Origen Records Small Profit in 2Q
Origen Financial Inc., whose main business is managing the residual interest in securitized manufactured housing loan portfolios, had net income of $173,000 for 2Q13, compared with a $2.8 million loss for 2Q12.
The company's net interest income decreased by 15% to $4 million from $4.7 million one year prior as a result of the continued runoff of its static loan portfolio. Origen exited the manufactured housing loan origination business in March 2008 and in separate deals sold its servicing (to Green Tree) and origination platforms in July of that year.
It took a $2.3 million loan loss provision in 2Q13, down 53% from 2Q12ís provision of $4.9 million.
Non-interest expense was $2.5 million, down from $3 million in 2Q12. This includes $1.7 million of loan servicing expense in 2Q13, compared with $2 million for the same period in 2012.