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Origen Financial, Inc. Sells Loan Origination Platform to Group Led by ManageAmerica

2008-08-07 11:39:00

Origen Financial, Inc. Sells Loan Origination Platform to Group Led by ManageAmerica

    SOUTHFIELD, Mich., Aug. 7 /EMWNews/ -- Origen Financial L.L.C., a

wholly owned subsidiary of Origen Financial, Inc. (Nasdaq: ORGN) completed

the sale of its underwriting and loan origination platform to Origen

Financial Services L.L.C. (OFS) (unrelated to Origen Financial, Inc.), a

group led by software services provider ManageAmerica. The new entity will

maintain the Origen Southfield, Michigan offices and staffing and will

continue to serve manufactured home community operators that fund loans on

homes sold in their communities.

    The OFS acquisition is intended to ensure uninterrupted service to

community operators who have been clients of both ManageAmerica and Origen

Financial, Inc. and will expand opportunities for other community operators

seeking those complementary services. Celebrating the acquisition,

ManageAmerica Managing Partner and OFS Chief Executive Officer Brooks

London stated, "We are excited to acquire the premiere state-of-the-art

chattel loan origination platform and we are equally excited to have

thirty-five of the most qualified people in the business joining our team

to continue an unparalleled commitment to our industry."

    In over 40 states, ManageAmerica provides services specifically

designed for manufactured home communities, including accounts receivable

management, loan servicing, submetered utility billing, new and used home

inventory tracking, and automated legal notices.

    OFS services to manufactured home community operators will include loan

underwriting, legally compliant loan documentation, lien perfection,

homeowner insurance, forced placement insurance and impounding of insurance

premiums and property taxes. OFS will also track loan performance data for

community based lenders who may later offer their loan portfolios to

secondary market buyers. "In today's marketplace," commented OFS President

Michael Silverman, "conventional financing is unavailable for most buyers

of manufactured homes, which make up a critical affordable housing element.

OFS assists community operators who elect to fill that void by providing

such financing."

    Equity investors in the newly formed OFS include Barry McCabe, Chairman

of the Manufactured Housing Institute (MHI) and retired president of

Hometown America. "Origen's services to communities were too good to lose,"

said McCabe, "and pairing those services with the excellence of

ManageAmerica is the perfect solution."

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Blake Masterson

Freelance Writer, Journalist and Father of 5

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