Document:

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                             AMENDMENT NUMBER THREE
                                    to the
                     RESIDUAL FINANCING FACILITY AGREEMENT
                     dated as of the 23rd day of June 1999
                                by and between
                  GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.,
                                    and
                           NC CAPITAL CORPORATION

    This AMENDMENT NUMBER THREE is made this 31st day of October, 2000, by and
between NC CAPITAL CORPORATION, having an address at 18400 Von Karman, Suite
1000, Irvine, California 92612 (the "Borrower") and GREENWICH CAPITAL
FINANCIAL PRODUCTS, INC., having an address at 600 Steamboat Road, Greenwich,
Connecticut 06830 (the "Lender"), to the Residual Financing Facility
Agreement, dated as of the 23rd day of June 1999, by and between the Borrower
and the Lender, as amended (the "Agreement").

                                 RECITALS

    WHEREAS, the Lender and the Borrower desire to amend the Agreement,
subject to the terms hereof, to extend the term thereof to November 21, 2000;

    NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and of the mutual covenants
herein contained, the parties hereto hereby agree as follows:

    SECTION 1.  AMENDMENT.  Effective as of October 31, 2000, Section 1 of
the Agreement is hereby amended by deleting the definition of Termination
Date and replacing it with the following:

                "TERMINATION DATE" shall mean November 21, 2000 or such
          earlier date on which this Agreement shall terminate in accordance
          with the provisions hereof or by operation of law, as same may be
          extended by Lender in its sole discretion.

    SECTION 2.  DEFINED TERMS.  Any terms capitalized but not otherwise
defined herein shall have the respective meanings set forth in the Agreement.

    SECTION 3.  LIMITED EFFECT. Except as amended hereby, the Agreement shall
continue in full force and effect in accordance with its terms. Reference to
this Amendment need not be made in the Agreement or any other instrument or
document executed in connection therewith, or in any certificate, letter or
communication issued or made pursuant to, or with respect to, the Agreement,
any reference in any of such items to the Agreement being sufficient to refer
to the Agreement as amended hereby.

    SECTION 4.  REPRESENTATIONS.  In order to induce the Lender to execute
and deliver this Amendment, the Borrower hereby represents to the Lender that
as of the date hereof, after giving effect to this Amendment, the Borrower is
in full compliance with all of the terms and conditions

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of the Agreement and no Default or Event of Default has occurred and is
continuing under the Agreement.

    SECTION 5.  GOVERNING LAW.  This amendment shall be construed in
accordance with the laws of the State of New York and the obligations,
rights, and remedies of the parties hereunder shall be determined in
accordance with such laws without regard to conflict of laws doctrine applied
in such state.

    SECTION 6.  COUNTERPARTS.  This amendment may be executed in any number
of counterparts, each of which shall constitute an original and all of which,
taken together, shall constitute one instrument.

                                       2
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         IN WITNESS WHEREOF, the Borrower and the Lender have caused this
amendment to be executed and delivered by their duly authorized officers as
of the day and year first above written.

                                           NC CAPITAL CORPORATION
                                           (Borrower)

                                           By: /s/ Patrick J. Flanagan
                                              ---------------------------------
                                           Name: Patrick J. Flanagan
                                                -------------------------------
                                           Title:  President
                                                 ------------------------------

                                           GREENWICH CAPITAL FINANCIAL PRODUCTS,
                                           INC.
                                           (Lender)

                                           By:  /s/ Anthony Palmisano
                                              ---------------------------------
                                           Name:  Anthony Palmisano
                                                -------------------------------
                                           Title:  Vice President
                                                 ------------------------------

ACKNOWLEDGED AND AGREED BY:

NEW CENTURY MORTGAGE CORPORATION

By:  /s/ Patrick J. Flanagan
   ---------------------------------
Name:  Patrick J. Flanagan
     -------------------------------
Title:  EVP
      ------------------------------

NEW CENTURY FINANCIAL CORPORATION

By:  /s/ Patrick J. Flanagan
   ---------------------------------
Name:  Patrick J. Flanagan
     -------------------------------
Title:  EVP
      ------------------------------<PAGE>
                                                                    Exhibit 10.9
                         SALOMON BROTHERS REALTY CORP.
                              390 Greenwich Street
                            New York, New York 10013

                                                                November 9, 2000

New Century Mortgage Corporation/NC Capital Corporation
18400 Von Karman
Irvine, California 92612

Ladies and Gentlemen:

         Reference is made to the Letter Agreement, dated April 1, 2000 (the
"Letter Agreement"),among New Century Mortgage Corporation ("New Century"), NC
Capital Corporation ("NC Capital"), Salomon Brothers Realty Corp. ("SBRC") and
Salomon Smith Barney ("Salomon"), pursuant to which SBRC and Salomon have made
available to NC Capital an aggregation line with a limit of $1,000,000,000 in
amount of mortgage loans. SBRC and Salomon hereby acknowledge that the amount of
mortgage loans delivered to the aggregation line through October 2000 exceeds
the limit set forth in the Letter Agreement. Notwithstanding the provisions of
Section 4(c) of the Letter Agreement, the undersigned hereby agrees to extend
the terms of the Letter Agreement until December 31, 2000.

                                                   SALOMON BROTHERS REALTY CORP.

                                                   By: /s/ Illegible
                                                     ---------------------------
                                                   Name:
                                                   Title:

                                                   SALOMON SMITH BARNEY INC.

                                                   By:/s/ Illegible
                                                     ---------------------------
                                                   Name:
                                                   Title:

Agreed and acknowledged:

NEW CENTURY MORTGAGE CORPORATION

By:/s/ Patrick Flanagan
    --------------------
Name:
Title:   EVP/COO

NC CAPITAL CORPORATION

By:/s/ Patrick Flanagan
     --------------------
Name:
Title:  President<PAGE>

                        NEW CENTURY FINANCIAL CORPORATION
                                IRREVOCABLE PROXY

         The undersigned parties (each a "Brookhaven Party" and collectively the
"Brookhaven Parties"), stockholders of New Century Financial Corporation, a
Delaware corporation (the "Company"), hereby irrevocably appoint and constitute
Robert K. Cole and Brad A. Morrice, and each of them, the attorneys and proxies
of the undersigned with full power of substitution, to the full extent of the
undersigned's rights under law with respect to the Shares (as defined below), to
represent the undersigned and vote the Shares as described below. The Brookhaven
Parties acknowledge that this proxy is irrevocable and is coupled with an
interest.

         The attorneys and proxies named above shall be empowered and may
exercise this proxy to the maximum extent to vote all of the Shares at any time
and from time to time at any regular or special meeting of the stockholders of
the Company, however called, and in any action by written consent of the
stockholders of the Company without a meeting (i) in favor of each and every
action, agreement and transaction approved or recommended by the Company's Board
of Directors and submitted by the Company's Board of Directors to the
stockholders of the Company for their approval and (ii) against each and every
action, agreement and transaction as directed by the Company's Board of
Directors.

         For purposes of this proxy, "SHARES" means the number of shares of
Common Stock of the Company beneficially owned (as such term is defined in Rule
13d-3 of the Exchange Act) by the Brookhaven Parties calculated by taking the
difference between (i) the number representing all of the shares of Common Stock
of the Company beneficially owned (as such term is defined in Rule 13d-3 of the
Exchange Act) by any and all of the Brookhaven Parties on the record date for
the applicable meeting or consent of holders of the voting stock of the Company
and (ii) the number representing 34.9% of the total number of votes holders of
the Company's Common and Preferred Stock are entitled to cast as of such record
date at such meeting or by such consent.

         This proxy shall be binding upon the heirs, successors and assigns of
the undersigned.

         Dated:  November 11, 2000
                          --

         BROOKHAVEN CAPITAL MANAGEMENT, LLC

         By:  /s/ Vincent Carrino
             ----------------------------------------
         Title:   President
                -------------------------------------

         WATERSHED PARTNERS, L.P.

         By:  /s/ Vincent Carrino
             ----------------------------------------
         Title:   President
                -------------------------------------

             /s/ Vincent Carrino
         --------------------------------------------
         Vincent Carrino

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