Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
COLE ROBERT K
   2. Issuer Name and Ticker or Trading Symbol
NEW CENTURY FINANCIAL CORP [NEW] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman and CEO
(Last)
(First)
(Middle)
18400 VON KARMAN, SUITE 1000		 3. Date of Earliest Transaction (Month/Day/Year)
05/09/2005
(Street)

IRVINE,, CA 92612		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/09/2005   M   186,709 A $ 5 1,502,647 D  
Common Stock 05/09/2005   M   29,730 A $ 6.65 1,532,377 D  
Common Stock 05/09/2005   M   52,845 A $ 7.33 1,585,222 D  
Common Stock 05/09/2005   M   28,467 A $ 8.5 1,613,689 D  
Common Stock 05/09/2005   M   3,165 A $ 10.47 1,616,854 D  
Common Stock 05/09/2005   S(1)   250,000 D $ 46.55 1,366,854 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 5 (2) 05/09/2005   M     186,709   (3) 05/24/2007 Common Stock 186,709 (4) 0 (2) D  
Stock Option (Right to Buy) $ 6.65 05/09/2005   M     29,730   (5) 09/04/2011 Common Stock 29,730 (4) 184,470 D  
Stock Option (Right to Buy) $ 7.33 05/09/2005   M     52,845   (6) 06/25/2007 Common Stock 52,845 (4) 0 D  
Stock Option (Right to Buy) $ 8.5 05/09/2005   M     28,467   (7) 02/10/2009 Common Stock 28,467 (4) 33 D  
Stock Option (Right to Buy) $ 10.47 (8) 05/09/2005   M     3,165   (9) 02/27/2012 Common Stock 3,165 (4) 109,335 (8) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
COLE ROBERT K
18400 VON KARMAN, SUITE 1000
IRVINE,, CA 92612		   X     Chairman and CEO  

Signatures

 Jennifer Jewett (Attorney-in-fact)   05/11/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 9, 2005.
(2) This stock option grant was previously reported on a Form 3 filed on June 20, 1997 as covering 137,805 shares at an exercise price of $7.50 per share. The reporting person exercised stock options covering 13,333 shares on December 27, 2002. On July 1, 2003, the stock options remaining under this stock option grant as of June 12, 2003, the record date of the 3-for-2 split, were adjusted to reflect the stock split.
(3) This stock option vested as to 100% of the total number of options on the grant date and the option is, therefore, currently exercisable.
(4) This column is not applicable.
(5) This stock option grant vested 20% on September 4, 2002, the first anniversary of the grant date, with an additional 5% vesting on the last day of each succeeding quarter thereafter. The final 5% increment will vest on the fifth anniversary of the grant date. The portion of this stock option exercised by the reporting person on May 9, 2005 vested as follows: 780 shares on September 4, 2002 and 2,895 shares on last day of each succeeding quarter thereafter from December 31, 2002 to March 31, 2005.
(6) This stock option grant vested as to one-third of the total number of options on each of the first three anniversaries of the grant date. The final one-third increment vested on the third anniversary of the grant date and the option is, therefore, currently exercisable.
(7) This stock option grant vested 20% on February 10, 2000, the first anniversary of the grant date, with an additional 5% vesting on the last day of each succeeding quarter thereafter. The final 5% increment vested on the fifth anniversary of the grant date and the option is, therefore, currently exercisable.
(8) This stock option grant was previously reported on a Form 4 filed on June 7, 2002 as covering 75,000 shares at an exercise price of $15.71 per share. On July 1, 2003, the stock options remaining under this stock option grant as of June 12, 2003, the record date of the 3-for-2 split, were adjusted to reflect the stock split.
(9) This stock option grant vested 20% on February 27, 2003, the first anniversary of the grant date, with an additional 5% vesting on the last day of each succeeding quarter thereafter. The final 5% increment will vest on the fifth anniversary of the grant date. The portion of this stock option exercised by the reporting person on May 9, 2005 vested as follows: 973 shares on March 31, 2004 and 2,192 shares on March 31, 2005.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.