SOUTHFIELD, Mich., Aug. 7 /PRNewswire/ -- 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.'
SOURCE Origen Financial Services L.L.C.
