ORGN Origin Materials Inc

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." DATASOURCE: Origen Financial Services L.L.C. CONTACT: Bonnie Bonfanti, Executive Vice-President of ManageAmerica, 1-800-616-3669,

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