposition.

          4.3  Promptly notify each requesting holder and the underwriter or
underwriters, if any, of:

          (a)  when such registration statement or any prospectus used in
connection therewith, or any amendment or supplement thereto, has been filed
and, with respect to such registration statement or any post-effective amendment
thereto, when the same has become effective;

          (b)  any written request by the Commission for amendments or
supplements to such registration statement or prospectus;
<PAGE>

          (c)  any notification received by the Company from the Commission
regarding the Commission's initiation of any proceeding with respect to, or of
the issuance by the Commission of, any stop order suspending the effectiveness
of such registration statement; and

          (d)  the receipt by the Company of any notification with respect to
the suspension of the qualification of any Registrable Securities for sale under
the applicable securities or blue sky laws of any jurisdiction.

          4.4  Furnish to each holder of Registrable Securities included in such
registration statement such number of conformed copies of such registration
statement and of each amendment and supplement thereto, and such number of
copies of the prospectus contained in such registration statement (including
each preliminary prospectus and any summary prospectus) and any other prospectus
filed under Rule 424 promulgated under the Securities Act relating to such
seller's Registrable Securities, and such other documents, as such holder may
reasonably request to facilitate the disposition of its Registrable Securities.

          4.5  Use its best efforts to register or qualify all Registrable
Securities included in such registration statement under the securities or "blue
sky" laws of such states as each holder of Registrable Securities shall
reasonably request within twenty (20) days following the original filing of such
registration statement and to keep such registration or qualification in effect
for so long as such registration statement remains in effect, and take any other
action which may be reasonably necessary or advisable to enable such holder to
consummate the disposition in such states of the Registrable Securities owned by
such holder, except that the Company shall not for any such purpose be required
(a) to qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this Section 4.5
be obligated to be so qualified, (b) to consent to general service of process in
any such jurisdiction or (c) to subject itself to taxation in any such
jurisdiction by reason of such registration or qualification.

          4.6  Use its best efforts to cause all Registrable Securities included
in such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable each holder
thereof to consummate the disposition of such Registrable Securities.

          4.7  Notify each holder whose Registrable Securities are included in
such registration statement, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event
as a result of which any prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and at the request of any such holder promptly prepare and
furnish to such holder a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the Purchaser of such Registrable Securities, such prospectus shall
not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.
<PAGE>

          4.8  Otherwise use its best efforts to comply with all applicable
rules and regulations of the Commission.

          4.9  Use its best efforts to cause all Registrable Securities included
in such registration statement to be listed, upon official notice of issuance,
on any securities exchange or quotation system on which any of the securities of
the same class as the Registrable Securities are then listed.

          4.10 The Company may require each holder whose Registrable Securities
are being registered to, and each such holder, as a condition to including
Registrable Securities in such registration statement, shall, furnish the
Company and the underwriters with such information and affidavits regarding such
holder and the distribution of such Registrable Securities as the Company and
the underwriters may from time to time reasonably request in writing in
connection with such registration statement.  At any time during the
effectiveness of any registration statement covering Registrable Securities
offered by a holder, if such holder becomes aware of any change materially
affecting the accuracy of the information contained in such registration
statement or the prospectus (as then amended or supplemented) relating to such
holder, it will immediately notify the Company of such change.

          4.11 Upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 4.7, each holder will forthwith
discontinue such holder's disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until such holder
receives the copies of the supplemented or amended prospectus contemplated by
Section 4.7 and, if so directed by the Company, shall deliver to the Company all
copies, other than permanent file copies, then in such holder's possession of
the prospectus relating to such Registrable Securities.

          4.12 As used in this Agreement, the term "best efforts" shall not mean
efforts which require the performing party to do any act that is unreasonable
under the circumstances or to expend any funds other than reasonable out-of-
pocket expenses incurred in satisfying its obligations hereunder, including but
not limited to the fees, expenses and disbursements of its accountants, counsel
and other professionals.

     5.   Expenses.  With respect to any registration requested pursuant to
          --------
Article 2 (except as otherwise provided in such Article with respect to a
registration voluntarily terminated at the request of the requesting holders of
Registrable Securities) the Company shall bear all of the expenses
("Registration Expenses") incident to the Company's performance of or compliance
with its obligations under this Agreement in connection with such registration
including, without limitation, all registration, filing, securities exchange
listing and NASD fees, all registration, filing, qualification and other fees
and expenses or complying with state securities or "blue sky" laws, all word
processing, duplicating and printing expenses, messenger and delivery expenses,
the fees and disbursements of counsel for the Company and of its independent
public accountants, including the expenses of any special audits or "cold
comfort" letters required by or incident to such performance and compliance,
premiums and other costs of any policies of insurance against liabilities
arising out of the Public Offering of the Registrable Securities being
registered obtained by the Company (it being understood that the Company shall
have no
<PAGE>

obligation to obtain such insurance) and any fees and disbursements of
underwriters customarily paid by issuers or sellers of securities; but excluding
underwriting discounts and commissions and transfer taxes, if any, in respect of
Registrable Securities and any fees and disbursements of counsel and accountants
to the holders of the Registrable Securities, which discounts, commissions,
transfer taxes, fees and disbursements shall in any registration be payable by
the holders of the Registrable Securities being registered, pro rata in
                                                            --- ----
proportion to the number of Registrable Securities being sold by them.

     6.   Indemnification.
          ---------------

          6.1  The Company will, to the full extent permitted by law, indemnify
and hold harmless each holder of Registrable Securities which are included in a
registration statement pursuant to the provisions of this Agreement, and its
directors, officers and partners and each other person, if any, who controls
such holder within the meaning of the Securities Act, from and against any and
all losses, claims, damages, expenses or liabilities, joint or several
(collectively,  "Losses") to which such holder or any such director, officer,
partner or controlling person may become subject under the Securities Act or
otherwise, insofar as such Losses (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in a
registration statement prepared and filed hereunder, any preliminary, final or
summary prospectus contained therein or any amendment or supplement thereto or
any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in the light of the circumstances under which they were made) not
misleading, and the Company will reimburse the holder and each such director,
officer, partner and controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending
against any such Losses (or action or proceeding in respect thereof); provided,
                                                                      --------
however, that the Company will not be liable in any such case to the extent that
-------
any such Losses arise out of or are based upon (a) an untrue statement or
alleged untrue statement or omission or alleged omission made in conformity with
written information furnished by such holder specifically for use in the
preparation of the registration statement or (b) such holder's failure to send
or give a copy of the final prospectus to the persons asserting an untrue
statement or alleged untrue statement or omission or alleged omission at or
prior to the written confirmation of the sale of Registrable Securities to such
person if such statement or omission was corrected in such final prospectus.
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such holder or any such director, officer,
partner or controlling person of such holder and shall survive the transfer of
such securities by such holder.  The Company shall also indemnify each other
person who participates (including as an underwriter) in the offering or sale of
Registrable Securities, their officers and directors, and partners, and each
other person, if any, who controls any such participating person within the
meaning of the Securities Act to the same extent provided above with respect to
holders of Registrable Securities.

          6.2  Each holder of Registrable Securities which are included in a
registration pursuant to the provisions of this Agreement will, to the full
extent permitted by law, indemnify and hold harmless the Company, its officers,
directors and each other person, if any, who controls the Company within the
meaning of the Securities Act from and against any and all
<PAGE>

Losses to which the Company or any such officer, director or controlling person
may become subject under the Securities Act or otherwise, insofar as such Losses
(or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue or alleged untrue statement of any
material fact contained in a registration statement prepared and filed
hereunder, any preliminary, final or summary prospectus contained therein or any
amendment or supplement thereto, or arise out of or are based upon the omission
or the alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a
prospectus, in the light of the circumstances under which they were made) not
misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was so
made in reliance upon and in strict conformity with written information
furnished by such holder specifically for use in the preparation of such
registration statement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Company or any such
director, officer or controlling person of the Company. The holder of
Registrable Securities included in a registration statement shall also indemnify
each other person who participates (including as an underwriter) in the offering
or sale of Registrable Securities, their officers and directors, and partners,
and each other person, if any, who controls any such participating person within
the meaning of the Securities Act to the same extent as provided above with
respect to the Company. In no event shall the liability of any holder under this
Section 6.2 exceed the gross proceeds received by such holder from the sale of
their Registrable Securities.

          6.3  Promptly after receipt by a party indemnified pursuant to the
provisions of Section 6.1 or Section 6.2 of notice of the commencement of any
action involving the subject matter of the foregoing indemnity provisions, such
indemnified party will, if a claim thereof is to be made against the
indemnifying party pursuant to the provisions of Section 6.1 or Section 6.2,
promptly notify the indemnifying party of the commencement thereof; but the
omission so to notify the indemnifying party will not relieve the indemnifying
party from any liability which it may have to any indemnified party except to
the extent that the indemnifying party is actually prejudiced by such failure to
give notice.  In case any such action is brought against any indemnified party,
the indemnifying party shall have the right to participate in, and, to the
extent that it may wish, jointly with any other indemnifying party, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party; provided, however, that if the defendants in any action include both the
       --------  -------
indemnified party and the indemnifying party and the indemnified party
reasonably concludes that there is a conflict of interest that would prevent
counsel for the indemnifying party from also representing the indemnified party,
the indemnified party shall have the right to select one separate counsel to
participate in the defense of such action on behalf of the indemnified party or
parties.  After notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof, the indemnifying party will not
be liable to such indemnified party pursuant to the provisions of Section 6.1 or
Section 6.2 for any legal or other expense subsequently incurred by such
indemnified party in connection with the defense thereof unless (a) the
indemnified party shall have employed counsel in accordance with the proviso of
the preceding sentence, (b) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after the notice of the commencement
of the action or (c) the indemnifying party has authorized the employment of
counsel for the indemnified party at the expense of the indemnifying party.  If
the indemnifying party is not entitled to, or elects not to,
<PAGE>

assume the defense of a claim, it will not be obligated to pay the fees and
expenses of more than one counsel for the indemnified parties with respect to
such claim, unless in the reasonable judgment of any indemnified party a
conflict of interest may exist between such indemnified party and any other
indemnified parties with respect to such claim, in which event the indemnifying
party shall be obligated to pay the fees and expenses of additional counsel or
counsels for the indemnified parties, but only to the extent necessary to cure
such conflict of interest. No indemnifying party shall consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation without
the consent of the indemnified party. No indemnifying party shall be subject to
any liability for any settlement made without its consent. An indemnified party
may at any time elect to participate in the defense of any claim or proceeding
at its own expense.

     7.   Underwritten Offerings.  If a distribution of Registrable Securities
          ----------------------
pursuant to a registration statement is to be underwritten, the holders whose
Registrable Securities are to be distributed by such underwriters shall be
parties to such underwriting agreement.  No requesting holder may participate in
such underwritten offering unless such holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such underwriting agreement.
If any requesting holder disapproves of the terms of an underwriting, such
holder may elect to withdraw therefrom and from such registration by notice to
the Company and the managing underwriter, and each of the remaining requesting
holders shall be entitled to increase the number of Registrable Securities being
registered to the extent of the Registrable Securities so withdrawn in the
proportion which the number of Registrable Securities being registered by such
remaining requesting holder bears to the total number of Registrable Securities
being registered by all such remaining requesting holders.

     8.   Stand-Off Agreement.  Each holder of Registrable Securities agrees, so
          -------------------
long as such holder holds at least 5% of the Company's outstanding voting equity
securities, in connection with a Public Offering, upon request of the Company or
the underwriters managing such Public Offering, not to sell, make any short sale
of, loan, grant any option for the purchase of, or otherwise dispose of any
Common Shares of the Company without the prior written consent of the Company or
such underwriters, as the case may be, for such period of time (not exceeding
180 days) from the effective date of the registration statement relating to such
Public Offering as may be requested by the underwriters; provided, however, that
                                                         --------  -------
all other persons with registration rights (whether or not pursuant to this
Agreement) and all of the executive officers and directors of the Company who
own stock of the Company must also agree to not less onerous restrictions.

     9.   Assignment of Registration Rights.  The rights to cause the Company to
          ---------------------------------
register the Registrable Securities pursuant to this Agreement may not be
assigned by the Purchaser except (a) to an Affiliate of the Purchaser without
limitation or (b) to a transferee or assignee of Registrable Securities
representing or convertible into 5% or more of the Company's outstanding Common
Shares.  In the case of either (a) or (b) the Purchaser shall, within a
reasonable time after such transfer or assignment, furnish to the Company
written notice of the name and address
<PAGE>

of such transferee or assignee and the securities with respect to which such
registration rights are being assigned. Any transferee asserting registration
rights hereunder shall be bound by the applicable provisions of this Agreement.

     10.  Amendment.  The Company shall not amend this Agreement without the
          ---------
written consent of the holders of more than 50% of the Registrable Securities.

     11.  Termination.  This Agreement, and all of the Company's obligations
          -----------
hereunder (other than its obligations pursuant to Article 6, which obligations
shall survive such termination), shall terminate upon the earlier to occur of
(i) the date on which there are no Registrable Securities outstanding and (ii)
July 26, 2004.

     12.  Severability.  Whenever possible, each provision of this Agreement
          ------------
shall be interpreted in such a manner as to be effective and valid under
applicable law but if any provision of this Agreement is held to be invalid,
illegal or unenforceable under any applicable law or rule, the validity,
legality and enforceability of the other provision of this Agreement will not be
affected or impaired thereby.

     13.  Notices.  All notices, consents, requests, instructions, approvals or
          -------
other communications provided for herein shall be in writing and delivered by
personal delivery, overnight courier, mail or electronic facsimile addressed to
the receiving party at the address set forth herein.  All such communications
shall be effective when received.

               (a) If to any holder of any Registrable Securities addressed to
          such holder at its address as shown on the books of the Company, or at
          such other address as such holder may specify by written notice to the
          Company, or

               (b) if to the Company, at New Century Financial Corporation,
          18400 Von Karman, Suite 1000, Irvine, California 92612, Attention:
          Brad A. Morrice, Fax: 949-440-7033; or at such other address as the
          Company may specify by written notice to the holders of Registrable
          Securities hereunder.

     14.  Counterparts.  This Agreement may be executed concurrently in two or
          ------------
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  Facsimile signatures
shall constitute original signatures for all purposes of this Agreement.

     15.  Successors and Assigns.  Except as otherwise provided herein, this
          ----------------------
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties.

     16.  Governing Law.  This Agreement shall be governed by, interpreted
          -------------
under, and construed and enforced in accordance with the internal laws, and not
the laws pertaining to the conflicts or choice of laws, of the State of
Delaware.
<PAGE>

     17.  Entire Agreement; Effectiveness.  This Agreement is intended by the
          -------------------------------
parties hereto to be the final expression of their agreement and constitutes and
embodies the entire agreement and understanding between the parties hereto with
regard to the subject matter hereof and is a complete and exclusive statement of
the terms and conditions thereof, and shall supersede any and all prior oral or
written correspondence, conversations, negotiations, agreements and
understandings relating to the same subject matter.  This Agreement shall take
effect upon its execution by the Company and the Purchaser and shall amend and
replace the 1998 Registration Rights Agreement.  Upon the effectiveness of this
Agreement, the 1998 Registration Rights Agreement shall be of no further force
and effect.
<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered by their proper and duly authorized representatives as of
the day and year first above written.

                              NEW CENTURY FINANCIAL CORPORATION


                              By: /s/ Robert K. Cole
                                  --------------------------------

                              Its:CEO_____________________________


                              U.S. BANCORP


                              By: /s/ Lee R. Mitau
                                  --------------------------------
                                  Lee R. Mitau
                              Its Executive Vice President, General Counsel
                                   and Secretary
<PAGE>

                                                                       EXHIBIT C

                              FIRST AMENDMENT TO
                 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT


     THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (the
"Amendment") dated as of July 26, 1999 by and among NEW CENTURY MORTGAGE
CORPORATION, a California corporation (the" Company"), the lenders party to the
Credit Agreement referred to below (collectively, the "Lenders" and
individually, a "Lender") and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, in its capacity as agent for the Lenders (in such capacity,
together with any successor agents appointed thereunder, the "Agent").

     WITNESSETH THAT:

     WHEREAS, the Company, the Lenders and the Agent are parties to a Fourth
Amended and Restated Credit Agreement dated as of May 26, 1999 (the "Credit
Agreement"), pursuant to which the Lenders provide the Company with a revolving
mortgage warehousing credit facility; and

     WHEREAS, the Company and the Lenders have agreed to amend the Credit
Agreement upon the terms and conditions herein set forth;

     NOW, THEREFORE, for value received, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Lenders agree as follows:
<PAGE>

     1.   Certain Defined Terms. Each capitalized term used herein without being
          ---------------------
defined herein that is defined in the Credit Agreement shall have the meaning
given to it therein.

     2.   Amendments to Credit Agreement.  The Credit Agreement is hereby
          ------------------------------
amended as follows:

          Section 4.13 of the Credit Agreement is hereby amended in its entirety
     to read as follows:

               4.13  Restricted Payments.  The Company and NCFC will not make
                     -------------------
          any Restricted Payments, other than (a) dividends paid by NCFC on its
          1998A Convertible Preferred Stock and its 1999A Convertible Preferred
          Stock in an aggregate amount not to exceed $3,000,000 per annum, (b)
          dividends paid by the Company to NCFC to enable NCFC to pay such
          dividends in an amount not to exceed $3,000,000 per annum, and (c)
          repurchases by NCFC of shares of its common stock pursuant to the
          Stock Repurchase Program, in each case provided that, both before and
          after giving effect to such dividend payments or repurchases, the
          Borrower and NCFC are in compliance with the covenants set forth in
          Section 4 of this Agreement and no Event of Default or Unmatured Event
          of Default has occurred and is continuing.

     3.   Conditions to Effectiveness of this Amendment.  This Amendment shall
          ---------------------------------------------
become effective when the Agent shall have received at least thirteen (13)
counterparts of this Amendment, duly executed by the Company and the Required
Lenders, provided the following conditions are satisfied:

          (a)  Before and after giving effect to this Amendment, the
     representations and warranties of the Company in Section 3 of the Credit
     Agreement, Section 5 of the Pledge and Security Agreement and Section 4 of
     the Servicing Security Agreement, of NCFC in Section 15 of the Guaranty,
     and of NCCC in Section 15 of the NCCC Guaranty shall be true and correct as
     though made on the date hereof, except for changes that are permitted by
     the terms of the Credit Agreement.

          (b)  Before and after giving effect to this Amendment, no Event of
     Default and no Unmatured Event of Default shall have occurred and be
     continuing.

          (c)  No material adverse change in the business, assets, financial
     condition or prospects of the Company or NCFC shall have occurred since May
     26, 1999.

          (d)  The Agent shall have received the following, each duly executed
     or certified, as the case may be, and dated as of the date of delivery
     thereof:

               (i)  copy of resolutions of the Board of Directors of the
          Company, certified by its respective Secretary or Assistant Secretary,
          authorizing or ratifying the execution, delivery and performance of
          this Amendment;
<PAGE>

               (ii)  a certified copy of any amendment or restatement of the
          Articles of Incorporation or the By-laws of the Company made or
          entered following the date of the most recent certified copies thereof
          furnished to the Lenders;

               (iii) certified copies of all documents evidencing any necessary
          corporate action, consent or governmental or regulatory approval (if
          any) with respect to this Amendment;

               (iv)  a Reaffirmation of NCFC Guaranty duly executed by NCFC;

               (v)   a Reaffirmation of NCCC Guaranty duly executed by NCCC; and

               (vi)  such other documents, instruments, opinions and approvals
          as the Agent may reasonably request.

          (e)  The Agent shall have received the amendment fee required by
     Section 8.16 of the Credit Agreement.

     4.   Acknowledgments.  The Company and each Lender acknowledge that, as
          ---------------
amended hereby, the Credit Agreement remains in full force and effect with
respect to the Company and the Lenders, and that each reference to the Credit
Agreement in the Loan Documents shall refer to the Credit Agreement as amended
hereby.  The Company confirms and acknowledges that it will continue to comply
with the covenants set out in the Credit Agreement and the other Loan Documents,
as amended hereby, and that its representations and warranties set out in the
Credit Agreement and the other Loan Documents, as amended hereby, are true and
correct as of the date of this Amendment.  The Company represents and warrants
that (i) the execution, delivery and performance of this Amendment is within its
corporate powers and has been duly authorized by all necessary corporate action;
(ii) this Amendment has been duly executed and delivered by the Company and
constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms (subject to limitations as to
enforceability which might result from bankruptcy, insolvency, or other similar
laws affecting creditors' rights generally and general principles of equity) and
(iii) no Events of Default or Unmatured Events of Default exist.

     5.   General.
          -------

     (a)  The Company agrees to reimburse the Agent upon demand for all
reasonable expenses (including reasonable attorneys fees and legal expenses)
incurred by the Agent in the preparation, negotiation and execution of this
Amendment and any other document required to be furnished herewith, and to pay
and save the Lenders harmless from all liability for any stamp or other taxes
which may be payable with respect to the execution or delivery of this
Amendment, which obligations of the Company shall survive any termination of the
Credit Agreement.

     (b)  This Amendment may be executed in as many counterparts as may be
deemed necessary or convenient, and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed an original but
all such counterparts shall constitute but one and the same instrument.
<PAGE>

     (c) Any provision of this Amendment which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provisions in any
other jurisdiction.

     (d) This Amendment shall be governed by, and construed in accordance with,
the internal law, and not the law of conflicts, of the State of Minnesota, but
giving effect to federal laws applicable to national banks.

     (e) This Amendment shall be binding upon the Company, the Lenders, the
Agent and their respective successors and assigns, and shall inure to the
benefit of the Company, the Lenders, the Agent and the successors and assigns of
the Lenders and the Agent.
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first above written.

                              NEW CENTURY MORTGAGE
                                CORPORATION


                              By _________________________________

                              Its ________________________________


                              U.S. BANK NATIONAL ASSOCIATION,


                              By _________________________________

                              Its ________________________________


                              GUARANTY FEDERAL BANK, FSB


                              By _________________________________

                              Its ________________________________


                              COMERICA BANK


                              By _________________________________

                              Its ________________________________


                              FIRST UNION NATIONAL BANK


                              By _________________________________

                              Its ________________________________


                    [Signature Page for First Amendment to
                 Fourth Amended and Restated Credit Agreement]
<PAGE>

                            RESIDENTIAL FUNDING CORPORATION


                              By _________________________________

                              Its ________________________________


                              BANK ONE, TEXAS, N.A.


                              By _________________________________

                              Its ________________________________


                              THE BANK OF NEW YORK


                              By _________________________________

                              Its ________________________________


                              THE FIRST NATIONAL BANK OF
                                 CHICAGO


                              By _________________________________

                              Its ________________________________


                              NATIONSBANK OF TEXAS, N.A.
                                 FLEET BANK, N.A.


                              By _________________________________

                              Its ________________________________


                    [Signature Page for First Amendment to
                 Fourth Amended and Restated Credit Agreement]
<PAGE>

                        REAFFIRMATION OF NCFC GUARANTY


     THE UNDERSIGNED, NEW CENTURY FINANCIAL CORPORATION, HEREBY (1) AGREES THAT
EACH REFERENCE TO THE CREDIT AGREEMENT, OR WORDS OF SIMILAR IMPORT, CONTAINED IN
THE THIRD AMENDED AND RESTATED GUARANTY DATED AS OF MAY 29, 1998 (THE
"GUARANTY") BY THE UNDERSIGNED TO THE LENDERS AND THE AGENT, SHALL BE A
REFERENCE TO THE CREDIT AGREEMENT AS AMENDED BY THE FOREGOING AMENDMENT, (2)
CONFIRMS THAT THE GUARANTY SHALL REMAIN IN FULL FORCE AND EFFECT AFTER GIVING
EFFECT TO THE FOREGOING AMENDMENT, AND (3) CONFIRMS AND ACKNOWLEDGES THAT ITS
REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 15 OF THE GUARANTY ARE TRUE
AND CORRECT AS OF THE DATE OF THE FOREGOING AMENDMENT.

                              NEW CENTURY FINANCIAL CORPORATION


                              By ____________________________________

                              Its ___________________________________
<PAGE>

                        REAFFIRMATION OF NCCC GUARANTY


     THE UNDERSIGNED, NC CAPITAL CORPORATION, HEREBY (1) AGREES THAT EACH
REFERENCE TO THE CREDIT AGREEMENT, OR WORDS OF SIMILAR IMPORT, CONTAINED IN THE
THIRD AMENDED AND RESTATED GUARANTY DATED AS OF DECEMBER 11, 1998 (THE
"GUARANTY") BY THE UNDERSIGNED TO THE LENDERS AND THE AGENT, SHALL BE A
REFERENCE TO THE CREDIT AGREEMENT AS AMENDED BY THE FOREGOING AMENDMENT, (2)
CONFIRMS THAT THE GUARANTY SHALL REMAIN IN FULL FORCE AND EFFECT AFTER GIVING
EFFECT TO THE FOREGOING AMENDMENT, AND (3) CONFIRMS AND ACKNOWLEDGES THAT ITS
REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 15 OF THE GUARANTY ARE TRUE
AND CORRECT AS OF THE DATE OF THE FOREGOING AMENDMENT.

                              NC CAPITAL CORPORATION



                              By ______________________________

                              Its _____________________________
<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered by their proper and duly authorized representatives as of
the day and year first above written.


                                        NEW CENTURY FINANCIAL CORPORATION


                                        By   /s/
                                             -----------------------------------

                                        Its  ___________________________________



                                        U.S. BANCORP


                                        By   /s/ Lee R. Mitau
                                             -----------------------------------
                                             Lee R. Mitau

                                        Its  Executive Vice President, General
                                              Counsel and Secretary