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Origen Wholesale Lending - Lending arm of a modular home company
2007-01-08
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I don't know much about these guys. They may or may not be subprime, but it looks like their clientele was a "high risk" market.
This is from the notice on the home page:
Origen is transferring its Wholesale Lending operation, effective immediately, to its select correspondent partners. The same real estate mortgage products remain available through these select Correspondent partners throughout the country, and Origen's chattel operations for brokers, retailers, and correspondents will be unaffected.
More on the company. Their revenues are about $60-$70mln/yr, and it looks like they have just over $1 bln in assets -- likely mostly their loan portfolio. I believe they've held onto these; guess we'll see how well their TNG loan scoring system holds up in the near future!
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.
