New Century Vice Chairman Sells 4% of Shares

New Century Financial Corp. said Tuesday that Brad A. Morrice, its vice chairman and president, has sold 50,000 shares, or 4% of his holdings, in a private transaction. The price was not disclosed.

Morrice still owns more than 1.1 million shares, or about 7.5% of the Irvine specialty finance company’s stock.

Proceeds from the sale will be used to repay a loan Morrice took out two years ago to finance the purchase of company stock that otherwise would have been allocated in a divorce to his previous wife.