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In the latest of a string of wholesale lenders to make an exit this month, Housing Wire has learned that Southfield, Mich.-based Origen Financial said late Tuesday that its wholesale lending division has been shut down. The company specializes in manufactured housing loans. A notice posted Wednesday on Origen Wholesale Lending's website said that the company will be transferring its wholesale operations to select correspondent partners.
The company boasted 260 employees in various locations across the United States, and has originated over $2 billion of manufactured home loans since 1996. Origen's most recently available financial reports show that the company originated $62.5 million in loan volume during the first quarter of 2006. Orgien services approximately $1.3 billion of manufactured home loans from its servicing center in Fort Worth, TX. At press time, the company had not issued a formal statement regarding the future of the rest of its operations, including its servicing platform.